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What Triggered Seanergy Maritime (SHIP) Rally Last Week

LPTX Stock

LPTX Stock

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) surged 41.55% to $2.01 at Friday close. As it continued on the upswing, the company added 74.78% to its value over the past week. The trading volume on the day remained 143.86M share in contrast with its average weekly volume of 22.47M.

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What caused the stock to surge?

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Seanergy Maritime is one of the most prominent ship-owners of Capesize vessels publicly listed on the US stock exchange providing dry bulk transportation services. Couple of business developments related to its operations announced by the shipping company last week helped the stock to surge significantly over the period.

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Recent developments:

In a statement on Friday, the company announced that it has regained compliance to the NASDAQ listing requirement in regard to the minimum bid price of common stock. SHIP revealed that NASDAQ in its letter to the company has confirmed the compliance of the same and stated the matter as stand closed.

Seanergy also in the last week announced that its Capesize ships have successfully completed an evaluation of their Energy Efficiency Existing Ship Index (EEXI). Global shipping industry is in the process of cutting greenhouse gas (GHG) levels by 50% by 2050 compared to the levels in 2008. A short, medium and long-term roadmap will be implemented to meet this goal.

Part of the short-term measures, the Marine Environment Protection Committee (“MEPC”) 75 of the International Maritime Organization (IMO) approved in November 2020 the introduction of an Energy Efficiency Design Index for existing vessels, which will enhance energy efficiency.

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Seanergy completed the evaluation of the EEXI in conjunction with DNV, a prominent classification society, in accordance with the IMO’s MEPC 75. Upon conclusion of the evaluation, the Company estimates that its current fleet will meet GHG regulation requirements until 2030 without requiring material expenditures.

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