Seanergy to Present at the NobleCon Online Transportation & Logistics Investor Forum

Research, News, and Market Data on Seanergy Maritime

 

December 15, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today its participation at the Transportation & Logistics Virtual Investor Forum, presented by Channelchek.com.

Seanergy’s CEO, Stamatis Tsantanis, and CFO, Stavros Gyftakis, are giving a presentation of the Company, followed by a Q&A session moderated by Noble Capital Markets senior equity research analyst, Poe Fratt.

The broadcast is scheduled for December 16, 2021, at 11:00 AM EST and can be accessed by registering at channelchek.vercel.app at no cost. The video webcast will be later archived on Channelchek as part of its C-Suite Series channelchek.vercel.app/c-suite, and on its YouTube channel: www.youtube.com/channelchek .

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” and its Class B warrants under “SHIPZ”.

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

About Noble Capital Markets, Inc.

Noble Capital Markets (“Noble”) is a research driven boutique investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed broker dealer Noble provides institutional-quality equity research, merchant and investment banking, wealth management and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the 16 years. In 2018 Noble launched channelchek.vercel.app – a new investment community dedicated exclusively to small and micro-cap companies and their industries. Channelchek is tailored to meet the needs of self-directed investors and financial professionals. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 emerging growth companies are listed on the site, with growing content including the C-Suite and Virtual Roadshow Series videos, and balanced news.

About Channelchek

Channelchek (.com) is a comprehensive investor-centric portal – featuring more than 6,000 emerging growth companies – that provides advanced market data, independent research, balanced news, video webcasts, exclusive c-suite interviews, and access to virtual road shows. The site is available to the public at every level without cost or obligation. Research on Channelchek is provided by Noble Capital Markets, Inc., an SEC / FINRA registered broker-dealer since 1984. channelchek.vercel.app email: contact@channelchek.vercel.app .

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
E-mail: seanergy@capitallink.com

Tuesday, December 14, 2021

Grindrod Shipping (GRIN)
Largest Shareholder Selling At A Premium

Grindrod Shipping, originated in South Africa with roots dating back to 1910. The company is based in Singapore, with offices around the world including, London, Durban, Cape Town, Tokyo and Rotterdam. Its primary listing is on Nasdaq and secondary listing on the JSE.

Grindrod Shipping owns and operates a diversified fleet of owned, long-term chartered and joint-venture dry-bulk and liquid-bulk vessels across the globe.

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

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

Largest shareholder selling at a premium. Remgro LTD, the largest shareholder, has lined up the sale of a 22.6% stake in GRIN held by a subsidiary to Taylor Maritime (TMI) for $77.9 million in cash in a private transaction. The sale of 4.33 million GRIN shares at a price of ~$18.00/share represents a ~18% premium versus the December 10th closing price of $15.26/share and a 33% premium to the September secondary offering by GRIN’s former parent at $13.50/share. The transaction should close in early 1Q2022, not later than February 28th, after TMI closes a pending asset sale for ~$43 million.


Buyer is an income oriented closed end fund.  The buyer is Taylor Maritime Investments Limited (TMI), a closed ended investment company listed on the London Stock Exchange (LSE). As of November 25th and prior to the sale of two assets, Taylor owns 27 owned and 5 to be delivered vessels (30 Handys and two Supra). TMI’s strategy includes acquiring assets at below long-term average prices and …

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. 

EuroDry Ltd. Announces the Redemption of its Outstanding Series B Preferred Shares

News and Market Data on EuroDry Ltd.

 

ATHENS, Greece, Dec. 13, 2021 (GLOBE NEWSWIRE) — EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it provided a notice of redemption to its Series B Preferred Shares (“Preferred Shares”) holders for entire of the outstanding amount at par as per the provisions of the Statement of Designation of the Preferred Shares. The Preferred Shares carried a dividend of 8% per annum until January 2023 increasing to 14% per annum thereafter. The Company will use own funds for the redemption which will take place on or about December 20, 2021.

Aristides Pittas, Chairman and CEO of EuroDry commented: “We are very pleased to announce the redemption of the outstanding Series B Preferred Shares at par. This redemption not only will simplify our capital structure but also reduce our funding costs and increase earnings per share attributable to our common shareholders from eliminating the preferred shared dividend by about $0.38 in 2022 and by about $0.67 every year thereafter. Issuing the Preferred Shares in 2014 was instrumental in funding our newbuilding program at the time of two kamsamax and one ultramax drybulk carriers, now in our fleet, in a cost effective way. We would like to thank all our preferred shareholders for their trust and commitment to our Company all these years.”

