Seanergy Maritime (US:SHIP)2023-11-17 21:30Financial Performance - For Q3 2023, the company reported net revenues of $24.5 million, a decrease of 28.8% from $34.0 million in Q3 2022[2] - The net loss for Q3 2023 was $5.0 million, compared to a net income of $7.1 million in Q3 2022, marking a significant decline[5] - Adjusted EBITDA for Q3 2023 was $9.5 million, down from $19.0 million in the same quarter of 2022, reflecting a 50% decrease[2] - For the nine-month period ended September 30, 2023, net revenues totaled $70.8 million, down 26.7% from $96.5 million in the same period of 2022[7] - Net loss for Q3 2023 was $(5,040) thousand, compared to a net income of $7,140 thousand in Q3 2022, representing a decline of 170.6% year-over-year[20] - Adjusted EBITDA for Q3 2023 was $9,531 thousand, down 50.0% from $19,041 thousand in Q3 2022[20] - Vessel revenue for Q3 2023 was $23,105,000, a decrease of 30% from $32,963,000 in Q3 2022[39] - Net revenue for the nine months ended September 30, 2023, was $70,806,000, down 26.7% from $96,493,000 in the same period of 2022[39] - Operating income for Q3 2023 was $21,000, compared to $8,232,000 in Q3 2022, reflecting a significant decline[39] - Net loss attributable to common shareholders for Q3 2023 was $5,078,000, compared to a net income of $7,140,000 in Q3 2022[39] - Net cash provided by operating activities for the nine months ended September 30, 2023, was $11,050,000, down 61.9% from $29,040,000 in the same period of 2022[40] - Total other expenses for Q3 2023 were $5,061,000, significantly higher than $1,092,000 in Q3 2022[39] - Cash paid for interest during the nine months ended September 30, 2023, was $13,652,000, compared to $8,283,000 in the same period of 2022[40] - The company has experienced a significant increase in general and administrative expenses, which rose to $6,104,000 in Q3 2023 from $4,524,000 in Q3 2022[39] Fleet and Operations - The daily TCE rate for the fleet in Q3 2023 was $15,298, a decline of 26.0% from $20,614 in Q3 2022[5] - Approximately 30% of the fleet is fixed for Q4 2023 at an average rate above $20,000, indicating a positive outlook for the upcoming quarter[6] - The company reported a total of 1,540 operating days in Q4 2023, with an average TCE rate estimated at $19,480 in the first scenario and $22,770 in the second scenario[27][32] - Approximately 59% of the fleet's expected operating days in Q4 2023 have been fixed at an estimated TCE rate of $21,640[26] - The company operates a fleet of 17 vessels with an average age of approximately 12.7 years and a total cargo carrying capacity of about 3,054,820 dwt[41] Dividends and Shareholder Information - The company declared a quarterly dividend of $0.025 per share for Q3 2023, maintaining a consistent dividend policy since March 2022[6] - The company declared a cash dividend of $0.025 per common share for Q3 2023, payable on or about January 10, 2024[29] - The weighted average number of common shares outstanding for Q3 2023 was 18,138,600, an increase from 17,570,670 in Q3 2022[24] Assets and Liabilities - The company reported a cash and cash-equivalents balance of $22.0 million as of September 30, 2023, with shareholders' equity at $217.8 million[8] - As of September 30, 2023, total assets decreased to $455,677 thousand from $513,600 thousand as of December 31, 2022, a decline of 11.3%[38] - Long-term debt decreased to $220,221 thousand from $244,866 thousand, a reduction of 10.1% year-over-year[38] New Developments - The company took delivery of the M/V Titanship, a Newcastlemax vessel, on October 24, 2023, which is expected to enhance commercial performance[12] - The company entered into a bareboat charter agreement for the M/V Titanship with a downpayment of $7.0 million and a daily charter rate of $9,000[30] - The Capesize market is expected to improve due to low commodity inventories and a historically low orderbook, which may enhance future performance[13]