Benzinga | Jan 24, 2022 03:38PM EST

Seanergy Maritime Raises TCE Rate Outlook For Q4

* Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) expects Q4 TCE (time charter equivalent) to exceed an average TCE rate of ~$36,000 per ship per day, above the previously announced guidance of $35,200 per ship per day.

* The company estimates the TCE rate for 1Q22 to be ~$19,000.

* Based on the 2021 average TCE for the 5 T/C routes of the Baltic Capesize Index of $33,300, the company estimates $130 million in EBITDA for 2022.

* "As a result of our pro-active hedging strategy in 2H21, we estimate that we will overperform the current spot market rate by approximately 50% in the first quarter. Moreover, our robust EBITDA generating capacity in multiple freight environments attests to our firm belief that our shares are currently significantly undervalued," said Chairman and CEO Stamatis Tsantanis.

* Price Action: SHIP shares traded lower by 1.34% at $0.87 on the last check Monday.