Great Lakes Dredge & Dock Corporation Announces Private Offering of Senior Notes

 

HOUSTON, May 10, 2021 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) (“Great Lakes” or the “Company”) (NASDAQ: GLDD), announced today that, subject to market conditions, it plans to offer $325 million aggregate principal amount of fixed-rate, unsecured senior notes (the “New Notes”) in a proposed private offering that will not be registered under the Securities Act of 1933, as amended (the “Securities Act”).

Great Lakes intends to use the net proceeds from the offering, together with cash on hand, to redeem $325 million aggregate principal amount of its outstanding 8.000% Senior Notes due 2022.

The New Notes will not be registered under the Securities Act or any state securities laws in the United States and may not be offered or sold in the United States absent registration or an exemption from the applicable registration requirements. Accordingly, the New Notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A promulgated under the Securities Act and to non-U.S. persons outside the United States in accordance with Regulation S promulgated under the Securities Act. Holders of the New Notes will not have registration rights.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, the New Notes, nor will there be any sale of the New Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release does not constitute a notice of redemption with respect to any of the Company’s outstanding senior notes.

The Company

Great Lakes is the largest provider of dredging services in the United States. In addition, the Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 130-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of over 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident & Injury Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Cautionary Note Regarding Forward-Looking Statements

Except for historical and factual information, the matters set forth in this release and other of our oral or written statements identified by words such as “intends,” “plans,” “expects,” “anticipates,” “believes” and “will” and similar expressions are forward-looking statements within the federal securities laws. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These cautionary statements are being made with the intention of obtaining the benefits of the “safe harbor” provisions of the federal securities laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Great Lakes, include, but are not limited to: the possibility that potential debt investors will not be receptive to the offering on the terms described above or at all; corporate developments that could preclude, impair or delay the above-described transactions due to restrictions under the federal securities laws; changes in the Company’s credit ratings; changes in the cash requirements, financial position, financing plans or investment plans of the Company or its affiliates; changes in general market, economic, tax, regulatory or industry conditions that impact the ability or willingness of the Company or its affiliates to consummate the above-described transactions on the terms described above or at all; and other risks referenced from time to time in the filings of the Company with the SEC.

Although Great Lakes believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Great Lakes’ future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to publicly update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Friday, May 07, 2021

Euroseas Ltd. (ESEA)
Another New Charter Boosts EBITDA Estimate Again

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.

Another positive charter. Yesterday, a new charter on the Hydra, a 2005-built 1,740 TEU feeder vessel, was announced. The Hydra will be charter for at least 23 months and as long as 25 months at a TCE rate of $20.0k/day, or well above the current TCE rate of $7.2k/day. The new rate will kick in by the end of May once the Hydra is redelivered from the current charterer.


Fine-tuning 2021 EBITDA estimate to reflect new charter.  To reflect the positive impact of the Hydra charter, we are moving 2021 EBITDA to $37.5 million based on TCE rates of $16.2k/day from $35.4 million based on TCE rates of $15.8k/day …

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. 

Friday, May 07, 2021

Genco Shipping & Trading Limited (GNK)
Post Call Estimate Adjustments and Price Target Increase

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.

Adjusted 1Q2021 EBITDA of $21.0 million was in line with expectations. TCE rates averaged $12.2k/day down from $13.2k/day in 4Q2021, with Capes at $13.6k/day, Ultra/Supras at $11.7k/day and Handys at $7.9k/day. Costs were also in line with lower opex more than offsetting higher G&A expenses.


Post call fine tuning 2021 EBITDA estimate to $179.3 million on TCE rate assumptions of $19.1k/day.  Forward cover is higher versus 1Q2021 and TCE rates are much higher with 74% of 2Q2021 days booked at $20.7k/day. By sector, forward cover is 72% booked at $24.9k/day for Capes and 76% booked at $17.8k/day for Ultra/Supramaxes. Also, three time charters were recently signed, which indicates that the …

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. 

Friday, May 07, 2021

Genco Shipping & Trading Limited (GNK)
Post Call Estimate Adjustments and Price Target Increase

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.

Adjusted 1Q2021 EBITDA of $21.0 million was in line with expectations. TCE rates averaged $12.2k/day down from $13.2k/day in 4Q2021, with Capes at $13.6k/day, Ultra/Supras at $11.7k/day and Handys at $7.9k/day. Costs were also in line with lower opex more than offsetting higher G&A expenses.


