GLYFADA, Greece, May 31, 2024 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the "Company" or "Seanergy") (NASDAQ:SHIP) announced today that the Company's Chairman & Chief Executive Officer, Stamatis Tsantanis, was interviewed by Mr. Oliver Renick on the Morning Trade Live program at the Schwab Network, at 10:20am ET. To watch a replay of the live interview, please follow the link below: Following a profitable performance in 2023, Stamatis Tsantanis reviewed Seanergy's strong 1Q24 earnings and outloo ...

Core Insights - Seanergy Maritime Holdings Corp (SHIP) has an average brokerage recommendation (ABR) of 1.00, indicating a Strong Buy based on recommendations from four brokerage firms, all of which are Strong Buy [2][4] - Despite the positive ABR, reliance solely on brokerage recommendations may not be advisable, as studies suggest they often fail to guide investors effectively [4][9] - The Zacks Rank, a proprietary stock rating tool, is presented as a more reliable indicator of near-term price performance compared to ABR, as it incorporates earnings estimate revisions [7][10] Brokerage Recommendations - The current ABR for Seanergy Maritime Holdings is 1.00, with 100% of the recommendations being Strong Buy [2] - Brokerage firms tend to exhibit a positive bias in their ratings, often issuing five Strong Buy recommendations for every Strong Sell [5][9] - The interests of brokerage firms may not align with those of retail investors, leading to potential misguidance [6][9] Zacks Rank Comparison - Zacks Rank is distinct from ABR, being a quantitative model based on earnings estimate revisions, while ABR is based solely on brokerage recommendations [8][11] - The Zacks Rank is timely and reflects current business trends, unlike ABR, which may not be up-to-date [11] - Seanergy Maritime Holdings currently holds a Zacks Rank of 3 (Hold), indicating a cautious outlook despite the Strong Buy ABR [12][13] Earnings Estimates - The Zacks Consensus Estimate for Seanergy Maritime Holdings has remained unchanged at $1.30 over the past month, suggesting stable analyst views on earnings prospects [12] - The unchanged consensus estimate contributes to the Zacks Rank of 3, indicating potential performance in line with the broader market [12][13]

Seanergy Maritime Holdings Corp (SHIP) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future. Shares of this company have returned +35.1% over the past month versus the Zacks S&P 500 composite's +7.3% change. The Zacks Transportation - Shipping industry, to which Seanergy Maritime Holdings belongs, has gained 21.6% over this period. Now the key question is: Where could t ...

