Eagle Bulk Shipping Inc. Completes First Sustainable Biofuel Voyage with GoodFuels

Research, News, and Market Data on Eagle Bulk Shipping

 

STAMFORD, Conn., 
Dec. 08, 2021 (GLOBE NEWSWIRE) — 
Eagle Bulk Shipping Inc. (Nasdaq: EGLE) (“Eagle Bulk”, “Eagle”, or the “Company”), one of the world’s largest owner-operators within the midsize dry bulk segment, today announced that the Company has successfully completed its first sustainable biofuel voyage in cooperation with GoodFuels, a leading biofuels pioneer for the global transport industry.

The M/V Sydney Eagle (2015-built SDARI-64 Ultramax) was bunkered with GoodFuels’ advanced marine biofuel during its port call at Terneuzen, 
the Netherlands. Basis the Company’s calculations, the vessel’s well-to-exhaust CO2 emissions were reduced by approximately 90% during its voyage, as compared to utilizing traditional bunker fuel.

Jonathan Dowsett, Director of Fleet Performance at 
Eagle Bulk Shipping, said: “Eagle continues to actively explore ways to decarbonize its fleet, while maximizing efficiency in line with international targets to reduce carbon intensity and absolute emissions from shipping. We are extremely pleased with the results of our first biofuel-powered test voyage and look forward to working with GoodFuels in the future.”

Isabel Welten, Chief Commercial Officer at GoodFuels, said: “It’s an honour to work with Eagle Bulk as a fellow passionate environmental frontrunner that is exploring an innovative and sustainable pathway to shipping’s decarbonisation transition by bunkering our sustainable marine biofuels. We hope more organisations will follow Eagle’s footsteps in embracing our credible near-zero carbon alternative to fossil fuels, as the industry steps up its efforts to meet its environmental regulatory targets in the near future.”

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 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.

About GoodFuels

GoodFuels is a 
Netherlands based global pioneer in sustainable marine fuels. The company has created a one-stop shop for marine industry customers, integrating the entire supply chain for sustainable marine biofuels. From feedstock to tank, GoodFuels’ proposition covers elements of sourcing feedstock and ensuring its 100% sustainability, the production and refining, the global distribution, quality assurance and marketing programs with ports, governments and end clients. GoodFuels is an RSB and ISCC member. GoodFuels is part of the 
GoodNRG Group, which is active under various labels and companies in sales, marketing, trading, R&D and production of truly sustainable fuels for the transport segments for which biofuels is one of the best or only viable long-term alternative. Learn more about GoodFuels at www.goodfuels.com. 

Company Contact
Frank De Costanzo
Chief Financial Officer

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

Media Contact

Rose & Company
Tel. +1 212-359-2228

Source: 
Eagle Bulk Shipping Inc.

Wednesday, December 08, 2021

Seanergy Maritime (SHIP)
Buybacks Limit Potential Added Share Issuance

Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of the M/V Dukeship, the Company’s operating fleet will consist of 17 Capesize vessels with an average age of 11.5 years and aggregate cargo carrying capacity of approximately 3,011,083 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”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

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

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

Buyback program of $16.6 million completed. The buyback program included the buy back of convert debt for $14.0 million, Class E warrants for $1.0 million from Jelco, the former principal shareholder. In addition, 1.6 million shares were bought on the open market for $1.6 million, or an average price of $0.998/share. Non-cash charges of ~$7.0 million will be recognized in 4Q2021 numbers.


Buyback program eliminates potential share issuance.  Since the convert debt was convertible at $1.20/share and the warrants had a strike price of $0.70/share, the fully diluted share count drops by 15.9 million. Pro forma for the transaction, current shares out are in the 173.1 million range and the fully diluted share count drops to ~199.3 million, including 8.6 million share from warrants and …

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. 