Post call fine tuning 2021 EBITDA estimate to $179.3 million on TCE rate assumptions of $19.1k/day.  Forward cover is higher versus 1Q2021 and TCE rates are much higher with 74% of 2Q2021 days booked at $20.7k/day. By sector, forward cover is 72% booked at $24.9k/day for Capes and 76% booked at $17.8k/day for Ultra/Supramaxes. Also, three time charters were recently signed, which indicates that the …

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, May 06, 2021

Genco Shipping & Trading Limited (GNK)
In Line Quarter, But Strong Outlook Boosts FY2022E Dividend

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.

Call with management today at 9am EST. Number is 800-700-1722 and code is 4187387. Adjusted 1Q2021 EBITDA of $21.0 million in line with expectations. TCE rates averaged $12.2k/day down from $13.2k/day in 4Q2021, with Capes at $13.6k/day, Ultra/Supras at $11.7k/day and Handys at $7.9k/day. Costs were also in line with lower opex more than offsetting higher G&A expenses.


Increasing 2021 EBITDA estimate to $186.2 million from $145.5 million.  Higher TCE rate assumptions of $19.3k/day, up from $16.4k/day, easily offset a smaller fleet. Forward cover is higher versus 1Q2021 and TCE rates are much higher with 74% of 2Q2021 days booked at $20.7k/day. By sector, forward cover is 72% booked at $24.9k/day for Capes and 76% booked at $17.8k/day for Ultra/Supramaxes. Also …

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. 

Euroseas Ltd. Announces New Charter for One Of Its Vessels, M/V “EM Hydra”

 

ATHENS, Greece, May 06, 2021 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today a new time charter contract for its container vessel M/V “EM Hydra”. Specifically:

• M/V “EM Hydra”, a 1,740 TEU vessel built in 2005, entered into a new time charter contract for a period between a minimum of twenty three and a maximum of twenty five months at the option of the charterer, at a gross daily rate of $20,000. The new rate will commence between May 15, 2021 and May 25, 2021 when the vessel will be redelivered from its current charterer.
  

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the new charter for our vessel, M/V “EM Hydra”, for a minimum period of twenty three months at a rate about two and a half times the level of her current employment. This fixture follows less than a month after our fixture of M/V “Joanna”, a 1,732 TEU vessel built in 1999, that was fixed for a minimum of eighteen months at a gross daily rate of $16,800 indicating how strongly the market continues to rise. This new charter will secure a minimum of $13.8m of contracted revenues and makes an EBITDA contribution of approximately $9m.”

Fleet Profile:

The Euroseas Ltd. fleet profile is as follows:

Notes:  

(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each time charter 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.

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 Container carriers. Euroseas 14 containerships have a cargo capacity of 42,281 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

Source: Euroseas Ltd.

Euroseas Ltd. Announces New Charter for One Of Its Vessels, M/V “EM Hydra”

 

ATHENS, Greece, May 06, 2021 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today a new time charter contract for its container vessel M/V “EM Hydra”. Specifically:

• M/V “EM Hydra”, a 1,740 TEU vessel built in 2005, entered into a new time charter contract for a period between a minimum of twenty three and a maximum of twenty five months at the option of the charterer, at a gross daily rate of $20,000. The new rate will commence between May 15, 2021 and May 25, 2021 when the vessel will be redelivered from its current charterer.
  

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the new charter for our vessel, M/V “EM Hydra”, for a minimum period of twenty three months at a rate about two and a half times the level of her current employment. This fixture follows less than a month after our fixture of M/V “Joanna”, a 1,732 TEU vessel built in 1999, that was fixed for a minimum of eighteen months at a gross daily rate of $16,800 indicating how strongly the market continues to rise. This new charter will secure a minimum of $13.8m of contracted revenues and makes an EBITDA contribution of approximately $9m.”

Fleet Profile:

The Euroseas Ltd. fleet profile is as follows:

Notes:  

(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each time charter 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.

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 Container carriers. Euroseas 14 containerships have a cargo capacity of 42,281 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

Source: Euroseas Ltd.

Wednesday, May 05, 2021

Great Lakes Dredge & Dock (GLDD)
Unexpected COVID-19 Hit, But Year On Track

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.

