Greek owner Seanergy Maritime Holdings has revealed in its second quarter and first half of 2024 results that it expects to take delivery of a 2012-built capesize, that will be renamed M/V Kaizenship, within the third quarter.
The Stamatis Tsantanis-led company will take the company’s fleet to 19 capesize vessels, up from 17 at the start of 2024.
In terms of fleet updates, in 2024 to date, Seanergy has agreed to acquire two capesize vessels which are, on average, younger than its current fleet.
In June, the owner took delivery of the 2013-built M/V Iconship, a 181,392 dwt capesize bulk carrier, with the vessel immediately commencing employment on an index linked time-charter with an earliest expiry date in March 2026.
The ship commenced its employment with Costamare Bulkers for a duration of minimum 21 months to about 24 months.
At the same period another vessel, the M/V Lordship, was fixed on a T/C with Costamare for a period of minimum January 1, 2026 to maximum May 31, 2026.
Other charter deals have also been revealed for the M/V Dukeship with an agreement to extend the time charter in direct continuation from the previous agreement, for the vessel M/V Fellowship, for the M/V Geniuship and M/V Honorship, with all vessels having time charter extension deals.
Meanwhile, the shipowner entered into three separate sale and leaseback agreements of $58.3m in aggregate with AVIC International Leasing Co. to refinance the existing debt of the vessels Hellasship and Patriotship, and to partially finance the acquisition of the Iconship.
The vessels have been sold and chartered back on a bareboat basis for a five-year period commencing on each delivery date.
The company has continuous options to repurchase the vessels at predetermined prices at any time of the bareboat charter.
As it is reported, at the end of the bareboat period, Seanergy has the obligation to purchase the vessels for an aggregate amount of around $31.5m.
Meanwhile the shipowner reported for the quarter ended June 30 net revenues of $43.1m, compared to $28.3m in the second quarter of 2023, representing an increase of 52%.
Adjusted Ebitda for the quarter stood at $28m, 78% higher than $15.7m in the same period of 2023.
The company’s net income and adjusted net income for the quarter were $14.1m and $16m, respectively, compared to net income of $0.7m and adjusted net income of $3.3m in the second quarter of 2023.
For the six-month period ended June 30, the company generated net revenues of $81.4m, compared to $46.4m in the same period of 2023, marking an increase of 75%.
Net income and adjusted net income for the six months were $24.3m and $27.6m, respectively, compared to net loss of $3.5m and adjusted net income of $2.9m in the respective period of 2023.
Adjusted Ebitda for the six months was $51.2m, compared to $19.6m for the same period of 2023.
Stamatis Tsantanis, the chairman and chief executive officer, stated: “Seanergy generated record profitability in the second quarter and first half of 2024 as a result of the execution of our successful strategy to position the company as a leading dry bulk operator with a pure-play capesize fleet.
“The capesize sector continued to perform more strongly than the other dry bulk asset classes, and Seanergy overperformed the capesize index both in the second quarter and in the first half of the year.”
