Category: Transportation

Euroseas (ESEA) – Increasing Estimates Based on Higher Charter Rates

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, July 10, 2024

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

M/V Joanna charter. Euroseas Ltd. executed a new time charter contract for its 1,732 twenty-foot equivalent (teu) feeder containership, M/V Joanna, for a minimum period of 23 months to a maximum period of 25 months at an average gross daily rate of $16,500. The rate is higher than its current charter rate of $13,500 per day which ends in August. The charter for M/V Joanna will commence at the end of October 2024. The charter is expected to contribute EBITDA of ~$6.4 million during the minimum contracted period and increases the company’s remaining 2024 and 2025 charter coverage to 92% and 40%, respectively.

M/V Pepi Star charter. The company executed a time charter contract for the M/V Pepi Star, an 1,800 teu feeder containership currently under construction, for a minimum period of 23 to a maximum period of 25 months at a gross daily rate of $24,250. The time charter contract rate is higher than what we had previously forecast. The new charter will commence in mid-July upon delivery of the vessel from the shipyard. The charter is expected to contribute EBITDA in the amount of ~$12.3 million during the minimum contracted period.


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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. 

Euroseas (ESEA) – Results below expectations on higher drydocking costs but near-term outlook still bright.

Posted on by slightbourne@noblecapitalmarkets.com


Friday, May 24, 2024

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Euroseas reported results below expectations mainly due to higher drydocking costs. Vessel utilization and shipping rates were near expectations. With ship repairs completed and new vessels on the way, the company is well positioned to take advantage of an improved shipping rate environment. While the existing fleet is largely chartered out, the addition of four newbuild vessels increases the company’s leverage to shipping rates. 

Management expects some shipping rate softness in 2025 due to the large number of vessel additions industry wide year to date. Shipping rates have benefitted from the conflict in the Red Sea, which has caused ships to take longer routes. Should conflicts abate, rates could weaken as decreased demand for ships is met with additional vessel supply. We would not be surprised to see management increase its 2025 charter position ahead of any weakness.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Billion-Dollar Bidding War Leads to Largest Shipping Deal of the Year So Far

Posted on by slightbourne@noblecapitalmarkets.com

In a transaction that could reshape the landscape of domestic energy transportation, private transportation titan Saltchuk Resources is acquiring publicly-traded Overseas Shipholding Group (OSG) for $950 million. The deal will see OSG, one of the leading providers of liquid bulk transportation services for crude oil and petroleum products in the U.S., become a subsidiary of the diversified Saltchuk group.

The acquisition crowns months of corporate maneuvering and deal-making. It began in late January when Saltchuk, already a significant OSG shareholder, made public its non-binding indication of interest to buy the shipowner outright at $6.25 per share. OSG’s board undertook a review of strategic alternatives, engaging with not just Saltchuk but other potential suitors.

That process culminated in Saltchuk’s winning bid of $8.50 per share – a hefty 61% premium to OSG’s price before word of Saltchuk’s initial approach leaked out. Unanimously approved by both companies’ boards, the cash tender offer values OSG’s equity at $653 million.

For Saltchuk, the deal represents a lucrative double down on the Jones Act shipping sector that ensures American crew, boats and resources are utilized for shipping between U.S. ports. OSG boasts a sizable fleet of U.S.-flagged vessels including shuttle tankers, ATBs, and Suezmax crude carriers serving energy industry customers.


“OSG, our nation’s leading domestic marine transporter of energy, has a strong cultural fit with Saltchuk and shares our commitment to operational safety, reliability, and environmental stewardship,” remarked Mark Tabbutt, Saltchuk’s Chairman.

Acquiring OSG significantly expands Saltchuk’s marine services footprint to complement its existing freight transportation and energy distribution operations under brands like TOTE Maritime, Foss Maritime, NorCal Van & Stor, and Hawaii Petroleum. With over $5 billion in consolidated annual revenues, the private Seattle-based holding company gains increased exposure to the lucrative end markets for moving and handling oil, gas and refined products.

