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Seanergy Maritime Holdings Corp. - SHIP STOCK NEWS

Welcome to our dedicated page for Seanergy Maritime Holdings news (Ticker: SHIP), a resource for investors and traders seeking the latest updates and insights on Seanergy Maritime Holdings stock.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) is a Marshall Islands corporation with its executive offices based in Athens, Greece. The company specializes in the transportation of dry bulk cargoes through its fleet of dry bulk carriers. By owning and operating an extensive fleet of vessels including the Fellowship, Championship, Partnership, Knightship, Lordship, Gloriuship, Leadership, Geniuship, Premiership, and Squireship, Seanergy Maritime Holdings Corp. has established a significant presence in the global maritime shipping industry.

The company generates a majority of its revenue from the operation of these vessels. In recent developments, Seanergy reported a notable increase in its fourth-quarter net profit, reaching $10.8 million from just $0.5 million the previous year. Revenue for the same period grew to $39.4 million, up from $28.5 million. Despite a highly volatile Capesize market, Seanergy's daily time charter equivalent (TCE) rates surpassed the Baltic Capesize Index (BCI) by 7% in 2023.

For the first three months of 2024, Seanergy projects a TCE of $23,219 per day. Over the full year, the company achieved a net income of $2.3 million and an average daily rate of $17,501, exceeding the BCI average of $16,389. The company's consistent ability to generate higher revenues from its Capesize fleet compared to industry benchmarks differentiates it from other shipping companies.

In February 2024, Seanergy acquired a 2013 Japanese-built Capesize dry bulk vessel with a capacity of 181,392 deadweight tons (dwt), renamed M/V Iconship. The purchase price was $33.7 million, with the vessel's value increasing to $38 million. CEO Stamatis Tsantanis highlighted the company's strategy of fleet expansion, share buybacks, and dividend payments, aiming for balanced capital allocation and rewarding shareholders.

Seanergy's spin-off company, United Maritime Corporation (NASDAQ: USEA), also achieved significant milestones, including a sale-and-leaseback transaction to generate liquidity and potentially expand its fleet. United Maritime maintained a positive financial performance in 2023, with net revenues increasing by 58% compared to the previous year.

For more information and the latest updates, you can visit the company's website at www.seanergymaritime.com.

Rhea-AI Summary

Seanergy Maritime Holdings has announced the successful delivery of the M/V Iconship, a 181,392 dwt Capesize bulk carrier built in 2013. The vessel is now on a 22-month time charter (T/C) with Costamare Bulkers Inc. The daily hire is based on the Baltic Capesize Index (BCI), with an option to convert to a fixed rate. The acquisition was funded with cash and a sale and leaseback agreement.

Additionally, the M/V Lordship, a 178,838 dwt Capesize vessel, will begin a 22-month T/C with Costamare in July, following drydocking. This T/C also offers an index-linked daily hire based on the BCI, with options for fixed rates.

Seanergy's fleet is now fully employed on period charters, reinforcing their strategy to capitalize on favorable market conditions and maintain a strong focus on Capesize vessels for sustained returns.

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Sphinx Investment Corp. issued a critical statement regarding Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), accusing its CEO Stamatis Tsantanis and the Board of Directors of undermining shareholder governance rights. Sphinx highlights a deal where Tsantanis acquired 49.99% of voting power for $250,000 despite the company holding assets over $400 million. The board, allegedly handpicked by Tsantanis, approved this transaction, leading to concerns of self-dealing and poor governance. Sphinx claims that attempts by shareholder Mr. Economou to engage with Tsantanis to address governance issues have been ignored, leading to ongoing litigation and proxy fights.

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On May 31, 2024, Seanergy Maritime Holdings (NASDAQ: SHIP) announced an interview of its Chairman & CEO, Stamatis Tsantanis, conducted by Oliver Renick on Schwab Network's Morning Trade Live program. Tsantanis discussed Seanergy's strong 1Q24 earnings and positive outlook following a profitable 2023. He also elaborated on recent strategic developments, and provided insights into the shipping sector, detailing key geopolitical factors and emerging trends.

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Seanergy Maritime (NASDAQ: SHIP) reported record financial results for Q1 2024, with net revenues of $38.3 million, up from $18.0 million in Q1 2023. Net income reached $10.2 million, a significant turnaround from a $4.2 million loss in the prior year. Adjusted net income was $11.6 million, compared to an adjusted net loss of $0.4 million in Q1 2023. EBITDA was $21.6 million, and adjusted EBITDA was $23.2 million. Earnings per share were $0.50, with adjusted earnings per share at $0.58. The company declared a quarterly cash dividend of $0.025 and a special dividend of $0.125 per share, totaling $0.15 per share for Q1 2024.

