Seanergy Maritime Holdings: Record results, new financing and fleet renewal

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By Anastasia Vamvaka

“Seanergy recorded record financial results for the second quarter of 2022 and for the first half of the year with adjusted earnings of $7.1 million and $14.8 million, respectively. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) were $17.3 million in Q2 2022 and $34.1 million in Q1 2022. With solid profitability, the company distributes a dividend of $0.025 per share for Q2 2022 as well, ie 63% on adjusted earnings for the period.

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The total dividend received by our shareholders in 2022 exceeds $18.0 million or $0.10 per share. If we add to this the company’s share repurchases of $26.7 million, as well as the additional share repurchase plan of $5 million, the total amount of $49.7 million was allocated exclusively to our shareholder return initiatives.” , said Stamatis Tsantanis, President and CEO of the Seanergy company, particularly optimistic after the announcement of the financial results of the semester.

More specifically, in the second quarter of 2022, the company’s turnover reached $32.8 million, an 18% increase compared to the corresponding quarter of 2021.

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Adjusted EBITDA was $17.3 million compared to $11.3 million in the corresponding quarter of 2021, up 53%.

Seanergy reported net income and adjusted net income of $5.9 million and $7.1 million, respectively, compared to $2.0 million and $2.5 million in the corresponding quarter of 2021.

Average daily fleet freight for the second quarter of 2022 was $23,251 million, up 16% from $20,095 million in the second quarter of 2021.

In the first half of 2022, turnover reached $62.5 million, up 30% from $48.2 million in 2021.

Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) amounted to $34.1 million compared to $19.2 million in the corresponding half of 2021.

Average daily fleet freight for the first half of 2022 was $21,207 million, compared to $18,327 million in the first half of 2021. Average daily operating expenses (OPEX) were $6,510 million.

Spin-off “United”

“We also recently completed the spin-off of United Maritime Corporation (“United”), which began trading on the NASDAQ stock market on July 6, 2022, under the symbol “USEA”. The distribution of all of United’s common stock to its shareholders Seanergy is an additional significant value driver. In the second quarter, we also completed the acquisition of another Japanese Capesize, replacing the M/V Gloriuship. The M/V Honorship, as it was renamed, was delivered to us in June and concurrently began its time charter to NYK Line for about 2 years,” added Mr. Tsantanis, noting characteristically about the group’s new financings that “in the first half of 2022, we successfully completed new financings of $80.3 million, while we agreed an additional refinancing of $28 million with a leading European financial institution. Their common feature is lower interest costs and further improved terms. It is noteworthy that one of all contracts are sustainability-linked. This important element of sustainability is fully aligned with our aim to integrate the ESG agenda into every aspect of our company.”

Referring to the commercial development of the fleet, he commented that “we have carried out installations of Ballast Treatment Systems (“BWTS”) on 100% of our fleet and have upgraded most vessels by installing Energy Saving Devices (“ESDs”). These projects are carried out in collaboration with charterers and are accompanied by a favorable adjustment of rates and charter period. On this basis and taking into account the favorable supply and demand conditions of our industry, we are optimistic about the prospects of the Capesize market in the coming years.”

Source: Capital

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