Welcome to our dedicated page for Seanergy Maritime Holdings news (Ticker: SHIP), a resource for investors and traders seeking the latest updates and insights on Seanergy Maritime Holdings stock.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) is a Marshall Islands corporation with its executive offices based in Athens, Greece. The company specializes in the transportation of dry bulk cargoes through its fleet of dry bulk carriers. By owning and operating an extensive fleet of vessels including the Fellowship, Championship, Partnership, Knightship, Lordship, Gloriuship, Leadership, Geniuship, Premiership, and Squireship, Seanergy Maritime Holdings Corp. has established a significant presence in the global maritime shipping industry.
The company generates a majority of its revenue from the operation of these vessels. In recent developments, Seanergy reported a notable increase in its fourth-quarter net profit, reaching $10.8 million from just $0.5 million the previous year. Revenue for the same period grew to $39.4 million, up from $28.5 million. Despite a highly volatile Capesize market, Seanergy's daily time charter equivalent (TCE) rates surpassed the Baltic Capesize Index (BCI) by 7% in 2023.
For the first three months of 2024, Seanergy projects a TCE of $23,219 per day. Over the full year, the company achieved a net income of $2.3 million and an average daily rate of $17,501, exceeding the BCI average of $16,389. The company's consistent ability to generate higher revenues from its Capesize fleet compared to industry benchmarks differentiates it from other shipping companies.
In February 2024, Seanergy acquired a 2013 Japanese-built Capesize dry bulk vessel with a capacity of 181,392 deadweight tons (dwt), renamed M/V Iconship. The purchase price was $33.7 million, with the vessel's value increasing to $38 million. CEO Stamatis Tsantanis highlighted the company's strategy of fleet expansion, share buybacks, and dividend payments, aiming for balanced capital allocation and rewarding shareholders.
Seanergy's spin-off company, United Maritime Corporation (NASDAQ: USEA), also achieved significant milestones, including a sale-and-leaseback transaction to generate liquidity and potentially expand its fleet. United Maritime maintained a positive financial performance in 2023, with net revenues increasing by 58% compared to the previous year.
For more information and the latest updates, you can visit the company's website at www.seanergymaritime.com.
Seanergy Maritime reported strong Q3 2024 financial results with net revenues of $44.4 million, an 81% increase from Q3 2023. The company achieved a net income of $12.5 million compared to a net loss of $5.0 million in Q3 2023. The daily TCE rate reached $26,529, outperforming the Baltic Capesize Index by 7%. The company declared a quarterly cash dividend of $0.26 per share, representing an 11.1% annualized yield. For the nine months ended September 30, 2024, net revenues were $125.8 million with a record net income of $36.8 million.
Seanergy Maritime Holdings (NASDAQ: SHIP) announced the results of its 2024 Annual Meeting of Shareholders, where shareholders overwhelmingly voted to re-elect company nominees Dimitrios Anagnostopoulos and Ioannis Kartsonas to serve until 2027. The shareholders also ratified the appointment of existing auditors and rejected proposals brought by G. Economou through Sphinx Investment Corp. The company's proposals received over 88% approval, while Economou's proposals were rejected with over 86% opposition. Even excluding votes from management, directors, and Series B Preferred Shares, unaffiliated shareholders strongly supported the incumbent directors with over 71% approval.
Seanergy Maritime Holdings (NASDAQ: SHIP) has released its Environmental, Social and Governance (ESG) Report for the year 2023. The report details the company's ESG strategy, commitments, and performance through sustainability-related Key Performance Indicators. The document follows the Global Reporting Initiative (GRI 2021) Standards and Sustainability Accounting Standards Board (SASB) guidelines for Marine Transportation. Select GRI disclosures and SASB indicators have been verified with assurance by CSE North America.
Seanergy Maritime Holdings (NASDAQ: SHIP) has scheduled its Q3 and nine months 2024 financial results release for Tuesday, November 5, 2024, before the New York market opens. The company will host a conference call and webcast with senior management on the same day at 10:00 a.m. Eastern Time to discuss the results.
Interested participants can access the live webcast through the company's website under the Webcast & Presentations section of their Investor Relations page. Registration for the webcast should be completed approximately 10 minutes before the start time.