Financial Performance - Seanergy Maritime reported record net revenues of $38.3 million for Q1 2024, a 113.9% increase from $18.0 million in Q1 2023[3]. - The company achieved a net income of $10.2 million in Q1 2024, compared to a net loss of $4.2 million in the same period last year[3]. - Adjusted EBITDA for Q1 2024 was $23.2 million, significantly up from $3.9 million in Q1 2023, reflecting strong operational performance[3]. - Vessel revenue for Q1 2024 increased to $37,774,000, up 117.5% from $17,384,000 in Q1 2023[18]. - Net income for Q1 2024 was $10,161,000, a significant recovery from a net loss of $4,185,000 in Q1 2023[19]. - Adjusted EBITDA for Q1 2024 reached $23,202,000, compared to $3,903,000 in Q1 2023, indicating a substantial improvement in operational performance[21]. Market Conditions - The daily Time Charter Equivalent (TCE) for the fleet reached $24,073 in Q1 2024, compared to $11,005 in Q1 2023, indicating improved market conditions[3]. - For Q2 2024, the company expects a daily TCE of approximately $26,400, outperforming the Capesize market due to proactive hedging strategies[9]. - The Capesize market showed strong performance in Q1 2024, with Brazilian iron ore exports rising about 12% year-on-year, contributing to improved earnings[11]. - Time charter equivalent (TCE) rate for Q1 2024 was $24,073, compared to $11,005 in Q1 2023, representing a 118.5% increase[18]. Dividends and Shareholder Returns - The company declared a total cash dividend of $0.15 per share for Q1 2024, including a special cash dividend of $0.125 per share[2]. - The company has declared total cash dividends of $1.60 per share, or $29.6 million, since March 2022, reflecting its commitment to shareholder returns[8]. - The company declared a quarterly cash dividend of $0.025 per common share for Q1 2024, along with a special dividend of $0.125 per common share[24]. - The company declared dividends of $2,001,000 in Q1 2024, an increase from $500,000 in Q1 2023[37]. Fleet Expansion and Acquisitions - Seanergy plans to acquire two Japanese Capesize vessels, with estimated deliveries in Q2 and H2 2024, enhancing fleet capacity[5]. - The company agreed to acquire two Capesize bulk carriers for a total of $69.3 million, expected to be funded through cash and debt financing[27][28]. - The operating fleet consists of 17 vessels with a total cargo carrying capacity of approximately 3,054,820 dwt, expected to increase to 19 vessels with a capacity of approximately 3,417,608 dwt upon delivery of two new Capesize vessels[38]. - The company plans to continue expanding its fleet and enhancing its operational capabilities through strategic acquisitions[41]. Cash Flow and Financial Position - Cash and cash-equivalents as of March 31, 2024, were $24.2 million, with stockholders' equity at $240.6 million[4]. - Net cash provided by operating activities for Q1 2024 was $14,458,000, a significant increase from a cash usage of $264,000 in Q1 2023[37]. - Total net cash used in investing activities was $8,123,000 in Q1 2024, compared to a net cash provided of $23,863,000 in Q1 2023[37]. - Repayments of long-term debt and other financial liabilities amounted to $8,489,000 in Q1 2024, down from $22,994,000 in Q1 2023[37]. - Cash paid for interest during Q1 2024 was $4,679,000, compared to $4,422,000 in Q1 2023[37]. Risks and Future Outlook - Forward-looking statements indicate potential risks including market trends and competitive factors that may impact future performance[41]. - The company has initiated an "at-the-market" equity offering program, raising $2.6 million by selling 267,585 common shares at an average price of $9.67[25]. Stock Market Information - The company is publicly listed on the Nasdaq Capital Market under the symbol "SHIP"[39].

Most Powerful Force Impacting Stock Prices The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply res ...

Financial Data and Key Metrics Changes - For Q1 2024, the company achieved record profitability with a net income of approximately $10 million, compared to a net loss of $4.2 million in the same period last year, translating to an EPS of $0.50 [39][57] - Net revenues reached $38.3 million, more than double the $18 million from the previous year, with an average Time Charter Equivalent (TCE) rate of over $24,000 per day [39][57] - Adjusted EBITDA rose to $23.2 million, almost fivefold from the respective figure of last year [57] Business Line Data and Key Metrics Changes - The Capesize market remained strong, with elevated levels driven by increased on-mile demand and restricted ship supply, leading to a 10% rise in Brazilian iron ore exports compared to the last quarter [6][25] - The order book for Capesize vessels is at one of the lowest points in over 20 years, with net fleet growth expected to be around 1.5% in 2024 [7][10] Market Data and Key Metrics Changes - China's port iron ore stockpiles reached a low point in 2023, driving a 7.2% year-on-year increase in imports for 2024 [6] - Coal imports rose by around 13% during a period of low domestic production, supporting the overall dry bulk market [42] Company Strategy and Development Direction - The company aims to balance rewarding shareholders, pursuing growth opportunities, and maintaining a strong balance sheet, with a loan-to-value ratio of approximately 40% [26] - The company has agreed to acquire two Japanese Capesize vessels for a combined cost of $69.3 million, funded through cash and debt [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong Capesize outlook and the ability to continue rewarding shareholders with dividends, having declared a total quarterly dividend of $0.15 per share [56] - The company expects to generate significant cash flows moving forward, with ton-mile demand growth for Capesize cargoes projected to be about 3% to 4% higher in 2024 [59][60] Other Important Information - The company has been proactive in refinancing activities, entering into sale and leaseback agreements totaling $58.3 million to finance vessel acquisitions [41] - Management is aware of ongoing complaints from an investor but emphasizes a focus on executing the corporate strategy and creating shareholder value [43] Q&A Session All Questions and Answers Question: What is the outlook for distributions going forward? - Management indicated that they have been rewarding shareholders significantly and hope to continue expanding the dividend payout as market conditions allow [17] Question: Is coal going to be a positive for the company for the balance of 2024? - Management noted strong coal demand driven by energy needs in Southeast Asia and India, with expectations that coal trade will remain robust [66] Question: What are the expectations for the second half of 2024 regarding TCE rates? - Management expects TCE rates to be around $26,400 per day, likely outperforming the Capesize market [56]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report: Not applicable For the transition period from _______ ...

