Tag: Seanergy Maritime

Seanergy Maritime (SHIP) – Third Quarter Preview

Posted on by cpereira@noblefcm.com


Friday, November 03, 2023

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, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Lower shipping rates will push revenues down modestly. We have lowered our 2023-3Q revenue projections modestly to reflect a drop in shipping rates in the later half of the quarter. After a sharp decline in pricing in 2022, the dry bulk shipping market has shown signs of improving several times only to have pricing slip back down. Such was the case in the third quarter which began the period on a high note only to see pricing fall. Issues in China, the war in Ukraine, and general economic malaise are the causes cited most often for pricing weakness.

Lowering non-contracted shipping rates reduces our revenue projections, earnings projections largely unchanged. We have lowered our assumed shipping rate for non-contracted shipping days in the quarter to $16,500 from $17,000. In response, we have lowered our revenue estimate to $24.4 million from $24.8 million. Lower revenues, combined with an increase in stock-based compensation due to a higher SHIP stock price, were offset by the elimination of losses on the extinguishment of debt. The result is only a modest change to our EPS estimate which now calls for an adjusted EPS loss of $0.15 versus our previous estimate of $0.16 per share. We expect the company to report results on November 14th.


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*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. 

Seanergy Maritime (SHIP) – Results better than expected and should improve in upcoming quarters

Posted on by cpereira@noblefcm.com


Thursday, August 03, 2023

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, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Seanergy reported 2023-2Q results slightly above our expectations. Seanergy reported net revenues of $28.3 million on an average TCE rate of $18,708/day versus our estimate of $26.4 million and $18,000/day, respectively. Adjusted EBITDA and EPS were $12.7 million and $0.18 versus our estimate of $10.6 million and $0.12. Higher-than-expected results reflect strong utilization rates, high interest income, and the positive effect of debt restructuring. 

The company is setting up for a strong 4Q and 2024. The company has locked in 53% of 2023-3Q shipping days at a rate of $16,710/day, slightly below 3Q rates. However, it has locked in 21% of 2023-2H days at rates above $20,000/day, implying that locked in rates will be improving in 4Q. In addition, Seanergy will take possession of a new ship in 4Q (with option to buy in a year) which management estimates will receive a 20% premium to Baltic Capesize Index prices. 


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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. 

Seanergy Maritime (SHIP) – Seanergy repurchases shares and acquires a new vessel amid recent shipping rate weakness

Posted on by cpereira@noblefcm.com


Friday, July 07, 2023

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, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Seanergy repurchased approximately 2% of its shares outstanding at an average price of $4.35 per share. The shares were repurchased at an 11.2% discount to its July 5th stock price. The shares fell approximately 5% on July 6th, a reflection of weakness in the overall market more than the share repurchase announcement. SHIP reported a cash position of $20 million at the end of the first quarter, adequate capital to finance the $1.6 million share repurchase.

Seanergy also announced an agreement to acquire a vessel through a bareboat-in charter. A bareboat-in charter allows the acquirer to take possession of a boat for which no crew or provisions are included as part of the agreement. Seanergy will pay $7 million and $9,000/day for the 12-month charter and has an option to purchase the vessel for $20.2 million. Despite Capesize Drybulk shipping rates declining in recent weeks, they agreement should provide a modest boost to near-term cash flow generation. We would expect the company to execute its option to purchase the vessel and become the 18th ship in Seanergy’s fleet.


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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. 

Seanergy Maritime (SHIP) – Results generally in line once one-time gain removed

Posted on by cpereira@noblefcm.com


Friday, May 26, 2023

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, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Revenues fell on lower shipping rates in line with expectations. Seanergy reported 2023-1Q revenues of $18.03m versus $29.7m last year but above our $17.4m projection. The average TCE rate for the quarter was $11,005/d versus $19,357/d causing the decline. Seanergy continues to receive above-market pricing due to its modern fleet and use of scrubbers. Management noted that TCE rates have risen above $18,000 allowing it to lock-in or extend ship rates. Seanergy has fixed approximately 75% of 2023-2Q available shipping days and estimates an average TCE of $18,870 based on forward rates.

