SHIP - Seanergy Maritime (SHIP) - Model Adjusted To Reflect Spin-off And Acquisition

On July 6th, SHIP completed the spin-off of United Maritime Corporation which included SHIP's Capesize vessel Gloriuship. United Maritime (Unfollowed) has since announced the acquisition of four tankers, indicated its intent to focus on the tanker business, and priced a $26 million public offering. The placement of Gloriuship into United Maritime was done to accomplish the spin-off, and we believe the vessel does not fit into United's long-term plans.On July 7th, SHIP announced delivery of Capesize M/V Honorship and the financing of $44 million. The financing leaves the company in a good financial position given a March 31 cash position of $40 million. We expect SHIP's cash position to remain near $40 million following the acquisition and debt issuance. Read More >>