Diversified InvestmentsValue Proposition
Investment Highlights
Financial Highlights
The time charter coverage of 95% and 51% for 2010 and 2011 respectively provides Seanergy with significant cash flow visibility. Therefore, the secured revenues, coupled with its healthy balance sheet, positions SHIP to take advantage of market opportunities to expand its asset base revenue and profitability.
SHIP currently trades at a 2.4x P/E 2009, a significant discount when compared to its peer group average of 10.8x P/E 2009. If SHIP traded at a conservative 8x P/E, the stock would trade above $4, a potential 208% upside for investors.
SHIP currently trades at a 2.4x P/E 2009, a significant discount when compared to its peer group average of 10.8x P/E 2009. If SHIP traded at a conservative 8x P/E, the stock would trade above $4, a potential 208% upside for investors.
Overview
Seanergy Maritime Holdings Corp. (NasdaqGM: SHIP) is a Marshall Islands corporation with its executive offices in Athens, Greece. The Company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers.
The Company's initial fleet comprised of two Panamax, two Supramax, one Handymax and one Handysize dry bulk carriers that Seanergy purchased and took delivery of in the third and fourth quarters of 2008 from companies associated with members of the Restis family. In August 2009, the Company acquired a controlling interest in Bulk Energy Transport (Holdings) Limited ("BET") which owns five drybulk carriers, four Capesize and one Panamax.
As a result, the Company's current controlled fleet includes 11 drybulk carriers with a total carrying capacity of 1,043,296 dwt and an average age of 14 years.
The Company's initial fleet comprised of two Panamax, two Supramax, one Handymax and one Handysize dry bulk carriers that Seanergy purchased and took delivery of in the third and fourth quarters of 2008 from companies associated with members of the Restis family. In August 2009, the Company acquired a controlling interest in Bulk Energy Transport (Holdings) Limited ("BET") which owns five drybulk carriers, four Capesize and one Panamax.
As a result, the Company's current controlled fleet includes 11 drybulk carriers with a total carrying capacity of 1,043,296 dwt and an average age of 14 years.
Investment Highlights
Seanergy’s actions demonstrate both its ability to successfully expand through acquisition and Management’s strategy to grow quickly and achieve critical mass. By acquiring dry bulk carriers of various sizes, Seanergy is also able to serve different needs of a variety of charterers. Finally, by capitalizing on its relationship with the Restis family and its affiliates, which have a proven track record of more than 40 years in dry bulk shipping, SHIP is able to take advantage of economies of scale and efficiencies resulting from the use of Restis affiliates for the technical and commercial management of its fleet.
Despite the difficult market conditions in the shipping industry, SHIP reported strong results for FY09. These results reflect its strong cash flow, the high fleet utilization and its operational efficiency.
Despite the difficult market conditions in the shipping industry, SHIP reported strong results for FY09. These results reflect its strong cash flow, the high fleet utilization and its operational efficiency.
Financial Highlights- Total revenue rose 155% year-over-year to $90.2 million in the year ended December 31, 2009, up from $35.3 million in the same period a year prior.
- Net income was $30.1 million in FY09 up from -$32.0 million in the same period last year; EPS was $1.16, up from -$1.21.
- Working Capital of $25.3 million with a current ratio of 1.6x as of Dec. 31, 2009.
- Cash and cash equivalents were $63.6 million as of December 31, 2009 and $85 million as of March 3, 2010.
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