Seanergy Maritime Reports Record Second Quarter and First Half Financial Results for the Periods Ended June 30, 2024

Core Insights - The company declared a quarterly cash dividend of $0.25 per share for Q2 2024, reflecting strong financial performance and an updated dividend policy targeting a return of approximately 50% of operating cash flow after debt service [1][2][10]. Financial Performance - For Q2 2024, the company reported net revenues of $43.1 million, a 52% increase from $28.3 million in Q2 2023 [3][4]. - Net income for Q2 2024 was $14.1 million, compared to $0.7 million in Q2 2023, while adjusted net income was $16.0 million, up from $3.3 million [3][4]. - Adjusted EBITDA for Q2 2024 was $28.0 million, representing a 78% increase from $15.7 million in the same period of 2023 [3][4]. - For the six-month period ended June 30, 2024, net revenues reached $81.4 million, a 75% increase from $46.4 million in the same period of 2023 [4][5]. Operational Highlights - The daily Time Charter Equivalent (TCE) rate for the fleet in Q2 2024 was $26,636, compared to $18,708 in Q2 2023, indicating improved fleet performance [3][5]. - The company fixed 39% of available days for the second half of 2024 at a gross rate of $29,300 [2][13]. - The fleet utilization rate was 99.7% in Q2 2024, compared to 99.1% in Q2 2023 [17]. Strategic Developments - The company resumed its stock buyback program and completed $58.3 million in financing and refinancing transactions during Q2 2024 [2][12]. - The company has taken delivery of the M/V Iconship and commenced its employment, with plans to acquire additional vessels to grow the fleet [11][39]. - The updated dividend policy aims to enhance shareholder returns while balancing fleet growth and maintaining a strong balance sheet [10][32]. Market Outlook - The Capesize sector continues to outperform other dry bulk asset classes, with the company overperforming the Baltic Capesize Index by 18% in Q2 2024 [9][14]. - Demand for Capesize vessels remains strong, driven by increased iron ore and coal imports from China and rising Brazilian iron ore exports [14].