Seanergy Maritime Reports Record Financial Results for the Quarter Ended March 31, 2024 and Declares Cash Dividends of $0.15 Per Share
Seanergy Maritime (NASDAQ: SHIP) reported record financial results for Q1 2024, with net revenues of $38.3 million, up from $18.0 million in Q1 2023. Net income reached $10.2 million, a significant turnaround from a $4.2 million loss in the prior year. Adjusted net income was $11.6 million, compared to an adjusted net loss of $0.4 million in Q1 2023. EBITDA was $21.6 million, and adjusted EBITDA was $23.2 million. Earnings per share were $0.50, with adjusted earnings per share at $0.58. The company declared a quarterly cash dividend of $0.025 and a special dividend of $0.125 per share, totaling $0.15 per share for Q1 2024.
Significant developments include acquiring two Japanese Capesize vessels and securing $58.3 million in new financing. Cash and cash equivalents totaled $24.2 million. Stockholders' equity stood at $240.6 million, with long-term debt at $223.2 million. The company projects a strong outlook with an expected daily time charter equivalent (TCE) rate of $26,400 for Q2 2024, indicating continued robust performance.
- Net revenues increased to $38.3 million in Q1 2024 from $18.0 million in Q1 2023.
- Net income of $10.2 million in Q1 2024 compared to a net loss of $4.2 million in Q1 2023.
- Adjusted net income of $11.6 million versus an adjusted net loss of $0.4 million in Q1 2023.
- EBITDA reached $21.6 million, a substantial rise from $8.2 million in Q1 2023.
- Adjusted EBITDA was $23.2 million, up from $3.9 million in Q1 2023.
- Earnings per share were $0.50, with adjusted earnings per share at $0.58.
- Declared quarterly and special dividends totaling $0.15 per share for Q1 2024.
- Acquisition of two Japanese Capesize vessels expected to enhance fleet capacity.
- Secured $58.3 million in new financing and refinancing transactions.
- Stockholders' equity at $240.6 million with a book value of the fleet at $442.0 million.
- Projected TCE rate of $26,400 for Q2 2024, indicating strong future performance.
- Despite strong quarterly results, the company still carries a significant long-term debt of $223.2 million.
- The need for $35.6 million to fund the acquisition of a 2012-built Capesize vessel, potentially increasing financial liabilities.
- Heavy reliance on the Capesize market, which can be volatile and subject to geopolitical uncertainties.
Insights
Seanergy Maritime's financial results for Q1 2024 show a significant improvement compared to Q1 2023. The company's
The cash dividend of
From a debt perspective, long-term debt net of deferred charges stood at
For retail investors, these metrics showcase a company in strong financial health with effective capital allocation strategies. However, it's important to consider potential market volatility in shipping rates and geopolitical factors that could impact future performance. Overall, the robust financial performance and strategic dividend policy make this a positive development for investors.
Seanergy Maritime's performance is highly influenced by the Capesize market, which saw a notable upward trend driven by increased iron ore and coal exports. The daily Time Charter Equivalent (TCE) rate of approximately
Seanergy’s proactive hedging strategy and the conversion of ownership days to a fixed daily rate of approximately
Moreover, the acquisition of two Japanese Capesize vessels and new financing arrangements worth
For retail investors, it's important to understand the cyclical nature of the shipping industry, where market conditions can swiftly change. Nonetheless, Seanergy's strategic initiatives and market positioning suggest a well-prepared company aiming for sustained growth and profitability.
