Seanergy Maritime Reports Third Quarter and Nine Months Financial Results for the Periods Ended September 30, 2024
Seanergy Maritime reported strong Q3 2024 financial results with net revenues of $44.4 million, an 81% increase from Q3 2023. The company achieved a net income of $12.5 million compared to a net loss of $5.0 million in Q3 2023. The daily TCE rate reached $26,529, outperforming the Baltic Capesize Index by 7%. The company declared a quarterly cash dividend of $0.26 per share, representing an 11.1% annualized yield. For the nine months ended September 30, 2024, net revenues were $125.8 million with a record net income of $36.8 million.
Seanergy Maritime ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con entrate nette di 44,4 milioni di dollari, un aumento dell'81% rispetto al terzo trimestre del 2023. L'azienda ha ottenuto un utile netto di 12,5 milioni di dollari rispetto a una perdita netta di 5,0 milioni di dollari nel terzo trimestre del 2023. Il tasso TCE giornaliero ha raggiunto i 26.529 dollari, superando l'Indice Baltic Capesize del 7%. L'azienda ha dichiarato un dividendo in contante trimestrale di 0,26 dollari per azione, rappresentando un rendimento annualizzato dell'11,1%. Per i nove mesi terminati il 30 settembre 2024, le entrate nette sono state di 125,8 milioni di dollari, con un utile netto record di 36,8 milioni di dollari.
Seanergy Maritime reportó sólidos resultados financieros para el tercer trimestre de 2024, con ingresos netos de 44,4 millones de dólares, un aumento del 81% en comparación con el tercer trimestre de 2023. La empresa logró un ingreso neto de 12,5 millones de dólares en comparación con una pérdida neta de 5,0 millones de dólares en el tercer trimestre de 2023. La tarifa diaria TCE alcanzó los 26,529 dólares, superando el Índice Baltic Capesize en un 7%. La empresa declaró un dividendo en efectivo trimestral de 0,26 dólares por acción, lo que representa un rendimiento anualizado del 11,1%. Durante los nueve meses que terminaron el 30 de septiembre de 2024, los ingresos netos fueron de 125,8 millones de dólares con un ingreso neto récord de 36,8 millones de dólares.
Seanergy Maritime는 2024년 3분기 강력한 재무 결과를 보고했으며, 순수익이 4440만 달러로 2023년 3분기 대비 81% 증가했습니다. 회사는 2023년 3분기 500만 달러의 순손실에 비해 순이익이 1250만 달러를 달성했습니다. 일일 TCE 요율은 26,529달러에 도달하여 발틱 케이프사이즈 지수를 7% 초과했습니다. 회사는 주당 0.26달러의 분기 현금 배당금을 선언했으며, 이는 연환산 수익률 11.1%를 나타냅니다. 2024년 9월 30일로 마감된 9개월 동안 순수익은 1억 2580만 달러였으며, 기록적인 순이익이 3680만 달러 있었습니다.
Seanergy Maritime a rapporté de solides résultats financiers pour le troisième trimestre 2024, avec des revenus nets de 44,4 millions de dollars, soit une augmentation de 81 % par rapport au troisième trimestre 2023. L'entreprise a réalisé un bénéfice net de 12,5 millions de dollars, comparativement à une perte nette de 5,0 millions de dollars au troisième trimestre 2023. Le taux TCE quotidien a atteint 26 529 dollars, surpassant l'indice Baltic Capesize de 7 %. L'entreprise a déclaré un dividende trimestriel en espèces de 0,26 dollar par action, représentant un rendement annualisé de 11,1 %. Pour les neuf mois se terminant le 30 septembre 2024, les revenus nets s'élevaient à 125,8 millions de dollars, avec un bénéfice net record de 36,8 millions de dollars.
Seanergy Maritime berichtete über solide Finanzresultate im 3. Quartal 2024 mit Netto-Einnahmen von 44,4 Millionen Dollar, was einem Anstieg von 81% im Vergleich zum 3. Quartal 2023 entspricht. Das Unternehmen erzielte einen Nettogewinn von 12,5 Millionen Dollar im Vergleich zu einem Nettoverlust von 5,0 Millionen Dollar im 3. Quartal 2023. Der tägliche TCE-Satz erreichte 26.529 Dollar und übertraf den Baltic Capesize Index um 7%. Das Unternehmen erklärte eine vierteljährliche Bar-Dividende von 0,26 Dollar pro Aktie, was einer annualisierten Rendite von 11,1% entspricht. Für die neun Monate bis zum 30. September 2024 betrugen die Netto-Einnahmen 125,8 Millionen Dollar, mit einem Rekord-Nettoergebnis von 36,8 Millionen Dollar.
