Seanergy Maritime Holdings Corp. Announces Loan Facility of $37.45 Million and Other Financing Updates

 

GLYFADA, Greece, April 14, 2021 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that the Company received a commitment letter from one of its existing lenders for a $37.45 million facility (the “New Facility”). The proceeds will be used to refinance the $24.45 million existing facility secured by the M/V Squireship and the M/V Leadership (the “Existing Facility”) and will be secured as well by currently unencumbered M/V Lordship.

Pursuant to the commitment letter, the earliest maturity date of the New Facility will be in December 2024 and the interest rate will be 3.5% plus LIBOR per annum. The approval is subject to completion of definitive documentation.

The incremental liquidity of approximately $12 million is expected to be used for the financing of the Company’s recently announced new vessel acquisitions.

Moreover, the Company is in advanced discussions for the financing of one of its previously announced vessel acquisitions, the M/V Flagship, through a $20.5 million leasing arrangement at competitive terms.

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

“We are very pleased to announce the successful conclusion of the financing by one of our long-term lenders for the upsizing and extension of one of our existing facilities. The New Facility in combination with our advanced discussions with other current lenders of Seanergy represent a strong vote of confidence to our Company.

“Regarding general market conditions, the current average of the 5-TC routes of the Capesize index is in excess of $26,000 per day, while the performance of the freight futures (FFA) points to a significantly improved earnings environment for the remainder of 2021.

“We believe Seanergy is well-positioned to benefit substantially from improving market conditions.”

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of vessels which the Company has recently agreed to acquire, the Company’s operating fleet will consist of 15 Capesize vessels with an average age of 11.9 years and aggregate cargo carrying capacity of approximately 2,642,463 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

Tuesday, April 13, 2021

Euroseas Ltd. (ESEA)
Container Market Remains Strong and New Charter Signed

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 charter at a higher-than-expected rate announced. Upcoming charter reset should also be positive. A new charter has been signed on the Joanna for 18-21 months at a rate of $16.8k/day, above the current rate of $8.1k/day. In addition, the Oakland is working on an indexed rate through June 2021 and the last reset will occur late next week. If the rate was reset today, the rate would move to ~$34k/day from the current ~$24k rate.


Increasing 2021 EBITDA estimate to reflect new charter and upcoming reset on the indexed rate.  To reflect the positive impact of the Joanna charter and upside potential from upcoming charters, we are moving 2021 EBITDA to $34.9 million based on TCE rates of $15.7k/day from $31.1 million based on TCE rates of $14.8k/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. 

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

 

STAMFORD, Conn., April 13, 2021 (GLOBE NEWSWIRE) — Eagle Bulk Shipping Inc. (Nasdaq: EGLE) will report its financial results for the first quarter ended March 31, 2021, after the close of stock market trading on May 6, 2021. Members of Eagle Bulk’s senior management team will host a teleconference and webcast at 8:00 a.m. ET on Friday, May 7, 2021 to discuss the results.

To participate in the teleconference, investors and analysts are invited to call +1 844-282-4411 in the U.S., or +1 512-900-2336 outside of the U.S., and reference participant code 1772565. A simultaneous webcast of the call, including a slide presentation for interested investors and others, may be accessed by visiting http://www.eagleships.com.

A replay will be available following the call from 11:00 AM ET on May 7, 2021 until 11:00 AM ET on May 17, 2021. To access the replay, call +1 855-859-2056 in the U.S., or +1 404-537-3406 outside of the U.S., and reference passcode 1772565.

About Eagle Bulk Shipping Inc.

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

Company Contact
Frank De Costanzo
Chief Financial Officer
Eagle Bulk Shipping, Inc.
Tel. +1 203-276-8100
Email: investor@eagleships.com

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

Source: Eagle Bulk Shipping Inc.

 

U.S. Government Spending Provides Investment Opportunity in Maritime Infrastructure

 

Ensuring the Future is Made in America by All of America’s Workers was an executive order signed by the newly sworn-in President on January 25, 2021. While economists may debate if it makes sense to give preference to U.S. firms without consideration as to price or expertise, investors can view Executive
Order 14005 as a starting point when sifting through opportunities under a new administration. Investors may refine their sort for investment possibilities within the category of “Made in the U.S.A.” using the newly proposed American Jobs Plan presented by the White House on March 31. This new proposal is to add $2.25 trillion in spending on infrastructure projects. These two actions, taken together, provide strong insight into where the U.S. Government is likely to prioritize spending and what companies may win the contracts.  

