Posted on June 1, 2022
Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), announced today its financial results for the first quarter ended March 31, 2022 and declared a quarterly dividend of $0.025 per share.
For the quarter ended March 31, 2022, the Company generated net revenues of $29.7 million, a 46% increase compared to the first quarter of 2021. Adjusted EBITDA for the quarter was $16.8 million, compared to $7.9 million in the same period of 2021. Net Income and Adjusted Net Income for the quarter were $3.7 million and $7.7 million respectively, compared to a Net Loss of $1.3 million and Adjusted Net Income of $0.1 million in the first quarter of 2021. The daily Time Charter Equivalent rate (“TCE rate”)2 of the fleet for the first quarter of 2022 was $19,357, marking a 19% increase compared to $16,219 for the same period of 2021.
Cash and cash-equivalents, restricted cash, term deposits, as of March 31, 2022, stood at $38.9 million, compared to $47.1 million as of December 31, 2021. Shareholders’ equity at the end of the first quarter was $231.0 million, compared to $244.5 million on December 31, 2021, with the decrease mainly attributed to the adoption of a new accounting standard on the Company’s remaining convertible note. Long-term debt (senior loans, convertible note and other financial liabilities) net of deferred charges stood at $221.8 million as of March 31, 2022, while the book value of our fleet as of the same date stood at $420.6 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Seanergy reported its strongest ever first quarter of a year, despite seasonally weaker day-rates. Our adjusted net income was $7.7 million and we recorded adjusted EBITDA of $16.8 million. In Q1 2022, our fleet TCE was $19,357, 31% higher than the average of the Baltic Capesize Index (“BCI”). This is attributed to our successful hedging strategy of proactively converting part of our fleet’s index-linked rates to fixed in previous periods. Our estimated TCE for the first quarter of 2022 is $24,570 which reflects the strengthening freight environment. On the back of our Company’s continuing solid financial performance, we are declaring a quarterly dividend of $0.025 per share for Q1 2022 which represents 58% of our adjusted net profit for the period. Over the last two quarters, we have distributed $0.075 per share to our shareholders.
