Jim Cramer said he would be a buyer of Seanergy Maritime Holdings Corp, telling a caller during the lightning round of Mad Money on September 16 that bulk transportation is on fire and the yield looks safe. The bullish call follows second-quarter results in which net income surged to $26.2 million and adjusted EBITDA more than doubled to $41.5 million, while fleet time charter equivalent rates climbed 63% year over year to $32,355 per day on firm iron ore volumes and proactive Capesize charter contracts. The cash generation supports a capital return policy highlighted by a second-quarter dividend of $0.35 per share payable in October, a 75% increase from the $0.20 dividend declared for the first quarter. The shares trade at a trailing price-to-earnings ratio of 6.35 and a forward earnings multiple of 4.77, and hedge fund interest has crept higher, with 19 hedge funds holding stakes through the second quarter versus 17 in the prior period, according to Insider Monkey data covering more than 1000 hedge funds. Short interest sits at just 1.96% of the public float, though the shipping industry remains inherently cyclical and vulnerable to a broader economic slowdown or a drop in Chinese iron ore imports that could compress freight spot rates.
Seanergy Maritime Holdings CorpJim Cramer's bullish buy call and strong Q2 earnings with surging net income and EBITDA support the stock
Oracle Corporation