From OSG’s perspective, the sale unlocks a premium acquisition price while providing long-term operational stability by tucking into Saltchuk’s family of companies. OSG President and CEO Sam Norton expressed enthusiasm about “soon joining the Saltchuk family of companies” and gaining access to its resources.

However, the deal must first clear customary closing conditions and regulatory approvals. The tender offer is expected to be completed within the next few months, after which any remaining shares will be acquired in a second-step merger. While the acquisition enjoys board support, OSG shareholders will ultimately determine whether to tender their stakes.

If successful, the combination of OSG’s expertise in Jones Act petroleum shipping with Saltchuk’s scale and diversification could create a new domestic energy shipping powerhouse. But questions remain whether the lofty valuation and integration will pay off for the private buyers in an industry facing headwinds from the transition to cleaner fuels. Regardless, this megadeal indicates the importance both parties place on securing reliable domestic shipping services to keep U.S. energy production on the move.

Emerging Growth Natural Resources, Energy, Industrials, and Transportation Companies Featured at Noble Capital Markets’ September Virtual Equity Conference

Posted on by cpatches
Presenting Company Registration
Investor Attendee Registration

  • Emerging Growth Public Natural Resources, Energy, Industrials, and Transportation (and more) Company Executive Presentations
  • Q&A Sessions Moderated by Noble’s Analysts and Bankers
  • Scheduled 1×1 Meetings with Qualified Investors

Noble Capital Markets, a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving emerging growth companies, is pleased to present the Basic Industries Virtual Equity Conference Emerging Growth Virtual Equity Conference, taking place September 25th and 26th, 2024. This virtual gathering is set to be an immersive experience, bringing together a unique blend of investors, industry leaders, and experts in various sectors surrounding the natural resources, energy, industrials, and transportation spaces.

Part of Noble’s Robust 2024 Events Calendar

The Natural Resources, Energy, Industrials, and Transportation Emerging Growth Virtual Equity Conference is part of Noble’s 2024 event programming, featuring a range of c-suite interviews, in-person non-deal roadshows throughout the United States, two other sector-specific virtual equity conferences, and culminating in Noble’s preeminent in-person investor conference, NobleCon20, to be held at Florida Atlantic University in Boca Raton, Florida December 3-4. Learn more about NobleCon20 here.

Check out the calendar of upcoming in-person non-deal roadshows here.

Sign up to receive more information on Noble’s other virtual conferences here.

What to Expect

The Natural Resources, Energy, Industrials, and Transportation Emerging Growth Virtual Equity Conference will feature 2 days of corporate presentations from up to 50 innovative public companies, showcasing their latest advancements and investment opportunities. Each presentation will be followed by a fireside-style Q&A session proctored by one of Noble’s analysts or bankers, with questions taken from the audience during the presentation. Panel presentations are planned, featuring key opinion leaders in these sectors, providing valuable insights on emerging trends. Scheduled one-on-one meetings with public company executives, coordinated by Noble’s dedicated Investor Outreach team, are also available to qualified investors.

Why Your Company Should Present

Looking to increase awareness in your company and increase liquidity? Paid participation in Noble’s investor conferences, both virtual and in-person, provides that opportunity, with a tailored experience aimed at delivering substantial value. After 40 years of serving emerging growth companies, and the investors who follow them, Noble has built an investor base eager to discover where the next success story lies.

Noble’s investor base is relevant and, in many cases, new to your company. Noble’s dedicated Investor Outreach team provides unmatched exposure to investors that can invest in your company, including small money managers, family offices, RIAs, wealth managers, self-directed investors, and institutions. Most of Noble’s investors specifically seek undervalued, overlooked, emerging investment opportunities.

The cost to present includes your corporate presentation with a Q&A session proctored by one of Noble’s analysts or bankers, a webcast recording, scheduled 1×1 meetings with qualified investors, and marketing on Channelchek.

