Thursday, April 15, 2021

Seanergy Maritime (SHIP)
Update Shows Progress Lining Up Acquisition Financing

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.

Refinancing existing loan with larger longer term loan. A commitment for a new term loan of $37.45 million will refinance existing debt of $24.5 million that matures in 4Q2022. The new loan, which matures in December 2024 at the earliest, will be priced at Libor plus 350 basis points, and secured by three Capes (Squireship/Leadership/Lordship).


Lease financing probable for Flagship acquisition.  Discussions on a lease of $20.5 million with attractive terms to fund more than 70% of the Flagship acquisition for $28.4 million are advanced …

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.