Seanergy Maritime (NASDAQ:SHIP)

CAPS Rating: 1 out of 5

SHIP News and Commentary

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All Players

48 Outperform
28 Underperform
 

All-Star Players

3 Outperform
20 Underperform
 

Wall Street

1 Outperform
0 Underperform
 

Top SHIP Bull/Bear Pitches

The best Bull and Bear pitches based on recency and number of recommendations.

jed71 (99.43)
Submitted July 02, 2010

The market is really giving them no love. This is a spec play on my part, but its fallen so far, I figured why not give an up thumb to this reviled shipper? What could POSSIBLY go wrong? [the name DryShips is ringing in my ears] :)Book value at .25… More

jed71 (99.43)
Submitted September 15, 2016

I made a pretty big mistake back in 2010 by up thumbing this dog. At the time, they were still filing financial statements that looked “kind of” decent. Apparently I was massively wrong with my green thumb, I ended up taking a giant points loss here,… More

SHIP VS S&P 500 (SPY)

Recent Community Commentary

Read the most recent pitches from players about SHIP.

Recs

0
Member Avatar SmartAce (99.97) Submitted: 6/1/2017 2:01:56 PM : Underperform Start Price: $0.67 SHIP Score: -21.76

Pretty upsetting that gummy worms are actual size but gummy bears are not.

Recs

3
Member Avatar jed71 (99.43) Submitted: 9/15/2016 10:49:08 AM : Underperform Start Price: $3.07 SHIP Score: +101.36

I made a pretty big mistake back in 2010 by up thumbing this dog. At the time, they were still filing financial statements that looked “kind of” decent. Apparently I was massively wrong with my green thumb, I ended up taking a giant points loss here, about (180) points in 2014. I am back here to get some of my 180 points back, but with the correct thumb this time. When I make mistakes like this, I do my best to learn from them. So what have I learned here? Well, it’s pretty simple. I’ve learned to be very careful trusting Greek bulk shippers (any of these shippers, for that matter). Thankfully, this was a point’s loss only, as I was smart enough (or lucky enough) to stay away from them in real life.

If you look at their balance sheet, you can see where they have sold their major assets between 2013 and 2014. To wit:

“On January 29, 2013, Maritime Capital Shipping Limited ("MCS"), a wholly owned subsidiary of the Company, sold its 100% ownership interest in the four subsidiaries that owned the Handysize drybulk carriers Fiesta, Pacific Fantasy, Pacific Fighter and Clipper Freeway. During the year ended December 31, 2013, the Company recognized a gain from the sale of the four MCS subsidiaries, of $5,538. On July 19, 2013, MCS sold its 100% ownership interest in the three subsidiaries that owned the Handysize drybulk carriers African Joy, African Glory and Asian Grace. During the year ended December 31, 2013, the Company recognized a gain from the sale of the three MCS subsidiaries of $20,181.”

“On March 11, 2014, the Company closed on its delivery and settlement agreement with its then remaining lender, Piraeus Bank, for the sale of its then four remaining vessels, to a nominee of the lender, in exchange for a nominal cash consideration and full satisfaction of the underlying loan facilities. The Company provided a corporate guarantee for these facilities. The four vessels were the drybulk carriers M/V Bremen Max, M/V Hamburg Max, M/V Davakis G. and M/V Delos Ranger. In exchange for the sale, approximately $145,597 of outstanding debt and accrued interest were discharged and the Company's guarantee was fully released. For the year ended December 31, 2014, the Company recognized a gain from the sale of the four remaining vessels under the facility agreements with Piraeus Bank of $85,563.”

So the company shed nearly all of its assets in order to pay off bank debt. Note that almost immediately after this occurred, they started buying vessels again.

“On December 23, 2014 the Company entered into an agreement with an unaffiliated third party for the purchase of a second hand Capesize vessel, the 2001, 171,199 DWT vessel M/V Leadership. The acquisition was funded by secured senior bank debt, as well as financing by one of the Company's major shareholders. The transaction was approved by the Board of Directors. The vessel was delivered on March 19, 2015 (Note 7). On August 6, 2015, the Company entered into a purchase agreement with entities affiliated with certain of the Company's major shareholder to acquire seven secondhand drybulk vessels (Notes 3 and 7).”

What I have discovered with these shippers is they like to recapitalize companies after nearly or completely failing, and then rebuying assets using the EXACT same business plan. While none of this is illegal, I’m surprised shareholders continue to buy these sorts of public companies. I find it hard to believe they have shareholder’s best interests at heart after already losing boatloads of money the first time around. Here is their somewhat recent recapitalization:

“We are offering an aggregate of 1,180,000 of our common shares. The common shares are being issued and sold pursuant to a Securities Purchase Agreement, dated August 5, 2016, between us and the institutional investors identified therein (who we refer to herein as the Investors). Our common shares are listed on The Nasdaq Capital Market, or Nasdaq, under the symbol "SHIP". The last reported sale price of our common shares on Nasdaq on August 5, 2016 was $5.15 per share.”

So, it’s important to note they offered the shares at a $1.00 a share discount to the current market price at this time. They were sold for $4.15 a share, according to this prospectus (final price might have been different – I didn’t dig around for that). With a negative retained earnings of $313 MILLION, I don’t really know why anyone would think this was a good investment. They’ve done multiple reverse splits, and as I’ve mentioned, the business plan hasn’t worked before. I think this is a set up for a second failure, but maybe they will prove me wrong.

Recs

0
Member Avatar 1Landmark (< 20) Submitted: 1/12/2011 12:23:48 AM : Outperform Start Price: $14.25 SHIP Score: -211.69

Waiting for an uptick... it may be a little early but don't want to miss the boat

Leaderboard

Find the members with the highest scoring picks in SHIP.

Score Leader

sporkx

sporkx (< 20) Score: +341.06

The Score Leader is the player with the highest score across all their picks in SHIP.

Top
Pick
Member Name Member
Rating
Start
Date
Call Time
Frame
Start
Price
Stock
Gain
Index
Gain
Score Commentary
sporkx < 20 11/24/2008 Underperform NS $64.50 -98.57% +242.49% +341.06 0 Comment
lllchicalll 80.96 12/15/2008 Underperform 5Y $90.75 -98.99% +227.86% +326.84 0 Comment
Arniusportfolio 92.90 10/6/2009 Underperform 5Y $67.50 -98.64% +172.89% +271.52 0 Comment
MstrGold 29.41 10/28/2010 Underperform 5Y $18.62 -95.06% +136.62% +231.67 0 Comment
eruiz285 66.73 2/15/2011 Underperform NS $13.20 -93.03% +110.25% +203.28 0 Comment
nolting 51.17 1/2/2008 Underperform NS $139.03 -99.34% +98.91% +198.25 0 Comment
Rick92X 58.91 12/13/2007 Underperform NS $139.33 -99.34% +97.56% +196.90 0 Comment
Zencyclone 29.84 11/15/2016 Underperform 5Y $4.55 -79.78% +28.72% +108.50 0 Comment
tcampbellla 80.84 11/15/2016 Underperform 5Y $4.00 -77.00% +28.86% +105.86 0 Comment
jed71 99.43 9/15/2016 Underperform 5Y $3.07 -70.03% +31.33% +101.36 1 Comment

Wall Street

See what the Wall Street professionals think, according to their public statements and filings.

Player Name Player
Rating
Start
Date
Call Time
Frame
Start
Price
Stock
Gain
S&P
Gain
Score End Date Commentary
TrackRodmanRen < 20 8/23/2010 Outperform NS $16.05 -94.27% +158.87% -253.14 0 Comment

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