Eagle Bulk Shipping Inc. Announces Dividend Policy, Share Repurchase Program and a USD 400 million Refinancing

 

STAMFORD, Conn., 
Oct. 04, 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 Supramax / Ultramax drybulk segment, announced today that the Company has instituted a dividend policy and a 
USD 50 million share repurchase program in conjunction with the closing of a 
USD 400 million comprehensive refinancing (the “Refinancing”).  

Under the dividend policy, the Board of Directors intends to authorize the payment of quarterly cash dividends equal to a minimum of 30% of net income, but not less than 
$0.10 per share. The first dividend is scheduled to be based on the Company’s Q3 2021 financial results, with payment in November.   Purchases under the share repurchase program will be at the Company’s discretion. The Refinancing, which closed on 
October 1, 2021, has significantly improved the Company’s capital structure and increased financial flexibility, resulting in a reduction of approximately 
USD 8 million in annual interest expense, as well as an extension of the nearest bank debt maturity to the end of 2026.
  
Eagle’s CEO,  Gary Vogel, commented, “Today’s announcement is the culmination of a five-year transformation of Eagle that has resulted in a substantially larger and more efficient fleet, as well as a stronger balance sheet. As we plan to take delivery of the 29^th vessel acquired during this period, which was purchased in May, we are pleased to be in the position to start returning capital to shareholders. Based on our positive market outlook, which is supported by historically strong supply-side fundamentals, we believe the dividend policy authorized by Eagle’s Board of Directors will enable the Company to return significant cash to our shareholders, while providing the flexibility to continue to de-lever and pursue accretive growth opportunities.”

The new 
USD 400 million senior secured credit facility (the “Facility”) is comprised of a 
USD 300 million term loan and a 
USD 100 million revolving credit facility which will both be secured by 49 vessels. The Facility bears an interest rate of LIBOR plus a margin of between 2.10% and 2.80%, depending on leverage and meeting certain sustainability-linked criteria, including alignment of fleetwide carbon intensity with a decarbonization trajectory consistent with IMO targets.

Proceeds from the Facility were used to repay all amounts outstanding under three existing facilities: Eagle Bulk Holdco LLC Revolving Credit Facility (due in 
December 2021), 
Eagle Bulk Shipco LLC Senior Secured Bonds (due in 
November 2022), and Eagle Bulk Ultraco LLC Credit Facility (due in 
January 2024). Following the Refinancing, 
USD 50 million remains available under the new revolving credit facility and four of the Company’s vessels are outside of the Facility’s collateral package and are unencumbered.

Crédit 
Agricole Corporate & Investment Bank, Danish Ship Finance A/S, 
DNB Markets Inc., 
Nordea Bank Abp, Filial I Norge, and Skandinaviska Enskilda Banken AB (PUBL) acted as Lenders, Mandated Lead Arrangers, and Bookrunners.  Deutsche Bank AG and ING Bank N.V., 
London Branch, acted as Lenders.  Credit Agricole is also Structurer, Facility Agent, and Sustainability Coordinator.

Members of the Company’s senior management team will host a teleconference and webcast at 
8:30 a.m. ET on 
October 5, 2021 to discuss the Refinancing and the Company’s new capital allocation strategy.

To participate in the teleconference, investors and analysts are invited to call +1 844-282-4411 in the 
U.S., or +1 512-900-2336 outside of the 
U.S., and reference participant code 3666878. A simultaneous webcast of the call, including a slide presentation for interested investors and others, may be accessed by visiting www.eagleships.com.

A replay will be available following the call from 
11:30 a.m. ET on 
October 5, 2021 until 
11:59 p.m. ET on 
October 19, 2021. To access the replay, call +1 855-859-2056 in the 
U.S., or +1 404-537-3406 outside of the 
U.S., and reference passcode 3666878.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. (“Eagle” or the “Company”) is a 
U.S. based fully integrated shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in 
Stamford, Connecticut, with offices in 
Singapore and 
Copenhagen, Denmark, 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.

Disclaimer: Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements reflect current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. These statements may include words such as “believe,” “estimate,” “project,” “intend,” “expect,” “plan,” “anticipate,” and similar expressions in connection with any discussion of the timing or nature of future operating or financial performance or other events.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination of historical operating trends, data contained in our records and other data available from third parties. Although 
Eagle Bulk Shipping Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, 
Eagle Bulk Shipping Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes as a result of COVID-19, including the availability and effectiveness of vaccines on a widespread basis and the impact of any mutations of the virus, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in vessel operating expenses, including drydocking and insurance costs, or actions taken by regulatory authorities, ability of our counterparties to perform their obligations under sales agreements, charter contracts, and other agreements on a timely basis, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by 
Eagle Bulk Shipping Inc. with the 
SEC.