About EuroDry Ltd.
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY.

EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

The Company has a fleet of 9 vessels, including 5 Panamax drybulk carriers, 2 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry’s 9 drybulk carriers have a total cargo capacity of 668,631 dwt.

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 dry bulk vessels, 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.eurodry.gr

Transportation & Logistics Forum – a NobleCon Online Investor Event
December 16, 2021

Supply chain issues, COVID-related production delays, volatile fuel costs, and new regulations. Hear from c-suite executives how these issues have affected the transporation sector over the past few years. What have they learned, what adjustments have they made, and what does the future hold for these six companies? Tune in Thursday for this exclusive broadcast.

The event is free and open to all registered users of Channelchek. Registration is fast and free. Not already a member? Use the link below to register now so you’re ready to view the Forum presentations on December 16.

Event Page – View the Presentations Here

Register for Channechek to gain access to the Investor Event

Presentation Schedule – all times EST

9:00a – Eagle Bulk Shipping (EGLE)
10:00a – International Seaways (INSW)
11:00a – Seanergy Martime Holdings (SHIP)
1:00p – Genco Shipping & Trading (GNK)
2:00p – Pangaea Logistics (PANL)
3:00p – Grindrod Shipping (GRIN)

Click the logos for more information on the presenting companies

Eagle Bulk Shipping (EGLE)	Genco Shipping & Trading (GNK)
Grindrod Shipping (GRIN)	International Seaways (INSW)
Pangaea Logistics (PANL)	Seanergy Maritime Holdings (SHIP)

EuroDry Ltd. Announces the Redemption of its Outstanding Series B Preferred Shares

News and Market Data on EuroDry Ltd.

 

ATHENS, Greece, Dec. 13, 2021 (GLOBE NEWSWIRE) — EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it provided a notice of redemption to its Series B Preferred Shares (“Preferred Shares”) holders for entire of the outstanding amount at par as per the provisions of the Statement of Designation of the Preferred Shares. The Preferred Shares carried a dividend of 8% per annum until January 2023 increasing to 14% per annum thereafter. The Company will use own funds for the redemption which will take place on or about December 20, 2021.

Aristides Pittas, Chairman and CEO of EuroDry commented: “We are very pleased to announce the redemption of the outstanding Series B Preferred Shares at par. This redemption not only will simplify our capital structure but also reduce our funding costs and increase earnings per share attributable to our common shareholders from eliminating the preferred shared dividend by about $0.38 in 2022 and by about $0.67 every year thereafter. Issuing the Preferred Shares in 2014 was instrumental in funding our newbuilding program at the time of two kamsamax and one ultramax drybulk carriers, now in our fleet, in a cost effective way. We would like to thank all our preferred shareholders for their trust and commitment to our Company all these years.”

About EuroDry Ltd.
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY.

EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

The Company has a fleet of 9 vessels, including 5 Panamax drybulk carriers, 2 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry’s 9 drybulk carriers have a total cargo capacity of 668,631 dwt.

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 dry bulk vessels, 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.eurodry.gr

Friday, December 10, 2021

Grindrod Shipping (GRIN)
Larger than Expected Stock Buy Back

Grindrod Shipping, originated in South Africa with roots dating back to 1910. The company is based in Singapore, with offices around the world including, London, Durban, Cape Town, Tokyo and Rotterdam. Its primary listing is on Nasdaq and secondary listing on the JSE.

Grindrod Shipping owns and operates a diversified fleet of owned, long-term chartered and joint-venture dry-bulk and liquid-bulk vessels across the globe.

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

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

Stock buy back of $8.5 million higher than expected due to recent price weakness. Over the past few weeks, ~592k shares were bought back at an average price of $14.38/share, or a total of $8.5 million. This number is ~3% of the shares outstanding and represents a significant jump from ~92k shares bought back at an average price of $14.87/share, or a total of $1.4 million, in 3Q2021.


4Q2021 dividend estimate of $0.69/share now includes cash of $0.25/share and stock buy backs of $0.45/share.  Based on our EPS estimate of $2.23/share and a minimum payout ratio of 30%, our 4Q2021 dividend estimate is $0.69/share. The stated policy nets out stock buy backs against cash, and our dividend estimate consists of cash of $0.25/share and stock buy backs of $0.45/share. While the total …

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. 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.

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