Seanergy Maritime Holdings Corp. capesize owner delivered earnings and revenue surprises for the quarter ended March 2024. Seanergy came out with quarterly net revenues of $38.3m, surpassing any estimates. This compares to $18m in the same period of 2023.
The company posted net income and adjusted net income for the quarter $10.2m and $11.6m, respectively. This compares to year-ago net loss of $4.2m and adjusted net loss of $0.4m.
Ebitda for the quarter was $21.6m compared to $8.2m for the same period of 2023.
Stamatis Tsantanis, the chairman and chief executive explained that the company achieved record profits on the back of the continuing positive momentum in the Capesize market. This was mainly driven by higher iron ore exports, healthy coal volumes, as well as certain geopolitical events.
While Seanergy has outperformed the market so far this year, the question that comes to investors’ minds is: what’s next?
Given the strong Capesize outlook, Seanergy is optimistic that is “well-positioned to continue executing on its clear corporate strategy, which entails rewarding its shareholders generously while growing and renewing its fleet,” as the chief executive Mr. Tsantanis claims.
With regard to Seanergy’s fleet expansion plans, the owner agreed in March to acquire an additional Capesize bulk carrier built in 2012 (181,396 dwt) in Japan for a price of $35.6m that expects to fund through a combination of cash on hand and debt.
Delivery is expected to take place in the second half of 2024, while Seanergy continues to evaluate opportunities to add high-performing ships to its fleet.
Meanwhile the chief executive reveals that the company recently obtained credit committee approval from one of its close lending partners for a new sale and leaseback agreement to finance the previously announced acquisition of the M/V Iconship along with the refinancing of an existing facility at a considerably lower interest margin.