- Net revenues increased 81% YoY to $44.4 million in Q3 2024
- Record nine-month net income of $36.8 million
- Quarterly dividend of $0.26 per share with 11.1% annualized yield
- Fleet outperformed Baltic Capesize Index by 7%
- Successful completion of $62.5 million financing transactions
- None.
Insights
The Q3 2024 results demonstrate exceptional financial performance.
Key financial metrics show robust health: strong cash position of
The Capesize market fundamentals remain compelling, with Brazilian iron ore exports up
The 2025 outlook is supported by constrained vessel supply due to increased drydockings and newbuild deliveries. The company's fleet modernization through recent acquisitions of younger vessels enhances its competitive position in this strong market environment.
Declares Cash Dividend of
Highlights | |||||||||||
(in million USD, except EPS) | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 | |||||||
Net Revenues | |||||||||||
Net income / (loss) | ( | ( | |||||||||
Adjusted net income / (loss)1 | ( | ||||||||||
EBITDA1 | |||||||||||
Adjusted EBITDA1 | |||||||||||
Earnings / (loss) per share Basic | ( | ( | |||||||||
Earnings / (loss) per share Diluted | ( | ( | |||||||||
Adjusted earnings / (loss) per share Basic1 | ( | ||||||||||
Adjusted earnings / (loss) per share Diluted1 | ( | ||||||||||
Other Highlights and Developments:
- Record Nine-Month Net Income of
$36.8 million - Quarterly cash dividend of
$0.26 per share declared for Q3 20242, representing an annualized yield of11.1% 3 - Total cash dividends of
$0.66 per share, or$13.6 million , declared in the first three quarters of 2024 - Fleet outperformance with Time Charter Equivalent (“TCE”4) exceeding the Baltic Capesize Index (“BCI”) by
7% for both the quarter and first nine months of 2024 - Delivery of the recently acquired M/V Kaizenship and commencement of period employment
- Successful completion of
$62.5 million financing and refinancing transactions
______________________________
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 Pursuant to revised divided policy tied to the Company’s operating cash flow after debt service and any discretionary reserves.
3 Based on the closing price of November 1, 2024.
4 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.
ATHENS, Greece, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), announced today its financial results for the third quarter and nine months ended September 30, 2024. The Company also declared a quarterly cash dividend of
For the quarter ended September 30, 2024, the Company generated Net Revenues of
For the nine-month period ended September 30, 2024, the Company generated Net Revenues of
Cash and cash-equivalents and restricted cash, as of September 30, 2024, stood at
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“In the third quarter, Seanergy sustained its profitable trajectory by continuing to execute on our focused strategy as a dedicated Capesize operator. During this period, the Capesize segment led the dry bulk sector in performance, with the BCI averaging
“As evidenced by our recently implemented updated dividend policy, which targets a distribution of approximately
“In October, as anticipated, we welcomed the 2012-built M/V Kaizenship to our fleet. This vessel, along with the 2013-built M/V Iconship also acquired in 2024, has reduced our fleet's average age and both vessels have been chartered at a premium over the BCI, outperforming our fleet-wide average. These younger, high-performing additions align with our disciplined growth strategy and strengthen our competitive edge in the Capesize sector.
“Our balance sheet remains robust, reflecting our commitment to sustainable leverage as we expand our fleet. With positive Capesize market trends, we are well-positioned to continue delivering strong returns, while advancing our growth strategy.
“For the fourth quarter of the year, our TCE guidance is approximately
“The Capesize market has performed relatively strong in 2024, with the BCI averaging around
“Limited new vessel deliveries, as well as increased global fleet drydockings in 2025, are likely to constrain supply in 2025, supporting continued Capesize rate strength. With these favorable dynamics, Seanergy is well-positioned to continue to deliver robust returns for shareholders.
“Finally, we are pleased with the recent decision by the High Court of the Republic of the Marshall Islands to dismiss the litigation brought against the Company by Sphinx Investment Corp., an entity of G. Economou. This outcome reaffirms our adherence to good corporate governance processes. We are also pleased with the strong support for our Board demonstrated by our recent annual meeting results. We remain fully focused on executing our value-creating strategy, reinforcing our commitment to delivering strong returns for our shareholders.”
