Seanergy Maritime Announces Acquisition of its 17th Capesize Vessel with Prompt Delivery and Completion of Previously-Announced Vessel Sale

 

Seanergy Maritime Announces Acquisition of its 17^th Capesize Vessel with Prompt Delivery and Completion of Previously-Announced Vessel Sale

October 19, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that it has entered into a definitive agreement with an unaffiliated third party to purchase a Capesize vessel (the “Vessel”). In addition, the Company has recently completed the sale and delivery of its oldest Capesize vessel, the M/V Leadership, 2001-built, to its new owners.

The Vessel was built in 2010 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 181,500 deadweight tons (“dwt”) and will be renamed M/V Dukeship. The M/V Dukeship is expected to be delivered within November 2021, subject to the satisfaction of certain customary closing conditions. Following her delivery, Seanergy’s fleet will increase to 17 Capesize vessels with an aggregate cargo capacity exceeding 3 million dwt.

The Vessel is fitted with a ballast water treatment system, while the special survey was recently completed by the current owner and, therefore, the Company does not anticipate incurring any significant off-hire or capital expenditures for this Vessel for the next two years.

The purchase price of $34.3 million is expected to be funded with cash on hand.

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

“I am very pleased to announce our 7^th Japanese capesize acquisition within 2021. Our total investment since the beginning of our fleet expansion program in 2020 has reached $205 million.

The addition of the M/V Dukeship will further enhance our operating leverage as a leading pure-play Capesize company and, given the Vessel’s prompt delivery in a strong Capesize market, the acquisition is expected to be immediately accretive for our shareholders.

The spot Capesize market currently exceeds $60,000 per day, rendering the latest addition a high revenue-generating investment, while the forward curve indicates that the positive market trend will be sustained for the next years.”

Company fleet upon Vessel’s delivery:

* delivery expected by mid-November 2021

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. 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”.

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.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com

Seanergy Maritime Announces Acquisition of its 17th Capesize Vessel with Prompt Delivery and Completion of Previously-Announced Vessel Sale

 

Seanergy Maritime Announces Acquisition of its 17^th Capesize Vessel with Prompt Delivery and Completion of Previously-Announced Vessel Sale

October 19, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that it has entered into a definitive agreement with an unaffiliated third party to purchase a Capesize vessel (the “Vessel”). In addition, the Company has recently completed the sale and delivery of its oldest Capesize vessel, the M/V Leadership, 2001-built, to its new owners.

The Vessel was built in 2010 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 181,500 deadweight tons (“dwt”) and will be renamed M/V Dukeship. The M/V Dukeship is expected to be delivered within November 2021, subject to the satisfaction of certain customary closing conditions. Following her delivery, Seanergy’s fleet will increase to 17 Capesize vessels with an aggregate cargo capacity exceeding 3 million dwt.

The Vessel is fitted with a ballast water treatment system, while the special survey was recently completed by the current owner and, therefore, the Company does not anticipate incurring any significant off-hire or capital expenditures for this Vessel for the next two years.

The purchase price of $34.3 million is expected to be funded with cash on hand.

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

“I am very pleased to announce our 7^th Japanese capesize acquisition within 2021. Our total investment since the beginning of our fleet expansion program in 2020 has reached $205 million.

The addition of the M/V Dukeship will further enhance our operating leverage as a leading pure-play Capesize company and, given the Vessel’s prompt delivery in a strong Capesize market, the acquisition is expected to be immediately accretive for our shareholders.

The spot Capesize market currently exceeds $60,000 per day, rendering the latest addition a high revenue-generating investment, while the forward curve indicates that the positive market trend will be sustained for the next years.”

Company fleet upon Vessel’s delivery:

* delivery expected by mid-November 2021

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. 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”.

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.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com

Friday, October 15, 2021

Grindrod Shipping (GRIN)
Expected Solid Finish to Year Warrants Higher Target

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.

Dry bulk market thesis intact. Hard to avoid volatility, but intermediate outlook remains promising.  Dry bulk TCE rates have moved higher on firm demand plus port congestion and coal shortages. Also, the order book remains muted, and the new carbon emission regulations (EEXI) in January 2023 could trigger slow steaming that effectively lowers supply. While Chinese industry could be curtailed ahead of 2022 Winter Olympics and volatility/seasonality is possible, there is no doubt that dry bulk bulk rates have been higher than expected. Comments from last Tuesday’s Capital Link Dry Bulk Sector Panel reinforced our positive view.


3Q2021 forward cover was high at 75%, but commercial strategy should capture higher 4Q2021 TCE rates. Increasing 2021 EBITDA estimate to $182.4 million from $158.8 million.  Our 3Q2021 EBITDA estimate increases slightly to $61.9 million based on TCE rates of $31.3k/day for Supras/Ultras and $25.9k/day for Handys. Our 4Q2021 EBITDA moves much higher to $65.2 million based on…

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

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

Friday, October 15, 2021

Great Lakes Dredge & Dock (GLDD)
Incremental Awards of $24.6 million Announced

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

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

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

Final awards of $88.1 million announced, including known awards of $54.5 million and new work of $24.6 million. Four awards for $71.0 million will add to 3Q2021 backlog and the other work for $17.1 million will add to 4Q2021 backlog.  Please note that three awards were previously discussed in research notes so Oak Island Renourishment ($17.1 million) and Mobile Harbor ($7.5 million) were incremental awards.


