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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 filed its Annual Report on Form 20-F for the fiscal year ending December 31, 2021, with the U.S. Securities and Exchange Commission. The report details the Company's operations as a pure-play Capesize ship-owner, highlighting a fleet of 17 vessels with a total capacity of approximately 3,011,083 deadweight tons. The report can be accessed on the Company’s website under the Investor Relations section. Forward-looking statements in the press release caution investors about potential risks and uncertainties impacting future results.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has successfully conducted marine biofuel trials on its Capesize vessels in collaboration with NYK Line. The trials utilized a 0.50% VLSFO blended with a waste-based FAME component, achieving a 10% reduction in CO2 emissions compared to traditional marine fuels. The tests were performed during a voyage from Singapore to South Africa. Seanergy emphasizes its commitment to sustainability and reducing GHG emissions, aligning with its strategic goals for a greener future.
Seanergy Maritime Holdings Corp (NASDAQ: SHIP) announced significant financial results for Q4 and FY 2021, reflecting exceptional growth. Q4 2021 earnings per share (EPS) were $0.12 (basic) and $0.11 (diluted), with net revenues reaching $56.7 million, a 166% increase year-over-year. Full-year 2021 net revenues rose to $153.1 million, up 142%, with an adjusted net income of $53.3 million. The company declared regular and special dividends of $0.025 per share each, totaling $35.6 million in shareholder returns. A buyback of $10 million in convertible notes further demonstrates commitment to shareholder value.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) will release its financial results for Q4 and the full year ended December 31, 2021, on March 10, 2022, before the market opens. A conference call is scheduled for the same day at 11:30 a.m. Eastern Time to discuss the results. Seanergy, based in Greece, operates a fleet of 17 Capesize vessels with a total cargo capacity of approximately 3,011,083 dwt. The company stands as a pure-play Capesize ship owner publicly listed in the U.S.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced a refinancing agreement with a Japanese lender for its Capesize vessel, M/V Partnership. The $21.3 million transaction will secure a bareboat charter for eight years, significantly reducing the interest rate by approximately 210 bps. The refinancing will also free up $4.3 million in additional liquidity. The company expects to exercise its option to repurchase the vessel after the charter period for $2.39 million. Following this deal, Seanergy will eliminate all junior debt, strengthening its financial position.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has regained compliance with Nasdaq's minimum bid price requirement, as confirmed by the Nasdaq Stock Market on February 15, 2022. This compliance resolves previous concerns regarding the company’s stock value. Seanergy, a leading Capesize ship-owner in the US, operates a fleet of 17 vessels, with a total carrying capacity of approximately 3,011,083 deadweight tons. The company is based in Glyfada, Greece, and remains focused on providing marine dry bulk transportation services.
Seanergy Maritime Holdings announced it received a notice from Nasdaq regarding its common stock, indicating non-compliance with the minimum bid price of $1.00 per share for 30 consecutive days. The notice was dated January 26, 2022, and the company has 180 days, until July 25, 2022, to regain compliance. Seanergy believes its shares are undervalued and is optimistic about a natural recovery in stock price without a reverse split. The company operates a fleet of 17 Capesize vessels, focusing on marine dry bulk transportation.
Seanergy Maritime Holdings Corp. has provided an update on its time charter equivalent (TCE) rate guidance and EBITDA projections. For the fourth quarter of 2021, the average TCE is expected to exceed $36,000 per ship per day, surpassing the previous estimate of $35,200. Preliminary TCE guidance for the first quarter of 2022 stands at approximately $19,000. The company anticipates strong EBITDA generation for FY 2022, supported by a proactive hedging strategy. Seanergy's modern fleet of 17 Capesize vessels positions it well for anticipated market recovery.
Seanergy Maritime Holdings Corp. announced a $5 million buyback of convertible notes, part of a plan that could total $10 million. This buyback, totaling $21.6 million to date, aims to prevent dilution of 4.17 million shares and is expected to save $275,000 annually in interest. Although the company anticipates a non-cash loss of $1.5 million in Q1 2022, it will eliminate average annual non-cash charges of $0.5 million from 2022-2024. The company expresses confidence in its value and aims to enhance shareholder value through reduced financial leverage.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) will participate in Capital Link's Corporate Presentations Webinar on January 20, 2022, at 10 am ET. The presentation will cover the company's operations, business development, and growth outlook in the dry bulk sector. Participants can register for the webinar to receive further details and submit questions during the session. Seanergy operates a fleet of 17 Capesize vessels, with a total cargo capacity of approximately 3,011,083 dwt, making it the only pure-play Capesize ship-owner publicly listed in the US.
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