Seanergy Maritime Mails CEO Letter to Shareholders

Core Viewpoint - Seanergy Maritime Holdings Corp. emphasizes its transformation into a leading pure-play Capesize shipping company, highlighting its strategic growth, strong financial performance, and the importance of shareholder support in the upcoming vote for board nominees [1][2][4]. Company Transformation and Strategy - Over the past four years, Seanergy has evolved into a prominent Capesize shipping company with a strong competitive position and improved balance sheet, ready to leverage opportunities in the Capesize market [2][4]. - The company has executed a comprehensive strategic plan that has led to business growth, record financial results, and increased shareholder returns [2][5]. Financial Performance - In the first half of 2024, Seanergy reported net revenues of $81.4 million and net income of $24.3 million, reflecting its strategic positioning as a leading dry bulk shipping company [8]. - Since 2020, the company has invested over $350 million in fleet growth, resulting in a fleet of 19 Capesize vessels with a total capacity of approximately 3.4 million DWT [6][7]. Shareholder Returns - Seanergy has prioritized shareholder returns through dividends and securities repurchases, having repurchased $42.9 million in securities since 2021 and paid $34.7 million in dividends since initiating its dividend strategy in 2022 [10]. - The company has delivered total shareholder returns of over 130% over the last year, showcasing its commitment to creating long-term value [11]. Board of Directors - The board of directors is highly qualified, with members possessing deep industry knowledge essential for overseeing the company's strategic direction and ensuring strong results [11][12]. - The company urges shareholders to vote for its director nominees, emphasizing the critical role of the board in executing its growth strategy [3][14].