3Q2021 awards now total $308.0 million. Three of four announced 3Q2021 awards were known and included in previous 3Q2021 award estimate  3Q2021 backlog will include Sea Bright to Manasquan, Portsmouth Harbor, South Hutchinson Island, and Mobile Harbor project for $71.0 million. Combined with previously announced 3Q2021 awards of $237.0 million, 3Q2021 awards now total $308.0 million, or close to our previous estimate of $302.9 million. Expanded work of $7.5 million in Mobile Harbor more than offset reduction of…

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

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

Thursday, October 14, 2021

Great Lakes Dredge & Dock (GLDD)
Another Large Award Out in Houston

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.

Large Houston award to be final shortly. On Tuesday, the Port Commission of the Port of Houston Authority held a special meeting and awarded the first dredging contract of up to $95.4 million for Project 11, a multi-billion dollar expansion and deepening of the Houston Ship Channel. The work involves dredging 11.5 miles of the 52-mile channel and widening a major portion of the Galveston Bay reach. The base award and value of the options were not disclosed and a press release will be out once the award is finalized. If not finalized by the quarterly call, the pending award will be added to the low bids pending award total.


Another low bid was out last week.  GLDD was low bidder at $29.4 million when bids on South Atlantic Regional Harbor Dredging (W912PM21B0008) were opened last week. As described in our last research report, the project, which includes work at five harbors along the east coast, is attractive since it fits environmental windows and hopper dredge availability …

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

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

Thursday, October 14, 2021

Great Lakes Dredge & Dock (GLDD)
Another Large Award Out in Houston

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.

Large Houston award to be final shortly. On Tuesday, the Port Commission of the Port of Houston Authority held a special meeting and awarded the first dredging contract of up to $95.4 million for Project 11, a multi-billion dollar expansion and deepening of the Houston Ship Channel. The work involves dredging 11.5 miles of the 52-mile channel and widening a major portion of the Galveston Bay reach. The base award and value of the options were not disclosed and a press release will be out once the award is finalized. If not finalized by the quarterly call, the pending award will be added to the low bids pending award total.


Another low bid was out last week.  GLDD was low bidder at $29.4 million when bids on South Atlantic Regional Harbor Dredging (W912PM21B0008) were opened last week. As described in our last research report, the project, which includes work at five harbors along the east coast, is attractive since it fits environmental windows and hopper dredge availability …

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. to Issue Third Quarter 2021 Results and Hold Investor Conference Call

 

STAMFORD, Conn., 
Oct. 12, 2021 (GLOBE NEWSWIRE) — 
Eagle Bulk Shipping Inc. (Nasdaq: EGLE) will report its financial results for the third quarter ended 
September 30, 2021, after the close of stock market trading on Thursday, November 4, 2021. Members of Eagle Bulk’s senior management team will host a teleconference and webcast at 8:00 a.m. ET on Friday, November 5, 2021 to discuss the results.

To participate in the teleconference, investors and analysts are invited to call +1 844-282-4411 in the 
U.S., or +1 512-900-2336 outside of the 
U.S., and reference participant code 7077196. A simultaneous webcast of the call, including a slide presentation for interested investors and others, may be accessed by visiting www.eagleships.com.

A replay will be available following the call from 11:00 AM ET on November 5, 2021 until 11:00 AM ET on November 15, 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 7077196.

About Eagle Bulk Shipping Inc.

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

Company Contact
Frank De Costanzo
Chief Financial Officer

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

Media Contact

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

Source: 
Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. to Issue Third Quarter 2021 Results and Hold Investor Conference Call

 

STAMFORD, Conn., 
Oct. 12, 2021 (GLOBE NEWSWIRE) — 
Eagle Bulk Shipping Inc. (Nasdaq: EGLE) will report its financial results for the third quarter ended 
September 30, 2021, after the close of stock market trading on Thursday, November 4, 2021. Members of Eagle Bulk’s senior management team will host a teleconference and webcast at 8:00 a.m. ET on Friday, November 5, 2021 to discuss the results.

To participate in the teleconference, investors and analysts are invited to call +1 844-282-4411 in the 
U.S., or +1 512-900-2336 outside of the 
U.S., and reference participant code 7077196. A simultaneous webcast of the call, including a slide presentation for interested investors and others, may be accessed by visiting www.eagleships.com.

A replay will be available following the call from 11:00 AM ET on November 5, 2021 until 11:00 AM ET on November 15, 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 7077196.

About Eagle Bulk Shipping Inc.