Seanergy Maritime Announces $16.6 Million Buyback of Convertible Notes, Warrants and Common Shares, as well as Open-Market Stock Purchases by the CEO

Research, News, and Market Data on Seanergy Maritime

 

Seanergy Maritime Announces $16.6 Million Buyback of
Convertible Notes, Warrants and Common Shares, as well as
Open-Market Stock Purchases by the CEO

Highlights:

• Buyback of $13.95 million of Convertible Notes
• Buyback of Warrant to purchase 4.3 million shares
• Buyback of 1.6 million of common shares
• Elimination of potential dilution by 17.5 million shares
• CEO open market purchases of 0.3 million shares
• Seanergy BOD approves new buyback plan of $10 million

December 7, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today an aggregate of $16.6 million in buyback and elimination of:
(i)     two outstanding convertible notes with 5.5% coupon and a conversion price of $1.20 per share (the “Notes”),
(ii)     the entire amount of warrants to purchase common shares at an exercise price of $0.70 (the “Warrant”) held by the holder of the Notes and
(iii)     buyback of common shares, fully utilizing its previously announced share repurchase plan.

Moreover, Seanergy’s Chairman & CEO, Stamatis Tsantanis, has purchased in 2021 to date an additional 300,000 of the Company’s common shares in the open market.

Following the completion of the previously announced repurchase plan, the Board of Directors has authorized an additional repurchase plan (the “Plan”), under which the Company may repurchase up to $10 million of its common shares, convertible notes or warrants.

Notes

The Company will buyback and eliminate the Notes with an aggregate outstanding principal of $13.95 million held by Jelco Delta Holding Corp. (“Jelco”) at their full-face value, without any prepayment cost or additional consideration. The prepayment is expected to take place on December 10, 2021.

Based on an exercise price of $1.20 per share, the buyback will pre-empt potential dilution of 11.63 million shares. In conjunction with the repurchase of the Notes the Company expects to record a non-cash accounting loss of approximately $6.75 million in the fourth quarter of 2021. However, since the Notes carry a fixed coupon of 5.5% p.a., the Company will realise annual interest savings of $767,250 per year. In addition, the prepayment will have a positive impact on the income statement for the subsequent periods through the elimination of non-cash charges of an average of $2.9 million per year.

Warrant

The Company is also buying back from the holder of the Notes their sole outstanding Warrant to purchase 4,285,714 million shares for $1,023,136.

Common Shares

Following the end of the blackout period associated with the issuance of the financial results of the third quarter of 2021 and to-date, the Company has repurchased 1,595,803 of its outstanding common shares at an average price of approximately $0.998 pursuant to its previously-announced share repurchase program.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“As previously communicated to our shareholders, these strategic transactions are aimed to enhance shareholder value, reduce potential dilution from outstanding share-linked instruments and eliminate legacy overhang on our share price. At the same time, we generate significant savings in interest expense.

“The completion of the first phase of our buyback program of common shares, convertible notes and warrants reflects our firm belief that our share price is significantly undervalued. In this context, I have also continued my open market purchases of Seanergy’s shares, which indicates my strong confidence in the Company and its fundamentals.

“Our strong balance sheet coupled with our fleet’s robust cash-flow generating capacity reinforce our Company’s ability to continue on the same path without compromising our solid liquidity position.”

Summary of Repurchases:

The following table summarizes the repurchases of the various instruments:

	Purchase price	Price per share	Shares
Warrants	$1,023,136	$0.939**	4,285,714*
Note 1	$200,000	$1.200	166,666*
Note 3	$13,750,000	$1.200	11,458,333*
Common Shares	$1,593,150	$0.998	1,595,803
Total / Average	$16,566,286	$1.118	17,506,516

*Not issued: shares underlying convertible securities
**Including $0.70 warrant exercise price per share

The Plan

The Company may repurchase common shares in open-market transactions pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or pursuant to a trading plan adopted in accordance with Rule 10b5?1 of the Securities Exchange Act of 1934.

Any repurchases pursuant to the Plan will be made at management’s discretion at prices considered to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, applicable securities laws and the Company’s financial performance. The Plan may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The Plan does not obligate the Company to purchase any of its shares, and the Company may repurchase other outstanding securities of the Company, including its outstanding convertible notes, under the Plan. The Board of Directors’ authorization of the Plan is effective immediately and expires on December 31, 2022.

