Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Trims Losses

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

Shares of Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) gained 21.36% after the international shipping company reported third quarter financial results that beat Wall Street Expectations. Improvement in the Capesize market allowed the company to post a 119% increase in revenues.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

Improving Fundamentals

The better than expected financial results appear to have strengthened investor confidence in the stock after being under pressure in recent years. The stock has gained more than 40% in the past month as investors react to improving fundamentals in the shipping industry. The rally has helped support the stock’s listing credentials, after being hit with a non-compliance notice in May, by the NASDAQ Capital Market.

The shipping industry, which has been on the decline in recent years, is slowly picking up. Baltic Capesize Index has averaged about 1,839 points year to date, a 112% increase from last year’s average levels.

Increase in shipping rates and orders has allowed the likes of Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) to generate significant revenues after years of declines. Annual growth in the seaborne transportation of Capesize commodities is estimated at 6% for this year and next year.

“During the third quarter of 2017, the Capesize market continued its improving course that commenced at the beginning of the year. Our fleet benefited significantly from the stronger Capesize rates,” said CEO Stamatis Tsantanis.

Q3 Financial Results

For the three months ended September 30, 2017, Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) generated net revenues of $18.9 million compared to $8.6 million reported in Q3 2016. Net revenues for the first nine months of the year increased 112% to $50.5 million.

Net income came in at $6.5 million compared to a net loss of (-$5.9) million reported last year. Net loss for the first nine, months of the year stood at (-$3.1) million compared to a net loss of (-$17.7) million reported last year.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) completed a refinancing of one of its Capesize vessels in the quarter consequently generating an $11.4 million gain and equity accretion. The transaction resulted in a 38% increase in the Company’s total equity value.

During the quarter, the company also added a tranche of up to $16.5 million to the senior secured loan facility with Amsterdam Trade Bank entered in May. Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) also issued a convertible promissory note worth $13.75 million to repay a loan agreement with Jelco.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $SHIP and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

High Hopes for Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Earnings

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) shares are 8.5% higher in early trading on a volume over 20 times larger than the daily average. Speculation is that traders are bidding up the price of the stock in front of their Q3 earnings report, due before the market opens tomorrow, in hopes that it will be a repeat of their Q2 report that saw massive increases in net revenues compared to the same period in 2016. Net revenues for Q2 2017 were reported up 125% compared to Q2 2016 and up 38% from Q1 2017.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

Dry-Bulk Shipping Rates

Also at play are higher bulk shipping rates that could lend support to such speculation. According to Seatrade Maritime News, “The Baltic Dry Index (BDI) achieved a three-year high at 1,588 last Tuesday [October 24, 2017], thanks to the rally seen among the industrial commodities.” However, interested parties should not that the article finishes with the following observation “With downtrend seen across the dry bulk rates, one wonders if the BDI can continue to push for further height again. However, the freight rates are still in the strong position currently with the support of the commodities prices rally. Perhaps, the market may see another upswing with the return of the traders from the Coaltrans conference.”

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) is an Glyfada, Greece based shipping company that owns and operates dry bulk shipping assets. Seanergy currently owns eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,682,582 dwt and an average fleet age of about 8.4 years. The company operates internationally and is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong.

SHIP Stock Performance

From 2012 until the end of 2014, the number of outstanding SHIP shares was stable. Then in 2015 the number increased to 10.77 million, then increased in 2016 to 20.55 million. Such actions heavily dilute shareholder equity and are a likely factor with the resistance of long-term investors to embrace the stock.

Investors have also not been keen on the erratic annual sales figures. In 2012, Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) posted a sales figure of $55.6 billion. In the years that followed the annual sale figures were, in billions of $USD, $23.1, $2.0, $11.2, and $34.7.

Analysts have a consensus, one-year price target on SHIP of $2.00.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $SHIP and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Inks Charter Agreement

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) has moved to bolster earnings in the Capesize market with a charter signing. The agreement is for the company’s latest capsize vessel, M/V Partnership, and involves a major European utility and energy company

The vessel, built in 2012, is on track to commence a twelve to eighteen month deployment. Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) expects gross proceeds of about $8.8 million.

