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 $0.26 per common share for
the third quarter of 2024 pursuant to its updated dividend policy
announced during the last quarter.
For the quarter ended September 30, 2024, the
Company generated Net Revenues of $44.4 million, compared to $24.5
million in the third quarter of 2023, representing an increase of
81%. Adjusted EBITDA for the quarter was $26.8 million, 182% higher
than $9.5 million in the same period of 2023. Net Income and
Adjusted Net Income for the quarter were $12.5 million and $14.1
million, respectively, compared to Net Loss of $5.0 million and
Adjusted Net Loss of $2.6 million in the third quarter of 2023. The
daily TCE rate of the fleet for the third quarter of 2024 was
$26,529, compared to $15,298 in the same period of 2023.
For the nine-month period ended September 30,
2024, the Company generated Net Revenues of $125.8 million,
compared to $70.8 million in the same period of 2023, marking an
increase of 78%. Net Income and Adjusted Net Income for the nine
months were $36.8 million and $41.7 million, respectively, compared
to Net Loss of $8.5 million and Adjusted Net Income of $0.4 million
in the respective period of 2023. Adjusted EBITDA for the nine
months was $78.0 million, compared to $29.1 million for the same
period of 2023. The daily TCE rate of the fleet for the nine-month
period of 2024 was $25,762, compared to $14,935 in the same period
of 2023. The average daily OPEX was $6,873 compared to $6,942 in
the respective period of 2023.
Cash and cash-equivalents and restricted cash,
as of September 30, 2024, stood at $41.3 million. Shareholders’
equity at the end of the third quarter was $262.6 million.
Long-term debt (senior loans, finance lease liability and other
financial liabilities) net of deferred charges stood at $238.1
million, while the book value of the fleet, including a
chartered-in vessel and the advance for vessel acquisition, was
$462.9 million.
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 $24,900. Seanergy’s fleet achieved a notable TCE rate
of $26,500, outperforming the BCI by approximately 7%. This
outperformance highlights the effectiveness of our hedging
strategy, which has been instrumental in reducing charter rate
volatility and increasing our revenue visibility. Our objective
remains to maintain a balanced risk-return profile throughout the
market cycle, ensuring stability and resilience in our
earnings.
“As evidenced by our recently implemented
updated dividend policy, which targets a distribution of
approximately 50% of our operating cash flow after debt service, we
are committed to delivering strong capital returns to our
shareholders, consistent with our earnings performance, while
continuing to grow our fleet and maintain a healthy balance sheet.
In line with this policy, the Board has approved a quarterly
dividend of $0.26 per share for the third quarter of 2024. We have
also continued stock repurchases since our last update and into the
fourth quarter. Buybacks continue to be an important part of our
capital allocation strategy and we remain committed to optimizing
the ways in which we return capital to our shareholders.
“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 $23,400, reflecting current FFA levels
and our effective hedging strategy. Notably, we have secured 42% of
our available days at a fixed average daily rate of around $28,000,
outperforming the BCI which has averaged $20,900 quarter-to-date.
Looking ahead to 2025, we have locked in daily earnings for two
vessels at an average rate of $24,000, with one agreement
incorporating a 50-50 profit-sharing scheme on top of the fixed
hire rate, based on a premium over the BCI. These initiatives
position us to capture stable, high returns while optimizing
earnings potential in line with market movements.
“The Capesize market has performed relatively
strong in 2024, with the BCI averaging around $24,000. Key drivers
include a 6% rise in Brazilian iron ore exports, a 17% increase in
Guinea's bauxite exports, and higher seaborne coal trade as demand
in India and China outpaces local production. Geopolitical factors
and the shift toward distant sourcing regions, such as West Africa,
have further boosted ton-mile demand.