| Highlights | ||||||
| (in million USD, except EPS) | Q1 2024 | Q1 2023 | ||||
| Net Revenues | ||||||
| Net income / (loss) | ( | |||||
| Adjusted net income1 / (loss) | ( | |||||
| EBITDA1 | ||||||
| Adjusted EBITDA1 | ||||||
| Earnings / (loss) per share Basic & Diluted | ( | |||||
| Adjusted earnings / (loss) per share Basic1 | ( | |||||
| Adjusted earnings / (loss) per share Diluted1 | ( | |||||
Other Highlights and Developments:
- Record first quarter net income of
$10.2 million - Cash dividends of
$0.15 per share consisting of a quarterly cash dividend of$0.02 5 per share for Q1 2024 and a special cash dividend of$0.12 5 per share - Total cash dividends of
$1.60 per share, or$29.6 million , declared since March 2022 - Acquisition of two Japanese Capesize vessels, built in 2013 and 2012, with estimated deliveries in Q2 and H2 2024, respectively
- New financing and refinancing transactions of
$58.3 million
ATHENS, Greece, May 15, 2024 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), announced today its financial results for the first quarter ended March 31, 2024. The Company also declared a quarterly cash dividend of
For the quarter ended March 31, 2024, the Company generated Net Revenues of
Cash and cash-equivalents and restricted cash, as of March 31, 2024, stood at
__________________________
1 Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.
2 TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“We are pleased to report that in the first quarter of 2024 we achieved record profits on the back of the continuing positive momentum in the Capesize market. This was mainly driven by higher iron ore exports, healthy coal volumes, as well as certain geopolitical events.
“Seanergy generated a net income of
“In light of our strong performance and consistent with our commitment to rewarding our shareholders, our Board authorized paying a quarterly and special cash dividend of
“With regard to our guidance for the second quarter of 2024, based on current FFA levels, we expect our daily TCE to be equal to approximately
“Moving on to fleet developments since our last quarterly update, in March we agreed to acquire an additional Capesize vessel built in 2012 in Japan for a price of
“To conclude with a brief market update, contrary to regular seasonality, the first quarter of 2024 was the strongest of the past decade for Capesize earnings. Brazilian iron ore exports rose about
“Seanergy has proven its ability to execute on its fleet growth plan and with its high-quality vessels, strong balance sheet and successful commercial strategy, is well positioned to continue creating shareholder value.”
Company Fleet:
| Vessel Name | Capacity (DWT) | Year Built | Yard | Scrubber Fitted | Employment Type | FFA conversion option(1) | Minimum time charter (“T/C”) expiration | Maximum T/C expiration(2) | Charterer |
| Titanship(3) | 207,855 | 2011 | NACKS | - | T/C Index Linked | Yes | 09/2024 | 01/2025 | Olam |
| Patriotship | 181,709 | 2010 | Imabari | Yes | T/C Index Linked | Yes | 01/2025 | 04/2025 | Glencore |
| Dukeship | 181,453 | 2010 | Sasebo | - | T/C Index Linked | Yes | 05/2024 | 09/2024 | NYK |
| Paroship | 181,415 | 2012 | Koyo -Imabari | Yes | T/C Index Linked | Yes | 08/2025 | 01/2026 | Oldendorff |
| Worldship | 181,415 | 2012 | Koyo – Imabari | Yes | T/C Index Linked | Yes | 10/2025 | 02/2026 | NYK |
| Hellasship | 181,325 | 2012 | Imabari | - | T/C Index Linked | Yes | 12/2024 | 04/2025 | NYK |
| Honorship | 180,242 | 2010 | Imabari | - | T/C Index Linked | Yes | 02/2024 | 07/2024 | NYK |
| Fellowship | 179,701 | 2010 | Daewoo | - | T/C Index Linked | Yes | 06/2024 | 10/2024 | Anglo American |
| Championship | 179,238 | 2011 | Sungdong SB | Yes | T/C Index Linked | Yes | 04/2025 | 11/2025 | Cargill |
| Partnership | 179,213 | 2012 | Hyundai | Yes | T/C Index Linked | Yes | 09/2024 | 12/2024 | Uniper |
| Knightship | 178,978 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 11/2025 | 01/2026 | Glencore |
| Lordship | 178,838 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 08/2024 | 09/2024 | Uniper |
| Friendship | 176,952 | 2009 | Namura | - | T/C Index Linked | Yes | 12/2024 | 04/2025 | NYK |
| Flagship | 176,387 | 2013 | Mitsui | - | T/C Index Linked | Yes | 05/2026 | 07/2026 | Cargill |
| Geniuship | 170,057 | 2010 | Sungdong SB | - | T/C Index Linked | Yes | 04/2024 | 08/2024 | NYK |
| Premiership | 170,024 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 03/2025 | 05/2025 | Glencore |
| Squireship | 170,018 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 04/2025 | 06/2025 | Glencore |
| Total / Average age | 3,054,820 | 13.2 years | - | - | - | - | - | - | - |
(1) The Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing Capesize FFA Rate for the selected period.
