Seanergy Maritime Hldgs Corp Stock Price, News & Analysis

Seanergy Maritime Holdings announced it received a notice from Nasdaq regarding its common stock, indicating non-compliance with the minimum bid price of $1.00 per share for 30 consecutive days. The notice was dated January 26, 2022, and the company has 180 days, until July 25, 2022, to regain compliance. Seanergy believes its shares are undervalued and is optimistic about a natural recovery in stock price without a reverse split. The company operates a fleet of 17 Capesize vessels, focusing on marine dry bulk transportation.

Seanergy Maritime Holdings Corp. has provided an update on its time charter equivalent (TCE) rate guidance and EBITDA projections. For the fourth quarter of 2021, the average TCE is expected to exceed $36,000 per ship per day, surpassing the previous estimate of $35,200. Preliminary TCE guidance for the first quarter of 2022 stands at approximately $19,000. The company anticipates strong EBITDA generation for FY 2022, supported by a proactive hedging strategy. Seanergy's modern fleet of 17 Capesize vessels positions it well for anticipated market recovery.

Seanergy Maritime Holdings Corp. announced a $5 million buyback of convertible notes, part of a plan that could total $10 million. This buyback, totaling $21.6 million to date, aims to prevent dilution of 4.17 million shares and is expected to save $275,000 annually in interest. Although the company anticipates a non-cash loss of $1.5 million in Q1 2022, it will eliminate average annual non-cash charges of $0.5 million from 2022-2024. The company expresses confidence in its value and aims to enhance shareholder value through reduced financial leverage.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) will participate in Capital Link's Corporate Presentations Webinar on January 20, 2022, at 10 am ET. The presentation will cover the company's operations, business development, and growth outlook in the dry bulk sector. Participants can register for the webinar to receive further details and submit questions during the session. Seanergy operates a fleet of 17 Capesize vessels, with a total cargo capacity of approximately 3,011,083 dwt, making it the only pure-play Capesize ship-owner publicly listed in the US.

Seanergy Maritime has announced the refinancing of its existing loan facility for the M/V Geniuship, moving from a 10.5% fixed interest rate to a new facility at LIBOR + 3.5%. This transition, with an initial balance of $15 million and a five-year term, is expected to lead to significant cash flow improvements. The company anticipates interest savings of approximately $0.9 million for 2022 and an average of $0.5 million per year from 2023 to 2025, resulting in total expected savings of $2.3 million over three years.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced its participation at the Transportation & Logistics Virtual Investor Forum on December 16, 2021, at 11:00 AM EST. CEO Stamatis Tsantanis and CFO Stavros Gyftakis will present followed by a Q&A session moderated by Poe Fratt from Noble Capital Markets. Interested parties can register for the webcast at Channelchek.com. Seanergy is a pure-play Capesize ship-owner, operating 17 vessels with a cargo capacity of approximately 3,011,083 dwt, providing marine dry bulk transportation services.

Seanergy Maritime Holdings has been recognized as the ‘Dry Cargo Company of the Year’ at the Lloyd's List Greek Shipping Awards 2021 held on December 3, 2021, in Athens, Greece. The award highlights the company's successful financial transformation and significant expansion in the Capesize sector, with a 70% fleet increase during the year. Chairman & CEO Stamatis Tsantanis credited the award to the team’s effort and promised to continue leading in the evolving shipping landscape. Seanergy, listed on NASDAQ as SHIP, operates a fleet of 17 Capesize vessels.

Seanergy Maritime announced a $16.6 million buyback plan, targeting convertible notes, warrants, and common shares. This includes $13.95 million for convertible notes and the buyback of 1.6 million common shares. The plan aims to eliminate potential dilution of 17.5 million shares. The CEO has also purchased 300,000 shares in the open market. The company anticipates a non-cash accounting loss of approximately $6.75 million but expects to save $767,250 annually in interest.

Seanergy Maritime announced the delivery of its Capesize vessel, M/V Dukeship, on November 26, 2021. The vessel, built in 2010, will begin a time charter (T/C) employment with NYK for approximately 13 to 18 months. This marks the seventh vessel delivery in 2021, expanding Seanergy's fleet to 17 Capesize vessels with over 3 million dwt capacity. Additionally, Seanergy closed a $16.85 million sustainability-linked loan with Piraeus Bank, underscoring its commitment to ESG goals.