Seanergy Announces Delivery & Immediate Period Employment of one Capesize Vessel and New Bank Loan Facility

 

July 27, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) reported today the delivery of a previously-announced Capesize vessel acquisition, the M/V Friendship (the “Vessel”). The Vessel is a 176,952 dwt Capesize bulk carrier, built in 2009 by Namura Shipbuilding Co., Ltd. in Japan. The M/V Friendship is the fifth Capesize delivery that Seanergy has successfully completed in 2021 to date.

The Vessel has been fixed on a time charter (“T/C”) with NYK Line, a leading Japanese corporation, which is an existing charterer of Seanergy. The T/C is expected to commence immediately, upon finalization of the customary transition process and will have a term of minimum 17 to maximum 24 months from the delivery. The gross daily rate of the T/C is based at a premium over the Baltic Capesize Index (“BCI”).

Moreover, Seanergy received approval, from one of its existing lenders to partially finance the acquisition of the M/V Friendship. The loan facility of up to $13.0 million bears interest rate of LIBOR + 3.25%, has a four-year term and will be repaid through 4 quarterly instalments of $0.7 million followed by 12 quarterly instalments of $0.38 million and a balloon of $5.7 million payable together with the last instalment.

Company fleet on a fully delivered basis and following the sale of the M/V Leadership:

* 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 11.4 years and aggregate cargo carrying capacity of approximately 2,829,631 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: [email protected]

Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: [email protected]

Tuesday, July 27, 2021

Euroseas Ltd. (ESEA)
Positive Impact of Another Oakland Rate Reset

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 reset on the Oakland intermediate. Yesterday morning, the fleet employment table was updated on the web site to show that the TCE rate on the Oakland had moved up to $64.7k/day over the weekend versus the last reset of $38.0k/day in April. The reset is the last one under a charter that is based on 90 percent of the Contex index for 4,250 TEU vessels, which had moved up into the more than $70.0k/day range. Once the current charter ends in late October, the Oakland is likely to move onto a longer term charter.


Tight supply and higher container rates are positives for upcoming charters.  According to Contex indices, rates have moved up by more than 40% over the past several weeks. Our current estimates assume that the feeders (Spetses/Diamantis/Corfu/Evridiki) will soon secure longer term work at charter rates in the $20.0k—$25.0k/day range …

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, July 27, 2021

Grindrod Shipping (GRIN)
Another Positive Move to Acquire JV Interest

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.

Remaining IVS Bulk joint venture interest of 31.1% acquired for $46.3 million. We view this move as positive since it effectively expands the fleet by four (two Supras/Two Handys) and eliminates another joint venture interest. Pricing is based on May 13th appraisal and April 30th financials. Funding will be comprised of combo of IVS Bulk existing cash and a new credit line of $23 million to redeem IVS preferred and existing GRIN cash after IVS Bulk preferred redemption.


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. CEO Martyn Wade …

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. 

Seanergy Announces Delivery & Immediate Period Employment of one Capesize Vessel and New Bank Loan Facility

 

July 27, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) reported today the delivery of a previously-announced Capesize vessel acquisition, the M/V Friendship (the “Vessel”). The Vessel is a 176,952 dwt Capesize bulk carrier, built in 2009 by Namura Shipbuilding Co., Ltd. in Japan. The M/V Friendship is the fifth Capesize delivery that Seanergy has successfully completed in 2021 to date.

The Vessel has been fixed on a time charter (“T/C”) with NYK Line, a leading Japanese corporation, which is an existing charterer of Seanergy. The T/C is expected to commence immediately, upon finalization of the customary transition process and will have a term of minimum 17 to maximum 24 months from the delivery. The gross daily rate of the T/C is based at a premium over the Baltic Capesize Index (“BCI”).

Moreover, Seanergy received approval, from one of its existing lenders to partially finance the acquisition of the M/V Friendship. The loan facility of up to $13.0 million bears interest rate of LIBOR + 3.25%, has a four-year term and will be repaid through 4 quarterly instalments of $0.7 million followed by 12 quarterly instalments of $0.38 million and a balloon of $5.7 million payable together with the last instalment.

Company fleet on a fully delivered basis and following the sale of the M/V Leadership:

* 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 11.4 years and aggregate cargo carrying capacity of approximately 2,829,631 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: [email protected]

Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: [email protected]

Monday, July 26, 2021

Genco Shipping & Trading Limited (GNK)
Upward Bias Due to Favorable Market Fundamentals

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.

2Q2021 Results out AMC on August 4th and Investor Call at 8:30am EST on August 5th. 

The call number is 800-430-8332 and code is 8885406. Our 2Q2021 EBITDA estimate is $50.1 million based on TCE rates of $21.0k. We will look for color on: 1) Lagging Cape market and impact of efforts by China to curb inflation; 2) Visibility and tone of Supra/Ultra market; 3) Time charter opportunities; 4) Hedging activity; 5) M&A activity and the cost/timing of recent acquisitions; and 6) Variable dividend policy.