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of 11.7 years and aggregate cargo carrying capacity of approximately 3,011,083 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”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

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; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its 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

Seanergy Maritime Announces $16.6 Million Buyback of Convertible Notes, Warrants and Common Shares, as well as Open-Market Stock Purchases by the CEO

Research, News, and Market Data on Seanergy Maritime

 

Seanergy Maritime Announces $16.6 Million Buyback of
Convertible Notes, Warrants and Common Shares, as well as
Open-Market Stock Purchases by the CEO

Highlights:

• Buyback of $13.95 million of Convertible Notes
• Buyback of Warrant to purchase 4.3 million shares
• Buyback of 1.6 million of common shares
• Elimination of potential dilution by 17.5 million shares
• CEO open market purchases of 0.3 million shares
• Seanergy BOD approves new buyback plan of $10 million

December 7, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today an aggregate of $16.6 million in buyback and elimination of:
(i)     two outstanding convertible notes with 5.5% coupon and a conversion price of $1.20 per share (the “Notes”),
(ii)     the entire amount of warrants to purchase common shares at an exercise price of $0.70 (the “Warrant”) held by the holder of the Notes and
(iii)     buyback of common shares, fully utilizing its previously announced share repurchase plan.

Moreover, Seanergy’s Chairman & CEO, Stamatis Tsantanis, has purchased in 2021 to date an additional 300,000 of the Company’s common shares in the open market.

Following the completion of the previously announced repurchase plan, the Board of Directors has authorized an additional repurchase plan (the “Plan”), under which the Company may repurchase up to $10 million of its common shares, convertible notes or warrants.

Notes

The Company will buyback and eliminate the Notes with an aggregate outstanding principal of $13.95 million held by Jelco Delta Holding Corp. (“Jelco”) at their full-face value, without any prepayment cost or additional consideration. The prepayment is expected to take place on December 10, 2021.

Based on an exercise price of $1.20 per share, the buyback will pre-empt potential dilution of 11.63 million shares. In conjunction with the repurchase of the Notes the Company expects to record a non-cash accounting loss of approximately $6.75 million in the fourth quarter of 2021. However, since the Notes carry a fixed coupon of 5.5% p.a., the Company will realise annual interest savings of $767,250 per year. In addition, the prepayment will have a positive impact on the income statement for the subsequent periods through the elimination of non-cash charges of an average of $2.9 million per year.

Warrant

The Company is also buying back from the holder of the Notes their sole outstanding Warrant to purchase 4,285,714 million shares for $1,023,136.

Common Shares

Following the end of the blackout period associated with the issuance of the financial results of the third quarter of 2021 and to-date, the Company has repurchased 1,595,803 of its outstanding common shares at an average price of approximately $0.998 pursuant to its previously-announced share repurchase program.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“As previously communicated to our shareholders, these strategic transactions are aimed to enhance shareholder value, reduce potential dilution from outstanding share-linked instruments and eliminate legacy overhang on our share price. At the same time, we generate significant savings in interest expense.

“The completion of the first phase of our buyback program of common shares, convertible notes and warrants reflects our firm belief that our share price is significantly undervalued. In this context, I have also continued my open market purchases of Seanergy’s shares, which indicates my strong confidence in the Company and its fundamentals.

“Our strong balance sheet coupled with our fleet’s robust cash-flow generating capacity reinforce our Company’s ability to continue on the same path without compromising our solid liquidity position.”

Summary of Repurchases:

The following table summarizes the repurchases of the various instruments:

	Purchase price	Price per share	Shares
Warrants	$1,023,136	$0.939**	4,285,714*
Note 1	$200,000	$1.200	166,666*
Note 3	$13,750,000	$1.200	11,458,333*
Common Shares	$1,593,150	$0.998	1,595,803
Total / Average	$16,566,286	$1.118	17,506,516

*Not issued: shares underlying convertible securities
**Including $0.70 warrant exercise price per share

The Plan

The Company may repurchase common shares in open-market transactions pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or pursuant to a trading plan adopted in accordance with Rule 10b5?1 of the Securities Exchange Act of 1934.

Any repurchases pursuant to the Plan will be made at management’s discretion at prices considered to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, applicable securities laws and the Company’s financial performance. The Plan may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The Plan does not obligate the Company to purchase any of its shares, and the Company may repurchase other outstanding securities of the Company, including its outstanding convertible notes, under the Plan. The Board of Directors’ authorization of the Plan is effective immediately and expires on December 31, 2022.

