Seanergy Maritime (US:SHIP)2024-05-17 20:15Financial 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].