Tuesday, July 06, 2021

Seanergy Maritime (SHIP)
Shelf Offering Filed and Poison Pill Adopted

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.

Mixed shelf offering for $300 million filed. After the market closed on Friday, a Form F-3 was filed. The mixed shelf offering adds the ability to issue $300 million of equity, preferred and/or debt. We view the shelf offering filing as a formality, or an updated version of the previous shelf offering filing, and do not believe that the any common shares will be issued unless the stock is well above the current stock price. It is also worth noting that financing is already in place to fund the latest acquisitions and the last equity offering was priced at $1.70/share (with no warrant overage) in February so near-term funding and liquidity are good.


No financials were included in the shelf offering, but the share count was updated.  As of June 30, 2021, there were 168.5 million shares were outstanding, which means that no new shares have been issued since 1Q2021 operating results were released on May 25th …

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, July 01, 2021

Euroseas Ltd. (ESEA)
Fleet Renewal Begins From Position of Strength

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.

Fleet renewal starts with two new builds. Contracts signed for two Eco design fuel efficient 2,800 TEU containerships to be built at Hyundai Mipo Dockyard Co. in Korea at a total cost of approximately $76 million. We estimate that deposits should total about 20% in 2021 and a combo of debt and equity financing will be utilized to fund the new builds.


Marine Money Week container panel and high container charter rates bolsters outlook.  ESEA CAO Symeon Pariaros participated on the Marine Money Week container panel last week entitled “The Containership Supply Squeeze” and confirmed that container vessel availability remains tight. Higher container rates are positive for upcoming charters, and the prospects remain strong for the upcoming renewals on …

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. 

Eagle Bulk Shipping Inc. Announces Secondary Public Offering of Common Stock

 

STAMFORD, Conn., 
June 29, 2021 (GLOBE NEWSWIRE) — 
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced that certain funds and separate accounts managed by 
GoldenTree Asset Management LP (collectively, the “Selling Shareholders”) intend to offer an aggregate of 1,500,000 shares of the Company’s common stock in an underwritten secondary public offering. In connection with this offering, the Selling Shareholders expect to grant the underwriter a 30-day option to purchase up to 225,000 additional shares of the Company’s common stock.

Before giving effect to this offering, funds affiliated with 
GoldenTree Asset Management LP beneficially own 3,040,707 shares of the Company’s common stock, or approximately 22.6% of the Company’s outstanding shares.

The Selling Shareholders will receive all of the net proceeds from this transaction. The Company is not selling any shares of common stock in this offering and will not receive any proceeds from such offering.

Morgan Stanley is acting as the sole book runner for the offering.

The Company has filed a registration statement (including a prospectus and related preliminary prospectus supplement) with the 
U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus for more complete information about the Company and the offering. You may obtain copies of these documents for free on the SEC’s website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement relating to the underwritten secondary public offering and the accompanying prospectus may be obtained from 
Morgan Stanley & Co. LLC, 
180 Varick Street, 2nd Floor, 
New York, NY 10014, Attn: Prospectus Department.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. These securities will be offered only by means of a prospectus, including a prospectus supplement relating to the shares of common stock, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About Eagle Bulk Shipping Inc.

Eagle Bulk 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 Bulk 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. Forward-looking statements include, without limitation, statements related to the proposed terms of the offerings described herein, the completion, timing and size of the proposed offerings, and the anticipated use of proceeds from the offerings.

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 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 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 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, the duration and impact of the novel coronavirus pandemic, 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 with the 
SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.

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.

Eagle Bulk Shipping Inc. Announces the Upsize and Pricing of Secondary Public Offering of Common Stock

 

STAMFORD, Conn., 
June 29, 2021 (GLOBE NEWSWIRE) — 
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced the pricing of a previously announced underwritten secondary public offering of 1,695,182 shares of common stock by certain funds and separate accounts managed by 
GoldenTree Asset Management LP (collectively, the “Selling Shareholders”) at a public offering price of 
$46.50 per share. The offering was upsized from a previously announced offering size of 1,500,000 shares of common stock. The underwriter will have a 30-day option to purchase up to 254,277 additional shares of the Company’s common stock from the Selling Shareholders. The offering is being made pursuant to the Company’s registration statement (including a prospectus and related prospectus supplement) and is expected to close on 
July 2, 2021, subject to the satisfaction of customary closing conditions.