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of 11.7 years and aggregate cargo carrying capacity of approximately 3,011,083 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”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

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; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its 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

Seanergy Maritime Announces Delivery & Immediate Period Employment of M/V Dukeship

 

Seanergy Maritime Announces Delivery & Immediate Period Employment of M/V Dukeship

December 2, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today the delivery of a previously-announced Capesize vessel acquisition, M/V Dukeship (the “Vessel”), and the simultaneous commencement of its time charter (“T/C”) employment. In addition, the Company has successfully closed the previously-announced sustainability-linked loan facility with Piraeus Bank (the “Facility”).

Delivery of the M/V Dukeship

The M/V Dukeship, a 181,500-dwt Capesize bulk carrier, built in 2010 by Sasebo Heavy Industries in Japan, was delivered to Seanergy on November 26, 2021 and has already commenced the T/C with its charterers, NYK, for a term of about 13 to 18 months. The gross daily rate is based at a premium over the Baltic Capesize Index.

Following this delivery, the seventh in 2021 to-date, Seanergy’s fleet has increased to 17 Capesize vessels with an aggregate cargo carrying capacity that exceeds 3 million dwt.

Sustainability-linked loan

The previously-announced sustainability-linked loan was drawn on November 15, 2021. The $16.85 million principal will amortize over a five-year term with a final balloon payment of $6.1 million at maturity and an interest rate of 3.05% plus LIBOR per annum. The pricing can be further improved based on certain emission reduction thresholds.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“I am very pleased with the final delivery of our 17^th capesize vessel in a great market timing. The Dukeship already commenced its time-charter with a world renowned charterer.

“Our fleet is now 100% under period employment, with the vast majority on index-linked T/Cs.The current Baltic Capesize Index is $37,600 per day.

“Finally, the recent closing of the sustainability-linked loan facility reiterates our solid commitment to our ESG objectives.”

Company fleet:

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of 11.7 years and aggregate cargo carrying capacity of approximately 3,011,083 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”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

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; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its 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

Seanergy Maritime Announces Delivery & Immediate Period Employment of M/V Dukeship

 

Seanergy Maritime Announces Delivery & Immediate Period Employment of M/V Dukeship

December 2, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today the delivery of a previously-announced Capesize vessel acquisition, M/V Dukeship (the “Vessel”), and the simultaneous commencement of its time charter (“T/C”) employment. In addition, the Company has successfully closed the previously-announced sustainability-linked loan facility with Piraeus Bank (the “Facility”).

Delivery of the M/V Dukeship

The M/V Dukeship, a 181,500-dwt Capesize bulk carrier, built in 2010 by Sasebo Heavy Industries in Japan, was delivered to Seanergy on November 26, 2021 and has already commenced the T/C with its charterers, NYK, for a term of about 13 to 18 months. The gross daily rate is based at a premium over the Baltic Capesize Index.

Following this delivery, the seventh in 2021 to-date, Seanergy’s fleet has increased to 17 Capesize vessels with an aggregate cargo carrying capacity that exceeds 3 million dwt.

Sustainability-linked loan

The previously-announced sustainability-linked loan was drawn on November 15, 2021. The $16.85 million principal will amortize over a five-year term with a final balloon payment of $6.1 million at maturity and an interest rate of 3.05% plus LIBOR per annum. The pricing can be further improved based on certain emission reduction thresholds.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“I am very pleased with the final delivery of our 17^th capesize vessel in a great market timing. The Dukeship already commenced its time-charter with a world renowned charterer.

“Our fleet is now 100% under period employment, with the vast majority on index-linked T/Cs.The current Baltic Capesize Index is $37,600 per day.

“Finally, the recent closing of the sustainability-linked loan facility reiterates our solid commitment to our ESG objectives.”

Company fleet:

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of 11.7 years and aggregate cargo carrying capacity of approximately 3,011,083 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”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

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; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its 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

Tuesday, November 30, 2021

Euroseas (ESEA)
Another Time Charter Enhances Forward Cover

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, Noble Capital Markets, Inc.

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

Another short charter on the Oakland signed before a four year charter starts. Yesterday, two time charters on the Oakland 4,253 TEU intermediate were announced. The first one runs 60-90 days at a TCE rate of $130.0k/day and the second one runs for at least four years (with a three month redelivery window) at a TCE rate of $42.0k/day into 1Q2026. While down from recent highs, the time charters are positive for cash flow visibility.