“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) |
YearBuilt |
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) |
|
96.9% |
|
|
99.2% |
|
|
98.6% |
|
|
99.0% |
|
TCE rate (4) |
$26,529 |
|
$15,298 |
|
$25,762 |
|
$14,935 |
|
Daily Vessel Operating Expenses (5) |
$6,637 |
|
$6,985 |
|
$6,873 |
|
$6,942 |
|
(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 |
$26,529 |
$15,298 |
$25,762 |
$14,935 |
(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 |
$6,637 |
$6,985 |
$6,873 |
$6,942 |
|
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 62% of the
Company fleet’s expected operating days in the fourth quarter of
2024 have been fixed at an estimated TCE rate of approximately
$25,827. Assuming that for the remaining operating days of our
index-linked time charters, the respective vessels’ TCE rate will
be equal to the average Forward Freight Agreement (“FFA”) rate of
$19,866 per day (based on the FFA curve as of October 29, 2024),
our estimated TCE rate for the fourth quarter of 2024 will be
approximately $23,3905. The following table provides the breakdown
of index-linked charters and fixed-rate charters in the fourth
quarter of 2024:
|
Operating Days |
TCE |
TCE - fixed rate (incl. FFA conversions) |
730 |
$26,316 |
TCE – index-linked |
1,012 |
$21,279 |
Total / Average |
1,742 |
$23,390 |
______________________________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 $19,866 based
on the curve of October 29, 2024. Spot estimates are provided using
the load-to-discharge method of accounting. The rates quoted are
for days currently contracted. Increased ballast days at the end of
the quarter will reduce the additional revenues that can be booked
based on the accounting cut-offs and therefore the resulting TCE
rate will be reduced accordingly.
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 $0.25 per share for the second quarter of
2024, to all shareholders of record as of September 27, 2024.
The Company has declared a quarterly cash
dividend of $0.26 per common share for the third quarter of 2024
payable on or about January 10, 2025, to all shareholders of record
as of December 27, 2024. The $0.26 dividend per share corresponds
to approximately 50.0% of the operating cash flow after debt
service.
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 $10.36 per share for an aggregate consideration of $1.3
million pursuant to the $25.0 million share repurchase program
commenced in December 2023. Year to date, the Company has
repurchased 404,041 common shares, at an average price of $9.58 per
share for a total amount of $3.9 million. All the abovementioned
shares were cancelled and removed from our share capital as of the
date of this release. As of November 1, 2024, the Company had
20,489,165 common shares issued and outstanding.
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 $20.2 million. The exercise of the purchase
option has been financed with proceeds from the Alpha Bank Facility
agreement mentioned below. Meanwhile, in September 2024, the M/V
Titanship commenced employment under a new time charter agreement
with Costamare Bulkers Inc. (“Costamare”). The gross daily rate of
the time charter agreement has a fixed floor rate and a
profit-sharing scheme on top of the fixed rate based on a
significant premium over the BCI. The time charter has a duration
of minimum 24 to maximum 30 months.
Financing Updates
M/V Kaizenship – Hinode Sale &
leaseback agreement
In August 2024, the Company entered into a $28.5
million sale and leaseback agreement with Hinode Kaiun Co., Ltd., a
Japanese unaffiliated third party, to partially finance the
acquisition of the M/V Kaizenship. The vessel was sold and
chartered back on a bareboat basis for a six-year period which
commenced in October 2024. The Company has continuous options to
repurchase the vessel at predetermined prices, following the fourth
anniversary of the delivery date. At the end of the bareboat
period, Seanergy has the obligation to purchase the vessel for an
amount of approximately $8.3 million. The financing bears interest
of 1-month term SOFR plus 2.50% per annum and will amortize through
72 monthly instalments of approximately $0.3 million.
M/Vs Paroship & Titanship - Alpha
Bank Facility agreement
In October 2024, the Company entered into a
$34.0 million loan facility to finance the exercise of the $20.2
million purchase option for the M/V Titanship and to refinance the
existing $13.2 million indebtedness of the M/V Paroship. The
facility has a term of five years, while the interest rate is term
SOFR plus 2.4% per annum. It will amortize through four quarterly
instalments of $1.2 million, followed by sixteen instalments of
$0.9 million and a $14.8 million balloon payment at maturity.
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
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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 endedSeptember 30, |
|
Nine months endedSeptember 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 endedSeptember 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 RelationsTel: +30 213 0181 522E-mail:
ir@seanergy.gr
Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
A photo accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/8272e49a-88b8-4539-9b96-98071aaaa1da
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