(2) The latest redelivery date does not include any additional optional periods.
(3) The vessel is operated by the Company on the basis of a 12-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter.
Vessels to be delivered:
| Vessel Name | Capacity (DWT) | Year Built | Yard | Scrubber Fitted |
| tbr Iconship | 181,392 | 2013 | Imabari | - |
| New Vessel tbr | 181,396 | 2012 | Koyo | - |
Fleet Data:
(U.S. Dollars in thousands)
| Q1 2024 | Q1 2023 | |||||
| Ownership days (1) | 1,547 | 1,539 | ||||
| Operating days (2) | 1,537 | 1,520 | ||||
| Fleet utilization (3) | ||||||
| TCE rate (4) | ||||||
| Daily Vessel Operating Expenses (5) | ||||||
(1) Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.
(2) Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include the days that our vessels are in ballast voyages without having finalized agreements for their next employment. The Company’s calculation of operating days may not be comparable to that reported by other companies.
(3) Fleet utilization is determined by dividing operating days by ownership days for the relevant period. Fleet Utilization is used to measure a company’s ability to efficiently find suitable employment for its vessels and minimize the number of days that its vessels are off-hire for unforeseen events. We believe it provides additional meaningful information and assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and because we believe that it provides useful information to investors regarding the efficiency of our operations.
(4) TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, which is not a recognized measure under U.S. GAAP, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful information to investors regarding our financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate.
(In thousands of U.S. Dollars, except operating days and TCE rate)
| Q1 2024 | Q1 2023 | ||||
| Vessel revenue, net | 37,774 | 17,384 | |||
| Less: Voyage expenses | 774 | 657 | |||
| Time charter equivalent revenues | 37,000 | 16,727 | |||
| Operating days | 1,537 | 1,520 | |||
| TCE rate | |||||
(5) Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses, excluding pre delivery costs, by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses.
(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)
| Q1 2024 | Q1 2023 | ||||
| Vessel operating expenses | 11,070 | 10,913 | |||
| Less: Pre-delivery expenses | - | 260 | |||
| Vessel operating expenses before pre-delivery expenses | 11,070 | 10,653 | |||
| Ownership days | 1,547 | 1,539 | |||
| Daily Vessel Operating Expenses | |||||
Net income / (loss) to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
| Q1 2024 | Q1 2023 | |||
| Net income / (loss) | 10,161 | (4,185) | ||
| Interest and finance cost, net | 4,638 | 5,265 | ||
| Depreciation and amortization | 6,846 | 7,077 | ||
| EBITDA | 21,645 | 8,157 | ||
| Stock based compensation | 1,479 | 3,680 | ||
| Loss on extinguishment of debt | - | 110 | ||
| Loss on forward freight agreements, net | 78 | 50 | ||
| Gain on sale of vessel | - | (8,094) | ||
| Adjusted EBITDA | 23,202 | 3,903 |
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income / (loss), Interest and finance costs, net, depreciation and amortization and income taxes, if any, during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, loss on forward freight agreements, net, loss on extinguishment of debt, and the gain on sale of vessel, which the Company believes are not indicative of the ongoing performance of its core operations.
EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.