The Selling Shareholders will receive all of the net proceeds from this transaction. The Company is not selling any shares of common stock in this offering and will not receive any proceeds from such offering.

Morgan Stanley is acting as the sole book runner for the offering.

The offering is being made pursuant to a shelf registration statement that was previously filed with and declared effective by the 
U.S. Securities and Exchange Commission (the “SEC”). The offering is being made only by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus were filed with the 
SEC and are available on the SEC’s website, www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained from 
Morgan Stanley & Co. LLC, 
180 Varick Street, 2nd Floor, 
New York, NY 10014, Attn: Prospectus Department.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. These securities will be offered only by means of a prospectus, including a prospectus supplement relating to the shares of common stock, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About Eagle Bulk Shipping Inc.

Eagle Bulk 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 Bulk 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. Forward-looking statements include, without limitation, statements related to the consummation of the offerings described herein.

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 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 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 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, the duration and impact of the novel coronavirus pandemic, 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 with the 
SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.

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.

Euroseas Ltd. Signs New Building Agreements for the Acquisition of Two Fuel Efficient 2,800 teu Feeder Containerships

 

ATHENS, Greece, June 30, 2021 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today that it has signed a contract for the construction of two Eco design fuel efficient containerships. The vessels will have a carrying capacity of about 2,800 teu each and will be built at Hyundai Mipo Dockyard Co. in Korea. The two newbuildings are scheduled to be delivered during the first and second quarter of 2023, respectively. The total consideration for these two newbuilding contracts is about $76 million which will be financed with a combination of debt and equity.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the ordering of two modern eco-design 2,800 teu vessels in one of the best quality shipbuilders in the world. With this order, we continue our strategy to further grow the company in a manner that creates value for our shareholders and adheres to our ESG commitment of having a more environment-friendly fleet. In that respect, it is noteworthy that the new vessels will consume about 30% less fuel than previous generation, non-eco ships. We remain very optimistic about the prospects of the container market for the next few years and we believe that these two ships that will enter our fleet in the first half of 2023 will further bolster the prospects of our company.”

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.

The Company has a fleet of 14 vessels, including 9 Feeder containerships and 5 Intermediate containerships. Euroseas 14 containerships have a cargo capacity of 42,281 teu. On a fully-delivered basis, the Company’s fleet will increase to 16 containerships with a cargo capacity of about 47,881 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 the Company’s website www.euroseas.gr

Euroseas Ltd. Signs New Building Agreements for the Acquisition of Two Fuel Efficient 2,800 teu Feeder Containerships

 

ATHENS, Greece, June 30, 2021 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today that it has signed a contract for the construction of two Eco design fuel efficient containerships. The vessels will have a carrying capacity of about 2,800 teu each and will be built at Hyundai Mipo Dockyard Co. in Korea. The two newbuildings are scheduled to be delivered during the first and second quarter of 2023, respectively. The total consideration for these two newbuilding contracts is about $76 million which will be financed with a combination of debt and equity.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the ordering of two modern eco-design 2,800 teu vessels in one of the best quality shipbuilders in the world. With this order, we continue our strategy to further grow the company in a manner that creates value for our shareholders and adheres to our ESG commitment of having a more environment-friendly fleet. In that respect, it is noteworthy that the new vessels will consume about 30% less fuel than previous generation, non-eco ships. We remain very optimistic about the prospects of the container market for the next few years and we believe that these two ships that will enter our fleet in the first half of 2023 will further bolster the prospects of our company.”

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.

