Thursday, March 21, 2019

Seanergy Maritime Holding Corp. (SHIP)

Weak operating results create good opportunity on pure cape market player.

Seanergy Maritime Holdings Corp., an international shipping
company, provides marine dry bulk transportation services through the ownership
and operation of dry bulk vessels. The company owns a modern fleet of 10
Capesize dry bulk vessels with a combined cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of 9.8 years. The company
was formerly known as Seanergy Maritime Corp. and changed its name to Seanergy
Maritime Holdings Corp. in January 2009. 

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating. 

• Weaker than expected 4Q2018 Due to
  Cape Market Weakness. Reported adjusted 4Q2018 EBITDA of $6.3 million was well
  below our estimate mainly due to lower time equivalent (TCE) rates and higher
  than expected opex.
• Adjusting 2019 EBITDA estimate to
  reflect lower TCE rates. Cape market improvement expected later this year. To incorporate the current malaise in the cape market, our
  2019 EBITDA estimate moves down sha…
  

  
  
  
  
  

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*Analyst
certification and important disclosures included in 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.