Posted on March 18, 2024
Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), announced today its financial results for the fourth quarter and twelve months ended December 31, 2023. The Company also declared a regular quarterly cash dividend of $0.025 per common share and a special cash dividend of $0.075 per common share for the fourth quarter of 2023.
For the quarter ended December 31, 2023, the Company generated Net Revenues of $39.4 million, compared to $28.5 million in the fourth quarter of 2022. Net Income and Adjusted Net Income for the quarter were $10.8 million and $11.4 million, respectively, compared to Net Income of $0.5 million and Adjusted Net Income of $0.9 million in the fourth quarter of 2022. Adjusted EBITDA for the quarter was $23.9 million, compared to $13.3 million for the same period of 2022. The daily TCE3 rate of the fleet for the fourth quarter of 2023 was $24,920, compared to $17,294 in the same period of 2022.
For the twelve-month period ended December 31, 2023, the Company generated Net Revenues of $110.2 million, compared to $125.0 million in the same period of 2022. Net Income and Adjusted Net Income for the twelve months were $2.3 million and $11.9 million, respectively, compared to Net Income of $17.2 million and Adjusted Net Income of $23.3 million in the respective period of 2022. Adjusted EBITDA for the twelve months was $53.0 million, compared to $66.6 million for the same period of 2022. The daily TCE rate of the fleet for the twelve-month period of 2023 was $17,501, compared to $20,040 in the same period of 2022. The average daily OPEX per Capesize vessel was $6,879, compared to $6,819 for the respective period of 2022.
Cash and cash-equivalents and restricted cash, as of December 31, 2023, stood at $24.9 million. Shareholders’ equity at the end of the fourth quarter was $228.4 million. Long-term debt (senior loans, finance lease liability and other financial liabilities) net of deferred charges stood at $232.6 million, while the book value of the fleet, including a chartered-in Newcastlemax vessel, was $440.0 million.
