Thursday, July 08, 2021
Seanergy Maritime (SHIP)
High-Grading Transactions Announced
Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with total capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and class A warrants under “SHIPW”.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Another Cape acquisition announced. A 2009-built Cape, to be named Friendship, will be acquired shortly for $24.6 million. The acquisition will be funded with cash on hand, but future debt financing in the 50% range is likely, similar to the other acquisitions completed this year. The acquisition, combined with the divestiture, should have a positive impact on the fleet profile, with the average age of the Capes dropping to 11.4 years.
Partial offset with net proceeds from sale of oldest Cape. In conjunction with the acquisition, the Friendship, a 2001-built Cape, will be sold for ~$12 million. The sale, which avoids an upcoming survey, should net ~$6 million after paying off secured debt of ~$6 million …
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
