SB - Seanergy Maritime: Strong Market Conditions But Downgrading To 'Hold' After Recent Rally

2024-05-19 13:09:30 ET

Summary

• Seanergy Maritime reported Q1/2024 results above expectations and provided sequentially improved Q2 TCE guidance.
• The company declared an aggregate $0.15 cash dividend for the quarter.
• Seanergy Maritime continues to expand its fleet with two additional Capesize carrier purchases announced so far in 2024.
• Following the recent rally to new multi-year highs, the company's discount to estimated net asset value ("NAV") has narrowed to below 30%.
• While shares are still trading at a material discount to NAV, a number of Greece-based peers like Safe Bulkers and EuroDry are now offering superior value amid better corporate governance. Consequently, I am downgrading my rating from "Buy" to "Hold".

Note:

I have previously covered Seanergy Maritime Holdings Corp. (NASDAQ: SHIP ), so investors should view this article as an update to my previous work on the company. ...

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