Thursday, March 18, 2021

Euroseas Ltd. (ESEA)
Higher Rate Charters Boost 2021 EBITDA and Price Target

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.

Two new charters at higher-than-expected rates announced. The charter on the EM Kea, a 2007-built 3,091 TEU vessel, was extended for 25-28 months at a rate of $22.0k/day, or well above the current rate of $8.1k/day. The Synergy Busan, a 2009-built 4,253 TEU vessel, entered into a new 36-40 month time charter contract at a rate of $25.0k/day, or well above the current rate of $12.0k/day.


Net impact in the $3.5 million range.  We are increasing 2021 EBITDA estimate. Our new 2021 EBITDA is $31.1 million based on TCE rates of $14.8k/day, up from $27.6 million based on TCE rates of $14.1k/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. 

Euroseas Ltd. Announces New Charters for Two of Its Vessels, M/V “Synergy Busan” and M/V “EM Kea”

 

ATHENS, Greece, March 17, 2021 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today the extension of the charter of its container vessels M/V “EM Kea” and a new time charter contract for its container vessel M/V “Synergy Busan”. Specifically:

• The charter of M/V “EM Kea”, a 3,091 TEU vessel built in 2007, was extended for a period between a minimum of twenty-five and a maximum of twenty-eight months at the option of the charterer, at a daily rate of $22,000. The new rate will commence on April 25, 2021 about 2 months earlier than the latest expiration of the present charter.

• M/V “Synergy Busan”, a 4,253 TEU vessel built in 2009, entered into a new time charter contract for a period of between a minimum of thirty-six and a maximum of forty months at the option of the charterer, at a daily rate of $25,000. The new rate will commence between June 9, 2021 and August 9, 2021 when the vessel will be redelivered from its current charterer.
  

Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are very pleased to announce new charters for two of our vessels for periods of at least two and three years, respectively, at rates more than twice the levels of their existing employment. The new charters secure a minimum of $40m of contracted revenues and make an annualized EBITDA contribution of approximately $11.5m which is about $9.0m higher than, or 4.5 times, their present contribution of about $2.5m, significantly improving our profitability and cash flow visibility.

“Undoubtedly, the containership markets have had a remarkable run over the last six months with all factors in the marketplace suggesting continuing strength. After these two charters, seven of our fourteen vessels would be earning higher rates reflective of the recent market recovery. If the present market levels continue, renewals of the five remaining charters with legacy rates expiring in 2021 should result in significant further increase in our profitability. The cash flow generated would be available to further strengthen our balance sheet, be used for further investment or for reinstitution of dividends or a combination thereof, as always, at the discretion of our Board or Directors.”

Fleet Profile:

The Euroseas Ltd. fleet profile is as follows:

Name	Type	Dwt	TEU	Year Built	Employment(*)	TCE Rate ($/day)
Container Carriers
AKINADA BRIDGE (*)	Intermediate	71,366	5,610	2001	TC until Oct-21 plus 10-12 months option	$17,250; option $20,000
SYNERGY BUSAN (+)	Intermediate	50,726	4,253	2009	TC until Aug-21 / TC until Aug-24	$12,000 $25,000
SYNERGY ANTWERP (*)	Intermediate	50,726	4,253	2008	TC until Sep-23	$18,000
SYNERGY OAKLAND (*)	Intermediate	50,787	4,253	2009	TC until Jun-21	CONTEX(**) 4,250 less 10%
SYNERGY KEELUNG (+)	Intermediate	50,969	4,253	2009	TC until Jun-22 plus 8- 12 months option	$10,000 until Jun- 21; $11,750 until Jun-22; option $14,500
EM KEA	Feeder	42,165	3,100	2007	TC until Apr-21 TC until May-23	$8,100 $22,000
EM ASTORIA (*)	Feeder	35,600	2,788	2004	TC until Dec-21	$18,650
EVRIDIKI G (*)	Feeder	34,677	2,556	2001	TC until Dec-21	$15,500
EM CORFU (*)	Feeder	34,654	2,556	2001	TC until Sep-21	$10,200
DIAMANTIS P (+)	Feeder	30,360	2,008	1998	TC until Aug-21	$6,500
EM SPETSES (+)	Feeder	23,224	1,740	2007	TC until Jul-21	$8,100
EM HYDRA (+)	Feeder	23,351	1,740	2005	TC until May-21	$7,200
JOANNA (+)	Feeder	22,301	1,732	1999	TC until Apr-21	$8,050
AEGEAN  EXPRESS (*)	Feeder	18,581	1,439	1997	TC until Mar-22	$11,500
Total Container Carriers	14	539,487	42,281