1Q2021 Results softer than expected due to higher costs and downtime/delays due to COVID-19. Gross profit of $33.1 million was $3.1 million below our estimate of $36.2 million, and gross margin fell back to 18.6%, mainly due to 23 days of downtime from COVID-19, unexpected downtime and higher direct costs of testing/quarantining personnel. Lost revenue totaled $3.9 million and costs were more than $10 million higher. Adjusting for direct costs of $4.3 million, gross profit would have approximated $37.4 million, or gross margin of 21%, which would have been more consistent with expectations.


Fine tuning 2021 EBITDA estimate.  Slow start, but 2H2021 should recover. Our EBITDA estimate of $146.1 million is slightly lower than our previous estimate of $150.0 million …

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

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

Tuesday, May 04, 2021

Euroseas Ltd. (ESEA)
Favorable Rate Reset on Oakland, But Risk/Reward Balanced

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.

Charter rate reset is positive. Last week, the charter rate on the Oakland, a 2009-built 4,253 TEU intermediate vessel, was reset at ~$38.3k/day, above our estimate of ~$34k/day and well above the current rate of ~$24k. The Oakland is indexed at the Contex 4250 rate of $42.1k/day minus 10%. The reset was the last one prior to the charter expiration in June and we expect either an extension of the current charter or a new charter prior to expiration.


Fine-tuning 2021 EBITDA estimate to reset on the indexed rate.  To reflect the positive impact of the Oakland rate reset, we are moving 2021 EBITDA to $35.4 million based on TCE rates of $15.8k/day from $34.9 million based on TCE rates of $15.7k/day …

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, May 03, 2021

Pyxis Tankers Inc. (PXS)
Acquisition Funded by Recent Offering

Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.

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

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

Buying power pays off with $20 million acquisition of 2013-built MR. A MR (medium range) product tanker will be acquired for $20 million, The 2013-built MR was constructed at Hyundai Mipo shipyard in South Korea. The MR will complement the three MRs in the fleet once it is delivered in 3Q2021. Assuming a TCE rate in the $16k/day range, the MR should generate EBITDA of $3.7 million per year, and it lifts our 2021 EBITDA to $5.5 million from $4.3 million.


Financing moves created financial flexibility.  Also, equity offering materially improved public market float. A term loan of $17 million on the Epsilon and existing cash refinanced existing debt recently and a well-timed equity offering improved financial flexibility to shift to growth. The equity offering, in addition to preferred stock conversions, expanded the public market float to more than …

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, April 22, 2021

Genco Shipping & Trading Limited (GNK)
New 2022 Dividend Estimate and Fleet Renewal Intact

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.

Variable dividend policy begins in 1Q2022 and scenarios look attractive.  Our quarterly dividend calculation is based on estimated operating cash flow minus debt amortization, capex for drydocks and a reserve based on future quarterly debt amortization and interest expense.


Our FY2022 dividend estimate is $2.25/share is based on our 2022 EBITDA estimate of $171.3 million, which implies a current yield of 16.4%.  Assuming TCE rates of $18.8k/day and TCE revenue of $272 million, operating cash flow should approximate $164 million. Incorporating debt amortization of $24 million, drydock capex of $11 million, and a reserve of $34 million, net cash flow of $95 million …

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

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

Tuesday, April 20, 2021

Genco Shipping & Trading Limited (GNK)
Second Bite At the Dividend Apple Following New Capital Allocation Strategy

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.

Call today at 8:30am EST will discuss the new approach to capital allocation that shifts the focus to deleveraging the balance sheet and maximizing dividends. Number is 800-353-6461 and code is 7623966.


Taking a second bite at the dividend apple and implementing variable dividend policy beginning in 1Q2022.  Instead of a fixed quarterly dividend, the dividend will be declared every quarter and fluctuate based on operating results. Cash flow available for dividends will equal operating cash flow minus debt amortization, capex for drydocks and a reserve. The reserve target will be based on future …

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, April 15, 2021

Seanergy Maritime (SHIP)
Update Shows Progress Lining Up Acquisition Financing

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.

Refinancing existing loan with larger longer term loan. A commitment for a new term loan of $37.45 million will refinance existing debt of $24.5 million that matures in 4Q2022. The new loan, which matures in December 2024 at the earliest, will be priced at Libor plus 350 basis points, and secured by three Capes (Squireship/Leadership/Lordship).


Lease financing probable for Flagship acquisition.  Discussions on a lease of $20.5 million with attractive terms to fund more than 70% of the Flagship acquisition for $28.4 million are advanced …

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