Overlooked
Infrastructure Category

One construction-related service that’s likely to get a boost from ramped-up infrastructure falls under the radar of many. The service is dredging canals, channels, and other waterways. Although dredging may not be as “sexy” as other infrastructure initiatives, such as spending to speed the U.S. on the road to electric vehicles, one only needs to look at the recent incident in the Suez Canal to understand the importance of deep passable waterways.

The March 31 proposal by the White House calls for funding to dredge harbors and rivers of silt, and construct dikes, improve navigable conditions for larger container ships by creating deeper harbors, and wider channels. This would modernize ports and allow for more efficient exports from cities like Houston that could export more oil if it could accommodate larger ships.

What
Businesses Could Benefit

While we often witness highways and bridges being built, electric vehicle charging stations being installed, and know that drinking water in parts of the country needs to be improved, dredging companies are not part of most of our lives, so we may not consider what opportunities the new spending will provide. Even more, many don’t know where to look for ideas and information to help make a well-informed investment decision.

One domestic company that works on many of these marine-based infrastructure projects is Orion Group Holdings, Inc. (NYSE: ORN). Orion is involved in marine construction, including transportation facilities, pipelines, environmental structures, and dredging waterways, channels and ports, among others.

A more broad-based company that is involved in maritime projects and generates most of its revenue in North America is Aegon Corp. (Nasdaq: AEGN). Aegon’s maritime solutions include construction and maintenance and are involved in corrosion protection and maintenance.

Great Lakes Dredge & Dock Corp. (Nasdaq: GLDD) is a pure-play on U.S. dredging – the company’s only operating segment is dredging. Their contracts involve enhancing or preserving navigable waterways, protecting shorelines, and port enhancements.

The three companies above are by no means a comprehensive list. Instead, they demonstrate that within the maritime infrastructure and construction sector, some companies narrowly specialize, and there are also more broad-based diversified businesses. Use Channelchek as one of your resources when dredging up ideas to dig deeper into a corporation’s business lines, revenue sources, and business outlook among U.S. maritime infrastructure companies. 

 

 

Take-Away

The U.S. will be investing in transportation infrastructure projects in a very big way. The contracts, by executive order, are quite likely to go to American companies, many of which already have government contracts from the Army Corp of Engineers and other U.S. agencies. As the U.S. plans to spread trillions of dollars and allocate billions to providing more navigable waterways, investors may want to keep this segment of the infrastructure construction sector on their watchlists.

Suggested Content on Channelchek:

Industries that Could Benefit from the “New American Jobs Plan”	How Much is a Trillion?

Great Lakes Dredge and Dock NobleCon17 Presentation (Video)	Orion Group Holdings NobleCon17 Presentation (Video)

 

Sources:

https://dredgingcontractors.org/

https://www.whitehouse.gov/briefing-room/presidential-actions/2021/01/25/executive-order-on-ensuring-the-future-is-made-in-all-of-america-by-all-of-americas-workers/

https://www.maritime-executive.com/article/2008-09-25-americas-deep-blue-highway-igms-publishes-comprehensive-study

https://bisouv.com/uncategorized/3629598/dredging-services-industry-insight-report-2021-2026-covering-prime-factors-and-competitive-outlook-by-key-players/

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Wednesday, March 31, 2021

Grindrod Shipping (GRIN)
Asset Sales Enhance Dry Bulk Exposure – Raising 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.

Added asset sales improve fleet profile and enhance dry bulk market focus. Agreements to sell two MRs and one small tanker for almost $50 million improves the fleet profile and shifts the focus to the dry bulk market. The Leopard Moon and Leopard Sun, two 2013-built MR refined product tankers, will be sold for $42.8 million. In addition, the Breede, a 2009-built small tanker will be sold for $6.8 million. All sales should be completed in 2Q2021. As a result, the fleet will consist of 15 Handysize, 16, Supramax/Ultramax, and one MR tanker that is bareboat charter-out.


Asset sales reduce financial leverage.  Disciplined capital strategy intact. Proceeds and existing cash will pay off secured debt on the vessels and high cost Sankaty debt of $26 million due in June. The debt maturity profile appears manageable with no added debt maturing in 2021. Capital allocation remains disciplined as evidenced by the decision to shun scrubbers. Buybacks might ramp up once the …

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

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

Wednesday, March 31, 2021

Pyxis Tankers Inc. (PXS)
Refinancing Done. Shifting to Growth.