Benefits for Investors

Hear directly from the c-suite of the next innovators in natural resources, energy, industrials, and transportation and learn about new investment opportunities. The Q&A portion of each presentation gives you the opportunity to have your questions answered during or after the proctored session. The planned panel presentations are sure to provide expert insight on growing trends in these spaces. And, for qualified investors, one-on-one meetings are available with company executives; scheduled by Noble’s dedicated Investor Outreach team. All from the comfort of your own desk, and at no cost.

How to Register

Limited presenting slots are available

Publicly traded companies in these sectors can submit their registration details here.

If you have any questions about presenting, please contact events@noblecapitalmarkets.com

Investor / Guest attendees can register here

Interested in becoming a sponsor of Noble’s virtual and in-person investor conferences?

Contact events@noblecapitalmarkets.com for sponsorship information.

Viking Cruises Makes a Splash with $1.5 Billion IPO

Posted on by slightbourne@noblecapitalmarkets.com

Viking Cruises, the leading provider of destination-focused river and ocean cruises, hit the open waters of the public markets today in a blockbuster $1.5 billion initial public offering on the New York Stock Exchange. The Los Angeles-based company and its shareholders offered a total of 64,041,668 ordinary shares at $24 apiece, with the potential for an additional $230 million in proceeds if underwriters exercise their over-allotment option in full.

The long-awaited IPO marks a major milestone for Viking, which was founded in 1997 by Norwegian entrepreneurs Torstein Hagen and his daughter Karine. From its humble beginnings operating modest river cruises along the Russian waterways, the company has grown into a heavyweight of the cruise industry known for its culturally immersive voyages that appeal to intellectually curious travelers.

“This is an incredibly exciting day for Viking as we embark on our next chapter as a public company,” said Torstein Hagen, Viking’s Chairman. “The proceeds from this offering will enable us to further our commitment to creating exceptional destination-focused experiences for our guests.”

While Viking raised $264 million from its portion of the IPO shares, the lion’s share came from long-time investors like private equity firms TPG, Genting Group, and AAMCF who cashed out $1.27 billion worth of their stakes. Viking did not receive any proceeds from shares sold by these selling shareholders.

The offering was hot with investors, getting upsized by 8 million shares due to high demand. Viking’s $6.0 billion market cap and profitable business model operating a fleet of 63 river vessels and 8 ocean ships made it an attractive catch amidst the choppy conditions facing many travel companies.

Now trading under the catchy “VIK” ticker, the IPO was led by heavyweight investment banks BofA Securities and J.P. Morgan acting as lead underwriters. They were joined by a syndicate including UBS, Wells Fargo, HSBC, Morgan Stanley and seven other co-managers.

Viking has ambitious plans for the growth capital. The company intends to use the $264 million net proceeds to fund additional cruise ships and travel experiences, invest in sales and marketing, and accelerate expansion into new markets. Up next are the launches of Viking’s highly-anticipated expedition cruises to the Arctic and Antarctic scheduled for 2025.

The IPO caps off a remarkable rise for the company from its modest beginnings over 25 years ago. Thanks to its unique vision of combining a curated curriculum of educational content with Scandinavian design and cuisine, Viking has cultivated a loyal community whom they fondly refer to as “The Thinking Person.”

With the winds of the public markets now at its back, Viking’s next voyage looks bound for its status as the world’s largest and leading small-ship cruise line. As Torstein Hagen says, “We will remain driven by our mandate of creating culturally enriching experiences that allow our guests to explore the world in comfort.”

Release – Great Lakes Dredge & Dock Corporation Schedules Announcement Of 2024 First Quarter Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GLDD

Apr 30, 2024

HOUSTON, April 30, 2024 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) today announced that it will release the financial results for its three months ended March 31, 2024 on Tuesday, May 7, 2024 at 7:00 a.m. C.D.T. A conference call with the Company will be held the same day at 9:00 a.m. C.D.T.

Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will be given a unique PIN to gain immediate access to the call. Pre-registration may be completed at any time up to the call start time.

To pre-register, go to https://register.vevent.com/register/BId503a795e3a349eebb1ee1d193639e14

The live call and replay can also be heard at https://edge.media-server.com/mmc/p/wkfzmfb4 or on the Company’s website, www.gldd.com, under Events on the Investor Relations page. A copy of the press release will be available on the Company’s website.

The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 134-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Is Elon Musk Transforming Tesla Into an AI Company?

Posted on by slightbourne@noblecapitalmarkets.com

In the rapidly evolving world of technology, Elon Musk and Tesla are shaking things up with what appears to be a strategic shift towards artificial intelligence (AI) and robotics. As electric vehicle (EV) demand cools in 2024, Tesla seems to be pivoting its focus to autonomy, Full Self-Driving (FSD), and its hotly anticipated robotaxi program. This potential redirection has piqued the interest of investors, particularly those hunting for undervalued and overlooked opportunities among small and micro-cap stocks.

The signs of transformation at Tesla have been mounting. Most notably, the company recently announced layoffs impacting over 10% of its global workforce, with key executives departing in what Musk framed as part of the “next phase of growth.” Compounding the speculation, reports emerged that Tesla shelved plans for its $25,000 next-generation Model 2 vehicle to prioritize the robotaxi initiative instead.

Musk himself has stoked the flames, proclaiming on Twitter that “Tesla is an AI/robotics and sustainable energy company.” This bold statement marks a clear departure from Tesla’s automotive roots, signaling that a broader pivot to artificial intelligence may be underway.

Analysts tracking the company have been sounding alarms. Emmanuel Rosner at Deutsche Bank believes Tesla’s future now hinges on “cracking the code on full driverless autonomy” – a formidable challenge layered with significant technological, regulatory and operational hurdles. Morgan Stanley’s Adam Jonas went so far as to say “it seems” Tesla is exiting the traditional EV auto industry altogether, though he doesn’t expect vehicle production to cease immediately.

For investors, particularly those scouring small and micro-cap stocks for overlooked gems, Tesla’s AI ambitions could foreshadow seismic shifts ahead. Analysts warn of a “potentially painful transition in ownership base” as dyed-in-the-wool electric vehicle investors may “throw in the towel” and be replaced by tech funds with far longer investment horizons suited for frontier AI bets.

If Tesla does successfully reinvent itself as an AI juggernaut, sector valuations and comparable companies would be turned on their head. Traditional automotive benchmarks may no longer apply, forcing investors to reimagine their investment theses from scratch.

To be sure, the rewards of being at the vanguard of automated driving and machine intelligence could be immense. But the associated risks are equally daunting as Tesla stares down imposing technological barriers, regulatory quicksand, and operational growing pains. For nimble investors, the transformation could open doors to diversify into AI and robotics through an established player boasting visionary leadership and deep pockets.

When Tesla reports first quarter earnings next week, all eyes will be glued to Elon Musk for clarity and insight into precisely where he plans to steer this potential AI metamorphosis. The report could prove revelatory in glimpsing the future trajectory of a company that may be in the midst of redefining itself as the vanguard of a new technological epoch.

For small and micro-cap investors perpetually searching for the next undervalued, under-the-radar opportunity, Tesla’s AI aspirations warrant close scrutiny. While hazards abound, the potential rewards of getting in on the ground floor of a transformative technology upstart could be nothing short of game-changing.

Ford Shifts EV Strategy, Delays Electric SUV and Truck Launches

Posted on by slightbourne@noblecapitalmarkets.com

Ford Motor Company has pumped the brakes on its plans to rapidly electrify its vehicle lineup, announcing delays for two hotly anticipated all-electric models – a three-row SUV and a pickup truck. The automaker cited the need to allow more time for consumer demand and new battery technologies to develop further before committing to these capital-intensive vehicle programs.

