Seanergy Maritime Holdings Corp. (SHIP)

[Net-Man]

The last quarter's financials showed book value at $0.78/share and operating losses. A few times in the report they also called gross revenue net revenue. It looks like they had ebitda revenues of ($68k). "Net revenue" appeared a few times in the discussion section of the report and appeared to be intentional. While revenues did get better, SHIP operated at a loss in Q1. The report also discusses the purchase of a 2012 SK built cape for $32.65 million, which seems to have been roughly a $5 million premium. See link below. It should also be noted they borrowed $34.2 million against the vessel.

I wasn't able to find any references to any analyst recommending this. Other than speculation here, I don't see any reason yet to buy SHIP. Perhaps someone that follows the company and has a realistic case for buying could help me understand this better.

tia

http://www.hellenicshippingnews.com/capesize-and-supramax-values-on-the-up-says-vesselsvalue/