CTRM - Seanergy Maritime - Cheap Capesize Pure Play Appears Well Hedged Going Into An Anticipated Weak Q1 - Buy

• Company reports strong Q3 results and provides decent outlook for Q4. Even the seasonally weak first quarter appears to be well hedged already.
• A host of China-related issues has caused the Baltic Capesize Index to slump approximately 70% from recent highs thus erasing virtually all of its third quarter gains.
• Recent sell-off has resulted in shares trading at an approximately 50% discount to estimated net asset value.
• On the conference call, management hinted to near-term share buyback activity and stated its intent to introduce a dividend policy in the not-too-distant future.
• Speculative market participants willing to closely monitor movements in capesize charter rates should consider scaling into the shares at current levels.

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