Seanergy Participates in Noble Capital Markets Virtual Road Show Series

 

September 7, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today its participation in Noble Capital Markets’ Virtual Road Show Series, presented by Channelchek.

The virtual road show will feature a corporate presentation from Seanergy’s CEO, Stamatis Tsantanis, and CFO, Stavros Gyftakis, followed by a Q&A session proctored by Noble Senior Research Analyst Poe Fratt, featuring questions submitted by the audience.

The live broadcast of the virtual road show is scheduled for September 9, 2021, at 1:00 PM EDT. Registration is free and open to all investors, at any level. Register Here.

Noble’s research, as well as news and advanced market data on the Company is available on 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. Following the delivery of M/V Leadership to its new owners, the Company’s operating fleet will consist of 16 Capesize vessels with an average age of 11.5 years and aggregate cargo carrying capacity of approximately 2,829,630 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.

About Noble Capital Markets

Noble Capital Markets, Inc. was incorporated in 1984 as a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving underfollowed small / microcap companies through investment banking, wealth management, trading & execution, and equity research activities. Over the past 36 years, Noble has raised billions of dollars for these companies and published more than 45,000 equity research reports. www.noblecapitalmarkets.com, email: contact@noblecapitalmarkets.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 Participates in Noble Capital Markets Virtual Road Show Series

 

September 7, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today its participation in Noble Capital Markets’ Virtual Road Show Series, presented by Channelchek.

The virtual road show will feature a corporate presentation from Seanergy’s CEO, Stamatis Tsantanis, and CFO, Stavros Gyftakis, followed by a Q&A session proctored by Noble Senior Research Analyst Poe Fratt, featuring questions submitted by the audience.

The live broadcast of the virtual road show is scheduled for September 9, 2021, at 1:00 PM EDT. Registration is free and open to all investors, at any level. Register Here.

Noble’s research, as well as news and advanced market data on the Company is available on 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. Following the delivery of M/V Leadership to its new owners, the Company’s operating fleet will consist of 16 Capesize vessels with an average age of 11.5 years and aggregate cargo carrying capacity of approximately 2,829,630 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.

About Noble Capital Markets

Noble Capital Markets, Inc. was incorporated in 1984 as a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving underfollowed small / microcap companies through investment banking, wealth management, trading & execution, and equity research activities. Over the past 36 years, Noble has raised billions of dollars for these companies and published more than 45,000 equity research reports. www.noblecapitalmarkets.com, email: contact@noblecapitalmarkets.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

Euroseas Ltd. Announces Agreement to Acquire a 1,740 teu Container Vessel, built in 2006 and Agreement to Enter into a Three-year Charter for the Vessel

 

ATHENS, Greece, Sept. 07, 2021 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today announced today that it has agreed to acquire M/V Piraeus Trader, a 1,740 teu container feeder vessel built in 2006, for $25.5 million. The vessel, which is expected to be delivered to the Company within October 2021 and be renamed M/V Jonathan P, will be financed by own funds and a bank loan. Contemporaneously with the acquisition, the vessel will enter into a three-year time charter contract for about $26,700 per day net to the Company.

Aristides Pittas, Chairman and CEO of EuroDry commented:
“We are pleased to announce the acquisition of M/V Piraeus Trader, a feeder containership, built in 2006, which is a sister vessel of two other ships in our fleet, expanding our footprint in the container feeder sector. We believe that this acquisition represents a transaction with limited downside risk given the three year charter contract we have entered with a first class charterer. This charter will contribute about $22 million of EBITDA during the period of the contract providing us with a significant return on our investment and reducing, by the end of the charter, the cost basis of the vessel below its current scrap value. Of course, if the market after the end of the charter in three years is anything but terrible, we are bound to have significant further upside.

