Financial Data and Key Metrics Changes - Seanergy Maritime Holdings Corp. reported a record net income of $43.5 million for 2024, a significant increase from $2.3 million in 2023, reflecting a strong financial performance [8][26] - The company's net revenue for Q4 2024 was $41.7 million, with a daily time charter equivalent (TCE) of $23,200, while the full-year TCE reached approximately $25,100, outperforming the Baltic Capesize Index by 27% and 11% respectively [13][17][25] - Adjusted EBITDA for the full year grew to $98.4 million, with a margin of 57.6%, indicating improved operational efficiency [26][29] Business Line Data and Key Metrics Changes - The fleet expanded to 21 vessels with a total carrying capacity of 3.8 million deadweight tons, following the delivery of two Japanese-built vessels [10][22] - The company declared a cash quarterly dividend of $0.10 per share, totaling $15.6 million in distributions for 2024, alongside share repurchases of 226,000 shares [9][15] Market Data and Key Metrics Changes - The Capesize market experienced a correction in Q4 2024, with the Baltic Capesize Index averaging $18,300 per day, down from $24,900 in Q3 and $28,100 in Q4 2023 [42] - Despite short-term volatility, the long-term outlook for the Capesize market remains strong, driven by robust demand for iron ore, bauxite, and coal, with limited fleet expansion projected [12][40][46] Company Strategy and Development Direction - The company focuses on balancing capital returns, fleet growth, and financial discipline to maximize shareholder value while operating in a strong Capesize market [9][50] - Seanergy's strategy emphasizes high-return fleet expansion and maintaining a flexible balance sheet to navigate market volatility [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Capesize market fundamentals, citing strong demand for raw materials and limited fleet growth as key drivers for future profitability [40][46][98] - The company anticipates EBITDA for 2025 to be approximately $78 million, with potential to exceed $100 million in favorable scenarios [38][30] Other Important Information - The company successfully completed $174 million in financing and refinancing transactions, maintaining moderate leverage levels despite fleet expansion [12][27][32] - Significant one-off legal expenses related to AGM litigation impacted the bottom line, totaling $4.1 million for the year [31] Q&A Session Summary Question: What created the steep short-term rebound in Capesize rates? - Management indicated that the rebound was not driven by Capesize fundamentals but rather by reduced congestion in the Kamsarmax market, which had previously cannibalized Capesize cargoes [56][60][63] Question: Are the one-time expenses behind the company? - Management expects operational expenses to remain stable at around $7,000 per vessel per day, while SG&A is projected to range from $1,500 to $2,000 per vessel per day, excluding litigation costs [65][66] Question: What are the expectations for off-hire days during dry docking? - Management anticipates around 20 to 25 off-hire days per vessel during dry docking, with potential delays due to congestion in shipyards [75] Question: What is the outlook for Capesize vessel rates? - Management remains optimistic about the fundamentals of the Capesize market, despite fluctuations driven by effective supply from smaller vessels [76][78] Question: What is the current state of new build activity? - Management confirmed that new build activity remains very limited, with no new orders placed year-to-date and high demand for existing shipbuilding slots [90][91]