Seanergy Maritime Hldgs Corp Stock Price, News & Analysis

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced its participation in the Noble Capital Markets Virtual Road Show Series on September 9, 2021. The event will feature a corporate presentation by CEO Stamatis Tsantanis and CFO Stavros Gyftakis, along with a Q&A session. Seanergy is the only pure-play Capesize ship-owner publicly listed in the US, operating a fleet of 16 vessels with an average age of 11.5 years and a carrying capacity of approximately 2,829,630 dwt. The registration for the road show is free for all investors.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced a share repurchase plan allowing the repurchase of up to $17 million of outstanding shares, about 10% of its market capitalization as of August 10, 2021. The company aims to enhance shareholder value by utilizing its strong balance sheet and cash flow from its fleet. The buyback may occur in open-market transactions under applicable SEC rules and is effective immediately, expiring on December 31, 2022.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported substantial growth in its financial results for Q2 and the first half of 2021. Gross revenues soared to $28.9 million in Q2 2021, a 209% increase from the previous year, while the six-month revenue reached $50.0 million, up 116%. The company achieved a net income of $2.0 million for Q2, reversing a loss of $11.3 million in Q2 2020. EBITDA turned positive at $10.8 million, compared to a loss of $2.1 million a year prior. The fleet increased by 45% with the addition of modern Capesize vessels and a robust TCE rate guidance of approximately $28,880 for Q3.

Seanergy Maritime Holdings has announced the delivery of the M/V Friendship, a 176,952 dwt Capesize vessel, marking its fifth Capesize delivery in 2021. The vessel is on a time charter with NYK Line for a minimum of 17 months, with a rate linked to the Baltic Capesize Index. Additionally, Seanergy secured a bank loan facility of up to $13.0 million to partly finance the acquisition, with a term of four years and an interest rate of LIBOR + 3.25%. The company’s fleet will consist of 16 Capesize vessels with an average age of 11.4 years.

Seanergy Maritime Holdings Corp. will announce its financial results for Q2 and the six months ended June 30, 2021, on July 29, 2021, prior to market opening. A conference call and webcast will follow at 10:00 a.m. ET. The company operates a fleet of 16 Capesize vessels with an aggregate capacity of approximately 2,829,631 dwt. Investors can access the live event via a provided link or dial-in numbers. Forward-looking statements highlight the risks associated with the shipping industry.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced a new time charter for its Capesize vessel, the M/V Worldship, securing a gross daily rate of $31,750 for 12-16 months. The charter is with a leading U.S. commodity trading company and starts upon delivery in August 2021. Additionally, the company completed a $30.9 million financing deal for two newly acquired vessels, M/V Hellasship and M/V Patriotship, through a sale and leaseback agreement. This financing is structured with a LIBOR + 3.50% interest rate, enhancing cash flow capabilities and maintaining a significant portion of the fleet under long-term charters.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has announced the acquisition of a 2009-built Capesize vessel for $24.6 million, enhancing its fleet's operational efficiency. This acquisition, funded through cash reserves and recent debt financing, is set to replace the 2001-built M/V Leadership, which will be sold for approximately $12 million. The deal aligns with Seanergy’s strategy to modernize its fleet, reducing the average age and preparing for upcoming environmental regulations. The company remains committed to further acquisitions in the Capesize segment.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced the delivery of two Capesize vessels: M/V Patriotship (181,709 dwt, built 2010) and M/V Tradership (176,925 dwt, built 2006). The M/V Patriotship is chartered at $31,000 per day for 12-18 months with a European operator, while the M/V Tradership has an index-linked charter for 11-15 months with a South Korean company. With these additions, 87% of Seanergy’s fleet is under medium to long-term charters. The company is also negotiating a sale and leaseback financing for the Patriotship, enhancing liquidity and reducing cash interest expenses.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported Q1 2021 net revenues of $20.4 million, a 53% increase from Q1 2020. Adjusted EBITDA soared to $7.9 million, reflecting a 483% rise. Despite a net loss of $1.3 million, a significant improvement from $8.3 million loss in the prior year, the company strengthened its cash position to $58.1 million. Debt reduction efforts were notable, decreasing 22.5% from prior quarter. Recent fleet growth includes acquisition of five Capesize vessels for $134.3 million.