Wednesday, October 27, 2021

Seanergy Maritime (SHIP)
Attractive Financing Locked in

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 Capesize vessels. Upon delivery of the M/V Dukeship, the Company’s operating fleet will consist of 17 Capesize vessels with an average age of 11.5 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”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

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

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

Worldship financing secured. A commitment on a five year term loan for ~$16.9 million has been secured with closing expected in November. Annual amortization is ~$2.2 million with a balloon of $6.1 million at maturity. Pricing of Libor plus 305 basis points is attractive and might drop if emission reduction targets are hit.


Stock price weakness might trigger buy backs.  Pro forma 4Q2021 cash estimate is $58 million and Dukeship will be unencumbered so financial flexibility is good. While the Dukeship acquisition might have pushed out buy backs since retiring convert debt is the near-term priority, buy backs below the conversion price of $1.20/share would also be attractive …

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.