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DCIX - Seanergy Maritime: Weak Fundamentals But Great Momentum Play Attributes
Diana Containerships Inc.
Small, Greece-based drybulk carrier Seanergy Maritime (SHIP) has been experiencing tough times as of late. As a Capesize pureplay mostly focused on spot markets, fallout from the recent Vale S.A. (VALE) dam disaster in Brazil will likely be hitting the company hard in the first half of 2019 and potentially beyond, despite management's reassuring comments in the company's recently published Q4/2018 report:
In the beginning of 2019 we have experienced a sharp drop in the market that was driven primarily by the supply disruption caused by the Brumadinho dam disaster in Brazil.