Friday, July 30, 2021

Seanergy Maritime (SHIP)
Solid 2Q2021 Results Previews Better Second Half

Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. 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 10 Capesize vessels, with total capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and class A warrants under “SHIPW”.

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

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

2Q2021 EBITDA of $11.3 million beat our estimate of $10.1 million. Higher TCE revenue of $22.5 million and TCE rates of $20.1k/day more than offset higher opex of $8.9 million due to acquisition related expenses of $2.0 million. Operating days of 1,122 were slightly higher too.


Moving EBITDA estimate to $73.0 million based on TCE rates of $23.4k/day, up from $71.4 million based on TCE rates of $23.1k/day to incorporate 2Q2021 results and updated forward cover.  About 59% of 3Q2021 available days of 1,448 are fixed at ~$28.5k/day due to time charters and options exercised to fix eight Capes for 3Q2021. Assuming the remaining 592 unfixed days earn ~$29.9k/day, the 3Q2021 TCE …

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.