^{Notes:
(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each time charter unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).
(**)The CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers’ Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for container ships. It is based on assessments of the current day charter rates of six selected container ship types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types 2,500, 2,700, 3,500 and 4,250 TEU, all with a charter period of two years.}

About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.

Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements. 

The Company has a fleet of 14 vessels, including 9 Feeder containerships and 5 Intermediate Container carriers. Euroseas 14 containerships have a cargo capacity of 42,281 teu.

Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 

Visit our website: www.euroseas.gr

Company Contact	Investor Relations / Financial Media
Tasos Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury Lane, Watchung, NJ 07069 Tel. (908) 301-9091 E-mail: aha@euroseas.gr	Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com

Source: Euroseas Ltd.

Wednesday, March 17, 2021

Pangaea Logistics Solutions Ltd. (PANL)
Solid Finish to 2020 and New Year Starting on Good Note

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.

4Q2020 results above expectations and a solid finish to a challenging year.  Unique and consistent business model delivered high TCE rate outperformance of more than $4.4k/day, and adjusted 4Q2020 EBITDA of $12.9 million was above expectations of $12.0 million. While down from $15.1 million in 3Q2020 and $13.5 million in 4Q2019, quarterly results were positive since there is typically a seasonal falloff and shipping days were 7% lower versus last year.


Revising 2021 EBITDA estimate to $53.5 million based on TCE rates of $15,812/day and total shipping days of 19,260.  Looking into this year, we believe that the prospects look very good for the dry bulk market, with recovering demand, lower trade tension and muted supply growth. The fleet renewal program should also have a positive impact and help capture upside potential …

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, March 15, 2021

Eagle Bulk Shipping (EGLE)
Firm Market Drives Price Target Higher Again

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.

ATM program filing seems well timed. After seeing the stock more than double this year, the move to establish an ATM program and raise up to $50 million of equity seems logical. We would not be surprised to see the major shareholders scale back too. Currently, more than 60% of the outstanding shares are owned by two investment funds and any selling would expand the public market float and improve trading liquidity.


Strong currency adds flexibility.  The ATM filing highlighted that Ultramax acquisitions as a possible use of proceeds. While we don’t like using net asset value (NAV) in a normal/rising market, Ultramax acquisitions funded with equity would have a favorable impact since the stock is trading at a premium to our YE2021 NAV estimate …

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 10, 2021

Pangaea Logistics Solutions Ltd. (PANL)
Well-timed Acquisitions Expand Fleet At Opportune Time

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.

4Q2020/FY2020 Results should preview solid 2021 outlook. Results will be out after market closes on Monday, March 15th and management will host a call on Tuesday, March 16th at 8:00am EST. Number is 888-895-3561 and code is 5197869. We are looking for EBITDA of $12.0 million based on TCE rates of $12.8k/day and shipping days of 4,600. The TCE rate outperformance estimate is in the $2.5k/day range.


Acquisitions increase market exposure and expands fleet to 21.  A 2013-built Panamax (tbn Bulk Promise) will be acquired for $18.3 million with delivery expected by July 2021. The acquisition complements the acquisition of a 2013-built Ultramax (tbn Courageous) for $16.5 million announced last month. Combined with the delivery of ice class Post-Panamax newbuilds over the rest of the year, the fleet …

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, March 08, 2021

Eagle Bulk Shipping (EGLE)
Strong Start Sets Positive Path For New Year

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.