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.

Refinancing completed with positive impact on interest costs. A term loan of $17 million on the Epsilon from an existing lender and cash of $7.5 million refinanced existing debt. The new loan is priced at Libor plus 335 basis points and quarterly amortization is $0.3 million with a balloon payment of ~$11 million in five years. Borrowing costs should drop by more than 200 basis points and no secured debt matures over the next two years.


Well-timed equity offering materially improved public market float.  A private equity offering generated net proceeds of $23.1 million last month. Combined with preferred stock conversions, the public market float expanded to more than 50% …

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

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

Wednesday, March 31, 2021

Seanergy Maritime (SHIP)
Another Acquisition Increases Leverage – Upgrading to Outperform

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.

Another acquisition expands the Cape fleet to 15. Four pending acquisitions should close in 2Q2021. Industry sources reported that a 2012-built 181k DWT Cape was acquired for $29 million. The transaction was formally announced yesterday and the pro forma fleet increases to 15. At TCE rates of $20.0k/day and cash opex of $7.7k/day, each Cape could add EBITDA of ~$2.2 million, or a total of $9.0 million, over 2H2021.


Recent equity offering and new debt should fund the four acquisitions.  The first step in financing the acquisitions is a commitment for a $15.5 million five-year term loan secured by the Goodship and Tradership. The other pending acquisitions (Patriotship/Flagship/Hellaship) could be financed with 50% of debt, or ~$42 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. 

Seanergy Maritime Acquires its 15th Capesize Vessel and Receives Bank Commitment Letter

 

GLYFADA, Greece, March 30, 2021 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that it has entered into a definitive agreement with an unaffiliated third party to purchase a modern Capesize vessel (the “Vessel”). Upon delivery of this acquisition, as well as the previously announced vessel purchases, the size of the Company’s fleet will increase to 15 Capesize vessels with an aggregate cargo capacity of approximately 2.65 million dwt.

The Vessel was built in 2012 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 181,300 deadweight tons (“dwt”) and shall be renamed M/V Hellasship. The Vessel is expected to be delivered towards the end of April 2021, subject to the satisfaction of certain customary closing conditions. The ballast water system installation of the Vessel was completed by the current owner and, therefore, no additional costs are envisaged for the Vessel to comply with the relevant regulations. The gross purchase price of $28.6 million is expected to be funded with cash at hand or by a combination of cash at hand and proceeds from new loan facilities.

In addition, the Company received a commitment letter from a European Bank for a $15.5 million loan facility secured by two of its Capesize vessels, the M/V Goodship and the M/V Tradership. The loan will have a tenor of four years from the drawdown date and will bear interest at 4.0% plus LIBOR per annum. The loan remains subject to customary conditions precedent and execution of definitive documentation. Seanergy is also in advanced discussions with leading financial institutions for further financing transactions at competitive terms.

 

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

“We are pleased to announce the agreement to acquire our 15^th Capesize vessel, which will grow our fleet by 50% within the last 9 months. The planning of all our recent acquisitions has been well-timed in light of significantly improved market conditions, which attests to our position as a leading pure-play Capesize company.

Given the prompt delivery prospects, the Company is expected to benefit from the rapidly increasing freight rates. The average of the Baltic Capesize Index currently stands at about $19,000 per day, while the Capesize forward freight contracts (“FFA”) for the second quarter and second half of 2021 are trading at above $22,000 per day on average. Based on these FFA rates, the incremental net revenue from the four recently announced acquisitions may exceed $21 million for the remainder of the year, based on their planned delivery schedule.

Moreover, the new debt financing with the competitive underlying cost, will provide additional liquidity supporting our efforts to successfully execute on our strategic goal of sustainable growth and improved shareholder returns.

The improved prospects of the Capesize market are expected to continue for the coming years and based on our expanded fleet and advantageous employment arrangements, we strongly believe that Seanergy is very well-positioned to benefit from this trend.”

