Posted on November 15, 2023
Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), announced today its financial results for the third quarter and nine months ended September 30, 2023. The Company also declared a quarterly dividend of $0.025 per common share for the third quarter of 2023.
For the quarter ended September 30, 2023, the Company generated Net Revenues of $24.5 million, compared to $34.0 million in the third quarter of 2022. Net Loss and Adjusted Net Loss for the quarter were $5.0 million and $2.6 million, respectively, compared to Net Income of $7.1 million and Adjusted Net Income of $7.6 million in the third quarter of 2022. Adjusted EBITDA for the quarter was $9.5 million, compared to $19.0 million for the same period of 2022. The daily TCE rate of the fleet for the third quarter of 2023 was $15,298, compared to $20,614 in the same period of 2022.
For the nine-month period ended September 30, 2023, the Company generated Net Revenues of $70.8 million, compared to $96.5 million in the same period of 2022. Net Loss and Adjusted Net Income for the nine months were $8.5 million and $0.5 million, respectively, compared to Net Income of $16.7 million and Adjusted Net Income of $22.4 million in the respective period of 2022. Adjusted EBITDA for the nine months was $29.1 million, compared to $53.3 million for the same period of 2022. The daily TCE rate of the fleet for the first nine-month period of 2023 was $14,935, compared to $20,996 in the same period of 2022.
Cash and cash-equivalents and restricted cash, as of September 30, 2023, stood at $22.0 million. Shareholders’ equity at the end of the third quarter was $217.8 million. Long-term debt (senior loans, a convertible note and other financial liabilities) net of deferred charges stood at $223.3 million, while the book value of the fleet was $416.5 million.