CONTACT

Company Contact:
Frank De Costanzo
Chief Financial Officer

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

Media:

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

Source: Eagle Bulk Shipping Inc.

Monday, October 04, 2021

Seanergy Maritime (SHIP)
Higher Cape Rates Implies Strong Finish to Year

Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. 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 10 Capesize vessels, with total capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and class A warrants under “SHIPW”.

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

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

Staying positive on Cape market. Cape TCE rates have moved higher due to firm demand based on infrastructure projects and global stimulus programs plus port congestion and coal shortages. At the same time, the order book remains muted, and the January 1, 2023 implementation of new carbon emission regulations (EEXI) could trigger slow steaming that effectively lowers supply. Volatility likely to continue and seasonality should be expected, but Cape TCE rates have been higher than expected.


Increasing 2021 EBITDA estimate to $90.5 million from $75.2 million based on TCE rates of $26.9k/day, up from $23.9k/day mainly due to higher 4Q2021 outlook.  Limited change to our 3Q2021E EBITDA of $31.0 million and TCE rates of $31.0k/day. We had been factoring in typical seasonality, but the quarter has started strongly. 4Q2021 visibility has improved with forward cover of >50% with eight Capes …

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. 

Monday, October 04, 2021

Great Lakes Dredge & Dock (GLDD)
Move to Houston Triggers CFO Change

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.

New CFO arrives. Scott Kornblau has joined as SVP and CFO. He was previously SVP and CFO of Diamond Offshore Drilling and has more than 20 years of industry and financial experience. He will report directly to CEO Lasse Petterson and serve on the executive team. His responsibilities include strategic planning and financial reporting, in addition to investor relations. There should no change in the current strategic direction or financial strategy.


CFO change driven by relocation of HQ to Houston from Chicago.  Former CFO Mark Marinko left the company a short time ago to pursue opportunities in Chicago. We are not aware of any disagreements on financial reporting or other areas, including the planned entry into the offshore wind market. Mark played a major role in turning GLDD around and leaves the company on solid ground, as evidenced by the …

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. 

Monday, October 04, 2021

Eagle Bulk Shipping (EGLE)
Strong Operating Results More than Offset FFA Adjustments

Eagle Bulk Shipping Inc. is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.

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

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

Hedging program update. Added FFA losses expected in 3Q2021 operating results. Based on September 30th levels, we expect 3Q2021 FFA hedge losses of ~$10 million, including net realized losses of <$1 million and unrealized losses of ~$10 million. Adjusted EBITDA of ~$99 million should be well above 2Q2021, or the fifth straight quarter of higher operating results. We believe that the FFA hedging program dampens TCE rate volatility and creates added optionality since operating control is retained.


Moving up EBITDA estimates.  2021 EBITDA to $304 million based on TCE rates of $22.3k/day to reflect elevated TCE rates. Forward cover of ~75% of 3Q2021 days booked at TCE rates of $28.3k/day was impressive, but TCE rates have moved up into the $35k/day range. 2022 EBITDA also moves higher to $311 million based on TCE rates of $23.9k/day. FYI, forward cover and EBITDA estimates include estimated …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Tuesday, September 28, 2021

Grindrod Shipping (GRIN)
Secondary Offering Improves Public Market Float

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.

Secondary offering enhances trading liquidity.  Grindrod Limited, the former parent, sold 1.84 million shares last week in a secondary offering at $13.50/share pursuant to a F-3 filing dated August 23rd. While the offering was priced at a 14% discount to the previous closing price, the stock rebounded quickly and closed yesterday ~13% above the offering price. We view the offering favorably since the public market float increased to 13.1 million shares, or 68%, and trading liquidity is likely to improve.


No change to current 2021-2 EBITDA estimates and variable dividend policy on horizon.  Our 4Q2021 dividend estimate is $0.61/share, including cash of $0.54/share and buybacks of $0.07/share. As highlighted in recent notes, the variable dividend will consist of a combo of buybacks and cash. As of August 30th, 91,871 shares were bought back at an average $14.87/share so total dividend will include …

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. 

Monday, September 27, 2021

Euroseas (ESEA)
Solid Visibility Drives Price Target Increase

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.

Container market remains firm and upcoming fixtures should be favorable. While the short charter secured on the Oakland intermediate at a rate of at least $195k/day appears extraordinary, the container market remains firm despite a rising order book and Contex rates have moved higher. The recent charters on the Oakland, Jonathan P and Diamantis P are good examples of a strong container market.


