EDRY - Seanergy Maritime Holdings: Discounted Play On The Red Hot Capesize Market - Buy
2024-03-18 09:00:00 ET
Summary
- Last week, dry bulk shipper Seanergy Maritime Holdings delivered decent fourth quarter results with solid profitability and very strong cash generation.
- The company declared a regular quarterly cash dividend of $0.025 as well as a special cash dividend of $0.075 per common share.
- With the Capesize market currently undergoing the strongest first quarter since 2011, I expect the company to report another solid financial performance in May.
- While the recent decision to sell new shares into the open market well below net asset value is disappointing, impact on the big picture remains limited. At current charter rate levels, net asset value per share could exceed $20 by year-end.
- Considering the strong outlook for the Capesize market and the company's discounted valuation, I am reiterating my "Buy" rating on SHIP stock.
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Seanergy Maritime Holdings: Discounted Play On The Red Hot Capesize Market - Buy