Friday, June 24, 2022

Seanergy Maritime (SHIP)
Seanergy Acquire Vessel, Spins Off Older Vessel

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 acquires a modern Capesize vessel. Seanergy announced that it had acquired a ship to be named M/V Honorship to be delivered within June and paid for with cash on hand and a senior credit facility. Honorship has been chartered out at a fixed rate at a premium above the Baltic Capesize Index for 20-24 months. We have added the impact of the acquisition to our models.

On June 17, Seanergy announced its intent to spin-off its oldest Capesize vessel, the M/B Gloriuship. The vessel will be placed in a newly-formed subsidiary, United Maritime Corporation, which will be distributed to Seanergy shareholders of record as of June 28, 2022. Shareholders will receive one United share for every 118 Seanergy common shares held….

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.