No change in 2021 EBITDA estimate of $55.1 million based on TCE rates of $18.9k/day.  The Oakland intermediate should roll to the new TCE rate in late October and our 4Q2021 EBITDA estimate of $25.3 million is based on a TCE rate of $28.5k/day. Forward cover is very higher and only 9% of 4Q2021 available days are open …

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. 

Thursday, September 23, 2021

Orion Group Holdings (ORN)
Marine and Concrete Awards Bolster Backlog

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

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

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

Work for $61 million awarded, including first Concrete work in Florida.  Marine awards of $35 million include four contracts in Houston, New Orleans and Alaska. Concrete awards of $26 million include six contracts in Houston, Dallas, Austin and Daytona. Small Daytona project is first foray outside of Texas and represents entry into attractive Florida market.


New awards boost backlog and high bidding activity portends added awards.  New awards do not include low bids pending award exceeding $40 million as were highlighted in our September 20th research note, so more good news should be on the horizon. High bidding activity, including bids on several large multi-year projects, such as the NASA causeway in Florida, portends added award announcements …

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. 

 

Orion Group Holdings, Inc. Announces Contract Awards of Approximately $35 Million

 

HOUSTON–(BUSINESS WIRE)–Sep. 22, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced contract awards totaling approximately 
$35 million.

The Company’s Marine segment has been awarded four contracts valued at a combined 
$35 million to perform marine and infrastructure construction work in the gulf coast, as well as in 
Alaska.

In the gulf coast, the Company has been awarded three contracts to construct marine infrastructure for private sector clients in 
Texas and 
Louisiana. Two of these awards, valued at 
$11.8 million and 
$6.7 million, are in the greater 
Houston area and call for the construction and dredging of new ship and barge berths for petrochemical loading and unloading. The third project, valued at approximately 
$9 million, calls for the replacement of an existing barge dock at a terminal located west of 
New Orleans. Work on all three projects is expected to commence in the fourth quarter of 2021 and be complete by third quarter of 2022.

In addition, the Company has been awarded a contract from the 
US Department of Transportation to demolish and replace an existing bridge in Alaska’s 
Denali National Park. This project is valued at 
$7.8 million and will commence late in the first quarter of 2022 with the work completed in late 2023.

“We’re pleased to announce these project awards, particularly those in the private sector energy and industrial spaces,” said  Mark Stauffer, Orion’s President and Chief Executive Officer. “Our disciplined approach to bidding project opportunities is paying off, and we expect to see significant additional awards in our marine business in the coming weeks.”

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental 
United States, 
Alaska, 
Canada and the 
Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Robert Tabb, Executive Vice President & CFO
(713) 852-6500
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

 

Orion Group Holdings, Inc. Announces Contract Awards of Approximately $26 Million

 

HOUSTON–(BUSINESS WIRE)–Sep. 22, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced six contract awards in its key markets for its Concrete segment totaling approximately 
$26 million.

The Company was recently awarded two contracts in the 
Houston, Texas, area including an 
$8 million contract for the construction of a building as part of a new industrial park and a 
$9 million contract for the construction of four tilt-wall buildings in a new distribution center. Both projects are expected to commence construction in the fourth quarter of 2021 and be completed before year end 2022.

The Company also has been awarded a contract valued at 
$3.2 million to construct three buildings for a new school in its 
Dallas market and two contracts valued at over 
$4 million to build new townhome facilities in 
Austin, Texas. All three projects are expected to begin construction during the fourth quarter of 2021 and be completed in the second quarter of 2022.

In addition, the Company was awarded a 
$2.1 million contract to construct a single-story tilt-wall building with associated site work in Daytona, 
Florida, marking the first project for the Company’s Concrete segment outside of 
Texas. The project is expected to begin in the fourth quarter of 2021 and be complete by the end of the first quarter of 2022.

“The capture of work in 
Florida is of significant importance as it represents a key first step in our strategic plan to expand our Concrete business to this market,” said  Mark Stauffer, Orion’s President and Chief Executive Officer. “Our Marine segment has had an active present in the 
Florida market since the 1940s and our Concrete teams will leverage our existing experience, relationships and resources to grow into this market.”

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental 
United States, 
Alaska, 
Canada and the 
Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Robert Tabb, Executive Vice President & CFO
(713) 852-6500
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

 

Orion Group Holdings, Inc. Announces Contract Awards of Approximately $26 Million

 

HOUSTON–(BUSINESS WIRE)–Sep. 22, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced six contract awards in its key markets for its Concrete segment totaling approximately 
$26 million.

