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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) has initiated an underwritten public offering of common shares and warrants. The proceeds will be used for general corporate purposes. The offering is dependent on market conditions, and there is no guarantee on its completion. Maxim Group LLC and Fearnley Securities are managing the offering. The shares are being offered through a previously filed SEC registration statement. Seanergy is a pure-play Capesize ship-owner with 11 vessels, with a total cargo capacity of approximately 1,926,117 dwt.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has successfully delivered a 177,536 dwt Capesize vessel named M/V Goodship. The acquisition, costing $11.4 million, was funded through recent capital market activities. Chairman Stamatis Tsantanis highlighted that this purchase occurred at a historically low price amidst a robust Capesize market, where spot rates are around $20,000 per day. The fleet now comprises 11 Capesize vessels, enhancing Seanergy's position in the dry bulk transportation sector.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) will release its second quarter financial results on August 5, 2020, before the market opens in New York. This announcement will be followed by a conference call at 10:30 a.m. Eastern Time on the same day. The company, a pure-play Capesize ship owner, operates a modern fleet of 11 Capesize vessels with an average age of 11.5 years and total cargo capacity of approximately 1,926,117 dwt. Interested participants can join via dial-in and web access.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced a one-on-one interview featuring Chairman and CEO Stamatis Tsantanis, scheduled for July 23, 2020, at 10:00 AM EDT. The discussion will cover Seanergy's strategic development and market positioning, along with insights on the Capesize dry bulk sector's current dynamics and future outlook. Following the upcoming acquisition, Seanergy's fleet will consist of 11 Capesize vessels, averaging 11.5 years old, with a total capacity of approximately 1,926,117 dwt.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced it has regained compliance with Nasdaq Listing Rule 5550(a)(2) regarding the minimum bid price of its common stock. The Nasdaq confirmed that this matter is now resolved. Upon its latest vessel acquisition in early August 2020, Seanergy will operate a fleet of 11 Capesize vessels, averaging 11.5 years old, with a combined cargo capacity of approximately 1,926,117 dwt. The company emphasizes its unique position as a pure-play Capesize ship-owner listed in the US.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced a commitment letter from a lender to refinance a loan facility formerly due on June 30, 2020. The new loan, with a five-year term expiring in July 2025, will secure two Capesize vessels and improve break-even rates. An agreement was also reached to extend the existing facility's term until July 31, 2020, emphasizing the company’s proactive approach to managing its financial obligations. The CEO praised the refinancing as a significant development amid improving earnings conditions.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announces that a replay of its First Quarter 2020 Financial Results Conference Call is available for investors until July 3, 2020. The conference call replay can be accessed by calling specific toll-free numbers or via the company's website. Seanergy operates a fleet of 10 Capesize vessels with a total cargo capacity of approximately 1,748,581 dwt. The company continues to provide marine dry bulk transportation services and emphasizes its position as the only pure-play Capesize ship-owner publicly listed in the US.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced it will release its Q1 2020 financial results after market close on June 25, 2020. A conference call is set for June 26, 2020, at 10:00 a.m. ET for management to discuss the results. Seanergy operates a fleet of 10 Capesize vessels, providing dry bulk transportation services. The company's shares trade under the 'SHIP' symbol and have an average vessel age of approximately 11 years, with a total capacity of around 1,748,581 dwt.
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