Seanergy Maritime (SHIP) – Results generally in line once one-time gain removed


Friday, May 26, 2023

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. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,011,083 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” and its Class B warrants under “SHIPZ”.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Revenues fell on lower shipping rates in line with expectations. Seanergy reported 2023-1Q revenues of $18.03m versus $29.7m last year but above our $17.4m projection. The average TCE rate for the quarter was $11,005/d versus $19,357/d causing the decline. Seanergy continues to receive above-market pricing due to its modern fleet and use of scrubbers. Management noted that TCE rates have risen above $18,000 allowing it to lock-in or extend ship rates. Seanergy has fixed approximately 75% of 2023-2Q available shipping days and estimates an average TCE of $18,870 based on forward rates.

Bottom line results reflect lower revenues. Seanergy reported 2023-1Q adjusted EBITDA of $3.9m versus $16.7m. Results were above our projection of $0.0m. Better-than-expected results reflect slightly higher revenues combined with slightly lower depreciation and financing costs. Seanergy reported 2023-1Q adjusted net income of ($0.3m) or ($0.02) per share. However, the company did not exclude an $8.1m gain on sale. Excluding the gain, adjusted net income would have been ($8.4m) or ($0.47) per share versus our ($12.4m) or ($0.69) per share estimate.


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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. 

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