Adjusted 4Q2020 EBITDA of $22.0 million slightly below expectations due to lower TCE rates and higher costs. Impressive 1Q2021 forward cover pushed up EBITDA and TCE rate estimates. 1Q2021 forward cover of 93% of available booked at $15,085/day is very impressive and 2Q2021 FFA rates are in the $18.5k/day range. On Friday, we increased our 2021 estimates to $132.9 million for EBITDA and $14,620/day for TCE rates.


Dry bulk market thesis intact.  While the past two years were negatively impacted by extreme factors, 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 …

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, March 05, 2021

Eagle Bulk Shipping (EGLE)
Impressive Forward Cover Drives Price Target 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.

Adjusted 4Q2020 EBITDA of $22.0 million slightly below expectations due to shortfall in TCE rates and higher costs. Call today at 8am EST: number is 844-282-4411 and code is 7949538. FY2020 finished strongly with $10 million higher sequential EBITDA. TCE rates were less robust than expected and opex and G&A expenses were higher, but outlook is bright.


Raising 2021 EBITDA estimate due to impressive 1Q2021 forward cover and higher TCE rate assumptions.  1Q2021 forward cover of 93% of available booked at $15,085/day is very impressive and sets the tone for the year. We are increasing our 2021 EBITDA estimate to $131.9 million from $90.2 million due to higher TCE rates of $14,620/day, up from $11,803/day…

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

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

Friday, March 05, 2021

Seanergy Maritime (SHIP)
Offering Funds Cape Acquisition and Reduces Debt

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.

Equity offering funds acquisition and lowers financial leverage. Recently, 44.5 million shares were issued at $1.75/share to raise approximately $70 million in a well-timed offering. A portion of the proceeds will fund the acquisition of the Tradership, a 2010- built Cape for $17 million. The acquisition is likely to close in early 2Q2021 and the fleet will increase to 12. Debt of $33.6 million will also be repaid early.


Adjusting EBITDA estimates to reflect current dry bulk market conditions and the pending acquisition.  Our EBITDA estimates moves to $14.5 million in 2020 (from $15.1 million) based on TCE rates of $12,072/day, and $40.7 million in 2021 (from $33.5 million) based on TCE rates of $17,251/day. Higher rates were counter to normal seasonality in January, but the expected 1H2020 seasonality appears to…

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. Announces Full Prepayment of a Senior Credit Facility and Reduction of Junior Facilities Resulting in Significant Cashflow Benefit

 

GLYFADA, Greece, March 04, 2021 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that it has come to an agreement with one of its lenders, Entrust Global, for the early prepayment of a credit facility secured by a first priority mortgage on one of its Capesize vessels, the M/V Lordship (the “Facility”).

The outstanding balance of the Facility is $21.6 million and is scheduled to be repaid with immediate effect. The initial earliest maturity date is in June 2023. The average applicable coupon through the remaining term of the Facility is approximately 10%.

Following the prepayment and assuming no refinancing of the M/V Lordship, the interest savings for the Company would be expected to be $1.3 million for the remaining of 2021 and $1.8 million on average per year for 2022-23. Additionally, annual repayments would be reduced by approximately $2.5 million on average, which would positively impact the average break-even rate of the Company’s fleet.

In addition, a significant portion of the Company’s junior / unsecured facilities has also been prepaid since the beginning of 2021 pursuant to the mandatory prepayment terms of those facilities, resulting in further reduction in the interest expense. Specifically, a $12.0 million prepayment has been applied against the junior / unsecured loans with an applicable interest rate of 5.5%, resulting in expected annual interest savings of approximately $660,000.

The prepayment amounts were funded with cash on hand.

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

“We are pleased to announce these transactions for the Company, where the immediate reduction of our financial expenditure will have a direct positive reflection on the Company’s profitability. At the same time, the average break-even of the fleet will be significantly reduced, enhancing our cash-flow generating capacity. Assuming no immediate refinancing, the expected cash-flow benefit for Seanergy will be approximately $4.9 million per year.

During the first quarter of 2021, the Capesize daily spot rates have increased to approximately double their historical 5-year averages. Based on the prevailing Capesize market fundamentals, we strongly believe that the next years will be one of the most favorable periods for Capesize vessels. Seanergy will continue to pursue strategic opportunities that will improve our shareholders’ returns in the years to come.”