The multi-row electric SUV initially targeted for production in 2025 at Ford’s Oakville, Canada plant has been pushed back to at least 2027. And the electric pickup previously slated for late 2025 is now not expected until 2026. This recalibrated roadmap represents a significant detour from Ford’s earlier aggressive EV roadmap, and has notable implications both for Ford and the overall electric vehicle market trajectory.

For Ford, the delays allow the company to be more judicious with its investments at a time when EV adoption has been slower and more costly than many projected. Ford lost $4.7 billion on its electric vehicle efforts in 2023 alone. By taking a more measured approach, Ford can hopefully time these program launches better with consumer readiness and technological advancements that could make the vehicles more compelling and profitable.

However, the setbacks also risk Ford falling behind leaders like Tesla, Hyundai/Kia, and Chinese EV makers BYD and Xiaomi in the fierce electric vehicle battle. Both Tesla and Hyundai/Kia outsold Ford’s EV lineup in the first quarter of 2024, while BYD is gearing up to launch its first electric pickup truck to challenge Ford in that key segment.

For investors, Ford’s pulled-back EV plans could be seen as a prudent way to limit the staggering losses in that part of the business for now. But it also injects more uncertainty around Ford’s long-term EV positioning and market share outlook. Competition is intensifying rapidly with new electric offerings from virtually every major automaker, including emerging players like Xiaomi looking to grab a piece of the EV pie.

Tesla maintains a clear lead, but its growth has slowed as rivals have released more compelling electric models across more vehicle segments. If companies like Hyundai, GM, Volkswagen, BYD and others can continue gaining traction, Ford could find itself scrambling if it is late to market with mainstream electric SUV and truck options that are so pivotal to its product mix.

The EV delays underscore the challenging transitions legacy automakers face in balancing investments for the electric future while still deriving most of their profits from sales of internal combustion engine vehicles today. Stock investors seem to be giving Ford the benefit of the doubt for now, with shares trading close to 52-week highs. But delivering on execution with these postponed electric models has become even more crucial for Ford to remain relevant and profitable over the long haul as new EV competitors emerge.

Release – Conduent Transportation Renews Contract with NJ TRANSIT to Maintain and Drive Continued Upgrades of Fare Collection System

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CNDT

APRIL 02, 2024

TRANSPORTATION

5-year contract renewal follows the recent implementation of a “Tap & Ride” payment option, allowing NJ TRANSIT bus and light rail customers to use contactless credit and debit cards

Similarly, in nearby Philadelphia, Conduent also implemented contactless payment options for SEPTA buses, subways and trolleys

FLORHAM PARK, N.J. — Conduent Transportation, a global provider of smart mobility technology solutions and business unit of Conduent Incorporated (Nasdaq: CNDT), today announced it received a 5-year contract renewal from NJ TRANSIT to continue implementation and upgrades of a contactless fare collection system for customers. Under the new contract, which builds on a relationship of more than 30 years with NJ TRANSIT, Conduent will also provide maintenance of various hardware and software systems, including ticket vending machines and on-board validators.

“As an industry leader in transportation technologies and innovation, we’re proud to help make mobility easier, more efficient and more enjoyable for transit agencies and their customers worldwide.”

Post this

Last fall, under the previous contract, Conduent implemented a new “Tap & Ride” payment option for NJ TRANSIT, allowing New Jersey bus and light rail customers to use contactless credit and debit cards. The system is currently usable with existing validators on buses and at light rail stations. Additional ticket types, including Google and Apple payment options, are being made available.

NJ TRANSIT is the nation’s largest statewide public transportation system and third largest transit system. It provides more than 925,000 weekday trips on 263 bus routes, three light rail lines, 12 commuter rail lines and Access Link paratransit service. It links major points in New Jersey, New York and Philadelphia.