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 | 207,855 | 2011 | NACKS | - | T/C Index Linked | Yes | 09/2026 | 03/2027 | Costamare |
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 | 06/2025 | 09/2025 | 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 |
Kaizenship | 181,396 | 2012 | Koyo Dock | - | T/C Index Linked | Yes | 07/2025 | 10/2025 | MOL |
Iconship | 181,392 | 2013 | Imabari | - | T/C Index Linked | Yes | 03/2026 | 06/2026 | Costamare |
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 | 03/2025 | 07/2025 | NYK |
Fellowship | 179,701 | 2010 | Daewoo | - | T/C Index Linked | Yes | 06/2026 | 11/2026 | 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 | 01/2026 | 05/2026 | Costamare |
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 | 06/2025 | 09/2025 | 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 | 3,417,608 | 13.5 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.
Fleet Data:
(U.S. Dollars in thousands)
Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 | |||||||||
Ownership days (1) | 1,656 | 1,472 | 4,770 | 4,467 | ||||||||
Operating days (2) | 1,604 | 1,460 | 4,703 | 4,423 | ||||||||
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 the percentage of time that the vessels are generating revenue and 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)
Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 | |||||
Vessel revenue, net | 43,369 | 23,105 | 123,735 | 68,135 | ||||
Less: Voyage expenses | 816 | 770 | 2,576 | 2,078 | ||||
Time charter equivalent revenues | 42,553 | 22,335 | 121,159 | 66,057 | ||||
Operating days | 1,604 | 1,460 | 4,703 | 4,423 | ||||
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)
Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 | |||||
Vessel operating expenses | 11,366 | 10,282 | 33,620 | 31,371 | ||||
Less: Pre-delivery expenses | 375 | - | 835 | 362 | ||||
Vessel operating expenses before pre-delivery expenses | 10,991 | 10,282 | 32,785 | 31,009 | ||||
Ownership days | 1,656 | 1,472 | 4,770 | 4,467 | ||||
Daily Vessel Operating Expenses | ||||||||
Net income / (loss) to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 | |||||
Net income / (loss) | 12,546 | (5,040 | ) | 36,834 | (8,547 | ) | ||
Interest and finance cost, net | 5,055 | 4,983 | 14,290 | 15,185 | ||||
Depreciation and amortization | 7,645 | 7,110 | 21,556 | 21,290 | ||||
EBITDA | 25,246 | 7,053 | 72,680 | 27,928 | ||||
Stock based compensation | 1,533 | 2,474 | 4,550 | 8,601 | ||||
Loss on extinguishment of debt | - | - | 649 | 540 | ||||
Loss on forward freight agreements, net | 30 | 4 | 134 | 148 | ||||
Gain on sale of vessels, net | - | - | - | (8,094 | ) | |||
Adjusted EBITDA | 26,809 | 9,531 | 78,013 | 29,123 | ||||
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income / (loss), net interest and finance costs, depreciation and amortization and, if any, income taxes 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 non-recurring gain on sale of vessels, net, 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 Per Share
(In thousands of U.S. Dollars, except for share and per share data)
Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 | |||||
Net income / (loss) | 12,546 | (5,040 | ) | 36,834 | (8,547 | ) | ||
Stock based compensation | 1,533 | 2,474 | 4,550 | 8,601 | ||||
Loss on extinguishment of debt (non-cash) | - | - | 304 | 300 | ||||
Adjusted net income / (loss) | 14,079 | (2,566 | ) | 41,688 | 354 | |||
Dividends to non-vested participating securities | (215 | ) | (38 | ) | (428 | ) | (114 | ) |
Undistributed earnings to non-vested participating securities | (310 | ) | - | (1,117 | ) | - | ||
Adjusted net income / (loss) – common shareholders | 13,554 | (2,604 | ) | 40,143 | 240 | |||
Adjusted earnings / (loss) per common share, basic | 0.69 | (0.14 | ) | 2.05 | 0.02 | |||
Adjusted earnings / (loss) per common share, diluted | 0.69 | (0.14 | ) | 2.04 | 0.02 | |||
