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 has announced the refinancing of its existing loan facility for the M/V Geniuship, moving from a 10.5% fixed interest rate to a new facility at LIBOR + 3.5%. This transition, with an initial balance of $15 million and a five-year term, is expected to lead to significant cash flow improvements. The company anticipates interest savings of approximately $0.9 million for 2022 and an average of $0.5 million per year from 2023 to 2025, resulting in total expected savings of $2.3 million over three years.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced its participation at the Transportation & Logistics Virtual Investor Forum on December 16, 2021, at 11:00 AM EST. CEO Stamatis Tsantanis and CFO Stavros Gyftakis will present followed by a Q&A session moderated by Poe Fratt from Noble Capital Markets. Interested parties can register for the webcast at Channelchek.com. Seanergy is a pure-play Capesize ship-owner, operating 17 vessels with a cargo capacity of approximately 3,011,083 dwt, providing marine dry bulk transportation services.
Seanergy Maritime Holdings has been recognized as the ‘Dry Cargo Company of the Year’ at the Lloyd's List Greek Shipping Awards 2021 held on December 3, 2021, in Athens, Greece. The award highlights the company's successful financial transformation and significant expansion in the Capesize sector, with a 70% fleet increase during the year. Chairman & CEO Stamatis Tsantanis credited the award to the team’s effort and promised to continue leading in the evolving shipping landscape. Seanergy, listed on NASDAQ as SHIP, operates a fleet of 17 Capesize vessels.
Seanergy Maritime announced a $16.6 million buyback plan, targeting convertible notes, warrants, and common shares. This includes $13.95 million for convertible notes and the buyback of 1.6 million common shares. The plan aims to eliminate potential dilution of 17.5 million shares. The CEO has also purchased 300,000 shares in the open market. The company anticipates a non-cash accounting loss of approximately $6.75 million but expects to save $767,250 annually in interest.
Seanergy Maritime announced the delivery of its Capesize vessel, M/V Dukeship, on November 26, 2021. The vessel, built in 2010, will begin a time charter (T/C) employment with NYK for approximately 13 to 18 months. This marks the seventh vessel delivery in 2021, expanding Seanergy's fleet to 17 Capesize vessels with over 3 million dwt capacity. Additionally, Seanergy closed a $16.85 million sustainability-linked loan with Piraeus Bank, underscoring its commitment to ESG goals.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported exceptional financial results for Q3 2021, with gross revenues soaring to $50 million, a 146% year-over-year increase. Net income surged to $20.1 million, marking a 459% rise from Q3 2020. For the nine-month period, revenue reached $100 million, up 130%, with an adjusted EBITDA of $51.4 million, a significant jump of 602%. The company expanded its fleet by acquiring seven modern Capesize vessels, boosting its total fleet capacity by 55%. TCE for Q3 was $30,764, reflecting a 90% year-over-year growth.
Seanergy Maritime Holdings Corp. has set the date for its third quarter and nine months financial results, scheduled for release on November 2, 2021, before the market opens in New York. The company will conduct a conference call at 10:00 a.m. ET on the same day to discuss these results. Seanergy operates a fleet of 17 Capesize vessels, with an average age of 11.5 years and a cargo carrying capacity of 3,011,083 dwt. The company is publicly listed under the symbol SHIP.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced the acquisition of its 17th Capesize vessel, the M/V Dukeship, for $34.3 million, to be funded with cash on hand. The 2010-built vessel has a cargo capacity of approximately 181,500 dwt and is expected to deliver by November 2021. This acquisition follows the sale of the oldest vessel, M/V Leadership. With this addition, the fleet's total capacity will exceed 3 million dwt, and the company anticipates immediate revenue generation due to favorable market conditions, with Capesize rates exceeding $60,000 per day.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced that its Chairman and CEO, Stamatis Tsantanis, will present at the 20th Annual Marine Money Week Asia, the largest ship finance conference in Asia. The virtual panel, titled “Dry Bulk Frenzy – How long and how high?”, is scheduled for September 15, 2021, at 15:00 Singapore time. Seanergy operates a fleet of 16 Capesize vessels, with an average age of 11.5 years and a total cargo capacity of approximately 2,829,630 dwt.
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