Thursday, April 28, 2022

Orion Group Holdings (ORN)
First Look at First Quarter Results

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

1Q22. Contract revenue increased 14.1% year-over-year to $174.9 million, driven by the beginning of large jobs awarded in the second half of 2021 in the marine segment and increased cubic yard production on light commercial projects in the concrete segment. Operating loss was $2.9 million versus operating income of $2.1 million last year. Orion reported an adjusted net loss of $0.10 per share versus EPS of $0.04 a year ago.

Marine Segment.  The Marine business generated revenue of $84.5 million in the quarter, up from $72.1 million last year. Operating income fell to $1.8 million from $2.8 million, due to a change in mix of work. The Marine segment won $25 million of work in the quarter, a win rate of 6.0% and a book-to-bill of 0.3x …

This Company Sponsored 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. 

 

Genco Shipping & Trading Limited to Participate in Noble Capital Markets’ NobleCon18 Investor Conference

Research, News, and Market Data on Genco Shipping & Trading

 

NEW YORK, April 18, 2022 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE: GNK) announced today that Apostolos Zafolias, Chief Financial Officer; and Peter Allen, Senior Vice President, Strategy & Finance, are scheduled to present at Noble Capital Markets’ NobleCon18 Investor Conference on Thursday, April 21, 2022 at 10:30AM. Genco management will also participate in investor meetings held in conjunction with the event.

About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We provide a full-service logistics solution to our customers utilizing our in-house commercial operating platform, as we transport key cargoes such as iron ore, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Capesize (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk) enabling us to carry a wide range of cargoes. We make capital expenditures from time to time in connection with vessel acquisitions. As of April 18, 2022, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, 15 Ultramax and 12 Supramax vessels with an aggregate capacity of approximately 4,635,000 dwt and an average age of 10.1 years.

CONTACT:
Apostolos Zafolias
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550

Source: Genco Shipping & Trading Limited

GlobalX CFO Ryan Goepel provides a preview of their upcoming presentation at NobleCon18 NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events Free Registration Available – More Info News and Advanced Market Data on JETMF NobleCon18 Presenting Companies About GlobalX GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family aircraft. GlobalX flies as an ACMI and charter airline serving the US, Caribbean, and Latin American markets. For more information, please visit www.globalxair.com .

Eagle Bulk Shipping Inc. to Issue First Quarter 2022 Results and Hold Investor Conference Call

Research, News, and Market Data on Eagle Bulk Shipping

 

STAMFORD, Conn., 
April 07, 2022 (GLOBE NEWSWIRE) — 
Eagle Bulk Shipping Inc. (Nasdaq: EGLE) , one of the world’s largest owner-operators within the midsize drybulk segment, announced today that it will report its financial results for the first quarter ended 
March 31, 2022, after the close of stock market trading on May 5, 2022. Members of Eagle Bulk’s senior management team will host a teleconference and webcast at 8:00 a.m. ET on Friday, May 6, 2022 to discuss the results.

To participate in the teleconference, investors and analysts are invited to call +1 844-282-4411 in the 
U.S., or +1 512-900-2336 outside of the 
U.S., and reference participant code 4384843. A simultaneous webcast of the call, including a slide presentation for interested investors and others, may be accessed by visiting www.eagleships.com.

A replay will be available following the call from 11:00 AM ET on May 6, 2022 until 11:00 AM ET on May 16, 2022. To access the replay, call +1 855-859-2056 in the 
U.S., or +1 404-537-3406 outside of the 
U.S., and reference passcode 4384843.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. (“Eagle” or the “Company”) is a US-based fully integrated shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in 
Stamford, Connecticut, with offices in 
Singapore and 
Copenhagen, Eagle focuses exclusively on the versatile midsize drybulk vessel segment and owns one of the largest fleets of Supramax / Ultramax vessels in the world. The Company performs all management services in-house (including: strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis. For further information, please visit our website: www.eagleships.com.

Company Contact

Eagle Bulk Shipping, Inc.
investor@eagleships.com
+1 203-276-8100

Media Contact

Rose & Company
+1 212-359-2228

Source: 
Eagle Bulk Shipping Inc.