The Company was recently awarded two contracts in the 
Houston, Texas, area including an 
$8 million contract for the construction of a building as part of a new industrial park and a 
$9 million contract for the construction of four tilt-wall buildings in a new distribution center. Both projects are expected to commence construction in the fourth quarter of 2021 and be completed before year end 2022.

The Company also has been awarded a contract valued at 
$3.2 million to construct three buildings for a new school in its 
Dallas market and two contracts valued at over 
$4 million to build new townhome facilities in 
Austin, Texas. All three projects are expected to begin construction during the fourth quarter of 2021 and be completed in the second quarter of 2022.

In addition, the Company was awarded a 
$2.1 million contract to construct a single-story tilt-wall building with associated site work in Daytona, 
Florida, marking the first project for the Company’s Concrete segment outside of 
Texas. The project is expected to begin in the fourth quarter of 2021 and be complete by the end of the first quarter of 2022.

“The capture of work in 
Florida is of significant importance as it represents a key first step in our strategic plan to expand our Concrete business to this market,” said  Mark Stauffer, Orion’s President and Chief Executive Officer. “Our Marine segment has had an active present in the 
Florida market since the 1940s and our Concrete teams will leverage our existing experience, relationships and resources to grow into this market.”

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental 
United States, 
Alaska, 
Canada and the 
Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Robert Tabb, Executive Vice President & CFO
(713) 852-6500
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

 

Orion Group Holdings, Inc. Announces Contract Awards of Approximately $35 Million

 

HOUSTON–(BUSINESS WIRE)–Sep. 22, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced contract awards totaling approximately 
$35 million.

The Company’s Marine segment has been awarded four contracts valued at a combined 
$35 million to perform marine and infrastructure construction work in the gulf coast, as well as in 
Alaska.

In the gulf coast, the Company has been awarded three contracts to construct marine infrastructure for private sector clients in 
Texas and 
Louisiana. Two of these awards, valued at 
$11.8 million and 
$6.7 million, are in the greater 
Houston area and call for the construction and dredging of new ship and barge berths for petrochemical loading and unloading. The third project, valued at approximately 
$9 million, calls for the replacement of an existing barge dock at a terminal located west of 
New Orleans. Work on all three projects is expected to commence in the fourth quarter of 2021 and be complete by third quarter of 2022.

In addition, the Company has been awarded a contract from the 
US Department of Transportation to demolish and replace an existing bridge in Alaska’s 
Denali National Park. This project is valued at 
$7.8 million and will commence late in the first quarter of 2022 with the work completed in late 2023.

“We’re pleased to announce these project awards, particularly those in the private sector energy and industrial spaces,” said  Mark Stauffer, Orion’s President and Chief Executive Officer. “Our disciplined approach to bidding project opportunities is paying off, and we expect to see significant additional awards in our marine business in the coming weeks.”

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental 
United States, 
Alaska, 
Canada and the 
Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Robert Tabb, Executive Vice President & CFO
(713) 852-6500
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

Tuesday, September 21, 2021

Pangaea Logistics (PANL)
Co-Founder and CEO Goes on Medical Leave

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

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

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

Co-Founder and CEO on medical leave. Yesterday morning, an 8-K was filed stating that Co-Founder and CEO Ed Coll has gone on medical leave for treatment of a sudden, non-COVID related medical issue. Once the medical issue is treated, he intends to return to PANL in the same capacity. We hope for a speedy recovery and look forward to his return.


Interim CEO named.  Mark Filanowski, who currently serves as COO and a Board Member, will assume the duties of CEO on an interim basis. We view this move as positive from a continuity standpoint and see no change in operation and/or strategy …

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. 

Monday, September 20, 2021

Orion Group Holdings (ORN)
Weather Impact is Bad News, But Normal 2022 is Good News

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

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

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

Backlog should continue to rebound with recent low bids. High bidding activity portends additional awards. 2Q2021 backlog of $394 million rebounded from $365 million in 1Q2021 due to higher Marine backlog of $170 million and Concrete backlog of $224 million. Recent low bids pending awards exceed $40 million. More good news should be on the horizon and high bidding activity, including bids on several large multi-year projects, such as the NASA causeway in Florida, portends additional award announcements.


Updating 2021 EBITDA estimate following lingering weather impact.  We are lowering our 2021 EBITDA estimate to $31.4 million from $43.2 million to reflect the lingering impact of poor weather. In addition to tough comps versus last year, poor weather likely has had a dampening impact on operating results. While Marine results should pick up and Concrete represents upside potential, we are taking a …

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.