Bottom line results reflect lower revenues. Seanergy reported 2023-1Q adjusted EBITDA of $3.9m versus $16.7m. Results were above our projection of $0.0m. Better-than-expected results reflect slightly higher revenues combined with slightly lower depreciation and financing costs. Seanergy reported 2023-1Q adjusted net income of ($0.3m) or ($0.02) per share. However, the company did not exclude an $8.1m gain on sale. Excluding the gain, adjusted net income would have been ($8.4m) or ($0.47) per share versus our ($12.4m) or ($0.69) per share estimate.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Seanergy Maritime (SHIP) – Earnings Preview

Posted on by cpereira@noblefcm.com


Friday, May 19, 2023

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, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Seanergy Maritimes will report first quarter results next week. We expect results to continue a pattern of declining cash flow and earnings in response to lower shipping rates. That said, rates should be higher than the $10,191 average TCE guidance given in March 14th as shipping rates bottomed out in February. In addition, operating days will be up with more than 17 ships (Goodship and Tradership sold during the quarter as company modernizes the fleet).

We are adjusting our estimates to remove a one-time gain of $8 million on the sale of a ship. We now expect the company to report an adjusted loss of $12.4 million or $0.69 per share. Including the gain and non-cash G&A expenses, we look for the company to report a loss of $4.9 million or $0.27 per share. Our adjusted EBITDA forecast is for a loss of $8.4 million (a reported loss of $0.9 million).


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Seanergy Maritime (SHIP) – Results fall on lower shipping rates but Seanergy is finding ways to offset the decline

Posted on by cpereira@noblefcm.com


Wednesday, March 15, 2023

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.

Fourth-quarter revenues fell sharply once again. Shipping rates continued to decline. The average TCE rate fell 53% year over year and 15% quarter over quarter. Seanergy was able to partially offset the impact of lower rates because of the net addition of ships in 2022 and thus a higher number of operating days. The company was also able to generate new revenues by providing management services to United Maritimes Corporation, which was spun off in July.

Lower revenues partially offset by cost reductions and share repurchases. Daily vessel operating costs were $6,651 during the quarter, down from $7,184 last year and $7,593 in the third quarter. Financing costs were below expectations despite the investment in new ships. Management has been active refinancing debt when possible. Of particular note was the decrease in diluted share count due to the repurchase of convertible notes. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Seanergy Maritime (SHIP) – Estimates and Price Target Adjusted for 10-1 Reverse Split and Continued Shipping Rate Weakness

Posted on by cpereira@noblefcm.com


Tuesday, February 21, 2023

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 completes a 10-1 reverse stock split effective February 16, 2023.  With the reverse split, the number of outstanding shares is reduced to 18,191,647 from 181,918,471 and then adjusted for the cancellation of fractional shares. We are raising our earnings per share estimates to reflect the change, essentially raising our numbers by ten fold with some adjustment for recent shipping rate weakness.

Our price target increases slightly less than ten fold. We are adjusting our price target to $10 from $1.50 to reflect the reverse stock split. Our PO was increased less than ten times as we have adjusted our models to reflect weaker current shipping rates. In addition, we have changed our valuation methodology from a multiple of next year’s ebitda to a discounted cash flow model. Our new methodology projects out cash flow generation for five years so that long-term valuations will be based on mid-cycle shipping rates (in this case $20,000/day) instead of basing stock valuation on peak or valley shipping rates.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Release – Seanergy Maritime Announces Acquisition of a Scrubber-Fitted Capesize Vessel with Immediate Period Employment and the Sale of the two Oldest Vessels of the Fleet

Posted on by cpatches

Research News and Market Data on SHIP

January 3, 2023 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today the acquisition of a 2012-built Capesize vessel (the “Vessel”) from a major Japanese company and the simultaneous commencement of its period employment.

In addition, the Company has entered into definitive agreements to sell the 2005-built M/V Goodship and the 2006-built M/V Tradership, the oldest vessels in its fleet, to United Maritime Corporation (“United”), a related party.

The Company expects to record a profit of approximately $8 million in connection with the sale of the two vessels in the first quarter of 2023. In addition, the aforementioned transactions will reduce the average age of Seanergy’s fleet. 

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“We are pleased to announce the acquisition of another high-quality Japanese Capesize vessel, which will effectively replace the older M/V Goodship and M/V Tradership. The sale of the two oldest vessels in our fleet will result in a substantial profit of more than $8 million for Seanergy, whilst benefiting the average age of our fleet.

“The M/V Paroship will increase the number of the scrubber-fitted vessels in our fleet to nine, enhancing our cash-flow generating capacity based on the significant differential between high and low-sulfur fuel prevailing currently.

“The delivery of the M/V Paroship and the underlying T/C agreement are well-timed, considering the recent improvement in the freight market and what we believe to be strong fundamentals in our sector. 

“Seanergy remains committed to the Capesize sector with a solid operational structure and consistent capital allocation, focusing predominantly on shareholder rewards and sustainable growth.”