The Company has a fleet of 14 vessels, including 9 Feeder containerships and 5 Intermediate containerships. Euroseas 14 containerships have a cargo capacity of 42,281 teu. On a fully-delivered basis, the Company’s fleet will increase to 16 containerships with a cargo capacity of about 47,881 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 the Company’s website www.euroseas.gr

Eagle Bulk Shipping Inc. Announces the Upsize and Pricing of Secondary Public Offering of Common Stock

 

STAMFORD, Conn., 
June 29, 2021 (GLOBE NEWSWIRE) — 
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced the pricing of a previously announced underwritten secondary public offering of 1,695,182 shares of common stock by certain funds and separate accounts managed by 
GoldenTree Asset Management LP (collectively, the “Selling Shareholders”) at a public offering price of 
$46.50 per share. The offering was upsized from a previously announced offering size of 1,500,000 shares of common stock. The underwriter will have a 30-day option to purchase up to 254,277 additional shares of the Company’s common stock from the Selling Shareholders. The offering is being made pursuant to the Company’s registration statement (including a prospectus and related prospectus supplement) and is expected to close on 
July 2, 2021, subject to the satisfaction of customary closing conditions.

The Selling Shareholders will receive all of the net proceeds from this transaction. The Company is not selling any shares of common stock in this offering and will not receive any proceeds from such offering.

Morgan Stanley is acting as the sole book runner for the offering.

The offering is being made pursuant to a shelf registration statement that was previously filed with and declared effective by the 
U.S. Securities and Exchange Commission (the “SEC”). The offering is being made only by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus were filed with the 
SEC and are available on the SEC’s website, www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained from 
Morgan Stanley & Co. LLC, 
180 Varick Street, 2nd Floor, 
New York, NY 10014, Attn: Prospectus Department.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. These securities will be offered only by means of a prospectus, including a prospectus supplement relating to the shares of common stock, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About Eagle Bulk Shipping Inc.

Eagle Bulk 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 Bulk 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. Forward-looking statements include, without limitation, statements related to the consummation of the offerings described herein.

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 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 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 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, the duration and impact of the novel coronavirus pandemic, 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 with the 
SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.

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.

Eagle Bulk Shipping Inc. Announces Secondary Public Offering of Common Stock

 

STAMFORD, Conn., 
June 29, 2021 (GLOBE NEWSWIRE) — 
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced that certain funds and separate accounts managed by 
GoldenTree Asset Management LP (collectively, the “Selling Shareholders”) intend to offer an aggregate of 1,500,000 shares of the Company’s common stock in an underwritten secondary public offering. In connection with this offering, the Selling Shareholders expect to grant the underwriter a 30-day option to purchase up to 225,000 additional shares of the Company’s common stock.

Before giving effect to this offering, funds affiliated with 
GoldenTree Asset Management LP beneficially own 3,040,707 shares of the Company’s common stock, or approximately 22.6% of the Company’s outstanding shares.

The Selling Shareholders will receive all of the net proceeds from this transaction. The Company is not selling any shares of common stock in this offering and will not receive any proceeds from such offering.

Morgan Stanley is acting as the sole book runner for the offering.

The Company has filed a registration statement (including a prospectus and related preliminary prospectus supplement) with the 
U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus for more complete information about the Company and the offering. You may obtain copies of these documents for free on the SEC’s website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement relating to the underwritten secondary public offering and the accompanying prospectus may be obtained from 
Morgan Stanley & Co. LLC, 
180 Varick Street, 2nd Floor, 
New York, NY 10014, Attn: Prospectus Department.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. These securities will be offered only by means of a prospectus, including a prospectus supplement relating to the shares of common stock, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About Eagle Bulk Shipping Inc.

Eagle Bulk 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 Bulk 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. Forward-looking statements include, without limitation, statements related to the proposed terms of the offerings described herein, the completion, timing and size of the proposed offerings, and the anticipated use of proceeds from the offerings.

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 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 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 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, the duration and impact of the novel coronavirus pandemic, 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 with the 
SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.

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.

Tuesday, June 29, 2021

Grindrod Shipping (GRIN)
CEO Comments and EBITDA Revisions Impact Price 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.

