Wednesday, January 29, 2025
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 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”.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fleet expansion. Seanergy entered into two definitive agreements, one for purchasing a Newcastlemax vessel and the other for a bareboat charter with a purchase obligation for a Capesize vessel. The total acquisition cost is approximately $69.0 million and will be funded with cash and proceeds from credit facilities. Following the purchases, Seanergy’s fleet will consist of 21 vessels with an aggregate cargo-carrying capacity of 3,803,918 deadweight tons (dwt). Both vessels are expected to be delivered within the first quarter of 2025.
Vessel details. The Newcastlemax vessel, to be named “Meiship”, was built in 2013 and has cargo capacity of 207,851 dwt. The Capesize vessel, to be named “Blueship”, was built in 2011 and has a capacity of 178,459 dwt. Pursuant to a six-month bareboat charter, Seanergy advanced a down payment of $4.0 million and will pay an additional $4.0 million upon delivery of the vessel. Seanergy will pay the owner a daily rate of $9,750 per day during the six-month charter period and earn revenue based on the Baltic Capesize Index (BCI). At the end of the six-month charter period, Seanergy is obligated to purchase the vessel for $22.5 million.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.