Adjusted Net income / (loss) Reconciliation and calculation of Adjusted Earnings / (loss) Per Share
(In thousands of U.S. Dollars, except for share and per share data)
| Q1 2024 | Q1 2023 | |||
| Net income / (loss) | 10,161 | (4,185) | ||
| Stock based compensation | 1,479 | 3,680 | ||
| Loss on extinguishment of debt | - | 110 | ||
| Adjusted net income / (loss) | 11,640 | (395) | ||
| Adjusted net income / (loss) – common shareholders | 11,177 | (433) | ||
| Adjusted earnings / (loss) per common share, basic | 0.58 | (0.02) | ||
| Adjusted earnings / (loss) per common share, diluted | 0.57 | (0.02) | ||
| Weighted average number of common shares outstanding, basic | 19,368,751 | 17,929,142 | ||
| Weighted average number of common shares outstanding, diluted | 19,475,630 | 17,929,142 |
To derive Adjusted Net Income / (loss) and Adjusted Earnings / (loss) Per Share, both non-GAAP financial measures, from Net Income / (loss), we exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income / (loss) and Adjusted Earnings / (loss) Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as stock based compensation, loss on extinguishment of debt and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income / (loss) and Adjusted Earnings / (loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
Second Quarter 2024 TCE Guidance:
As of the date hereof, approximately
| Operating Days | TCE | |
| TCE - fixed rate (index-linked conversion) | 1,001 | 27,961 |
| TCE - fixed rate | 0 | N/A |
| TCE – index-linked | 546 | 23,563 |
| Total / Average | 1,547 | 26,408 |
__________________________
3 This guidance is based on certain assumptions and there can be no assurance that these TCE estimates, or projected utilization will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE realized will vary with the underlying index, and for the purposes of this guidance, the TCE assumed for the remaining operating days of the quarter for an index-linked T/C is equal to the average FFA rate of
First Quarter and Recent Developments:
Distribution of Q4 2023 Dividend and Declaration of Q1 2024 Dividends
On April 10, 2024, the Company paid a quarterly dividend of
Continuing its quarterly dividend payments, the Company has declared a quarterly cash dividend of
At-The-Market Offering Program
Since the filing of the Company’s annual report, the Company has issued and sold 267,585 common shares at an average price of
As of May 13, 2024, the Company had 20,779,660 common shares issued and outstanding.
Vessel Transactions and Commercial Updates
Vessel Acquisitions
On February 5, 2024, the Company agreed to acquire a 181,392 dwt Capesize bulk carrier, built in 2013 in Japan, which will be renamed M/V Iconship. The purchase price of
On March 18, 2024, the Company agreed to acquire a 181,396 dwt Capesize bulk carrier, built in 2012 in Japan. The purchase price of
M/V Knightship - Time charter extension
In May 2024, the charterer of the M/V Knightship exercised the second optional period extending the time charter which will commence in December 2024. The extension period is for a minimum of 11 months to a maximum of 13 months, while all other main terms of the time charter remain the same.
Financing Updates
AVIC Sale & leaseback agreement
The Company obtained credit committee approval from one of its close lending partners for three separate sale and leaseback agreements of
Conference Call:
The Company’s management will host a conference call to discuss financial results on May 15, 2024 at 10:00 a.m. Eastern Time.
Audio Webcast:
There will be a live, and then archived, webcast of the conference call available through the Company’s website. To listen to the archived audio file, visit our website, following the Webcasts & Presentations section under our Investor Relations page. Participants to the live webcast should register on the Seanergy website approximately 10 minutes prior to the start of the webcast, following this link.
