Tuesday, May 03, 2022

Great Lakes Dredge & Dock (GLDD)
That’s A Lot of Power

Great Lakes Dredge & Dock Corporation 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 131-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.

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.

A New Award. Great Lakes Dredge & Dock’s management announced yesterday that the Company was awarded with a subsea rock instillation project from Empire Offshore Wind, and the Company will be in consortium with Van Oord. The Company will work on the Empire Wind I and II wind farms in the New York, installing rocks to protect and stabilize foundations. The project is estimated to start in the mid 2020s. No details on the contract itself was given.

Providing the Power. The Empire Wind I and II wind farms are situated in New York, as the project is expected to provide over 2 Gigawatts (GW) of renewable energy to the state. For context, New York as of June 2021 has around 2,000 megawatts (or 2 GW) of wind capacity at almost two dozen wind farms according to the EIA. These two wind farms are estimated to power more than one million households in New York….

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. 

Euroseas Ltd. Announces Agreement to Acquire two 4,250 teu Container Vessels, built in 2005 and 2007

Research, News, and Market Data on Euroseas Ltd

ATHENS, Greece, May 03, 2022 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today that it has agreed to acquire M/V Seaspan Manila and M/V Seaspan Melbourne both intermediate size container vessels with capacity of 4,250 teu each built in 2007 and 2005, respectively. The vessels are being acquired for a combined price of $37 million. The Company will also assume the existing charter arrangements of the vessels. Both acquisitions will be initially financed with the Company’s own funds. Specifically:

• M/V Seaspan Manila is expected to be delivered to the Company within July 2022 and has a charter contract until February 2025 at a rate which is $20,250 per day until April 2024 and, subsequently, based on the CONTEX index with a floor of $13,000 per day and a ceiling of $21,000 per day until the end of the charter period.
• M/V Seaspan Melbourne is expected to be delivered to the Company within June 2022 and has a charter contract until March 2025 at a rate of $19,000 per day.

Aristides Pittas,
Chairman and CEO of Euroseas commented:
“We are pleased to announce the acquisition of M/V Seaspan Manila and M/V Seaspan Melbourne, two intermediate containerships built in 2007 and 2005, respectively, along with their existing approximately two years and three quarters long charters. These charters are expected to contribute in excess of about $20 million of EBITDA, bringing the cost basis of the vessels to scrap price levels by the end of the charters while providing a significant contribution to our profitability. Furthermore, depending on the market after the end of the charters in early 2025, we may enjoy significant additional upside if the containership markets are even just at historically average levels. As we have stated in the past, our fleet growth strategy is focused on acquisitions with such a low risk profile alongside our newbuilding program.

“After the delivery of the above vessels, we will have a fleet of eighteen containerships on the water and a newbuilding program of seven feeder containerships which are expected to be completed between the first quarter of 2023 and the second quarter of 2024, expanding our footprint in the sector and solidifying our position as the main US publicly listed company focusing on feeder and intermediate container vessels.”

Fleet Profile:

After the acquisition of M/V “Seaspan Melbourne” and M/V “Seaspan Manila”, the Euroseas Ltd. fleet and employment profile will be as follows:

Vessels under construction	Type	Dwt	TEU	To be delivered
H4201	Feeder	37,237	2,800	Q1 2023
H4202	Feeder	37,237	2,800	Q2 2023
H4236	Feeder	37,237	2,800	Q4 2023
H4237	Feeder	37,237	2,800	Q1 2024
H4248	Feeder	22,262	1,800	Q2 2024
H4249	Feeder	22,262	1,800	Q2 2024
H4250	Feeder	22,262	1,800	Q2 2024

Notes:
(*)        TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).
(**)      CONTEX stands for the Container Ship Time Charter Assessment Index.
(***)     Rate is net of commissions (which are typically 5-6.25%)

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 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. 

The Company has a fleet of 18 vessels, including 10 Feeder and 8 Intermediate containerships with a cargo capacity of 58,871 teu. After the delivery of seven feeder containership newbuildings in 2023 and the first half of 2024, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 75,471 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	Investor Relations / Financial Media
Tasos Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury Lane, Watchung, NJ 07069 Tel. (908) 301-9091 E-mail:  [email protected]	Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661-7566 E-mail:  [email protected]

 

Monday, May 02, 2022

Pangaea Logistics (PANL)
Taking Over Coverage

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.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

We are assuming coverage of PANL maintaining an Outperform rating and a $7.50 price target. We believe PANL will do well in a positive Dry Bulk pricing environment given its low order book and expanded fleet. We view the flexibility and a global presence as attributes that will allow it to take advantage of changing shipping demand. Increased liquidity following insider sales makes investing in PANL easier.

