Monday, June 17, 2019

Seanergy Maritime Holding Corp. (SHIP)

Upgrading the Shares – High Risk but High Upside Potential

Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. The company owns a modern fleet of 11 dry bulk carriers consisting of 9 Capesizes and 2 Supramaxes with a combined cargo-carrying capacity of approximately 1,682,582 dwt and an average fleet age of 8.1 years. The company was formerly known as Seanergy Maritime Corp. and changed its name to Seanergy Maritime Holdings Corp. in January 2009. 

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

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

• Weaker Than Expected 1Q2019 Results. Reported adjusted 1Q2019 EBITDA of $0.4 million was below our estimate of $1.0 million and well below 4Q2018 EBITDA of $6.3 million, mainly due to lower time equivalent (TCE) rates..
• Adjusting 2019 EBITDA estimate to reflect lower rates. Market improvement expected later this year. To incorporate weak 1Q2019 operating results and the current cape market environment, our EBITDA estimate moves down…
  

  
  
  
  
  

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