Increasing 2021 EBITDA estimate to $200 million based on TCE rates of $20.2k/day, up from $184 million and TCE rates of $19.1k/day.  2Q2021 forward cover was high with Capes 72% booked at $24.9k/day and Ultras/Supras 76% booked at $17.8k/day so weighted toward 2H2021 estimates. Five time charters signed, but visibility limited …

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, July 26, 2021

Genco Shipping & Trading Limited (GNK)
Upward Bias Due to Favorable Market Fundamentals

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.

2Q2021 Results out AMC on August 4th and Investor Call at 8:30am EST on August 5th. 

The call number is 800-430-8332 and code is 8885406. Our 2Q2021 EBITDA estimate is $50.1 million based on TCE rates of $21.0k. We will look for color on: 1) Lagging Cape market and impact of efforts by China to curb inflation; 2) Visibility and tone of Supra/Ultra market; 3) Time charter opportunities; 4) Hedging activity; 5) M&A activity and the cost/timing of recent acquisitions; and 6) Variable dividend policy.


Increasing 2021 EBITDA estimate to $200 million based on TCE rates of $20.2k/day, up from $184 million and TCE rates of $19.1k/day.  2Q2021 forward cover was high with Capes 72% booked at $24.9k/day and Ultras/Supras 76% booked at $17.8k/day so weighted toward 2H2021 estimates. Five time charters signed, but visibility limited …

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, July 23, 2021

Orion Group Holdings (ORN)
Heavy Spring Showers But Positive Outlook Intact

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

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

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

Adjusting EBITDA estimate ahead of earnings call due to heavy spring rainfall in Texas. Rainfall, especially in May, was heavy in Houston and Dallas, and our 2021 EBITDA estimate drops by $1.0 million to $9.5 million with gross margin of 11.0% and EBITDA margin of 6.7%. Outlook remains constructive, with new awards of $53 million announced in 2Q2021 ($38 million in Marine and $17 million in Concrete). Potential backlog likely to remain high since 1Q2021 bids outstanding were close to $1.9 billion (~75% in Concrete).


Quarterly numbers and call late next week.  2Q2021 results will be out AMC on July 28th and management will host a 10:00 am EST call on July 29th. The call number is 201-493-6739 and the code is Orion Group. Our 2Q2021 EBITDA estimate is $46.0 million with gross margin of 11.0% and EBITDA margin of 5.8%. On the call, we will look for details on: 1) Impact of weather in 2Q2021 and any lingering …

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. 

Conrad Shipyard hosted a Steel Cutting Ceremony for Great Lakes Dredge

 

Morgan City, LA: Conrad Shipyard hosted a Steel Cutting Ceremony for Great Lakes Dredge & Dock Company (GLDD) at its shipyard in Morgan City, Louisiana. The ceremony signifies the start of construction of two Damen-designed Multi-Cat vessels, the first Multi-Cats to be built in the U.S. Deliveries are scheduled for Q3 and Q4 of 2022.

The two identical vessels measure 98.92’ in length, and are powered by three Caterpillar C32 TTA engines capable of meeting speeds of 10.2 knots. Equipped with large winches and deck cranes, the vessels will have maximum bollard pull of 31.75 short tons.

David Johanson, GLDD’s Senior Vice President of Project and Area Operations for the Gulf of Mexico, said the new vessels eliminate the need for assorted floating support equipment such as derrick barges, towboats and anchor barges. “The Multi-cats also significantly increase operational safety – enabling hose and pipe maintenance works to take place securely on deck reducing the risk of man-overboards compared to standard industry methods utilizing floating pontoons. This will improve our operational efficiency,” he said.

Brett Wolbrink, Conrad Executive Vice President and Chief Operating Officer, discussed the relationship between Conrad and GLDD:

“We are pleased to be constructing multiple vessels for GLDD and we value the continued confidence that GLDD has shown in Conrad and in our talented workforce not only in new construction but also in repair. It is our pleasure to work with your team, and it is our honor to build these unique and versatile vessels for you,” he said.

ABOUT CONRAD SHIPYARD Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, constructs and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel and aluminum products for both commercial and government markets. Conrad provides both repair and new construction services atitsfive Gulf Coast shipyards located in southern Louisiana and Texas.

ABOUT GREAT LAKES DREDGE & DOCK Great Lakes Dredge & Dock Corporation 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. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of over 200 specialized vessels. For Additional

Information Contact: Robert Sampey, Vice President, at 985.384.3060 • [email protected]

Conrad Shipyard hosted a Steel Cutting Ceremony for Great Lakes Dredge

 

Morgan City, LA: Conrad Shipyard hosted a Steel Cutting Ceremony for Great Lakes Dredge & Dock Company (GLDD) at its shipyard in Morgan City, Louisiana. The ceremony signifies the start of construction of two Damen-designed Multi-Cat vessels, the first Multi-Cats to be built in the U.S. Deliveries are scheduled for Q3 and Q4 of 2022.