No change to our 2021 EBITDA estimate of $53.9 million based on TCE rates of $18.6k/day.  As discussed in recent notes, forward cover is full and the Corfu is repositioning toward China on a short charter prior to dry docking …

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 Ltd. Announces a Two-to-Three Month $130,000 per day Charter for its M/V “Synergy Oakland” Followed by a Minimum Four-Year Charter at $42,000 per day

 

ATHENS, Greece, Nov. 29, 2021 (GLOBE NEWSWIRE) — 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 two new consecutive time charter contracts for its container vessel M/V “Synergy Oakland”, a 4,253 TEU vessel built in 2009.

Specifically:

1. a new time charter contract for a period of between two and three months at a daily rate of $130,000, commencing between January 5^th and January 25^th when the vessel will be redelivered from its current charterer; and,
2. immediately following the completion of the above charter, a new time charter contract for a period of a minimum of forty-eight and a maximum of fifty-one months at the option of the charterer at a daily rate of $42,000, commencing the latest by April 15th when the vessel will be redelivered from its previous charterer.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce very profitable new charters for one of our vessels, our M/V “Synergy Oakland”, that capture both the exceptional strength of the current short-term market over the next two to three months and also provide secured employment for a minimum of an additional four years. As a result of these charters, M/V “Synergy Oakland” is expected to make an EBITDA contribution of about $11.5 million during the first quarter of 2022 and about $12 million per year during each of the next four years, totaling about $57 million of EBITDA contribution, or about $7.80 per share, over the duration of its new charters.

“Both the rates and the duration of the above charters are indicative of the strength and recovery of the market from a slight correction we had experienced over the past month. We expect to be able to continue benefitting from the present market as there are another four of our vessels in our fleet which open for re-chartering within the next four months and another two vessels later within 2022. If the present market levels continue, renewals of expiring charters should result in significant further increases in our profitability and employment coverage for the following years, providing a solid liquidity foundation for further growth of our company and rewards to our shareholders as our Board or Directors sees fit.”

Fleet Profile:

After the new charters of M/V “Synergy Oakland”, the Euroseas Ltd. fleet and employment profile will be as follows:

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 (+).
(**) 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. 

After the delivery of M/V Leo Paramount, the Company will have a fleet of 16 vessels comprising of 10 Feeder and 6 Intermediate containerships. Euroseas 16 containerships have a cargo capacity of 50,371 teu. Furthermore, after the delivery of two feeder containership newbuildings in the first half of 2023, Euroseas’ fleet will consist of 18 vessels with a total carrying capacity of 55,971 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

Euroseas Ltd. Announces a Two-to-Three Month $130,000 per day Charter for its M/V “Synergy Oakland” Followed by a Minimum Four-Year Charter at $42,000 per day

 

ATHENS, Greece, Nov. 29, 2021 (GLOBE NEWSWIRE) — 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 two new consecutive time charter contracts for its container vessel M/V “Synergy Oakland”, a 4,253 TEU vessel built in 2009.

Specifically:

1. a new time charter contract for a period of between two and three months at a daily rate of $130,000, commencing between January 5^th and January 25^th when the vessel will be redelivered from its current charterer; and,
2. immediately following the completion of the above charter, a new time charter contract for a period of a minimum of forty-eight and a maximum of fifty-one months at the option of the charterer at a daily rate of $42,000, commencing the latest by April 15th when the vessel will be redelivered from its previous charterer.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce very profitable new charters for one of our vessels, our M/V “Synergy Oakland”, that capture both the exceptional strength of the current short-term market over the next two to three months and also provide secured employment for a minimum of an additional four years. As a result of these charters, M/V “Synergy Oakland” is expected to make an EBITDA contribution of about $11.5 million during the first quarter of 2022 and about $12 million per year during each of the next four years, totaling about $57 million of EBITDA contribution, or about $7.80 per share, over the duration of its new charters.

“Both the rates and the duration of the above charters are indicative of the strength and recovery of the market from a slight correction we had experienced over the past month. We expect to be able to continue benefitting from the present market as there are another four of our vessels in our fleet which open for re-chartering within the next four months and another two vessels later within 2022. If the present market levels continue, renewals of expiring charters should result in significant further increases in our profitability and employment coverage for the following years, providing a solid liquidity foundation for further growth of our company and rewards to our shareholders as our Board or Directors sees fit.”