“At the same time, the current strong demand for securing vessel capacity for the medium and longer term does not seem to be abating. We believe that such favorable market fundamentals may continue as incremental regulatory requirements coming in effect in 2023 will further restrict the effective supply of vessels even though, at some point, the logistical and operational inefficiencies attributable to the pandemic will start easing. Overall, we intend to continue expanding in a risk measured and accretive manner further establishing Euroseas as the main US publicly listed company focusing on feeder and intermediate container vessels. The EBITDA backlog of our currently contracted vessel capacity until the end of 2023 of about $115m representing approximately 50% of our total available days, together with the EBITDA we expect to achieve after chartering our remaining open days within the next few months should form a solid foundation for our share price to move upwards towards its NAV and, potentially, assist us in consolidating other vessels or fleets.”

Fleet Profile:

After the delivery of M/V Piraeus Trader to its fleet, the Euroseas Ltd. fleet profile will be as follows:

Note:  
(*)  TC denotes time charter. Charter duration indicates the earliest redelivery date; All dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).
(**)  The CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers’ Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for container ships. It is based on assessments of the current day charter rates of six selected container ship types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types 2,500, 2,700, 3,500 and 4,250 TEU all with a charter period of two years.
(***)  Rate is net of commissions (which are typically 5-6.25%)

About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. 

Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements. 

After the delivery of M/V Piraeus Trader, the Company will have a fleet of 15 vessels comprising of 10 Feeder and 5 Intermediate containerships. Euroseas 15 containerships have a cargo capacity of 44,021 teu. Furthermore, after the delivery of two feeder containership newbuildings in the the first half of 2023, Euroseas  fleet will consist of 17 vessels with a total carrying capacity of 49,621 teu.

Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 

Visit our website www.euroseas.gr

Monday, August 30, 2021

Grindrod Shipping (GRIN)
F-3 Filing Should Improve Financial Flexibility and Trading Liquidity – Price Target Up Again

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.

Recent F-3 filing should be positive for trading liquidity.  Previously, three large shareholders had not been allowed to sell shares in US and the F-3 filing will facilitate sales of 8.09 million existing shares in US. Timing is uncertain, but trading will likely migrate to US over time. GRIN also filed to issue 3.86 million new shares, but we believe that filing creates flexibility with equity issuance near current stock prices very unlikely and stock buy backs are more likely.


Fine tuning 2021 EBITDA estimate to $158.8 million from $153.7 million.  Visibility is solid with forward cover of 3,012 3Q2021 available days (~75%) booked at an average TCE rate of $28.3k/day. Our 3Q2021 EBITDA estimate of $58.6 million is based on TCE rates of $30.0k/day for Supras/Ultras and $25.0k/day for Handys. Our 4Q2021 EBITDA of $45.0 million is 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. 

Monday, August 30, 2021

Great Lakes Dredge & Dock (GLDD)
Large Award Sets Tone for Upcoming Bidding Season

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 award in New York out.  Late Friday, a $47.5 million award (W912DS21C0018) was posted on the DoD web site. GLDD was one of two bidders for work to be performed in New York, New York, with an estimated completion date of March 31, 2022. We don’t have any additional details, but the short-term work helps fill the near-term pipeline.


Dredging market outlook remains solid and potential infrastructure spending creates a tailwind.   After falling again in 2Q2021 to $454 million from $486 million in 1Q2021 and $559 million in 4Q2020, recent awards have been secured and we remain positive on the dredging market outlook. 3Q2021 bidding activity is off to a good start with potential 3Q2021 awards currently in the $251 million range. Bids on several other projects are slated for …

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, August 23, 2021

Grindrod Shipping (GRIN)
Strong Cash Flow and Acquisitions Trigger Variable Dividend

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.

Adjusting for IFRS 16 adoption, we calculate that adjusted 1H2021 EBITDA was $55.2 million, or more than double adjusted 1H2020 EBITDA of $22.1 million. The 2Q021 earnings call and early August web cast reinforced our positive stance on GRIN and the dry bulk market.