“The convenience of digital, contactless payments is transforming how we purchase, pay and get paid in every aspect of our lives, and we’re excited to continue helping our clients extend these benefits to their riders,” said Adam Appleby, President, Transportation Solutions at Conduent. “As an industry leader in transportation technologies and innovation, we’re proud to help make mobility easier, more efficient and more enjoyable for transit agencies and their customers worldwide.”

SEPTA Contactless Payments

In nearby Philadelphia, under a separate contract, Conduent also recently implemented for SEPTA (the Southeastern Pennsylvania Transportation Authority) contactless payment options on transit, including buses, subways and trolleys. Customers can now easily tap their credit and debit cards or use mobile payment apps such as Apple Pay or Google Pay at turnstiles and fare boxes. These capabilities will be extended to all SEPTA modes when they launch on Regional Rail lines in 2024.

SEPTA is one of the largest transit systems in the country, serving five counties in the Greater Philadelphia area and connecting to Delaware and New Jersey transit systems. It operates across six transportation modes and has 2,800 vehicles in service, 285 subway and rail stations, plus 13,000 bus and trolley stops.

Conduent Transportation is a leading provider of streamlined, high-volume mobility services and solutions, spanning road usage charging and advanced transit systems, that enhance the services provided by transportation agencies to benefit the citizens who use them. For over 50 years, the company has helped clients advance transportation solutions in more than 20 countries.

About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.

Note: To receive RSS news feeds, visit www.news.conduent.com. For open commentary, industry perspectives and views, visit http://twitter.com/Conduent, http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent.

Trademarks
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

Media Contacts

NEIL FRANZ

Conduent

neil.franz@conduent.com

+1-240-687-0127

GILES GOODBURN

Conduent

ir@conduent.com

+1-203-216-3546

Major Bridge Collapse in Baltimore Disrupts Shipping, Highlights Infrastructure Risks

Posted on by slightbourne@noblecapitalmarkets.com

In a shocking incident early Tuesday morning, the Francis Scott Key Bridge in Baltimore collapsed after being struck by a large container ship. The bridge carried Interstate 695 over the Patapsco River, a critical transportation artery southeast of the Baltimore metropolitan area. Up to seven people may have fallen into the water after vehicles on the bridge were impacted, with two rescued so far.

This catastrophic event has wide-ranging implications, not just for the tragic loss of life and regional transportation, but also for the shipping and logistics industry. The container ship involved has been identified as the Singapore-flagged DALI, a 948-foot vessel chartered by shipping giant Maersk and operated by Synergy Marine Group.

While the cause is still under investigation, the incident starkly highlights the risks and vulnerabilities faced by the shipping industry and supply chains. A single accident can bring a vital port and transportation hub to a standstill. The U.S. Coast Guard has already suspended all vessel traffic in and out of the Port of Baltimore until further notice.

This is likely to cause significant disruptions and delays, not just for Baltimore but rippling across global shipping routes and supply chains that rely on the port. The Port of Baltimore handled over 15 million tons of foreign cargo in 2021 and is a critical gateway for international trade on the U.S. East Coast.

Investors in the shipping and logistics sectors will be watching developments closely. Major players like Maersk could face legal liabilities, higher insurance costs, reputational damage, and loss of business from prolonged port closures. Smaller shipping companies that rely on the Baltimore port may be even more heavily impacted operationally and financially.

The incident also casts a harsh spotlight on the state of U.S. infrastructure. Despite the Biden administration’s efforts through the Bipartisan Infrastructure Law, incidents like this underscore the costs and risks of deficient transportation infrastructure. According to the American Road & Transportation Builders Association, over 43,000 bridges across the U.S. are classified as structurally deficient.

This could spur renewed focus on infrastructure spending and improvements, creating potential opportunities for companies involved in construction, engineering, and building materials. However, it also highlights risks for industries like trucking and logistics that depend heavily on safe and reliable transportation networks.