Weighted average number of common shares outstanding, basic | 19,637,290 | 18,138,600 | 19,568,430 | 18,177,002 | ||||
Weighted average number of common shares outstanding, diluted | 19,786,887 | 18,138,600 | 19,702,128 | 18,177,002 | ||||
To derive Adjusted Earnings Per Share, a non-GAAP financial measure, from Net Income, we adjust for dividends and undistributed earnings to non-vested participating securities and exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income and Adjusted Earnings 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 loss on extinguishment of debt, stock based compensation 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 and Adjusted Earnings Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
Fourth Quarter 2024 TCE Rate Guidance:
As of the date hereof, approximately
Operating Days | TCE | ||
TCE - fixed rate (incl. FFA conversions) | 730 | ||
TCE – index-linked | 1,012 | ||
Total / Average | 1,742 |
______________________________
5 This guidance is based on certain assumptions and there can be no assurance that these TCE rate 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 rate realized will vary with the underlying index, and for the purposes of this guidance, the TCE rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to the average FFA rate of
Third Quarter and Recent Developments:
Dividend Distribution for Q2 2024 and Declaration of Q3 2024 Dividend
On October 10, 2024, the Company paid a quarterly dividend of
The Company has declared a quarterly cash dividend of
Buyback of Common Shares
Since our last update in the Company’s earnings release for the second quarter of 2024, the Company repurchased 121,826 common shares in open market transactions at an average price of
Vessel Transactions and Commercial Updates
M/V Kaizenship – Delivery and New T/C agreement
In October 2024, the Company took delivery of the M/V Kaizenship, a 181,396 dwt Capesize bulk carrier, built in 2012 in Japan. At the same time, the M/V Kaizenship commenced its T/C employment with Mitsui O.S.K. Lines, Ltd. (“MOL”), for a duration of minimum 11 months to maximum 12 months. The daily hire is based at a premium over the BCI. The Company has the option to convert the daily hire from index-linked to fixed for a period of 2 to 10 months based on prevailing Capesize FFA curve. The acquisition of the vessel has been financed with cash on hand and proceeds from the Hinode Sale & leaseback agreement mentioned below.
M/V Titanship – Exercise of purchase option and New T/C agreement
In October 2024, the Company exercised its purchase option and took delivery of the M/V Titanship, for an aggregate price of
Financing Updates
M/V Kaizenship – Hinode Sale & leaseback agreement
In August 2024, the Company entered into a
M/Vs Paroship & Titanship - Alpha Bank Facility agreement
In October 2024, the Company entered into a
Sphinx Investment Corp. Litigation
On October 28, 2024, the High Court of the Republic of the Marshall Islands issued a decision dismissing the litigation brought by G. Economou through his entity Sphinx Investment Corp. against Seanergy and its Board members.
2024 Annual Meeting of Shareholders
At the 2024 Annual Meeting of Shareholders held on November 4, 2024 the Company’s shareholders approved the election of Mr. Dimitrios Anagnostopoulos and Mr. Ioannis Kartsonas to serve until the 2027 Annual Meeting of Shareholders as Class C directors and the ratification of the appointment of Deloitte Certified Public Accountants S.A. to serve as the Company’s independent auditors for the fiscal year ending December 31, 2024. The Company’s unaffiliated common shareholders overwhelmingly supported Seanergy’s incumbent directors and rejected the proposals put forth by G. Economou through his entity Sphinx Investment Corp.
Conference Call:
The Company’s management will host a conference call to discuss financial results on November 5, 2024 at 10:00 a.m. Eastern Time.
