Seanergy reported solid results in the 2022-1Q. Revenues, net were $29.7m, up 46% from the same period last year and in line with our $30.3m estimate. With voyage expenses running below expectations, operations income of $7.8m was above our $7.1m estimate. Adjusted EBITDA and net income of $16.8m and $7.7m ($0.04/sh) beat our forecasts of $14.6m and $4.1m ($0.02/sh). The first quarter is typically a low quarter and the favorable results are a good harbinger of strong results to come.TCE rates have rebounded leading management to project $100m in EBITDA for the year. The company has locked in shipping rates at rates above $30,000 and forecasts 2022-2Q rates of $24,569 versus 2022-1Q TCE of $19,357. At the same time, management speaks favorable about near-term rate expectations as China reopens and ship supply remains low. They point to higher futures pricing and indicate a willingness to lock in additional ships if prices rise to the "high thirties", while also stating that prices could go into the fifties. Seanergy has been active addressing upcoming environmental restrictions and increasing the energy efficiency of its vessels, putting it in a good position to benefit from higher prices. Seanergy's CFO stated that it expects 2022 EBITDA north of $100m which would be above our $93m estimate. Read More >>