Moving 2021 EBITDA estimate up again to $153.7 million from $125.0 million to reflect 1H2021 results, 3Q2021 forward cover and acquisitions.  Visibility is solid into 3Q2021 with 3,012 days fixed at ~$28.3k/day. Handys have 1,326 days fixed at $25.2k/day, up from $18.1k/day in 2Q2021, and Supra/Ultras have 1,686 days fixed at ~$30.7k/day, up from $21.9k/day in 2Q2021. The forward cover represents …

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 Agreement to Acquire M/V Ruby Asia II, a 2014- Built Ultramax Bulker

 

ATHENS, Greece , Aug. 23, 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 has agreed to acquire M/V Asia Ruby II, a 62,996 dwt drybulk vessel built in 2014, for $24.5 million. The vessel is expected to be delivered to the Company within late September / early October 2021 and will be renamed M/V Good Heart. The acquisition will be financed by own funds and a bank loan.

Aristides Pittas, Chairman and CEO of EuroDry commented:
“We are pleased to announce the acquisition of M/V Asia Ruby II, an Ultramax, drybulk carrier built in 2014. This acquisition further expands our modern fleet cluster at a time when the market fundamentals are very supportive of charter rates. At current market rates, we expect that M/V Ruby II will make a significant contribution to our net income and EBITDA. As we stated recently, we believe that a number of factors constraining vessel supply in the near term combined with one of the lowest orderbook levels ever and a healthy demand growth are likely to result in strong rates for drybulk vessels well into 2022 and beyond. This acquisition allows us to better position ourselves to take advantage of such developments. Furthermore, the modernization and growth of our fleet further increases our stature as a public company enhancing the value of our public listing.”

Fleet Profile:

After the delivery of the M/V Ruby Asia II, the EuroDry Ltd. fleet profile will be as follows:

Note:  
(*)  Represents the earliest redelivery date.
(**)  BPI stands for the Baltic Panamax Index; the average BPI 4TC is an index based on four-time charter routes. 
(***)  The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.
(****) To be delivered in late September / early October 2021.

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.

After the delivery of M/V Good Heart, the Company will have 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

EuroDry Ltd. Announces Agreement to Acquire M/V Ruby Asia II, a 2014- Built Ultramax Bulker

 

ATHENS, Greece , Aug. 23, 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 has agreed to acquire M/V Asia Ruby II, a 62,996 dwt drybulk vessel built in 2014, for $24.5 million. The vessel is expected to be delivered to the Company within late September / early October 2021 and will be renamed M/V Good Heart. The acquisition will be financed by own funds and a bank loan.

Aristides Pittas, Chairman and CEO of EuroDry commented:
“We are pleased to announce the acquisition of M/V Asia Ruby II, an Ultramax, drybulk carrier built in 2014. This acquisition further expands our modern fleet cluster at a time when the market fundamentals are very supportive of charter rates. At current market rates, we expect that M/V Ruby II will make a significant contribution to our net income and EBITDA. As we stated recently, we believe that a number of factors constraining vessel supply in the near term combined with one of the lowest orderbook levels ever and a healthy demand growth are likely to result in strong rates for drybulk vessels well into 2022 and beyond. This acquisition allows us to better position ourselves to take advantage of such developments. Furthermore, the modernization and growth of our fleet further increases our stature as a public company enhancing the value of our public listing.”

Fleet Profile:

After the delivery of the M/V Ruby Asia II, the EuroDry Ltd. fleet profile will be as follows:

Note:  
(*)  Represents the earliest redelivery date.
(**)  BPI stands for the Baltic Panamax Index; the average BPI 4TC is an index based on four-time charter routes. 
(***)  The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.
(****) To be delivered in late September / early October 2021.

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.

After the delivery of M/V Good Heart, the Company will have 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

Thursday, August 19, 2021

Grindrod Shipping (GRIN)
Strong 1H2021 Results and Impressive 3Q2021 Forward Cover

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.

1H2021 Results Above Expectations. Reported adjusted 1H2021 EBITDA of $62.5 million was a sharp improvement over 1H2020 EBITDA of $29.8 million on strong dry bulk TCE rate performance. Adjusting for IFRS 16 adoption, we calculate that adjusted EBITDA was $55.2 million in 1H2021, or more than double adjusted EBITDA of $22.1 million in 1H2020. Handy TCE rates were $15.3k/day and Supra/Ultra TCE rates were $17.6k/day, and there was an upward bias evident over first half, with 2Q2021 TCE rates up ~50% versus 1Q2021. Quarterly reporting begins in 3Q2021.