“We are pleased to announce a period employment contract for our most recent Capesize acquisition. The strong rate achieved supports our projections for continued improvement in the Capesize market and overall dry bulk sector,” said CEO, Stamatis Tsantanis.

Tsantanis expects MV Partnership to strengthen the company’s position in the Capesize market in addition to expanding the current fleet. Plans are also in place to pursue other accretive acquisition opportunities that have the potential to increase their shareholder’s value.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) entered into an agreement to acquire MV Partnership in April in a transaction valued around $32.65 million. The company financed the transaction through a secured loan facility from a European bank.

Delivery of MV Partnership brings to 11 the number of modern dry bulk carriers that Seanergy Maritime currently operates. The fleet comprises of nine Capesizes and two Supramaxes with a total capacity of 1,682, 582 dwt.

NASDAQ Compliance Concern

Separately, Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) has received a Receipt of NASDAQ Notice, indicating it is not in compliance with the minimum listing requirement. The notice is in response to the company’s stock price trading below the $1 a share mark for 30 consecutive day between April 5, 2017 and May 17, 2017.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) has since been given until November 14, 2017, to regain compliance with the bidding price requirement. The international shipping company can ensure compliance by having its stock price trade above $1 a share for ten consecutive days.

“The Company intends to monitor the closing bid price of its common stock between now and November 14, 2017, and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement,” Seanergy Maritime in a statement.

The NASDAQ notice will not in any way affect the listing or trading of Seanergy stock prior to the completion of the grace period.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) stock was up by 0.16% in Wednesday’s trading session ending the day at $0.691 a share.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $SHIP and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Reports Covenant Deferral and Waiver Deals

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) has entered into deals with some of its senior lenders for the waiver and delay of the application date of specific major financial covenants. The firm anticipates to be in compliance with key applicable covenants related to the firm and the corresponding borrowers or such agreements will be waived and deferred until Q2 2018.

The update

Stamatis Tsantanis, the CEO of Seanergy Maritime Holdings Corp. (NASDAQ:SHIP), reported that they have finalized an agreement with their lenders to waive and postpone certain major financial terms for all of the current banking facilities through Q2 2018. While the firm was not in a breach of covenants for any of its facilities, they approached the respective banks in advance to resolve any concern that could come in the upcoming 13 to 15 months.

These contracts are intended to align the application date of some of the major financial contracts starting in Q2 2018. Currently, the company is experiencing increasing asset values and freight rates within the dry bulk industry. Seanergy considers this strategic deal will enable them to operate with more financial flexibility as they look to expand their fleet.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) is a worldwide shipping firm that offers marine dry bulk transportation services. It presently owns a modern fleet including 10 dry bulk carriers, consisting of two Supramaxes and eight Capesizes, with a total cargo-carrying capacity of almost 1.503 million DWT and an average fleet age of nearly 8.1 years.

The firm has its base in the Marshall Islands with other offices in Athens and Hong Kong. Its class A warrants and common shares trade on the NASDAQ exchange under the symbols “SHIPW” and “SHIP”, respectively.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) reported that it finalized a deal with one of its senior financiers for the early closure of a credit facility, which is anticipated to result into an equity accretion and material gain for the firm. Upon closure of the deal the firm stands to gain almost $11.4 million – equal to  almost 29% of the unpaid facility. Moreover, this transaction is anticipated to lead in an accretion of over 30% to the equity of the firm on an adjusted basis.

In the last trading session, the stock price of Seanergy declined more than 1% to close the session at $0.860.

3/15/2017
Ticker Symbol SHIP
Last Price a/o 3:21 PM EST  $0.86
Average Volume  785.27K
Market Cap (mlns)  $27.39M
Shares Outstanding (mlns) 31.85M
Share Float (mlns) 14.90M
Inside Ownership 59.60%
Short Float 12.08%
Short Interest Ratio 2.29
Quarterly Return -35.09%
YTD Return -25.22%
Year Return -75.36%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.