Tuesday, February 02, 2021

Seanergy Maritime (SHIP)
New Time Charters Should Lower Volatility

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.

Two Capes shifted to time charters. Likely to dampen quarterly volatility. The Fellowship and Geniuship are moving onto time charters with larger shippers at the beginning of 2Q2021. While the time charters are indexed, the move should dampen earnings volatility that previously caused by the timing of voyages. The shift is also positive since the charters offer the opportunity to lock in rates at some point and lower working capital. There is no change to our current EBITDA estimates of $15.1 million in 2020 and $33.5 million in 2021, but only two Capes remain on voyage charters, which should dampen some of the earnings volatility that was driven by the timing of voyage charters.


Dry bulk market thesis intact.  While the past two years were negatively impacted by extreme factors, the dry bulk supply/demand fundamentals appear favorable and the year has started on a better-than-expected note. 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 …

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, February 01, 2021

Grindrod Shipping (GRIN)
Year Off to Positive Start

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.

Dry bulk market thesis intact. While the past two years were negatively impacted by extreme factors, the supply/demand fundamentals appear favorable and the year has started on a better-than-expected note. 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 trends. Supramax rates averaged ~$10.8k/day in 4Q2020 and are close to $12.6k/day, which is counter to normal seasonality. While we expect some 1H2021 seasonality, the strong start to the year is positive.


Fine-tuning 2020 EBITDA estimate and introducing 2021 EBITDA estimate.  Given the firmer state of the dry bulk market, we are fine-tuning our 2020 EBITDA to $45.9 million from $46.0 million. There is limited visibility into this year, but the year is off to a good start and we are introducing a 2021 EBITDA estimate of $52.0 million, up ~13% over our 2020 estimate …

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, February 01, 2021

Euroseas Ltd. (ESEA)
Container Market Strength Drives Price Target Higher

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.

Container market off to good start. Favorable market thesis intact. While the past two years were negatively impacted by extreme factors, the container supply/demand fundamentals appear favorable, more charters with longer terms have been signed at higher TCE rates and the year has started on a better-than-expected note.


Additional days likely to be booked at higher market rates over next two-to-three quarters.  Two intermediates and six feeders should roll to new fixtures this year. The Oakland is indexed at Contex 4250 minus 10% and is currently earning more than $20k/day, up from the 4Q2020 average of $13.2k/day. The Synergy Busan should see a higher rate after it stops working at $8.1k/day in February 2021 …

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, January 29, 2021

Eagle Bulk Shipping (EGLE)
Adding Another Ultramax

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.

Another Utlramax extends fleet renewal program. A 2017-built SDARI-64 will be acquired for ~$19.1 million (cash of $15.0 million and an equity warrant of $4.1 million) in 2Q2021. The warrant will be exchanged into 212,315 unregistered shares at closing. The acquisition adds to the three SDARI-64 Ultramaxes, built in 2015-6 at Chengxi Shipyard and outfitted with scrubbers, already lined up to to add to the fleet in 1Q2021. The impact on the age profile and fuel consumption are positive, and the pro forma fleet will total 49 vessels with an average age of ~8.8 years.


Slight positive impact on 2021 EBITDA.  Assuming the acquisition closes in the middle of 2Q2021, there should be a positive impact and our new EBITDA estimate moves to $78.6 million, up $1.4 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, January 26, 2021

Pyxis Tankers Inc. (PXS)
NobleCon 17 Presentation Reinforces Positive LT Outlook

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.

NobleCon17 Presentation reinforces positive long-term outlook. CEO and majority owner Eddie Valentis (Eddie) made a solid case for PXS in a presentation last week, and highlighted the favorable refined product tanker market trends. Go to Channelchek: https://channelchek.vercel.app/news-channel/NobleCon17_Rebroadcast for replay info.


Thesis intact.  While the past two years were negatively impacted by extreme factors and the year is off to a sluggish start, the supply/demand fundamentals appear favorable. 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 unprecedented global stimulus and solid …

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, January 26, 2021

EuroDry Ltd. (EDRY)
NobleCon 17 Presentations Highlight Favorable Outlook

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands and trades on the NASDAQ Capital Market under the ticker EDRY. EDRY is the product of a spin-off of the dry bulk fleet by Euroseas (ESEA) completed in May 2018. For every five ESEA shares, ESEA shareholders received one EDRY share. There are currently ~2.2 million EDRY shares outstanding. EuroDry operates in the dry bulk shipping markets. EuroDry’s operations are managed by Eurobulk Ltd., an affiliated ship management company, and Eurobulk FE (Far East) Ltd, which are responsible for the day-to-day commercial and technical management and operation of the fleet. EuroDry employs the fleet on spot and period charters and through pool arrangements.

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

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

NobleCon17 presentations highlight firmer dry bulk market and high operating leverage. CFO Dr. Tasos Aslidis offered a solid case for EDRY in a presentation last week, and the positive dry bulk market trends were highlighted on the industry panel. Go to Channelchek: https://channelchek.vercel.app/news-channel/NobleCon17_Rebroadcast for replay info.


