Seanergy Maritime Holdings Corp. (SHIP) stock started the week on a positive note. The SHIP stock gained 6.64% on the first day of the week, March 22, 2021.
Schedule of earning release:
Earlier on March 19, 2021, Seanergy Maritime set the date and time to release its financial results for the fourth quarter and twelve months ended December 31, 2020.
The company will announce the results before the market opens in New York on Wednesday, March 24, 2021. The Seanergy Maritime Holdings’s management will host a conference call to present the financial results on the same day at 11:00 am Eastern Time.
Increasing Vessels fleet:
On March 18, 2021, Seanergy Maritime Holdings revealed that it had signed an agreement with unaffiliated third parties to purchase two Capesize vessels, which will increase its fleet size to 14 Capesize vessels, and the company’s cargo capacity would reach approximately 2.5 million dwt.
The company will get the first vessel by the end of April 2021, and it was built in 2013 in japan. It has a cargo-carrying capacity of approximately 176,000 deadweight tons (dwt), and the vessel will get a new name M/V Flagship.
The 2nd vessel has a cargo-carrying capacity of approximately 182,000 dwt, and Japan also built it in 2010. The 2nd vessel will get a new name of M/V Patriots and delivered by the end of May 2021, subject to the conditions.
The acquiring of two vessels will cost approximately $55 million, and SHIP will pay the amount with cash in hand.
SHIP participation in the Investor conference:
Seanergy Maritime Holdings recently participated virtually in the Inaugural Emerging Growth Virtual Conference,which took place almost on March 17 and 18 from 9:00 am-5:00 pm.
The chairman and CEO of the company Mr. Tsantanis and other prominent shipping executives participated in the conference.
Early prepayment of credit loan
On March 4, 2021, Seanergy Maritime Holdings signed an agreement with its lenders for the early prepayment of a credit facility taken for one of its Capesize vessels. SHIP will be paying the full outstanding balance of $21.6 million
Making the early payment, SHIP would save $1.3 million for 2021 and $1.8 million for 2022-23. The company has reduced its interest payments significantly by paying a significant portion of the company’s unsecured facilities since the beginning of 2021.
Conclusion: The SHIP has reduced the interest payments significantly, and investors are expecting good financial figures on March 24, which may take the SHIP share price further up.