Tuesday, July 26, 2022

Seanergy Maritime (SHIP)
Model Adjusted To Reflect Spin-off And Acquisition

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.

On July 6th, SHIP completed the spin-off of United Maritime Corporation which included SHIP’s Capesize vessel Gloriuship. United Maritime (Unfollowed) has since announced the acquisition of four tankers, indicated its intent to focus on the tanker business, and priced a $26 million public offering. The placement of Gloriuship into United Maritime was done to accomplish the spin-off, and we believe the vessel does not fit into United’s long-term plans.

On July 7th, SHIP announced delivery of Capesize M/V Honorship and the financing of $44 million. The financing leaves the company in a good financial position given a March 31 cash position of $40 million. We expect SHIP’s cash position to remain near $40 million following the acquisition and debt issuance….

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.