Why Seanergy Maritime Holdings Corp. (SHIP) stock is facing early morning negativity on Tuesday?

Seanergy Maritime Holdings Corp. (SHIP) shares were falling 5.71% to trade at $1.32 in pre-market on Tuesday, September 14, 2021, as of this writing. Yesterday, SHIP’s stock gained 12.00% to close Monday’s session at $1.40. SHIP shares have risen 246.53% over the last 12 months, and they have moved up 10.24% in the past week. Over the past three months, the stock has gained 23.89%. The company has a current market of $226.46 million and its outstanding shares stood at 160.17 million.

Let’s have a brief discussion about its recent news and developments.

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SHIP participation in the recent investor conference

  • Seanergy Maritime Holdings Corp will participate in Marine Money’s 20th Annual Week Asia, Asia’s largest ship finance conference which is scheduled on September 15, 2021, at 15:00 Singapore time. The Chairman and CEO of the company Stamatis Tsantanis will present the company.
  • SHIP is also participating at H.C. Wainwright 23rd Annual Investor Conference which is going on September 13 & 14, 2021. The s CEO, Stamatis Tsantanis, and CFO, Stavros Gyftakis, are presenting the company during the conference.
  • The company recently participated in Noble Capital Markets’ Virtual Road Show Series, which was held on September 9, 2021.

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Addition of 7th Capesize, M/V Worldship to SHIP fleet

On September 8, 2021, Seanergy Maritime Holdings Corp. (SHIP) took the delivery of the previously announced Capesize vessel acquisition, the M/V Worldship. The Vessel is a 181,415 dwt Capesize bulk carrier, built in 2012 by Imabari of Japan. The M/V Worldship is the sixth Capesize delivery that Seanergy has completed in 2021 to date. The purchase price has been funded with cash on hand.

SHIP share repurchase plan

On August 11, 2021, the Board of Directors of Seanergy Maritime Holdings Corp (SHIP) approved a share repurchase plan. Under the Plan, the Company may repurchase up to $17 million of its outstanding common shares, representing approximately 10% of the Company’s market capitalization as of August 10, 2021.

SHIP recent financial results announcement

On July 29, 2021, Seanergy Maritime Holdings Corp (SHIP), announced its financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • SHIP generated gross revenues of $28.9 million in Q2 2021 compared to $9.3 million in Q2 2020.
  • It earned a net income of $2.0 million in Q2 2021 compared to a net loss of $11.3 million in the second quarter of 2020.
  • Adjusted EBITDA was 11.3 million in Q2 2021 compared to negative $1.8 million in the same period of 2020.
  • As of June 30, 2021, the company had cash and cash equivalents, restricted cash and term deposits totalled $56.4 million.

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Well, as of this writing, we have no recent news which could be linked with its negative stock on Tuesday. We hope that it will return towards positivity in the coming trading sessions.

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