Exhibit 99.1 Seanergy Maritime Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2023 and Declares a Cash Dividend of $0.10 Per Share | Highlights | | | | | | --- | --- | --- | --- | --- | | (in million USD, except EPS) | Q4 2023 | Q4 2022 | 12M 2023 | 12M 2022 | | Net revenues | $39.4 | $28.5 | $110.2 | $125.0 | | Net income | $10.8 | $0.5 | $2.3 | $17.2 | | 1 Adjusted net income | $11.4 | $0.9 | $11.9 | $23.3 | | EBITDA1 | $23.3 | $12.9 | $51.3 | $60.5 | | Adjusted EBIT ...

Financial Data and Key Metrics Changes - The company's net revenues for Q4 2023 were $39.4 million, a 38% increase year-on-year, with adjusted EBITDA at $23.9 million and net income at $10.8 million [4][51] - For the full year 2023, net revenues totaled $110.2 million, slightly lower than the previous year, with adjusted EBITDA of $53 million and net income of $2.3 million [5][7] - The cash position at the end of 2023 was strong at $24.9 million, approximately $1.5 million per vessel, despite consistent dividend payments and share buybacks [6][11] Business Line Data and Key Metrics Changes - The average time charter equivalent (TCE) for 2023 was $17,500, outperforming the BCI by approximately 7% [5][58] - The company achieved an adjusted EBITDA margin of 48% for the year, consistent with the previous year's performance [9] Market Data and Key Metrics Changes - The ton-mile demand for Capesize cargoes in 2023 was 6% higher than in 2022, with significant increases in iron ore, coal, and bauxite cargoes [15] - The Capesize market strengthened considerably in Q4 2023, leading to the highest BCI average rate in over a decade [16][50] - The overall net Capesize fleet growth is expected to be around 2.5% in 2024, lower than the projected ton-mile demand growth [68] Company Strategy and Development Direction - The company is focused on rewarding shareholders through capital returns, investing in fleet growth, and maintaining a strong balance sheet [18][56] - The strategic decision to increase the number of vessels managed in-house has contributed to operational efficiency [8] - The company plans to enhance its interest margin profile through financing for its latest Capesize acquisition [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about profitability in 2024, anticipating a significant increase in EBITDA, potentially reaching close to $115 million [14] - The demand for Capesize vessels is expected to remain strong due to ongoing infrastructure investments and a recovering global manufacturing sector [67] - Management noted that the effective supply of vessels will significantly influence freight rates in 2024 [90] Other Important Information - The company declared a total cash dividend of $0.10 per share for Q4 2023, including a special dividend of $0.075 [53] - The company successfully repaid its last outstanding convertible note of $3.2 million, simplifying its capital structure [55] Q&A Session Summary Question: When is the special dividend payable? - The special dividend is expected to be payable around April 10 [72] Question: Can you discuss the recent acquisition and deal flow in the market? - The company has seen significant transaction activity recently, with older ships being sold at firm values, indicating a strong market position for their recent acquisition [24] Question: Will the $34 million expenditure for the Iconship acquisition fall into the second quarter? - Yes, the full expenditure and delivery of the vessel are expected by the end of the second quarter [28] Question: What are the plans for dry docking ships in 2024? - The dry docking schedule for 2024 is expected to be light and manageable [29] Question: Can you explain the rise in interest and other income in Q4? - There are no major items expected in the interest and other income line, with interest expenses remaining stable [30] Question: What is the outlook for demand and supply in the Capesize market? - Demand remains strong, with expectations of continued healthy demand in 2024, influenced by effective vessel supply and geopolitical factors [32][90]

Exhibit 99.1 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 All references to number of shares, share prices, warrant prices and "per share" figures in this document are adjusted to reflect the one-for-ten reverse stock split effected on Fe ...