Seanergy Maritime Holdings Corp (NASDAQ: SHIP) stock trades at $1.15 (down 57.72%) on June 11, 2021. Its 52-week low is $0.39.
Seanergy stock targets a price of $1.50.
Seanergy) took over the control of two capsize vessels built in Japan.
Japan-based Imabari Shipbuilding Co., Ltd built 181,709 dwt Capesize bulk carrier in 2010. Seanergy renamed the first vessel as M/V Patriotship.
Japan-based Namura Shipbuilding Co., Ltd built 176,925 dwt Capesize bulk carrier in 2006. Seanergy renamed the second vessel as M/V Tradership.
Solid market conditions favors Seanergy
Seanergy will benefit from strong market conditions. It entered a contract with a cargo operator based in Europe for Patriotship. During the 12 to 18 months contract, Seanergy fixed the daily rate of $31,000.
It also entered a contract for its second vessel with a major industrial company based in South Korea. The employment is valid for up to 15 months, and the rate depends on Baltic Capesize Index. It expects to commence the time charters on time on completing the customary holding process.
Seanergy is negotiating with a leading financial institution based in Asia to finance part of the acquisition price for M/V Patriotship on sale and leaseback terms.
Stamatis Tsantanis, Seanergy’s Chairman, is thrilled with the prompt and timely delivery of its 4th and 5th vessels and commencing contract employments.
The company also initiated a business relationship with two additional well-known charters. According to Seanergy, 87% of its operating fleet is engaged with leading cargo companies for medium to long-term charters at proactive rates.
Seanergy negotiated the financing for these vessels at competitive rates and improved its liquidity besides mitigating the average interest expenses on cash. The company is well positioned to benefit from favorable market conditions.
Seanergy offers dry bulk transportation services using its capsize vessels fleet that comprises 16 capsize vessels. The average age of each vessel is 11.8 years.
The average capacity of each cargo vessel is 2,823,878 dwt.