Seanergy Maritime Holdings (NASDAQ: SHIP) announced that the High Court of the Republic of the Marshall Islands has dismissed the litigation brought by Economou's Sphinx Investment Corp. The litigation included a motion for a temporary restraining order aimed at delaying the Company's 2024 Annual Meeting of Shareholders scheduled for November 4, 2024. The Board recommends shareholders vote on the WHITE proxy card 'FOR' Seanergy's nominees and 'AGAINST' Economou's proposals. Shareholders of record as of September 19, 2024, are eligible to vote. The company currently operates a fleet of 19 vessels with approximately 3,417,608 dwt cargo capacity.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has released an investor presentation ahead of its 2024 Annual Meeting of Shareholders on November 4, 2024. The presentation, available at www.VoteSeanergy.com and on the company's website, highlights Seanergy's value creation strategy. The Board of Directors unanimously recommends shareholders vote on the WHITE proxy card "FOR" Seanergy's nominees and "AGAINST" proposals made by Economou.
The company encourages shareholders to disregard any proxy materials received from Economou. For assistance with voting, shareholders can contact MacKenzie Partners, Seanergy's proxy solicitor, via phone or email. The Board emphasizes its commitment to overseeing a strategy that delivers value for all shareholders.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has mailed a letter to shareholders from CEO Stamatis Tsantanis ahead of the 2024 Annual Meeting. The letter highlights Seanergy's transformation into a pure-play Capesize shipping company with improved positioning and balance sheet. Key points include:
1. Fleet expansion to 19 Capesize vessels (3.4 million DWT)
2. Record profitability: $81.4 million net revenue and $24.3 million net income in H1 2024
3. Debt reduction and streamlined capital structure
4. Increased shareholder returns: $42.9 million in securities repurchases and $34.7 million in dividends since 2021
5. Updated dividend policy to return ~50% of net operating cash flow
The Board recommends voting 'FOR' Seanergy's nominees and 'AGAINST' Economou's proposals on the WHITE proxy card by November 3, 2024.
Seanergy Maritime Holdings (NASDAQ: SHIP) reported record financial results for Q2 and H1 2024, ending June 30. Key highlights include:
- Q2 2024 net revenues of $43.1 million, a 52% increase from Q2 2023's $28.3 million.
- Q2 2024 net income of $14.1 million. Adjusted net income for Q2 2024 was $16.0 million.
- Adjusted EBITDA for the quarter was $28.0 million, up 78% from Q2 2023.
- EPS for Q2 2024 was $0.68, with adjusted EPS at $0.78 (basic).
- H1 2024 net revenues reached $81.4 million, marking a 75% increase from H1 2023.
The company declared a quarterly dividend of $0.25 per share and updated its dividend policy to distribute around 50% of operating cash flow available for distributions. Additionally, Seanergy resumed its stock buyback program and reported a $58.3 million financing and refinancing transaction completed in Q2 2024.
Fleet updates include the delivery of M/V Iconship and an ongoing charter agreement with Costamare. Seanergy also expects to take delivery of another Capesize vessel in Q3 2024.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has announced the release date for its Q2 and H1 2024 financial results. The earnings release is scheduled for Tuesday, August 6, 2024, before the New York market opens. Following the release, the company will host a conference call and webcast at 11:00 a.m. Eastern Time on the same day.
Investors and interested parties can access the live webcast and accompanying presentation through Seanergy's website. The webcast will be archived for future reference. Participants are advised to register approximately 10 minutes before the start of the webcast. For those preferring a traditional conference call, registration options are available, including a system that can call participants directly.
Seanergy Maritime Holdings has announced the successful delivery of the M/V Iconship, a 181,392 dwt Capesize bulk carrier built in 2013. The vessel is now on a 22-month time charter (T/C) with Costamare Bulkers Inc. The daily hire is based on the Baltic Capesize Index (BCI), with an option to convert to a fixed rate. The acquisition was funded with cash and a sale and leaseback agreement.
Additionally, the M/V Lordship, a 178,838 dwt Capesize vessel, will begin a 22-month T/C with Costamare in July, following drydocking. This T/C also offers an index-linked daily hire based on the BCI, with options for fixed rates.
Seanergy's fleet is now fully employed on period charters, reinforcing their strategy to capitalize on favorable market conditions and maintain a strong focus on Capesize vessels for sustained returns.
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