Seanergy Maritime (US:SHIP)2025-03-07 21:05Financial Performance - Net revenues for Q4 2024 were $41.7 million, a 6% increase from $39.4 million in Q4 2023, while full-year net revenues reached $167.5 million, up 52% from $110.2 million in 2023[2][6] - Net income for Q4 2024 was $6.6 million, down from $10.8 million in Q4 2023, but full-year net income set a record at $43.5 million, compared to $2.3 million in 2023[2][6] - Adjusted EBITDA for Q4 2024 was $20.4 million, compared to $23.9 million in Q4 2023, while full-year adjusted EBITDA increased to $98.4 million from $53.0 million in 2023[2][6] - Vessel revenue, net for Q4 2024 was $41,146,000, up 5.7% from $38,901,000 in Q4 2023, and for the full year 2024, it reached $164,881,000, a 54% increase from $107,036,000 in 2023[21] - Total revenue for the twelve months ended December 31, 2024, was $167.5 million, up 51.9% from $110.2 million in 2023[46] - Net income for the twelve months ended December 31, 2024, was $43.5 million, significantly higher than $2.3 million in 2023, representing a year-over-year increase of 1,804%[46] - The Company’s net cash provided by operating activities for the twelve months ended December 31, 2024, was $75.3 million, compared to $31.3 million in 2023, reflecting a year-over-year increase of 140.5%[47] Dividends and Share Repurchase - A quarterly cash dividend of $0.10 per share was declared for Q4 2024, with total cash dividends for the year amounting to $0.76 per share, totaling $15.6 million[3][4] - The company executed stock buybacks of $2.1 million, representing approximately 1% of issued and outstanding shares in Q4 2024[3] - The company repurchased 115,000 common shares at an average price of $8.52 per share, totaling $1.0 million, as part of a $25.0 million share repurchase program[28] Fleet and Market Outlook - The fleet's daily Time Charter Equivalent (TCE) rate for Q4 2024 was $23,179, down from $24,920 in Q4 2023, but the full-year TCE rate was $25,063, a 43% increase from $17,501 in 2023[2][6] - The company anticipates a Q1 2025 TCE of approximately $13,400 per day, which is 44% above the year-to-date BCI average of $9,300 per day[10] - The long-term outlook for Capesize demand is robust, driven by rising exports and a historically low orderbook, with significant projects like the Simandou iron ore project expected to boost demand[16] - The Capesize market is projected to see fleet growth slow to 1.4% in 2025, indicating a tighter supply-demand balance[14] - Fleet utilization increased to 99.8% in Q4 2024 from 99.3% in Q4 2023, and for the full year 2024, it was 98.9% compared to 99.1% in 2023[20] Debt and Financing - Long-term debt as of December 31, 2024, was $257.6 million, up from $232.6 million in 2023, indicating an increase of 10.7%[44] - The Company entered into a $53.6 million sustainability-linked senior credit facility in February 2025, with an interest rate of 2.05% plus term SOFR, which is 55 basis points lower than the previous rate[39] Fleet Expansion and Operations - The company has committed to invest $138.0 million in four high-quality Capesize vessels, expanding its fleet to 21 units with a total capacity of 3.8 million DWT[12] - The average age of the Company’s fleet is approximately 13.7 years, consisting of 21 vessels with a total cargo carrying capacity of about 3,803,918 dwt[49] - Approximately 85% of the fleet's expected operating days in Q1 2025 have been fixed at an estimated TCE rate of $12,471, with an overall estimated TCE rate of $13,363 for the quarter[26] - The Company entered into a six-month bareboat charter agreement for the M/V Blueship with a daily charter rate of $9,750 and a purchase obligation of $22.5 million at the end of the charter[31] - The M/V Meiship was delivered on February 27, 2025, and commenced T/C employment with Costamare for a duration of 12 to 15 months, based on a fixed rate with profit-sharing[32] Investor Relations - The Company plans to host a conference call on March 6, 2025, to discuss financial results, indicating ongoing engagement with investors[40] - The Company’s stockholders' equity increased to $262.2 million as of December 31, 2024, from $228.4 million in 2023, representing a growth of 14.7%[44]