SHIP 2021 Q1 Earnings. Should you Buy, Hold or Sell?

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), announced today its financial results for the first quarter ended March 31, 2021.

For the quarter ended March 31, 2021, the Company generated net revenues of $20.4 million, a 53% increase compared to the first quarter of 2020. Adjusted EBITDA for the quarter was approximately $7.9 million, increased by 483% from $1.4 million in the same period of 2020. Net loss for the first quarter was $1.3 million compared to net loss of $8.3 million in the first quarter of 2020.

The daily Time Charter Equivalent (“TCE”)1 of the fleet for the first quarter of 2021 was $16,219, marking a 91% increase when compared to the respective figure for the first quarter of 2020 of $8,481. The average daily OPEX of the fleet for the quarter was $5,605, in line with the $5,566 figure of the respective quarter of 2020.

Cash and cash-equivalents, restricted cash and term deposits as of March 31, 2021 stood at $58.1 million, compared to $23.7 million as of December 31, 2020. Shareholders’ equity at the end of the first quarter was $188.1 million, almost double shareholders’ equity of $95.7 million as of December 31, 2020, while long-term debt (senior and junior loans and financial leases) stood at $131.5 million as of March 31, 2021, reduced by 22.5% from $169.8 million as of the end of 2020.

First Quarter & Recent developments:

  • Acquisition of 5 modern Japanese Capesize vessels, for a total investment of $134.3 million and a fleet increase to 16 vessels and 2.8 million DWT (on a fully delivered basis)
  • New time charter agreements for four Capesize vessels with prominent charterers
  • Debt reduction of $38.8 million during the first quarter of 2021
  • New financing and refinancing transactions of $73.5 million in the second quarter of 2021

 

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CWEB Analysts have initiated a BUY Rating for Seanergy Maritime Holdings Corp. (NASDAQ: SHIP). Increase in revenue has increased. (R&D) expenses and Sales expenses have increased from the prior quarter. Q2 will be the catalyst for Seanergy Maritime Holdings Corp. (NASDAQ: SHIP). Post Covid-19 economy and business recovery should play positive role for the second quarter earnings.


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