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 vessel, the Company’s operating fleet will consist of 12 Capesize vessels with an average age of 12.2 years and aggregate cargo carrying capacity of approximately 2,103,042 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, including the Registration Statement and 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:

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.

Wednesday, March 03, 2021

Pyxis Tankers Inc. (PXS)
Capital Raises Expand Public Market Float and Enhance 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.

Well-timed equity offering captured the upside move and creates financial flexibility. Public float materially improves. Recently, a private equity offering was priced at $1.75/share and 14.3 million shares were issued to raise $23.1 million, net. The offering expands the public market float to 53% and adds financial flexibility to potentially shift to growth after struggling to raise capital over the past few years. While there is no specific plan detailed yet, we expect added color when 4Q2020/FY2020 results are report on/about March 17th.


Partial preferred conversions and warrant exercises add to share count and boost cash.  To boost liquidity in 4Q2020, a convertible preferred offering of $5.0 million was completed in October. Over the past several months, about $1.0 million of convertible preferred has converted into 733k shares. In addition, 144.5k warrants were exercised. Adjusting for the equity offering, convertible preferred …

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, March 01, 2021

Grindrod Shipping (GRIN)
2H2020 Results Below Expectations But Transitioning to More Positive Outlook

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.

Despite improved dry bulk market outlook, 2H2020 results lagged. Reported 2H2020 EBITDA of $18.5 million dropped from 2H2019 EBITDA of $25.1 million even though the dry bulk market fundamentals started to improve in late 1H2020. Adjusting for IFRS 16 adoption, we calculate that adjusted EBITDA was $12.8 million in 2H2020, which was below expectations.


Fine tuning 2021 EBITDA estimate.  Dry bulk market thesis intact. Given the firmer state of the dry bulk market, we are fine-tuning our 2021 EBITDA to $52.6 million from $52.0 million. There is limited visibility into this year, but the year is off to a good start. Supramax rates averaged ~$10.8k/day in 2H2020 and are currently above $20.0k/day, which is counter to normal seasonality. While we …

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, March 01, 2021

Genco Shipping & Trading Limited (GNK)
A Solid Finish to 2020 and Good Start to 2021

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

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

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

Adjusted 4Q2020 EBITDA of $29.7 million in line with expectations. Strong finish to year with $5 million higher EBITDA and TCE rate move to $13.2k/day. The improvement that started in late 2Q2020 extended into 4Q2020 and operating results benefitted from the recovery in the dry bulk market. TCE rates more than doubled $13.2k/day from $6.7k/day in 2Q2020 and more than offset higher opex and G&A expenses. TCE rates extended the across the board rebound even in the midst of lingering uncertainty from COVID-19. The commercial management strategy generated TCE rate outperformance of $811/day, or incremental revenue of ~$15 million, in 2020 and the 4Q2020 TCE rate was the highest posted in two years.


Fine tuning 2021 EBITDA estimate of $133.8 million with higher TCE rate assumptions of $15.5k/day easily offsetting a smaller fleet.  After a drop in 1Q2021, EBITDA should move higher this year as stronger TCE rates of $15.5k/day more than offsets the 3.7k drop in ownership days …

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, February 26, 2021

Euroseas Ltd. (ESEA)
Solid Operating Results – Outlook Remains Favorable

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.

Adjusted 4Q2020 EBITDA of $2.2 million in line with expectations with higher TCE rates offsetting higher opex. Reported adjusted EBITDA was $2.1 million. We added back drydock expenses of $0.1 million to calculate adjusted EBITDA of $2.2 million, which was in line with our estimate of $2.2 million with higher TCE rates offsetting higher opex and more idle days.


Fine tuning EBITDA estimate of $27.6 million to reflect solid contract cover with upside potential.  We estimate 67% of 2021 available days are booked at average rates of ~$12.3k/day, up from previous forward cover of 61% booked at an average rates of ~$11.8k/day. Versus our current 2021 EBITDA estimate, marking open charters to market represents upside of more than $3 million, or close to …

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.