Conference Call Details:
Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars) | ||||||
| March 31, 2024 | December 31, 2023* | |||||
| ASSETS | ||||||
| Cash and cash equivalents, restricted cash | 24,218 | 24,928 | ||||
| Vessels, net, right-of-use asset and advance for vessel acquisition | 442,033 | 440,038 | ||||
| Other assets | 19,023 | 12,911 | ||||
| TOTAL ASSETS | 485,274 | 477,877 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs | 223,246 | 232,568 | ||||
| Other liabilities | 21,476 | 16,864 | ||||
| Stockholders’ equity | 240,552 | 228,445 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 485,274 | 477,877 | ||||
* Derived from the audited consolidated financial statements as of that date
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Statements of Operations (In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated) | |||||
| Three months ended March 31, | |||||
| 2024 | 2023 | ||||
| Vessel revenue, net | 37,774 | 17,384 | |||
| Fees from related parties | 519 | 642 | |||
| Revenue, net | 38,293 | 18,026 | |||
| Expenses: | |||||
| Voyage expenses | (774 | ) | (657 | ) | |
| Vessel operating expenses | (11,070 | ) | (10,913 | ) | |
| Management fees | (175 | ) | (229 | ) | |
| General and administrative expenses | (4,629 | ) | (5,905 | ) | |
| Depreciation and amortization | (6,846 | ) | (7,077 | ) | |
| Loss on forward freight agreements, net | (78 | ) | (50 | ) | |
| Gain on sale of vessel | - | 8,094 | |||
| Operating income | 14,721 | 1,289 | |||
| Other income / (expenses): | |||||
| Interest and finance costs | (4,862 | ) | (5,337 | ) | |
| Interest and other income | 228 | 76 | |||
| Loss on extinguishment of debt | - | (110 | ) | ||
| Other, net | 74 | (103 | ) | ||
| Total other expenses, net: | (4,560 | ) | (5,474 | ) | |
| Net income / (loss) | 10,161 | (4,185 | ) | ||
| Net income / (loss) attributable to common shareholders | 9,698 | (4,223 | ) | ||
| Net income / (loss) per common share, basic | 0.50 | (0.23 | ) | ||
| Net income / (loss) per common share, diluted | 0.50 | (0.23 | ) | ||
| Weighted average number of common shares outstanding, basic | 19,368,751 | 17,929,142 | |||
| Weighted average number of common shares outstanding, diluted | 19,475,630 | 17,929,142 | |||
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Cash Flow Data (In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated) | ||||||
| March 31, | ||||||
| 2024 | 2023 | |||||
| Net cash provided by / (used in) operating activities | 14,458 | (264 | ) | |||
| Vessels acquisitions and improvements | (2 | ) | - | |||
| Advance for vessel acquisition | (7,816 | ) | - | |||
| Proceeds from sale of assets | - | 23,910 | ||||
| Finance lease prepayments and other initial direct costs | (305 | ) | - | |||
| Other fixed assets, net | - | (47 | ) | |||
| Net cash (used in) / provided by investing activities | (8,123 | ) | 23,863 | |||
| Repayments of long-term debt and other financial liabilities | (8,489 | ) | (22,994 | ) | ||
| Repayments of convertible notes | - | (8,000 | ) | |||
| Payments of finance lease liabilities | (535 | ) | - | |||
| Payments for fractional shares of reverse stock split | - | (23 | ) | |||
| Payments of repurchase of common stock | (843 | ) | - | |||
| Dividends payments | (491 | ) | (4,548 | ) | ||
| Proceeds from issuance of common stock and warrants, net of underwriting fees and commissions | 3,313 | - | ||||
| Net cash used in financing activities | (7,045 | ) | (35,565 | ) | ||
| SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
| Cash paid during the period for interest | 4,679 | 4,422 | ||||
| Noncash financing activities | ||||||
| Dividends declared but not paid | 2,001 | 500 | ||||
| Financing and stock issuance costs | 614 | - | ||||
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize ship-owner publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 vessels (1 Newcastlemax and 16 Capesize) with an average age of approximately 13.2 years and an aggregate cargo carrying capacity of approximately 3,054,820 dwt. Upon delivery of the two Capesize vessels, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt.
The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.
Please visit our Company website at: www.seanergymaritime.com.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to market trends, vessels we have agreed to acquire and pending litigation. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from war (or threatened war) or international hostilities, such as between Israel and Hamas and Russia and Ukraine; risks associated with the length and severity of pandemics (including COVID-19), including their effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company's filings with the SEC, including its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com
FAQ
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