Significant developments include acquiring two Japanese Capesize vessels and securing $58.3 million in new financing. Cash and cash equivalents totaled $24.2 million. Stockholders' equity stood at $240.6 million, with long-term debt at $223.2 million. The company projects a strong outlook with an expected daily time charter equivalent (TCE) rate of $26,400 for Q2 2024, indicating continued robust performance.

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Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) will release its financial results for the first quarter ended March 31, 2024, on Wednesday, May 15, 2024, before the market opens in New York. The company's senior management will host a conference call and webcast on the same day at 10:00 a.m. Eastern Time to discuss these results.

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Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) reported a fourth-quarter net profit of $10.8 million, a significant increase from the previous year. Revenue also grew to $39.4 million. Seanergy outperformed the Baltic Capesize Index by 7% in 2023, projecting a TCE of $23,219 per day for the first three months of 2024. The company acquired a new vessel and capitalized on the strong Capesize market.
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Seanergy Maritime Holdings Corp. filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC. Investors can access the report on the company's website.
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Seanergy Maritime Holdings Corp. reported strong financial results for Q4 2023, with net revenues of $39.4 million, net income of $10.8 million, and adjusted EBITDA of $23.9 million. The company declared a quarterly cash dividend of $0.025 per share and a special cash dividend of $0.075 per share. Seanergy acquired two vessels and completed refinancings generating additional liquidity. They also participated in an EU-funded project for Sustainable Alternative Fuels.
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Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) will release its financial results for the fourth quarter and year ended December 31, 2023, on Friday, March 15, 2024, before the market opens in New York. A conference call and webcast to review the results will be held at 10:00 a.m. Eastern Time on the same day.
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Seanergy Maritime Holdings Corp. announces a strategic partnership with the European Union Funded SAFeCRAFT Project Consortium to demonstrate the safety and viability of Sustainable Alternative Fuels (SAFs) in seaborne transportation. The 48-month project aims to reduce CO2eq emissions by 26% in an existing vessel, aligning with the FuelEU Maritime 2040 targets. Seanergy will provide one of its Capesize vessels to be retrofitted to utilize hydrogen as the main energy source, in collaboration with key industry stakeholders and the European Union. The project will be co-funded by the consortium partners and the Horizon Europe program.
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FAQ

What is Seanergy Maritime Holdings Corp.?

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) is a Marshall Islands corporation engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers.

Where are Seanergy Maritime Holdings Corp.'s executive offices located?

The executive offices of Seanergy Maritime Holdings Corp. are located in Athens, Greece.

On which stock exchange does Seanergy Maritime Holdings Corp. trade?

Seanergy Maritime Holdings Corp.'s common stock trades on the NASDAQ Capital Market under the symbol 'SHIP'.

What are the names of some vessels in Seanergy Maritime's fleet?

The company's fleet includes vessels such as Fellowship, Championship, Partnership, Knightship, Lordship, Gloriuship, Leadership, Geniuship, Premiership, and Squireship.

How did Seanergy Maritime perform financially in the fourth quarter of the recent year?

Seanergy Maritime reported a fourth-quarter net profit of $10.8 million, up from $0.5 million the previous year, with revenue increasing to $39.4 million from $28.5 million.

What is the projected Time Charter Equivalent (TCE) rate for Seanergy in the first quarter of 2024?

Seanergy projects a TCE rate of $23,219 per day for the first three months of 2024.

Has Seanergy acquired any new vessels recently?

Yes, in February 2024, Seanergy acquired a 2013 Japanese-built Capesize dry bulk vessel with a capacity of 181,392 deadweight tons (dwt), renamed M/V Iconship.

What is United Maritime Corporation?

United Maritime Corporation (NASDAQ: USEA) is a spin-off company of Seanergy Maritime Holdings that specializes in similar maritime operations and recently completed a sale-and-leaseback transaction to generate liquidity.

How did United Maritime perform financially in 2023?

United Maritime achieved net revenues of $36.1 million in 2023, a 58% increase from the previous year, despite increasing voyage expenses and finance costs.

Where can I find more information about Seanergy Maritime Holdings Corp.?

For more information, you can visit the company's website at www.seanergymaritime.com.

Seanergy Maritime Holdings Corp.

Nasdaq:SHIP

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