In the small cap space, companies with localized operations around the Baltimore area could face disruptions to business activity and supply chains. This may create trading opportunities for investors watching the impacts closely. Conversely, small caps that provide solutions for infrastructure monitoring, maintenance and security may see increased interest.

Overall, while the human toll is the primary tragedy, this incident is likely to have significant ripple effects across the economy, policy landscape and investment markets in the weeks and months ahead. Investors would be wise to closely monitor developments and reassess potential risks and opportunities across sectors like shipping, infrastructure, and industrial small caps.

Release – Euroseas Ltd. Announces Completion of Retrofits of its Intermediate Containership, M/V Marcos V, Reducing the Vessel’s Carbon Footprint

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ESEA

Maroussi, Athens, Greece – March 21, 2024 – Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today it has successfully completed the installation of a number of “energy saving devices” on its 6,350 teu intermediate containership, M/V Marcos V, aiming to improve her consumption in the commercial speed range by about 25%. The investment was done in conjunction with the vessel’s scheduled dry docking and special survey and was funded by the charterer of the vessel, who contemporaneously declared their option to extend the charter by an additional minimum seven months to August 2025. In case the vessel is employed after the current charter period, the owners will refund part of the cost to the charterer, up to a maximum of 50%.

The following devices were installed on the ship:

(a) New bulbous bow

(b) A new and lighter propeller

(c) Hub vortex absorbed fins (HVAF)

(d) Pre-shrouded vanes (PSV)

(e) Silicone coating of the ship’s underwater parts

(f) LED lights

(g) Auto pilot upgrade with advanced ecology control

(h) Jacket pre-heater auto control

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the completion of retrofits for our M/V Marcos V, continuing our retrofitting program, as part of our efforts to minimize the carbon footprint of our fleet. As in the case of the recent retrofit of M/V Synergy Busan, we cooperated closely with the charterer to specify and fund the modifications of the vessel and share the economic benefit from the improved performance.”

About Euroseas Ltd.

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 150 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.

Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

The Company has a fleet of 20 vessels, including 13 Feeder containerships and 7 Intermediate containerships. Euroseas 20 containerships have a cargo capacity of 61,661 teu. After the delivery of six feeder containership newbuildings in 2024, Euroseas’ fleet will consist of 26 vessels with a total carrying capacity of 75,461 teu.

Forward Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Visit our website www.euroseas.gr

Company Contact

Tasos Aslidis

Chief Financial Officer

Euroseas Ltd.

11 Canterbury Lane, Watchung, NJ 07069

Tel. (908) 301-9091

E-mail: aha@euroseas.gr

Investor Relations / Financial Media

Nicolas Bornozis

Markella Kara

Capital Link, Inc.

230 Park Avenue, Suite 1540 New York, NY 10169

Tel. (212) 661-7566

E-mail: euroseas@capitallink.com

Release – Seanergy Maritime Announces the Date for the Fourth Quarter and Year Ended December 31, 2023 Financial Results, Conference Call and Webcast

Posted on by aweinsoff@channelchek.com

Research News and Market Data on SHIP

March 05, 2024 09:00 ET

Earnings Release: Friday, March 15, 2024, Before Market Open in New York 
Conference Call and Webcast: Friday, March 15, 2024, at 10:00 a.m. Eastern Time

GLYFADA, Greece, March 05, 2024 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that it will release its financial results for the fourth quarter and year ended December 31, 2023, prior to the open of the market in New York on Friday, March 15, 2024.

Seanergy’s senior management will conduct a conference call and simultaneous Internet webcast to review these results on Friday, March 15, 2024, at 10:00 a.m. Eastern Time.

Audio Webcast and Earnings Presentation:

There will be a live, and then archived, webcast of the conference call and accompanying slides available through the Company’s website. To access the slides and listen to the archived audio file, visit our website, following the Webcast & Presentations section under our Investor Relations page. Participants to the live webcast should register on the Seanergy website approximately 10 minutes prior to the start of the webcast, following this link.

Conference Call Details:
Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.