Call with management today at 8am EST.  Number is 877-553-9962 and code is Grindrod. Consistent with recent comments, we believe that management will offer a positive view on the rest of the year, discuss growth initiatives and highlight the decision to initiate a quarterly dividend. The targeted payout is 30% of adjusted net income, or a base dividend of $0.03/share plus a combo of added cash …

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, August 13, 2021

Pangaea Logistics Solutions Ltd. (PANL)
Strong Quarter and 2H2021 Off to Good Start

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.

2Q2021 Results Above Expectations and 3Q2021 Off to Good Start. 2Q2021 EBITDA of $21.4 million was above expectations by $3.4 million mainly due to lower opex and charter hire expenses which more than offset variances in TCE rates and shipping days of 4,723. It is challenging to keep up in rising rate environments so TCE rates of $21.1k/day lagged the panamax and supramax index of $24.2k/day.


Increasing 2021 EBITDA estimate to $76.0 million based on TCE rates of $22.2k/day from $68.2 million based on TCE rates of $21.7k/day and total shipping days of 19,260.  The 2H2021 outlook remains firm and we moved our quarterly TCE rate estimates higher to $27.0k/day in 3Q2021 and $23.5k/day in 4Q2021 …

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, August 13, 2021

Euroseas Ltd. (ESEA)
Forward Visibility High and Improving

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.

Tight supply and higher container rates are positives for upcoming charters. Based on Contex indices, rates have continued to move up in 3Q2021 and term charters remain common. Our current EBITDA estimates assume that the Corfu/Evridiki/Astoria/Aegean Express feeders will soon secure longer term work at charter rates in the north of $25.0k/day ranges and the Oakland will remain chartered at close to the current TCE rate.


Fine tuning 2021 EBITDA estimate to $47.4 million based on TCE rates of $17.4k/day.  The Diamantis P charter expanded forward cover to 96% at TCE rates of $16.7k/day. Forward cover was already high but the recent Spetses and Diamantis P charters had a positive impact and moved the average rate up by $1.0k/day. Since the container market has been stronger than expected and charters have become …

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, August 12, 2021

Euroseas Ltd. (ESEA)
Strong 2Q2021 Results and Term Charter on Diamantis

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.

Adjusted 2Q2021 EBITDA of $10.5 million in line with expectations after adjusting for claim award on a failed 1Q2020 sale of the Manolis P.  Call with management today at 9am EST—number is (877) 553-9962 and code is Euroseas. TCE revenue of $18.8 million increased from $14.7 million in 1Q2021 due to a $2,719 move up in TCE rates to $14,853/day from $12,134/day and higher shipping days of 1,273 versus 1,219 in 1Q2021, with only one idle day versus 41 in 1Q2021.


Another feeder secured term charter at higher TCE rate.  The Diamantis P, a 1998-built 2,008 TEU feeder, secured a charter through October 2024 (min of 36 months and max of 40 months) at a TCE rate of $27.0k/day (up from $6.6k/day). Three feeders (Corfu/Evridiki/Astoria) and one intermediate (Oakland) are available for charter over the next six months, and recent charters on the Oakland intermediate …

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, August 12, 2021

Seanergy Maritime (SHIP)
Stock Buyback Another Sign of Financial Stability

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.

Stock buy back program announced. The Board of Directors approved a stock buy back program of up to $17 million. At the current price, the buy back equals ~16.4 million shares, or close to 10% of the current shares outstanding of ~168.5 million. We believe that this positive move should help support the stock price, especially if the buy back program is active.


Buy back program reinforces our view that equity issuance near the current price is unlikely.  As highlighted in recent notes, the financial position has improved markedly, and we believe that no additional equity will be issued despite the F-3 filing on July 2nd. After pending transactions close, pro forma 3Q2021 cash should be $45-$50 million, or close to 2Q2021 cash of $56 million. Financial …

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.