 

Company Fleet upon Vessels’ delivery:

 

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of the new vessels, the Company’s operating fleet will consist of 15 Capesize vessels with an average age of 11.9 years and aggregate cargo carrying capacity of approximately 2,642,463 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 ability to continue as a going concern; 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, its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

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

Seanergy Maritime Acquires its 15th Capesize Vessel and Receives Bank Commitment Letter

 

GLYFADA, Greece, March 30, 2021 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that it has entered into a definitive agreement with an unaffiliated third party to purchase a modern Capesize vessel (the “Vessel”). Upon delivery of this acquisition, as well as the previously announced vessel purchases, the size of the Company’s fleet will increase to 15 Capesize vessels with an aggregate cargo capacity of approximately 2.65 million dwt.

The Vessel was built in 2012 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 181,300 deadweight tons (“dwt”) and shall be renamed M/V Hellasship. The Vessel is expected to be delivered towards the end of April 2021, subject to the satisfaction of certain customary closing conditions. The ballast water system installation of the Vessel was completed by the current owner and, therefore, no additional costs are envisaged for the Vessel to comply with the relevant regulations. The gross purchase price of $28.6 million is expected to be funded with cash at hand or by a combination of cash at hand and proceeds from new loan facilities.

In addition, the Company received a commitment letter from a European Bank for a $15.5 million loan facility secured by two of its Capesize vessels, the M/V Goodship and the M/V Tradership. The loan will have a tenor of four years from the drawdown date and will bear interest at 4.0% plus LIBOR per annum. The loan remains subject to customary conditions precedent and execution of definitive documentation. Seanergy is also in advanced discussions with leading financial institutions for further financing transactions at competitive terms.

 

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

“We are pleased to announce the agreement to acquire our 15^th Capesize vessel, which will grow our fleet by 50% within the last 9 months. The planning of all our recent acquisitions has been well-timed in light of significantly improved market conditions, which attests to our position as a leading pure-play Capesize company.

Given the prompt delivery prospects, the Company is expected to benefit from the rapidly increasing freight rates. The average of the Baltic Capesize Index currently stands at about $19,000 per day, while the Capesize forward freight contracts (“FFA”) for the second quarter and second half of 2021 are trading at above $22,000 per day on average. Based on these FFA rates, the incremental net revenue from the four recently announced acquisitions may exceed $21 million for the remainder of the year, based on their planned delivery schedule.

Moreover, the new debt financing with the competitive underlying cost, will provide additional liquidity supporting our efforts to successfully execute on our strategic goal of sustainable growth and improved shareholder returns.

The improved prospects of the Capesize market are expected to continue for the coming years and based on our expanded fleet and advantageous employment arrangements, we strongly believe that Seanergy is very well-positioned to benefit from this trend.”

 

Company Fleet upon Vessels’ delivery:

 

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of the new vessels, the Company’s operating fleet will consist of 15 Capesize vessels with an average age of 11.9 years and aggregate cargo carrying capacity of approximately 2,642,463 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 ability to continue as a going concern; 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, 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

Thursday, March 25, 2021

Seanergy Maritime (SHIP)
4Q2020 Results In Line. Expanding for Upturn.

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.

4Q2020 Operating results were in line with expectations. Reported adjusted EBITDA of $8.3 million was in line with our expectations after adding back the one-time items from the costs of debt restructuring and refinancing. TEC revenue of $16.7 million was slightly higher than expected due to higher TCE rates of $16,511/day but was offset by higher opex of $6,132/day. Management fees were $276/day and G&A expenses were $1,902/day.


Increasing 2021 EBITDA estimate to $51.0 million from $47.7 million to reflect 1Q2021 forward cover, current dry bulk market conditions and pending acquisitions.  Our estimate is based on TCE rates of $17,742/day, up from a previous estimate of $17,742/day with no change in ownership days of 4,613. With the quarter largely passed,1Q2021 forward cover was 98% booked at an average TCE rate of …

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, March 25, 2021

Pyxis Tankers Inc. (PXS)
Weak End to 2020, But Capital Raises Add Flexibility

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.

4Q2020 EBITDA Below Expectations. Adjusted 4Q2020 EBITDA of negative $0.2 million was below our estimate due to lower TCE revenue, higher opex and G&A expenses. Versus our estimate, TCE revenue of $3.58 million was $0.8 million lower and opex of $2.86 million was $0.3 million above. G&A expense of $0.61 million was slightly lower than expected by $0.1 million.