About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize ship-owner publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 vessels (1 Newcastlemax and 16 Capesize), with an average age of approximately 13.0 years and an aggregate cargo carrying capacity of 3,054,820 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Please visit our Company website at: www.seanergymaritime.com.

Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from war (or threatened war) or international hostilities, such as between Israel and Hamas and between Russia and Ukraine; risks associated with the length and severity of pandemics (including COVID-19), including their effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:
Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
Email: seanergy@capitallink.com

Source: Seanergy Maritime Holdings Corp.

JetBlue’s Daring $3.8 Billion Quest to Buy Spirit Crashes Into Regulatory Turbulence

Posted on by slightbourne@noblecapitalmarkets.com

JetBlue Airways’ audacious attempt to significantly reshape the U.S. airline industry by acquiring the ultra-low-cost carrier Spirit Airlines has crashed into an insurmountable regulatory barrier. After a nearly two-year battle, the two carriers terminated their $3.8 billion merger agreement in the face of steadfast federal antitrust opposition.

The deal’s demise represents a stinging setback for JetBlue, which had contested the U.S. Justice Department in federal court over whether buying Spirit would reduce competition and raise fares. A federal judge ultimately blocked the transaction, siding with the Biden administration’s view that it would “harm cost-conscious travelers who rely on Spirit’s low fares.”

While JetBlue initially appealed the ruling as required by the merger terms, both airlines acknowledged the increasingly slim odds of reviving the deal. With the Justice Department firmly opposed and the regulatory obstacles too high, new JetBlue CEO Joanna Geraghty conceded “the probability of getting the green light anytime soon is extremely low.”

Geraghty, tasked with righting JetBlue’s operational struggles, defended the rationale as an bold plan to “shake up the industry status quo.” However, the regulatory headwinds proved too intense to complete what would have been the airline sector’s most transformative merger since 2013.

The termination marks an abrupt reversal from just months ago when JetBlue convinced Spirit shareholders to reject a lower buyout bid from Frontier Airlines. Spirit was positioned to receive a $2.9 billion cash payout before the deal disintegrated in court.

Instead, Spirit will get a relatively modest $69 million breakup fee from the termination, though its shareholders had already pocketed $425 million in prepayments from JetBlue.

Walking away leaves each airline to fend for itself in a market dominated by the “Big Four” carriers controlling over 80% of seat capacity. The stakes are elevated for the oft-struggling Spirit, grappling with operational issues like an engine defect that will ground dozens of jets for inspections.

With JetBlue’s acquisition off the table, Spirit must fortify its shaky balance sheet and consistently turn a profit as a standalone ultra-low-cost carrier (ULCC). CEO Ted Christie affirmed initiatives underway to “bolster profitability and elevate the guest experience.” Spirit expects better-than-expected Q1 revenue amid robust demand, and is refinancing debt.

However, funding constraints and cost pressures cloud Spirit’s outlook. Aviation experts caution the ULCC model faces an uphill climb in an inflationary environment squeezing margins. Without JetBlue’s resources, Spirit’s growth ambitions may stall as rivals build scale.

For JetBlue, the road is also turbulent as it contends with operations struggles, financial headwinds and pressure from activists. The Spirit deal was viewed as a potential catalyst accelerant for overhauling its business model. Without that lever, JetBlue may be forced to double down on existing lines or revisit other acquisition targets.

The regulatory blockade has raised the bar for any future industry consolidation. The Biden administration signaled it will vehemently contest any merger resembling a reduction of competition. Airlines contemplating deals should anticipate similar anti-trust scrutiny.

In the near-term, blocking the JetBlue-Spirit tie-up preserves ultra-low fare offerings in markets they serve. But whether those discounted seats endure remains uncertain as unconventional airlines face economic pressures.

What was envisioned as a game-changing shift in industry power dynamics has stalled indefinitely. The two airlines must now chart separate paths forward – for better or for worse.