Friday, July 07, 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.
Seanergy repurchased approximately 2% of its shares outstanding at an average price of $4.35 per share. The shares were repurchased at an 11.2% discount to its July 5th stock price. The shares fell approximately 5% on July 6th, a reflection of weakness in the overall market more than the share repurchase announcement. SHIP reported a cash position of $20 million at the end of the first quarter, adequate capital to finance the $1.6 million share repurchase.
Seanergy also announced an agreement to acquire a vessel through a bareboat-in charter. A bareboat-in charter allows the acquirer to take possession of a boat for which no crew or provisions are included as part of the agreement. Seanergy will pay $7 million and $9,000/day for the 12-month charter and has an option to purchase the vessel for $20.2 million. Despite Capesize Drybulk shipping rates declining in recent weeks, they agreement should provide a modest boost to near-term cash flow generation. We would expect the company to execute its option to purchase the vessel and become the 18th ship in Seanergy’s fleet.
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