Financial Performance - Seanergy Maritime reported record net revenues of 38.3millionforQ12024,a113.918.0 million in Q1 2023[3]. - The company achieved a net income of 10.2millioninQ12024,comparedtoanetlossof4.2 million in the same period last year[3]. - Adjusted EBITDA for Q1 2024 was 23.2million,significantlyupfrom3.9 million in Q1 2023, reflecting strong operational performance[3]. - Vessel revenue for Q1 2024 increased to 37,774,000,up117.517,384,000 in Q1 2023[18]. - Net income for Q1 2024 was 10,161,000,asignificantrecoveryfromanetlossof4,185,000 in Q1 2023[19]. - Adjusted EBITDA for Q1 2024 reached 23,202,000,comparedto3,903,000 in Q1 2023, indicating a substantial improvement in operational performance[21]. Market Conditions - The daily Time Charter Equivalent (TCE) for the fleet reached 24,073inQ12024,comparedto11,005 in Q1 2023, indicating improved market conditions[3]. - For Q2 2024, the company expects a daily TCE of approximately 26,400,outperformingtheCapesizemarketduetoproactivehedgingstrategies[9].−TheCapesizemarketshowedstrongperformanceinQ12024,withBrazilianironoreexportsrisingabout1224,073, compared to 11,005inQ12023,representinga118.50.15 per share for Q1 2024, including a special cash dividend of 0.125pershare[2].−Thecompanyhasdeclaredtotalcashdividendsof1.60 per share, or 29.6million,sinceMarch2022,reflectingitscommitmenttoshareholderreturns[8].−Thecompanydeclaredaquarterlycashdividendof0.025 per common share for Q1 2024, along with a special dividend of 0.125percommonshare[24].−Thecompanydeclareddividendsof2,001,000 in Q1 2024, an increase from 500,000inQ12023[37].FleetExpansionandAcquisitions−SeanergyplanstoacquiretwoJapaneseCapesizevessels,withestimateddeliveriesinQ2andH22024,enhancingfleetcapacity[5].−ThecompanyagreedtoacquiretwoCapesizebulkcarriersforatotalof69.3 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 24.2million,withstockholders′equityat240.6 million[4]. - Net cash provided by operating activities for Q1 2024 was 14,458,000,asignificantincreasefromacashusageof264,000 in Q1 2023[37]. - Total net cash used in investing activities was 8,123,000inQ12024,comparedtoanetcashprovidedof23,863,000 in Q1 2023[37]. - Repayments of long-term debt and other financial liabilities amounted to 8,489,000inQ12024,downfrom22,994,000 in Q1 2023[37]. - Cash paid for interest during Q1 2024 was 4,679,000,comparedto4,422,000 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 2.6millionbyselling267,585commonsharesatanaveragepriceof9.67[25]. Stock Market Information - The company is publicly listed on the Nasdaq Capital Market under the symbol "SHIP"[39].
Seanergy Maritime (SHIP)2024-05-17 20:15