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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 Holdings Corp. (NASDAQ: SHIP) will announce its fourth quarter and full year 2020 financial results on March 24, 2021, before markets open. A conference call will follow at 11:00 a.m. EST, where management will discuss the results. Seanergy, the only publicly listed pure-play Capesize ship-owner in the US, operates a fleet of 14 Capesize vessels with an average age of 12 years and total capacity of approximately 2.46 million dwt. Investors can access the call via the provided numbers and an audio webcast.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced the acquisition of two Capesize vessels for approximately $55 million, increasing its fleet to 14 vessels with a total cargo capacity of around 2.5 million dwt. The vessels, named M/V Flagship and M/V Patriotship, are expected to be delivered by April and May 2021, respectively. Both ships are equipped with recent upgrades, minimizing immediate capital expenditure. The acquisition is set to enhance revenue potential by over $15 million for the remainder of 2021 based on current freight contracts.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced that CEO Stamatis Tsantanis will present at the Inaugural Emerging Growth Virtual Conference on March 18. The event, hosted by M Vest LLC and Maxim Group LLC, will include discussions and presentations from various shipping executives. The conference runs from March 17-18, featuring live Q&A sessions.
Seanergy operates a fleet of 12 Capesize vessels, averaging 12.2 years old and totaling approximately 2,103,042 dwt in capacity.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has arranged an early prepayment of a $21.6 million credit facility secured by the M/V Lordship, set to save $1.3 million in interest for 2021 and $1.8 million annually for 2022-23. This move, funded by cash reserves, reduces annual repayments by approximately $2.5 million, positively impacting the fleet's break-even rate. Additionally, a $12.0 million prepayment on unsecured loans is expected to save $660,000 annually. The company anticipates a total cash-flow benefit of about $4.9 million per year, coinciding with rising Capesize spot rates.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced the completion of a $75 million registered direct offering and a $179 million financial restructuring. The offering involved selling approximately 44.15 million shares at $1.70 each, with net proceeds of around $70 million. The financial restructuring includes $117 million in senior loans and $62 million in junior loans and convertible notes, with no debt maturities before Q4 2022 and reduced interest rates. This restructuring aims to enhance the company's balance sheet amid a positive outlook for the Capesize segment.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has entered a securities purchase agreement to sell 44,150,000 common shares at $1.70 each, raising approximately $75 million. This direct offering aims to support the company's fleet growth and enhance liquidity for potential acquisitions. The transaction is expected to close around February 19, 2021. Seanergy operates a fleet of 12 Capesize vessels and is noted for its strong position in the dry bulk shipping sector, with an average vessel age of 12.2 years and a total cargo capacity of about 2.1 million dwt.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has announced a definitive agreement to purchase a Capesize vessel, which will be renamed M/V Tradership. Built in 2006 in Japan, the vessel has a cargo capacity of approximately 177,000 dwt and will increase Seanergy's fleet to 12 ships, totaling 2,103,042 dwt. The $17 million purchase price will be funded from cash reserves. Expected delivery is in Q1 or early Q2 2021, aligning with a favorable Capesize market, with potential incremental net revenue exceeding $5 million for the year based on current freight rates.
Seanergy Maritime Holdings Corp. announced it has regained compliance with Nasdaq Listing Rule 5550(a)(2) regarding the minimum bid price of its common stock, confirming that the matter is now closed. The company operates in the marine dry bulk transportation industry with a fleet of 11 Capesize vessels, which have a total cargo carrying capacity of approximately 1,926,117 dwt. Seanergy's shares trade on the Nasdaq under the symbols SHIP, SHIPW, and SHIPZ.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) completed the evaluation of the Energy Efficiency Existing Ship Index (EEXI) for its Capesize vessels, ensuring compliance with GHG regulations until 2030 at no material cost. The IMO aims for a 50% reduction in GHG emissions from shipping by 2050. Seanergy, in partnership with DNV, emphasizes its commitment to environmental, social, and governance (ESG) goals and the energy efficiency of its fleet. The company operates 11 Capesize vessels with a total capacity of approximately 1.93 million dwt.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced new time charter contracts for two Capesize vessels with Anglo American and Pacbulk Shipping, effective Q2 2021. The M/V Fellowship will operate for 12 to 15 months, while the M/V Geniuship has a term of 11 to 14 months. Additionally, the M/V Gloriuship's charter has been extended until April 2022. Currently, 82% of Seanergy's fleet is employed under index-linked charters, enabling strong correlation with Capesize market performance. The company highlights improved market conditions and strong fundamentals as key growth factors.
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