Fleet Profile:

After the new charters of M/V “Synergy Oakland”, the Euroseas Ltd. fleet and employment profile will be as follows:

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 (+).
(**) 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. 

After the delivery of M/V Leo Paramount, the Company will have a fleet of 16 vessels comprising of 10 Feeder and 6 Intermediate containerships. Euroseas 16 containerships have a cargo capacity of 50,371 teu. Furthermore, after the delivery of two feeder containership newbuildings in the first half of 2023, Euroseas’ fleet will consist of 18 vessels with a total carrying capacity of 55,971 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

Tuesday, November 23, 2021

Great Lakes Dredge & Dock (GLDD)
Houston Work Finalized and Other Work On Horizon

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, Noble Capital Markets, Inc.

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

Houston Ship Channel work finalized. A contract valued at $92.5 million was signed with the Port of Houston Authority. The award represents the first phase of the Houston Ship Channel Widening and Improvement Project 11. Work has a 1Q2022 start and a 4Q2022 finish. The initial approval totaled $95.4 million so options could total ~$2.9 million.


3Q2021 Backlog moved up to $599 million and 4Q2021 awards now total $135.4 million.  4Q2021 bidding off to good start and more optimistic on LNG potential. 4Q2021 awards include South Atlantic Regional Harbor for $25.8 million (ex options of $3.6 million), Oak Island Renourishment Project 2021/2022 of $17.1 million, and Port Houston for $92.5 million. A large $225.1 million award in Rockaways, New …

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. 

Tuesday, November 23, 2021

Great Lakes Dredge & Dock (GLDD)
Houston Work Finalized and Other Work On Horizon

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, Noble Capital Markets, Inc.

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

Houston Ship Channel work finalized. A contract valued at $92.5 million was signed with the Port of Houston Authority. The award represents the first phase of the Houston Ship Channel Widening and Improvement Project 11. Work has a 1Q2022 start and a 4Q2022 finish. The initial approval totaled $95.4 million so options could total ~$2.9 million.


3Q2021 Backlog moved up to $599 million and 4Q2021 awards now total $135.4 million.  4Q2021 bidding off to good start and more optimistic on LNG potential. 4Q2021 awards include South Atlantic Regional Harbor for $25.8 million (ex options of $3.6 million), Oak Island Renourishment Project 2021/2022 of $17.1 million, and Port Houston for $92.5 million. A large $225.1 million award in Rockaways, New …

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 Inc. Announces the Appointment of a Chief Strategy Officer

 

STAMFORD, Conn., 
Nov. 17, 2021 (GLOBE NEWSWIRE) — 
Eagle Bulk Shipping Inc. (Nasdaq: EGLE) (“Eagle Bulk”, “Eagle” or the “Company”), one of the world’s largest owner-operators within the midsize drybulk vessel segment, today announced that  Costa Tsoutsoplides has been appointed as the Company’s Chief Strategy Officer. In this newly created role,  Mr. Tsoutsoplides will have broad responsibilities in developing Eagle’s Corporate strategy as well as leading capital markets initiatives and overseeing ESG and investor relations.  Mr. Tsoutsoplides will also retain his existing responsibilities, including mergers & acquisitions and vessel sale and purchase.

Eagle’s CEO  Gary Vogel commented, “I am pleased to announce Costa’s well-deserved promotion. He is one of the Company’s longest-tenured employees and has played an instrumental role in helping shape and implement our corporate strategy. Over the past five years, we have been able to completely transform the business through the cyclical uptrend, positioning Eagle as one of the leading integrated drybulk shipowner-operators. More specifically, we have grown and revamped our fleet by executing S&P and M&A transactions encompassing 49 ships. While at the same time, we have successfully utilized the capital markets in order to source opportunistic growth capital and optimize the balance sheet.”  

Mr. Tsoutsoplides joined Eagle in 2010 and has held roles of increasing responsibility, most recently serving as Senior Director, Strategy & Business Development. Prior to his entry into shipping,  Mr. Tsoutsoplides spent a total of eight years at Citigroup, in both Foreign Exchange Corporate Sales and High Yield Debt Sales.