The two identical vessels measure 98.92’ in length, and are powered by three Caterpillar C32 TTA engines capable of meeting speeds of 10.2 knots. Equipped with large winches and deck cranes, the vessels will have maximum bollard pull of 31.75 short tons.

David Johanson, GLDD’s Senior Vice President of Project and Area Operations for the Gulf of Mexico, said the new vessels eliminate the need for assorted floating support equipment such as derrick barges, towboats and anchor barges. “The Multi-cats also significantly increase operational safety – enabling hose and pipe maintenance works to take place securely on deck reducing the risk of man-overboards compared to standard industry methods utilizing floating pontoons. This will improve our operational efficiency,” he said.

Brett Wolbrink, Conrad Executive Vice President and Chief Operating Officer, discussed the relationship between Conrad and GLDD:

“We are pleased to be constructing multiple vessels for GLDD and we value the continued confidence that GLDD has shown in Conrad and in our talented workforce not only in new construction but also in repair. It is our pleasure to work with your team, and it is our honor to build these unique and versatile vessels for you,” he said.

ABOUT CONRAD SHIPYARD Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, constructs and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel and aluminum products for both commercial and government markets. Conrad provides both repair and new construction services atitsfive Gulf Coast shipyards located in southern Louisiana and Texas.

ABOUT GREAT LAKES DREDGE & DOCK Great Lakes Dredge & Dock Corporation 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. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of over 200 specialized vessels. For Additional

Information Contact: Robert Sampey, Vice President, at 985.384.3060 • [email protected]

Wednesday, July 21, 2021

Pangaea Logistics Solutions Ltd. (PANL)
Fleet Expansion and Firm Market Impact Estimates

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

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

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

Increasing 2021 EBITDA estimate to $68.2 million based on TCE rates of $21.7k/day from $63.4 million based on TCE rates of $21.0k/day and total shipping days of 19,260. The outlook remains firm and we moved our quarterly TCE rate estimates higher by $1k to $22.5k/day in 2Q2021, $25.0k/day in 3Q2021 and $22.5k/day in 4Q2021.


Fleet expansion update.  After selling several older dry bulk vessels over the past two years, 2Q2021 was busy on the fleet expansion front, with the delivery of two Ice-Class Post Panamax new builds and the closing of two acquisitions of a 2013-built Ultramax and a 2013-built Supramax. The acquisition of a 2013-built Panamax closed last week and two other new builds are slated for delivery in …

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

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

Monday, July 19, 2021

Eagle Bulk Shipping (EGLE)
2021 EBITDA Estimate and Market Float Moving Higher

Eagle Bulk Shipping Inc. is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.

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

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

Moving 2021 EBITDA higher to reflect higher TCE rate assumptions and timing of acquisitions. Our 2021 EBITDA estimate moves higher to $216.9 million based on higher TCE rates of $20.7k/day. Higher TCE rates more than offset updated timing on the closing of acquisitions. After all acquisitions close, operating leverage will be high, with each $1.0k/day change in TCE rates impacting cash flow/EBITDA by $18.4 million, or ~$1.44/share.


Recent sales by large shareholder is a positive event due to reduced overhang, higher public float and higher trading liquidity.  ATM equity offerings also expanding share count and public float. In June, GoldenTree Asset Management sold 1.95 million shares in a secondary offering priced at $46.50/share and reduced the ownership position from 3.0 million shares (22.6%) to 1.1 million shares (8.1%) …

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, July 16, 2021

Euroseas Ltd. (ESEA)
Preferred Shares Converted and New Build Capex Update

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.

Strong stock price performance triggers conversion of preferred shares into common shares. ESEA recently notified Blackrock that it intended to issue a notice of redemption no earlier than July 9, 2021, and Blackrock converted the preferred shares into common shares at $14.05/share in June, as Preferred Friends Investment had earlier on June 15th. A total of 453k common shares were issued and the current share count is ~7.24 million shares.


Updated timing of 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 ~$76 million. We estimate that a 10% deposit of $7.6 million will be paid in 3Q2021, with payments of $3.8 million in 2Q2022, $7.6 million in 3Q2022, $7.6 million in 4Q2022, $3.8 million in 1Q2023. Payments upon delivery 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, July 15, 2021

Pyxis Tankers Inc. (PXS)
Another Capital Raise Bolsters Financial 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.

Follow on convertible preferred offering raises $6.2 million. About 308k shares of 7.75% Series A convertible preferred shares priced at $20/share. While no warrants were issued and conversion price remains $1.40/share, the preferred shares were priced at a discount of 20% and a yield of 9.7%.


Acquisition set to close shortly.  The acquisition of a MR tanker for $20.0 million was announced about a month ago, and the transaction should close by late July. A new seven year term loan of $13.5 million at Libor plus 480 basis points and existing cash will finance the acquisition …

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.