Eagle Bulk Shipping provides a preview of their upcoming presentation at NobleCon18 NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events Free Registration Available – More Info Research News and Advanced Market Data on EGLE NobleCon18 Presenting Companies About Eagle Bulk Shipping Eagle Bulk Shipping Inc. (“Eagle” or the “Company”) is a U.S.-based, fully integrated, shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Eagle focuses exclusively on the versatile mid-size drybulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels in the world. The Company performs all management services in-house (including: strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis. For further information, please visit our website: www.eagleships.com.

Pangaea Logistics CFO Gianni Del Signore provides a preview of their upcoming presentation at NobleCon18 NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events Free Registration Available – More Info Research News and Advanced Market Data on PANL NobleCon18 Presenting Companies About Pangaea Logistics Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company addresses the transportation needs of its customers with a comprehensive set of services and activities, including cargo loading, cargo discharge, vessel chartering, and voyage planning. Learn more at www.pangaeals.com.

Genco Shipping & Trading Limited to Participate in Capital Link’s 16th Annual International Shipping Forum

Research, News, and Market Data on Genco Shipping & Trading

 

NEW YORK, March 28, 2022 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE: GNK) announced today that John C. Wobensmith, Chief Executive Officer, is scheduled to participate virtually in the Company Strategy and Capital Allocation panel discussion at Capital Link’s 16th Annual International Shipping Forum on Tuesday, March 29 at 11:30 am Eastern Time. Apostolos Zafolias, Chief Financial Officer, is also scheduled to participate in the Ship Finance Landscape – the Shipowners Perspective panel on Monday, March 28 at 2:05 pm Eastern Time. Genco management will participate in investor meetings held in conjunction with the event, which is organized in partnership with Citi, and in cooperation with Nasdaq & NYSE.

About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We provide a full-service logistics solution to our customers utilizing our in-house commercial operating platform, as we transport key cargoes such as iron ore, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Capesize (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk) enabling us to carry a wide range of cargoes. We make capital expenditures from time to time in connection with vessel acquisitions. As of March 28, 2022, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, 15 Ultramax and 12 Supramax vessels with an aggregate capacity of approximately 4,635,000 dwt and an average age of 10.0 years.

CONTACT:
Apostolos Zafolias
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550

Source: Genco Shipping & Trading Limited

Genco Shipping & Trading Limited to Participate in Capital Link’s 16th Annual International Shipping Forum

Research, News, and Market Data on Genco Shipping & Trading

 

NEW YORK, March 28, 2022 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE: GNK) announced today that John C. Wobensmith, Chief Executive Officer, is scheduled to participate virtually in the Company Strategy and Capital Allocation panel discussion at Capital Link’s 16th Annual International Shipping Forum on Tuesday, March 29 at 11:30 am Eastern Time. Apostolos Zafolias, Chief Financial Officer, is also scheduled to participate in the Ship Finance Landscape – the Shipowners Perspective panel on Monday, March 28 at 2:05 pm Eastern Time. Genco management will participate in investor meetings held in conjunction with the event, which is organized in partnership with Citi, and in cooperation with Nasdaq & NYSE.

About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We provide a full-service logistics solution to our customers utilizing our in-house commercial operating platform, as we transport key cargoes such as iron ore, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Capesize (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk) enabling us to carry a wide range of cargoes. We make capital expenditures from time to time in connection with vessel acquisitions. As of March 28, 2022, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, 15 Ultramax and 12 Supramax vessels with an aggregate capacity of approximately 4,635,000 dwt and an average age of 10.0 years.

CONTACT:
Apostolos Zafolias
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550

Source: Genco Shipping & Trading Limited

Tuesday, March 22, 2022

Euroseas (ESEA)
Adding Three New Build Feeders to Fleet Renewal Program

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.

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

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

Three new build Feeders added to fleet renewal program. Three Eco design 1,800 TEU Feeders will be built at Hyundai Mipo in South Korea for ~$102 million, or ~$34 million each, with deliveries are slated for 1H2024. The new build program expands to ~$264 million for seven Feeders. We view this move as another sign of confidence in the Feeder market outlook due to the below average order book compared to the order book for intermediate and larger containerships.

