Wednesday, June 29, 2022
Seanergy Maritime (SHIP)
Management backs up its claims of stock undervaluation with share buyback
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, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Seanergy’s Board increased its share buyback. The Board authorized the additional purchase of up to $5 million of its outstanding common shares, convertible notes or warrants. The amount is in addition to two repurchase plans totaling $26.7 million that have been completed over the last seven months.
Management is also buying shares. Stamatis Tsantanis (Chairman & CEO) indicated his intent to buy an additional 500,000 shares of common stock on the open market. At current prices, the purchase would represent approximately $0.5 million. Mr. Tsantanis reiterated that Seanergy’s management and board of directors “believe that our current share price is significantly undervalued.” The shares have fallen from a level of $1.20 per share a month ago to the current level near $0.80 per share in response to weakening Capesize shipping rates and overall stock market weakness….
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.