Seanergy Maritime Holdings Corp. (SHIP)

[investorwisdom]

bottom line is what is the interest payment on the amount they owe. Can they satisfy the current debt load, with a aging fleet in the weakest rate environment of the last few decades. Most likely they cannot, and in a year or two the markdowns on the old ships get even greater, and the amount of cash in the bank wont matter, this will force even more cash to pay interest through broken debt covenants. Since the asset value is falling at a exponential rate, in relation of ability to secure higher income, True they may have enough cash to weather the storm, until rates increase, but until then, investors should price the stock for bankruptcy, and it looks like that is what they have done.