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

Company Contact
Frank De Costanzo
Chief Financial Officer

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

Media Contact

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

Source: 
Eagle Bulk Shipping Inc.

Tuesday, October 12, 2021

EuroDry (EDRY)
Upward Bias Intact – Raising EBITDA Estimates

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands and trades on the NASDAQ Capital Market under the ticker EDRY. EDRY is the product of a spin-off of the dry bulk fleet by Euroseas (ESEA) completed in May 2018. For every five ESEA shares, ESEA shareholders received one EDRY share. There are currently ~2.2 million EDRY shares outstanding. EuroDry operates in the dry bulk shipping markets. EuroDry’s operations are managed by Eurobulk Ltd., an affiliated ship management company, and Eurobulk FE (Far East) Ltd, which are responsible for the day-to-day commercial and technical management and operation of the fleet. EuroDry employs the fleet on spot and period charters and through pool arrangements.

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

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

Dry bulk market thesis intact. Hard to avoid volatility, but intermediate outlook remains promising. Dry bulk TCE rates moving higher on firm demand plus port congestion and coal shortages. Also, the order book remains muted, and the new carbon emission regulations (EEXI) in January 2023 could trigger slow steaming that effectively lowers supply. While Chinese industry could be curtailed ahead of 2022 Winter Olympics and volatility/seasonality is possible, there is no doubt that dry bulk bulk rates have been higher than expected. Comments from today’s Capital Link Dry Bulk Sector Panel should support our view.


Increasing 2021 EBITDA estimate to reflect acquisitions, recent time charters and index rate adjustments.  To reflect acquisitions and higher TCE rate estimates, we are moving 2021 EBITDA to $45.5 million based on TCE rates of $25.3k/day. The Blessed Luck was already in our estimate so the Good Heart and higher rates account for the estimate increase …

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, October 12, 2021

Orion Group Holdings (ORN)
Unexpected CFO Change, But Smooth Transition Expected

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.

CFO leaving for new opportunity. After the market closed, we learned that CFO Robert Tabb will leave near the end of October to join a private renewable energy company. There were no disagreements on financial reporting or other areas. Robert played a major role in turning ORN around and leaves on solid ground, as evidenced by the improved financial position and successful asset sales. We enjoyed working with Robert and are sorry to see him leave.


Smooth CFO transition underway.  We caught up yesterday with CEO Mark Stauffer who highlighted that the current financial team is deep and a VP of Financed has recently joined the team. Also, Robert will participate on the quarterly call prior to leaving for his new post. We expect no changes to the current strategic direction and look forward to working with financial team until a new CFO is hired …

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

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

Tuesday, October 12, 2021

Orion Group Holdings (ORN)
Unexpected CFO Change, But Smooth Transition Expected

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.

CFO leaving for new opportunity. After the market closed, we learned that CFO Robert Tabb will leave near the end of October to join a private renewable energy company. There were no disagreements on financial reporting or other areas. Robert played a major role in turning ORN around and leaves on solid ground, as evidenced by the improved financial position and successful asset sales. We enjoyed working with Robert and are sorry to see him leave.


Smooth CFO transition underway.  We caught up yesterday with CEO Mark Stauffer who highlighted that the current financial team is deep and a VP of Financed has recently joined the team. Also, Robert will participate on the quarterly call prior to leaving for his new post. We expect no changes to the current strategic direction and look forward to working with financial team until a new CFO is hired …

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

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

Friday, October 08, 2021

Eagle Bulk Shipping (EGLE)
Exit of Second Largest Shareholder Creates Opportunity

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.

No surprise that second largest shareholder sold. Bad news, good news, who knows? Strong stock price performance likely triggered added selling by the second largest shareholder. Even though the stock has been under pressure, the sale of the remaining 1.1 million share position at $48.50/share on October 5th is a positive event due to reduced overhang, higher public float and higher trading liquidity.


Positive management call discussed global refinancing, variable dividend and buy backs.  Catalyst for new capital allocation strategy was the global refinancing of all debt with a new five-year term $300 million loan and a $100 million revolver. The refinancing sets the stage for variable dividend policy equal to at least of 30% of the previous quarter’s net income to start. The first dividend based …

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. 

Wednesday, October 06, 2021

Eagle Bulk Shipping (EGLE)
Capital Allocation Shifts to Dividends

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.

Management call highlighted global refinancing, variable dividend and buy back program. Catalyst for new capital allocation strategy was the global refinancing. Refinancing of high cost 8.25% bonds and all other debt with a new five-year term $300 million loan and a $100 million revolver saves $8 million/year and sets the stage for new variable dividend policy.


New variable dividend starting this quarter.  Due to higher cash flow and declining financial leverage, a dividend policy will be instituted based on a simple and straightforward percent of net income. Quarterly dividend will equal a minimum of 30% of the previous quarter’s net income with a floor of $0.10/share. First dividend will be based on 3Q2021 results and paid in November. We estimate …

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.