First four Feeder new builds on track and time charter interest developing.  The first four Eco design 2,800 TEU Feeders ordered over the past three quarters are on track. Total estimated cost of first four Feeders is ~$161 million, with deliveries slated for 1Q2023/2Q2023/4Q2023/1Q2024. On the last earnings call, management indicated that there was budding interest in the first set of new builds …

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. 

 

Tuesday, March 22, 2022

Pyxis Tankers (PXS)
Looking Ahead to Recovery With MR Tanker Focus

Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.

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

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

Adjusted EBITDA loss of $0.7 million below expectations. Lower TCE revenue of $3.9 million, lower TCE rates of $8.0k/day and higher opex of $6.2k/day drove the negative EBITDA variance and adjusted 4Q2021 EBITDA losses of $0.7 million were below our estimate. The shift to spot market work dampened operating results, with MR weakness more than offsetting a slight improvement in small tankers.

Recovery expected and our 2022 EBITDA estimate is $8.6 million.  Our 2022 TCE rate estimate is $13.4k/day and recent charters are setting a more positive tone heading into the rest of the year. In addition, the two acquisitions should more than offset the sale of the two small tankers. Forward cover visibility into 1Q2022 is solid at 83% of available days booked at TCE rates in the $14.8k/day range …

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. 

 

Friday, March 18, 2022

Pangaea Logistics (PANL)
Post Call Update – Weakness Not Warranted

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

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

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

Call highlights. Favorable dry bulk market fundamentals, especially the low order book, intact despite the ongoing market reset due to Russian sanctions. No concerns about counter party risk even though expanding receivables triggered $1.5 million increase in doubtful accounts. Bunker fuel prices have moved up, but typically hedging 75% of fuel consumption helps temper impact.

No change in 2022 EBITDA estimate of $98.0 million based on TCE rates of $24.8k/day.  Well positioned after positive developments last year. Strong 2021 results make comps tough, but this year should be solid and TCE rate on 1Q2022 forward cover approximates $26.5k/day. Positive outlook based on a consistent commercial strategy that adds value in different market environments, a leading Ice Class …

This Company Sponsored 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. 

 

Friday, March 18, 2022

Great Lakes Dredge & Dock (GLDD)
New 1Q2022 Awards Announced

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

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

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

New Awards of $132.3 million announced. 

Six projects were awarded, ranging in size from $11.5 million to $37.2 million. Four of the awards totaling $94.9 million relate to Coastal Protection, one award of $25.9 million relates to Maintenance and one award of $11.5 million relates to Capital.

Two awards of $37.3 million is related to 4Q2021 activity and the other four awards of $95.0 million relate to 1Q2022 activity. All of the work is shorter term in nature and will enhance 2022 equipment utilization.

Combined with 4Q2021 backlog of $552 million, but a large amount of 4Q2021 low bids pending award, the outlook looks solid this year. Also, it appears that the prospects for one of the LNG projects in low bids pending award has improved with FID on the horizon, which would push $100-$150 million of the low bid pending award number into backlog.

Recovery expected this year and no change to 2022 EBITDA estimate.  With moderating COVID- 19 costs, we estimate that 2022 EBITDA will recover to $144.2 million. More than 80% of current backlog should be converted to revenue this year and the announced 4Q2021/1Q2022 awards are shorter term. The awards help temper three factors that represent headwinds this year, including dry docking activity …

This Company Sponsored 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. 

 

Thursday, March 17, 2022

Pangaea Logistics (PANL)
Another Strong Quarter Caps Stellar 2021

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

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

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

4Q2021 Results Ahead of Expectations Due to TCE Rate Out Performance. 4Q2021 EBITDA of $38.0 million was ahead of expectations mainly due to higher TCE rates of $32.6k/day and higher shipping days of 5,199. Positive variance was driven by higher TCE revenue and lower opex that more than offset higher voyage and charter hire expenses.

Call with management today at 8am EST.  Number is 866-518-6930 and code is PANLQ421. We expect management to highlight the fleet expansion, TCE rate out performance and attractive dry bulk market fundamentals …

This Company Sponsored 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.