Mr. Tsoutsoplides holds an M.B.A. in Finance from New York University’s 
Stern School of Business, a B.A. in Economics from 
Boston University, and is a CFA charterholder.

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 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.

Company Contact
Frank De Costanzo
Chief Financial Officer

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

Media Contact

Rose & Company
Tel. +1 212-359-2228

Source: 
Eagle Bulk Shipping Inc.

	Image Credit: Seanergy (Facebook)

Shoppers, Shippers, and Shareholders

 

Maritime shipping and the problems with supply lines, post-Covid, may be frustrating holiday shoppers, but investors have been treated well. This may not be the first Thanksgiving where many families will mention bottlenecks and containers, but it is likely the first where they are talking about supply chain problems. While shipping stocks are off their September highs, there is reason to believe the recent dip may provide an entry for those who felt they missed the boat.

Shippers

The maritime shipping side of the supply chain issues involves all three of the main types of shipping, dry bulk which is primarily raw materials, Container ships which are largely finished goods, and tankers for liquids and fuels. While most consumers have experienced some difficulty purchasing goods or having to pay higher prices, these bottlenecks have been good for some shipping stocks.  In late Summer, early Fall, the share prices of bulk carriers, container lines or lessors, and liquified natural gas (LNG) carriers moved up significantly hitting new highs.

They did not all move up equally, for instance, tanker stocks relative to the performance of the S&P 500 were just treading water. Whereas container ship lines and lessors, and dry bulk carriers saw triple-digit gains. While some are up 200% or more, they have since erased 100% or more. The conditions that caused the initial runup are still in place, with the holiday shopping season, they may even intensify.

Below we’ll look at two shipping companies that have dipped from their massive run-up. One derives a larger part of its revenue from container shipping, and the other is a dry bulk shipper.

 

Shareholders

At its peak Euroseas Ltd., (ESEA) was up 591% this year. It has since given up 194.48% of that gain and is only up 397.05% year-to-date. Euroseas provides shipping services worldwide. They own and operate container ships that transport dry and refrigerated cargo in containers. This includes manufactured products and perishables. They also operate dry bulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers.

The recent fall-off in price has this high-performing company trading well below its simple 200-day moving average.

 

Chart: Koyfin

 

After rising as high as 354% this year, Grindrod ShippingHoldings Ltd. has given up 118% points of that increase and is now up 236% on the year. In a 3^rd quarter report on the company’s earnings, released today (November 18), Poe
Fratt, Senior Research Analyst from Noble Capital Markets maintained a Buy rating on Grindrod Shipping Holdings (GRIN), with a price target of $31.00. The company’s shares closed yesterday at $13.55.

The company charters and operates a fleet of dry bulk carriers and tankers. It operates in two business units, dry bulk, and tankers. These business units are further subdivided into different size cargoes and ranges.

 

Chart: Koyfin

 

Shoppers

As reported earlier this week, retail sales have surged. October’s sales rocketed 16.3% year-on-year (YOY) as retail sales were up 1.7% for the month, beating economist expectations of 1.4%. The YOY October retail sales are a gigantic 21.4% above their pre-pandemic level.

So it can be said the trend is for the consumer to be keeping the pressure on the shipping industry to fill the pent-up and new demand. Helping to drive the purchases in the face of rising costs is an increase in household wealth thanks to strong stock and housing markets. Adding to consumers’ willingness to open their wallets is a massive increase in savings levels and wage gains.

 

Take-Away

While shipping may not seem as exciting as following metaverse stocks or green energy initiatives, the post-pandemic fundamentals make the seascape interesting and perhaps worth a look.

Research by Poe Fratt who Tip Ranks  lists as performing in the top 2% of the over 7,000 analysts they rank, covers a number of companies in this category. See Poe’s credentials and covered companies here.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading:

Will Small Cap Stocks Outperform in 2022?

Investing in U.S. Maritime Infrastructure Spending

Does Insider Selling Indicate Bearishness on the Company?

Lithium Recycling is an EV Opportunity Not Yet on Many Investors’ Radar

 

Sources:

https://www.census.gov/retail/marts/www/marts_current.pdf

https://www.reuters.com/business/us-retail-sales-beat-expectations-october-2021-11-16/

 

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