Adjusting 2021 EBITDA estimates with potential 2H2021 rebound as the swing factor.  Our 2021 EBITDA estimate drops to $4.3 million from $4.5 million, which is based on TCE rates of $10,167/day and operating days of 1,611. With the quarter largely behind us, 1Q2021 forward cover on the MR fleet is 100% booked at an average rate of ~ $13.2k and 75% of available 2Q2021 available days are booked at …

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 Maritime Holdings Corp. Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2020

 

Highlights of the Fourth Quarter of 2020:

• Net revenues: $21.3 million in Q4 2020, compared to $27.8 million in Q4 2019
• Net Loss of $2.3 million, or $0.7 million excluding one-off charges of $1.61 million, in Q4 2020, compared to a net income of $3.1 million in Q4 2019
• EBITDA1: $8.3 million in Q4 2020, compared to $11.9 million in Q4 2019

Highlights of Full Year 2020:

• Net revenues: $63.3 million in 2020, compared to $86.5 million in 2019
• Net Loss: $18.4 million in 2020, as compared to $11.7 million in 2019
• EBITDA1: $19.9 million in 2020, as compared to $23.8 million in 2019
• Shareholders’ equity of $95.7 million on December 31, 2020, compared to $29.9 million on December 31, 2019

Recent Developments:

• Fleet growth of 40% in the last 9 months with agreements to acquire four high-quality Japanese-built Capesize vessels
• Successful completion of $179 million financial restructuring amicably with the underlying lenders
• Compliance with NASDAQ’s minimum bid price requirement achieved organically, through share price appreciation
• $75 million gross proceeds from a registered direct offering priced at-the-market increasing shareholders’ equity further
• $33.6 million early repayment of a senior and junior loan facilities

March 24, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) announced its financial results for the fourth quarter and twelve months ended December 31, 2020

For the quarter ended December 31, 2020, the Company generated net revenues of $21.3 million, representing a 23.3% decrease compared to the corresponding quarter of 2019. The time charter equivalent rate (“TCE”)1 earned during the fourth quarter of 2020 was $16,511, decreased by 28% from $22,935 in the fourth quarter of 2019, which is mainly attributable to the decrease of the Baltic Capesize Index (“BCI”) in the corresponding quarters. The Company recorded a net loss of $2.3 million compared to net income of $3.1 million in the same quarter of 2019, which includes one-off cash and non-cash charges amounting to $1.6 million associated with the financial restructuring of the Company.

For the twelve-month period ended December 31, 2020, net revenues amounted to $63.3 million, a 27% decrease compared to $86.5 million in the same period in 2019. The TCE earned during 2020 was $11,950, representing a 19% decrease when compared to a TCE of $14,694 in 2019 which compares favorably with the year-on-year percentage decrease in the 5-time charter (“T/C”) route average of the BCI of 27.5%. The average daily vessel operating expenses (“OPEX”) of the fleet for the twelve-month period of 2020 was $5,709, marking a 10% increase when compared with the respective figure for 2019 of $5,172.

Cash and cash-equivalents, restricted cash and term deposits, as of December 31, 2020 stood at $23.7 million, compared to $14.6 million as of December 31, 2019. Shareholders’ equity at the end of the fourth quarter of 2020 was $95.7 million, compared to $29.9 million at the end of the fourth quarter of 2019.

Full report and financials can be found at https://www.seanergymaritime.com/fresheditor/Uploads/806c03193dbeee46642da761ec576e20.pdf

About
Seanergy Maritime Holdings Corp. 

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of the new vessels, the Company’s operating fleet will consist of 14 Capesize vessels with an average age of 12 years and aggregate cargo carrying capacity of approximately 2,461,138 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”.

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  

Source: Seanergy Maritime Holdings Corp.

Tuesday, March 23, 2021

Great Lakes Dredge & Dock (GLDD)
Added Awards Announced

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

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

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

Two major dredging awards announced totaling $90.3 million including the formal announcement on known work and one new award. Yesterday, two major dredging awards for $90.3 million were announced. The awarded work includes: Boston Harbor Navigation Improvement Project-Phase 3 (Capital work for $61.8 million), and Rehabilitation Effort for the Panama City Beaches Coastal Storm Risk Management Project (Coastal Protection for $28.5 million).


Awards add to the four awards for $60.9 million announced in January to bring 1Q2021 awards to $151.2 million.  Please note that the January awards were included in year-end 2020 backlog. The four awards (three maintenance and one coastal protection) include a total work of $60.9 million in Florida and Georgia. Three of the four awards should be completed in 1Q2021 and the fourth extending out into …

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.