Management laid out a positive case for investing in PANL at NobleCon18. In the presentation, CFO Gianni Del Signore stressed that 1) the company is in a unique position to capitalize on an improving dry bulk market, 2) PANL is a good steward of investor capital that grows the business in a sustainable manner, and 3) its integrated platform results in consistent, higher margins. A link to the presentations can be found at Channelchek.com….

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. 

Eagle Bulk Shipping (EGLE) Corporate Presentation from NobleCon18 Research, News and Market Data on Eagle Bulk Shipping NobleCon 18 Complete Rebroadcast

Genco Shipping (GNK) Corporate Presentation from NobleCon18 Research, News and Market Data on Genco Shipping NobleCon 18 Complete Rebroadcast

Global Crossing Airlines (JETMF) Corporate Presentation from NobleCon18 News and Market Data on Global Crossing Airlines NobleCon 18 Complete Rebroadcast

Pangaea Logistics (PANL) Corporate Presentation from NobleCon18 Research, News and Market Data on Pangaea Logistics NobleCon 18 Complete Rebroadcast

Great Lakes Dredge & Dock Corporation Awarded Large-Scale U.S. Offshore Wind Rock Installation Project

Research, News, and Market Data on Great Lakes Dredge & Dock

HOUSTON, May 02, 2022 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today that Empire Offshore Wind, a joint venture between Equinor (NYSE: EQNR) and bp (NYSE: bp), have chosen Great Lakes in consortium with Van Oord to perform the subsea rock installation work for the Empire Wind I and II wind farms in the East Coast of the United States. Empire Wind I and II are expected to provide over 2 Gigawatts (GW) of renewable energy to the State of New York.

Great Lakes will use the first Jones Act compliant subsea rock installation vessel, currently under construction at the Philly Shipyard in the U.S., to install rocks to protect and stabilize monopile foundations, electrical substructures, and export cables, starting with Empire Wind I in the mid-2020s and continuing with Empire Wind II. Van Oord will mobilize the flexible fallpipe vessel, Stornes, to install rock prior to the installation of the monopile foundations.

Lasse Petterson, President and Chief Executive Officer at Great Lakes, commented, “The consortium of Great Lakes with Van Oord combines the experience of Van Oord, the global market leader in subsea rock installation, with Great Lakes, the only U.S. marine contractor to invest in building the first Jones Act compliant fallpipe vessel purpose built for the U.S. offshore wind market. This unique combination offered a competitive advantage in terms of experience, equipment availability, local content, and knowledge of labor and regulatory environments in the U.S.”

Great Lakes will be generating local content, employment, and economic activity in the State of New York by purchasing rock from domestic New York quarries, which are in close proximity to the Empire Wind I and II offshore wind farm sites. The Company is working closely with NYSERDA on NY Supply Chain development and will be using the GLDD marine base in Staten Island, New York, for its site operations.

The renewable power generated by the two wind farms is estimated to power more than one million households in New York. This project is considered a flagship offshore wind development, shaping the future of this industry in the United States. Designed to produce renewable electricity to deliver on the state’s climate ambitions, it also creates new opportunities for economic growth and employment for the State of New York.

Eleni Beyko, Senior Vice President-Offshore Wind at Great Lakes, commented, “This award by Equinor and bp solidifies Great Lakes’ entry into the U.S. offshore wind market with a major project award for one of the flagship offshore wind developments for the State of New York. We are very happy to support New York in building a more sustainable future. We have a long track record working with the state and the local unions and supply chains, having executed dredging projects in New York for many decades. Our goal now is to contribute to building the U.S. offshore wind industry, while creating local employment and economic activity in the state.”

The
Company

Great Lakes Dredge & Dock Corporation 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 131-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.

Cautionary
Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.

Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

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

Friday, April 29, 2022

Orion Group Holdings (ORN)
Post Call Commentary and Updated Model

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.

Interim CEO. The key Company development was the appointment of Austin Shanfelter as Interim CEO on April 7th. A member of the Board since 2007, Mr. Shanfelter brings a wealth of experience to the position, including as Chief Executive Officer and President of MasTec from 2001 to 2007.

Short-term Goals.  Although it is in the early days, among Mr. Shanfelter’s immediate goals is to improve the quality of the backlog, improve utilization of the asset base, and enhance efficiencies to capitalize on industry tailwinds. Given Mr. Shanfelter’s background, we believe he will be successful in implementing the necessary changes to improve Orion’s operating performance …

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, 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.
[email protected]
+1 203-276-8100

Media Contact

Rose & Company
+1 212-359-2228

Source: 
Eagle Bulk Shipping Inc.