Positive CEO comments from last week’s dry bulk panel at Marine Money Week bolsters outlook. CEO Martyn Wade confirmed that dry market fundamentals have stayed better than expected. Consistent with Wade’s comments earlier this year, shippers are focusing on “just in case” as opposed to “just in time”. Also, Commodore Research & Consultancy has highlighted low coal inventories in China and limited Atlantic basin spot Cape availability as two factors that could help Capes, which would positively impact the entire dry bulk market.


Dry bulk market thesis intact.  Supply/demand fundamentals appear favorable and 1H2021 TCE rate performance has been better than expected. The order book and supply growth remain historically low due to rate volatility, regulatory uncertainty and declining capital availability, while demand should rebound on the back of global stimulus packages and solid secular minor bulk trends. While we still …

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, June 24, 2021

Euroseas Ltd. (ESEA)
Panel Comments and High Visibility Bolsters Outlook

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.

Positive comments from yesterday’s container panel at Marine Money Week bolsters outlook. Container market remains firm and favorable market thesis intact. Symeon Pariaros, Chief Administrative Officer of Euroseas participated on the panel entitled “The Containership Supply Squeeze” and confirmed that container vessel availability remains tight. While the past two years were negatively impacted by extreme factors, the container supply/demand fundamentals appear more favorable and viability has markedly improved.


Higher container rates positive for upcoming charters.  Charters on four feeders and one intermediate expire before yearend 2021 and the renewal prospects remain strong. We estimate that the feeders (Spetses/Diamantis/Corfu/Evridiki) will secure longer term work at charter rates in the $20.0k-$25.0k/day range. At the same time, charter rates for the Oakland, an intermediate, appear to have moved up …

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, June 14, 2021

Genco Shipping & Trading Limited (GNK)
Softer Cape Market Offset by Firm Ultra/Supra Markets

Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels. The Company is engaged in the ocean transportation of drybulk cargoes around the world through the ownership and operation of drybulk carrier vessels. As of December 31, 2016, its fleet consisted of 61 drybulk carriers, including 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 4,735,000 deadweight tons (dwt). Of the vessels in its fleet, 15 are on spot market-related time charters, and 27 are on fixed-rate time charter contracts. As of December 31, 2016, additionally, 19 of the vessels in its fleet were operating in vessel pools.

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

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

Cape market softness contrasts Ultra/Supra market firmness. Since 1Q2021 operating results were released in early May, the Baltic Cape Index (BCI) has dropped from 5,405 to 3,346 on June 11th, with a low of 3,089 on May 28th. The recent rebound, combined with FFA curves that indicate higher rates, is encouraging and we look for Cape rates to rebound in 2H2021. In contrast, the Baltic Supramax Index (BSI) has moved consistently up from 2,135 to 2,592 on June 11th, mainly due the higher degree of cargo diversity.


Fine tuning 2021 EBITDA estimate of $183.9 million on TCE rate assumptions of $19.1k/day.  Forward cover is higher in 2Q2021 versus 1Q2021 with 72% booked at $24.9k/day for Capes and 76% booked at $17.8k/day for Ultra/Supramaxes. Also, five time charters have been signed, which implies that visibility might improve over time …

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, June 14, 2021

Genco Shipping & Trading Limited (GNK)
Softer Cape Market Offset by Firm Ultra/Supra Markets

Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels. The Company is engaged in the ocean transportation of drybulk cargoes around the world through the ownership and operation of drybulk carrier vessels. As of December 31, 2016, its fleet consisted of 61 drybulk carriers, including 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 4,735,000 deadweight tons (dwt). Of the vessels in its fleet, 15 are on spot market-related time charters, and 27 are on fixed-rate time charter contracts. As of December 31, 2016, additionally, 19 of the vessels in its fleet were operating in vessel pools.

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

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

Cape market softness contrasts Ultra/Supra market firmness. Since 1Q2021 operating results were released in early May, the Baltic Cape Index (BCI) has dropped from 5,405 to 3,346 on June 11th, with a low of 3,089 on May 28th. The recent rebound, combined with FFA curves that indicate higher rates, is encouraging and we look for Cape rates to rebound in 2H2021. In contrast, the Baltic Supramax Index (BSI) has moved consistently up from 2,135 to 2,592 on June 11th, mainly due the higher degree of cargo diversity.


