SEANERGY MARITIME (SHIP) Stock: Here’s Why It’s Falling Apart


SEANERGY MARITIME is having an incredibly rough start to the day. In pre-market trading, the stock was nearly cut in half, and for good reason. Early today, the company announced an offering, cutting each investor’s piece of the pie down a notch. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to SHIP ahead.

What We’re Seeing From SHIP

As mentioned above, SEANERGY MARITIME isn’t off to the best of days in the trading session today. While the pre-market looked OK, it turned to bad very quickly. Unfortunately, after a key announcement from the company early this morning, the stock took a dive. At the moment (9:39), SHIP is trading at $1.20 per share after a loss of $1.00 per share (45.45%) thus far today.

Why The Stock Is Falling

As usual, as soon as the CNA Finance team saw that SHIP was taking a dive, we started digging to see if we could dig up the reason for the loss. It didn’t take long to find the cause of the dip, and unfortunately, it is definitely valid. Early this morning, the company made a key announcement that concerned investors.

So, what’s the announcement? SEANERGY MARITIME informed investors of a new offering. The offering is expected to raise $13,380,000. The company plans to sell 10,000,000 shares and class A warrants at a combined price of $1.50 per unit. For more details with regard to the offering, click here.

What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on SHIP. With regard to the offering, we believe that the declines are either over or close to over. From here, it will be important to keep an eye on the Baltic Dry Index as well as other shipping sector-wide factors for an idea of how quickly the stock will recover. Nonetheless, we’ll keep a close eye on the news and continue to bring it to you as it breaks!

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[Image Courtesy of Wikimedia]

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