Audio Webcast and Earnings Presentation:
There will be a live, and then archived, webcast of the conference call available and accompanying presentation available through the Company’s website. To access the presentation and listen to the archived audio file, visit our website, following the Webcast & Presentations section under our Investor Relations page. Participants to the live webcast should register on Seanergy’s 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) | ||||||
September 30, 2024 | December 31, 2023* | |||||
ASSETS | ||||||
Cash and cash equivalents and restricted cash | 41,285 | 24,928 | ||||
Vessels, net, right-of-use asset and advance for vessel acquisition | 462,948 | 440,038 | ||||
Other assets | 23,352 | 12,911 | ||||
TOTAL ASSETS | 527,585 | 477,877 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs | 238,076 | 232,568 | ||||
Other liabilities | 26,937 | 16,864 | ||||
Stockholders’ equity | 262,572 | 228,445 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 527,585 | 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 September 30, | Nine months ended September 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Vessel revenue, net | 43,369 | 23,105 | 123,735 | 68,135 | |||||||
Fees from related parties | 987 | 1,347 | 2,047 | 2,671 | |||||||
Revenue, net | 44,356 | 24,452 | 125,782 | 70,806 | |||||||
Expenses: | |||||||||||
Voyage expenses | (816 | ) | (770 | ) | (2,576 | ) | (2,078 | ) | |||
Vessel operating expenses | (11,366 | ) | (10,282 | ) | (33,620 | ) | (31,371 | ) | |||
Management fees | (187 | ) | (161 | ) | (546 | ) | (535 | ) | |||
General and administrative expenses | (6,590 | ) | (6,104 | ) | (15,522 | ) | (16,785 | ) | |||
Depreciation and amortization | (7,645 | ) | (7,110 | ) | (21,556 | ) | (21,290 | ) | |||
Loss on forward freight agreements, net | (30 | ) | (4 | ) | (134 | ) | (148 | ) | |||
Gain on sale of vessels, net | - | - | - | 8,094 | |||||||
Operating income | 17,722 | 21 | 51,828 | 6,693 | |||||||
Other income / (expenses): | |||||||||||
Interest and finance costs | (5,400 | ) | (5,133 | ) | (15,116 | ) | (15,528 | ) | |||
Loss on extinguishment of debt | - | - | (649 | ) | (540 | ) | |||||
Interest and other income | 350 | 76 | 840 | 958 | |||||||
Other, net | (126 | ) | (4 | ) | (69 | ) | (130 | ) | |||
Total other expenses, net: | (5,176 | ) | (5,061 | ) | (14,994 | ) | (15,240 | ) | |||
Net income / (loss) | 12,546 | (5,040 | ) | 36,834 | (8,547 | ) | |||||
Net income / (loss) per common share, basic | 0.61 | (0.28 | ) | 1.80 | (0.48 | ) | |||||
Net income / (loss) per common share, diluted | 0.61 | (0.28 | ) | 1.79 | (0.48 | ) | |||||
Weighted average number of common shares outstanding, basic | 19,637,290 | 18,136,600 | 19,568,430 | 18,177,002 | |||||||
Weighted average number of common shares outstanding, diluted | 19,786,887 | 18,136,600 | 19,702,128 | 18,177,002 | |||||||
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) | ||||||
Nine months ended September 30, | ||||||
2024 | 2023 | |||||
Net cash provided by operating activities | 55,434 | 11,050 | ||||
Vessels acquisitions and improvements | (34,191 | ) | (146 | ) | ||
Advance for vessel acquisition | (7,100 | ) | - | |||
Finance lease prepayments and other initial direct costs | (305 | ) | (3,500 | ) | ||
Proceeds from sale of assets | - | 23,910 | ||||
Deposits assets, non-current | - | 1,325 | ||||
Other fixed assets, net | - | (176 | ) | |||
Net cash (used in) / provided by investing activities | (41,596 | ) | 21,413 | |||
Proceeds from long-term debt and other financial liabilities | 58,279 | 53,750 | ||||
Repayments of long-term debt and other financial liabilities | (49,829 | ) | (79,374 | ) | ||
Payments of finance lease liabilities | (1,635 | ) | - | |||
Repayments of convertible notes | - | (8,000 | ) | |||
Payments of financing and stock issuance costs | (1,810 | ) | (1,318 | ) | ||
Payments for repurchase of common stock | (2,709 | ) | (1,583 | ) | ||
Dividend payments | (5,600 | ) | (5,539 | ) | ||
Payments for repurchase of warrants | - | (808 | ) | |||
Payments for fractional shares of reverse stock split | - | (23 | ) | |||
Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions | 5,823 | - | ||||
Net cash provided by / (used in) financing activities | 2,519 | (42,895 | ) | |||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
Cash paid during the period for interest | 14,891 | 13,652 | ||||
Noncash investing activities | ||||||
Vessels acquisitions and improvements | 123 | - | ||||
Noncash financing activities | ||||||
Dividends declared but not paid | 5,150 | 491 | ||||
Financing and stock issuance costs | 1,473 | - | ||||
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company 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 19 vessels (1 Newcastlemax and 18 Capesize) with an average age of approximately 13.5 years and an aggregate cargo carrying capacity of approximately 3,417,608 dwt.
The Company is incorporated in the Republic of 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 the declaration of dividends, market trends and shareholder returns. 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 trade disputes or war (or threatened war) or international hostilities, such as between Israel and Hamas or Iran and between 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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8272e49a-88b8-4539-9b96-98071aaaa1da
FAQ
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