Thesis intact.  While the past two years were negatively impacted by extreme factors, the supply/demand fundamentals appear favorable and the year has started on a better-than-expected note. 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 …

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, January 25, 2021

Seanergy Maritime (SHIP)
NobleCon 17 Presentation Highlights Solid Start to Year

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.

NobleCon17 presentations highlight firmer dry bulk market and high Cape market exposure. CEO Stamatis Tsantanis offered a solid case for SHIP in a presentation last week, and he highlighted the positive trends in the dry bulk market, especially for Capes, on the industry panel. Go to Channelchek: https://channelchek.vercel.app/news-channel/NobleCon17_Rebroadcast for replay info.


Thesis intact.  While the past two years were negatively impacted by extreme factors, the dry bulk supply/demand fundamentals appear favorable and the year has started on a better than expected note. 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 unprecedented …

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, January 25, 2021

Pangaea Logistics Solutions Ltd. (PANL)
NobleCon 17 Presentations Reinforce Positive Trends

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.

NobleCon17 presentations highlight firmer dry bulk market and unique business model. Managing Director Mads Boye Peterson and CFO Gianni DelSignore offered a solid case for PANL in a presentation last week, and Mads highlighted the positive trends in the dry bulk market on the industry panel. Go to Channelchek: https://channelchek.vercel.app/news-channel/NobleCon17_Rebroadcast for replay info.


Unique cargo-focused strategy generates rate outperformance and enhances operating flexibility.  The strategy adds operating leverage through chartering-in vessels to meet cargo demand. Charter strategy allows control/management of 45-60 vessels, including 17 owned vessels. The balanced strategy generates positive results across different rate environments and consistent rate outperformance …

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, January 25, 2021

Genco Shipping & Trading Limited (GNK)
Positive Trends Highlighted at NobleCon17

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.

NobleCon17 Presentations Highlight Optimism. CEO John Wobensmith made a solid case for GNK in a presentation last week, and the positive trends in the dry bulk market were highlighted on the industry panel. Go to Channelchek: https://channelchek.vercel.app/news-channel/NobleCon17_Rebroadcast for replay info.


Thesis intact.  While the past two years were negatively impacted by extreme factors, the supply/demand fundamentals appear favorable and the year has started on a better than expected note. 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 unprecedented global …

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, January 25, 2021

Great Lakes Dredge & Dock (GLDD)
NobleCon17 Presentation Highlights Positive Dredging Outlook

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.

NobleCon17 presentation highlights positive dredging market outlook. CEO Lasse Petterson and CFO Mark Marinko offered a solid case for GLDD in a presentation last week. Go to Channelchek: https://channelchek.vercel.app/news-channel/NobleCon17_Rebroadcast for replay info.


Dredging market outlook remains solid and potential infrastructure spending creates tailwind.  Recent awards are positive signals after the loss on the Spanish Ridge work in Louisiana in December. Other positives include stronger global LNG prices that could help move the NextDecade (NEXT) LNG project to FID and the potential higher infrastructure spending in fiscal stimulus plans. While competition …

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, January 25, 2021

Euroseas Ltd. (ESEA)
NobleCon 17 Presentation Highlights Strong Container Market

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.

NobleCon17 presentations highlight firmer container market and high operating leverage. CFO Dr. Tasos Aslidis offered a solid case for ESEA in a presentation last week, and he highlighted the positive trends in the container market on the industry panel. Go to Channelchek: https://channelchek.vercel.app/news-channel/NobleCon17_Rebroadcast for replay info.


Positive thesis intact.  While the past two years were negatively impacted by extreme factors, the container supply/demand fundamentals appear favorable, more charters with longer terms have been signed at higher TCE rates and the year has started on a better-than-expected note. The order book and supply growth remain historically low due to shipyard restrictions, regulatory uncertainty and …

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, January 25, 2021

Eagle Bulk Shipping (EGLE)
Year Off to Good Start – Flat Water and Blue Sky?

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.

NobleCon17 Presentations Highlight Optimism. CEO Gary Vogel and CFO Frank DeConstanzo made a solid case for EGLE in a presentation last week, and Gary highlighted the positive trends in the dry bulk market on the industry panel. Go to Channelchek: https://channelchek.vercel.app/news-channel/NobleCon17_Rebroadcast for replay info.


Thesis intact.  While the past two years were negatively impacted by extreme factors, the supply/demand fundamentals appear favorable and the year has started on a better than expected note. 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 …

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 (SHIP) CEO Stamatis Tsantanis at NobleCon17 – Noble Capital Markets 17th Annual Small & Microcap Investor Conference – January 2021. Following the formal presentation, Noble Capital Markets Senior Research Analyst Poe Fratt joins Stamatis to moderate a Q&A session. NobleCon 17 Complete Rebroadcast