Trending Stock Update: Seanergy Maritime Holdings Corp. (NASDAQ-SHIP)

On 23 May 2019, Seanergy Maritime Holdings Corp. (NASDAQ-SHIP) above/below -5.13% and ended at $-0.0600. The stock has a 52-week highest price of $16.3500 and its 52-week lowest price was called at $1.0200. During last trade, its maximum trading price was registered $1.2000 and it’s the minimum trading price was noted $1.0600.

Seanergy Maritime Holdings Corp. (SHIP) reported recently its financial results for the fourth quarter and twelve months ended December 31, 2018.

For the quarter ended December 31, 2018, the Company generated net revenues of $27M, an 11% raise contrast to the fourth quarter of 2017. Adjusted EBITDA for the quarter was $6.3M, a 19% decrease contrast to EBITDA of $7.8M in the same period of 2017. Adjusted net loss for the fourth quarter was $2.8M contrast to net loss of $0.1M in the fourth quarter of 2017. The daily Time Charter Equivalent (TCE)1 of the fleet for the fourth quarter of 2018 was $15,312, contrast to $15,378 in the fourth quarter of 2017. The average daily OPEX of the fleet for the quarter was $5,557, up by 2% from $5,468 in the respective quarter of 2017.

For the twelve months ended December 31, 2018, net revenues were $91.5M, raised by 22% contrast to the same period of 2017. Adjusted EBITDA for the period was $22.9M, a 63% raise contrast to $14.1M in 2017. Adjusted net loss for the twelve months of 2018 was $13.8M contrast to an adjusted net loss of $14.6M for the same period of 2017. The daily TCE of the fleet for the twelve months of 2018 stood at $13,156, representing a 27% raise from $10,395 in 2017. Average daily OPEX of the fleet for the period was $5,198, representing a 4% raise from $4,985 in the respective period of 2017.

New Loan Facility

The Company has successfully concluded a $4.5M top-up tranche on an existing loan facility with a major European bank, to be used for general corporate purposes including to partly pre-fund the installation cost of scrubbers on two of the Company’s vessels. The top-up tranche will bear the same interest as the existing loan. In addition, the lender has agreed to extend the maturity date of the original facility by 6 months to coincide with that of the top-up tranche. Following delivery of the two vessels under agreed long-term time charters which is predictable during the second half of 2019, the charterers have agreed to reimburse the Company for the total costs incurred for the installation.

Jelco Loan Amendments

In January 2019, the Company and Jelco Delta Holding Corp. (“Jelco”), an entity associated with our major shareholder, entered into a supplemental letter with regards to the April 10, 2018 loan facility in order to extend the final repayment date from January 31, 2019 to April 1, 2019. As of the date of this press release, the amount outstanding under the facility is $2.0M.

In February 2019, the Company amended and restated the October 4, 2016 loan facility with Jelco in order to (i) extend the final repayment date from January 28, 2019 to June 30, 2020 and (ii) record additional second priority securities over the M/V Joint Venture. As of the date of this press release, the amount outstanding under the facility is $5.9M.

In February 2019, the Company entered into a supplemental contract to the May 24, 2017 loan facility with Jelco in order to (i) extend the final repayment date from May 24, 2019 to December 30, 2020 and (ii) record additional second priority securities over the M/V Joint Venture. As of the date of this press release, the amount outstanding under the facility is $11.45M.

The stock as of last trading session moved 12.75% up from its 52 week low and was -92.97% behind its 52 week high. The Company has 2.56 million shares outstanding and 1.64 million shares were floated in market. The short ratio in the company’s stock is documented at 0.65 and the short float is around of 5.25%.

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