Acquisition of a modern Japanese Capesize vessel & Period Employment

The Vessel was built in 2012 at a reputable shipyard in Japan, with a cargo-carrying capacity of approximately 181,415 deadweight tons and has been renamed M/V Paroship. The Vessel is fitted with an exhaust gas cleaning system (scrubber). 

The M/V Paroship was delivered to the Company on December 27, 2022 and its gross purchase price of US$31 million was funded through a combination of cash on hand and a new senior credit facility.

The Vessel has been fixed on a time charter (“T/C”) with a leading European operator, which is an existing charterer of Seanergy, for a period of minimum ten (10) months to maximum December 31, 2023. The T/C commenced promptly, upon finalization of the customary transition process. The gross daily rate is set at a premium over the Baltic Capesize Index, while the Company has the option to convert the daily hire from index-linked to fixed for a period of minimum three (3) months to maximum nine (9) months based on the prevailing Capesize Freight Futures Agreements curve. In addition, the T/C includes a scrubber profit sharing scheme with the majority of the benefit from the differential between high sulfur and low sulfur fuel being attributed to Seanergy.

Sale of our two oldest Capesize vessels

The aggregate sale price of the two vessels is US$36.25 million and was agreed upon on the basis of the average of three independent broker valuations. The transaction was made pursuant to United’s exercise of a right of first offer granted by the Company on its Capesize vessels pursuant to an agreement entered into between the Company and United on July 5, 2022. The sale of the M/V Tradership and the M/V Goodship was approved by a special independent committee of the Company’s Board of Directors. The deliveries of the two vessels are expected to be concluded by the end of the first quarter of 2023, subject to the satisfaction of certain customary closing conditions.

Financing facility for the M/V Paroship

Seanergy concluded a new senior credit facility with an existing lender of the Company, a major European bank, secured by the M/V Paroship. The US$16.5 million loan bears interest of SOFR + 2.90% per annum and has a four-year tenor. The principal amount will be amortized through 16 consecutive quarterly installments averaging approximately US$0.43 million each, and a US$9.6 million final balloon payment at maturity.

About Seanergy Maritime Holdings Corp.

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. Including the newly delivered M/V Paroship and upon completion of the sale of the M/V Goodship and M/V Tradership, the Company’s operating fleet will consist of 16 Capesize vessels with an average age of 11.9 years and an aggregate cargo carrying capacity of approximately 2,846,965 dwt.

The Company is incorporated in the Republic of 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”.

Please visit our company website at: www.seanergymaritime.com.

Link to press release:  https://www.capitallink.com/press/seanergy010323.pdf

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr


This information is distributed by Capital Link, Inc. – Investor Relations
230 Park Avenue, Suite 1540
New York, NY 10169
Tel: (212) 661-7566
Email: pressrelease@capitallink.com

Seanergy Maritime (SHIP) – Results reflect weakening prices, as expected

Posted on by cpereira@noblefcm.com


Friday, December 02, 2022

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.

Third quarter results reflect a drop in shipping pricing, as expected. Shipping rates have fallen sharply in the last few quarters. Although management took some steps to lock in pricing this summer, it should be pointed out that the bulk of its fleet is on spot or indexed rates. We lowered our estimates in October to reflect weakening industry fundamentals, so weaker results were largely anticipated.

Slightly better-than-expected results reflect increased operating days. Seanergy brought several vessels into dry dock for repairs and upgrades in previous quarters. As a result, it was able to keep its ships active in the most recent quarter. The result was an increase in operating days above our expectations leading to higher-than-expected revenues.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Seanergy Maritime (SHIP) – Model Fine Tuned For Lower Shipping Rates and Higher Interest Rates

Posted on by cpereira@noblefcm.com


Friday, October 21, 2022

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.

We are making adjustments to our models to reflect lower shipping rates. Dry bulk shipping rates have been weak in the third quarter. As a result, we are lowering the assumed rate for uncommitted ships to $19,500/day from $23,650/day. Management guided analysts to a $23,650/day number when reporting second quarter results but now believes the rate will be below $20,000/day. Every $1,000 reduction in uncommitted daily TCE rates reduces net income by $1.1 million or $0.01 per share.

We are also raising our interest expense estimate to reflect higher interest rates. We are raising our third quarter interest expense estimate to $5.0 million from $3.5 million to reflect higher LIBOR rates. LIBOR rates have increased from 0.1% to more than 4.0% in the last twelve months.  We are also formally incorporating the $28 million term loan that was announced last week into our models.


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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.