Fine tuning 2021 EBITDA estimate of $183.9 million on TCE rate assumptions of $19.1k/day.  Forward cover is higher in 2Q2021 versus 1Q2021 with 72% booked at $24.9k/day for Capes and 76% booked at $17.8k/day for Ultra/Supramaxes. Also, five time charters have been signed, which implies that visibility might improve over time …

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

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

Seanergy Takes Delivery of Two Capesize Vessels with Prompt Commencement of Period Charters

 

June 10, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) reported today the delivery of two previously-announced Capesize vessel acquisitions. The first vessel is a 181,709 dwt Capesize bulk carrier, built in 2010 by Imabari Shipbuilding Co., Ltd. in Japan, which was renamed M/V Patriotship, and the second is a 176,925 dwt Capesize bulk carrier, built in 2006 by Namura Shipbuilding Co., Ltd. in Japan, which was renamed M/V Tradership (the “Vessels”).

Taking advantage of the strong market conditions, Seanergy fixed the M/V Patriotship proactively at $31,000 per day for a period employment of 12 to 18 months with a major European cargo operator. Additionally, the M/V Tradership has been fixed for a period employment of 11 to 15 months with a major South Korean industrial company at an index-linked rate based on the Baltic Capesize Index. Both time charters are expected to commence promptly, upon finalization of the customary handover process.  

Moreover, the Company is in advanced discussions with a leading Asian financial institution to finance part of the acquisition price of the M/V Patriotship through a sale and leaseback structure at competitive terms.

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

“I am pleased to announce the timely delivery of our fourteenth and fifteenth Capesize vessels and the immediate commencement of their respective period employments.

We are also excited to initiate business relationships with two additional reputable charterers. Including these deliveries, 87% of our operating fleet is employed under advantageous medium to long-term charters.

At the financing front, we have secured competitively-priced financings for our recent vessel acquisitions, as previously announced, which will further enhance our strong liquidity position and reduce the Company’s average cash interest expense.

We believe Seanergy is optimally positioned to take advantage of the rising market conditions.”

 

Company
fleet on a fully delivered basis:

Vessel Name	Vessel Size Class	Capacity (DWT)	Year Built	Yard	Scrubber Fitted	Employment Type
Partnership	Capesize	179,213	2012	Hyundai	Yes	T/C Index Linked
Championship	Capesize	179,238	2011	Sungdong	Yes	T/C Index Linked
Lordship	Capesize	178,838	2010	Hyundai	Yes	T/C Index Linked
Premiership	Capesize	170,024	2010	Sungdong	Yes	T/C Index Linked
Squireship	Capesize	170,018	2010	Sungdong	Yes	T/C Index Linked
Knightship	Capesize	178,978	2010	Hyundai	Yes	T/C Index Linked
Gloriuship	Capesize	171,314	2004	Hyundai	No	T/C Index Linked
Fellowship	Capesize	179,701	2010	Daewoo	No	T/C Index Linked
Geniuship	Capesize	170,058	2010	Sungdong	No	T/C Index Linked
Hellasship	Capesize	181,325	2012	Imabari	No	T/C Index Linked
Flagship	Capesize	176,387	2013	Mitsui Engineering	No	T/C Index Linked
Patriotship	Capesize	181,709	2010	Saijo – Imabari	Yes	T/C Fixed Rate -$31,000/day
Tradership	Capesize	176,925	2006	Namura Shipbuilding	No	T/C Index Linked
Leadership	Capesize	171,199	2001	Koyo – Imabari	No	Voyage/Spot
Goodship	Capesize	177,536	2005	Mitsui Engineering	No	Voyage/Spot
Worldship *	Capesize	181,415	2012	Japanese Shipyard	Yes	N/A
Total / Average age		2,823,878	11.8

 

*
Delivery expected within August 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. On a fully-delivered basis, the Company’s operating fleet will consist of 16 Capesize vessels with an average age of 11.8 years and aggregate cargo carrying capacity of approximately 2,823,878 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