Seanergy Maritime Reports Third Quarter and Nine Months Financial Results for the Periods Ended September 30, 2024

Core Insights - Seanergy Maritime Holdings Corp. reported strong financial results for Q3 2024, with net revenues of $44.4 million, an increase of 81% compared to Q3 2023, and a net income of $12.5 million, reversing a loss from the previous year [4][5][3] Financial Performance - For Q3 2024, the company generated net revenues of $44.4 million, up from $24.5 million in Q3 2023, marking an 81% increase [4] - The net income for Q3 2024 was $12.5 million, compared to a net loss of $5.0 million in Q3 2023 [4] - Adjusted net income for Q3 2024 was $14.1 million, compared to an adjusted net loss of $2.6 million in the same period last year [4] - EBITDA for Q3 2024 was $25.2 million, significantly higher than $7.1 million in Q3 2023 [4] - The company declared a quarterly cash dividend of $0.26 per share for Q3 2024, reflecting a strong annualized yield of 11.1% [2][29] Operational Highlights - The fleet's Time Charter Equivalent (TCE) rate for Q3 2024 was $26,529, compared to $15,298 in Q3 2023, indicating improved operational efficiency [4][16] - The company achieved a TCE outperformance of 7% over the Baltic Capesize Index (BCI) for both the quarter and the first nine months of 2024 [2][4] - The average daily operating expenses decreased slightly to $6,637 in Q3 2024 from $6,985 in Q3 2023 [21] Strategic Developments - The company successfully completed $62.5 million in financing and refinancing transactions [2] - Seanergy took delivery of the M/V Kaizenship in October 2024, which is expected to enhance fleet performance [9][31] - The company has continued its stock repurchase program, buying back 121,826 shares at an average price of $10.36 per share [30] Market Outlook - The Capesize market has shown strength in 2024, driven by increased iron ore and bauxite exports, as well as higher seaborne coal trade [12][13] - Limited new vessel deliveries and increased drydockings are expected to constrain supply in 2025, supporting continued strength in Capesize rates [13] - The company has locked in TCE rates for a significant portion of its fleet, positioning itself to capture stable returns [11][26]