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Seanergy Maritime (NASDAQ: SHIP) Raises Dividend Following Record-Breaking Q2 And H1 Results, United Maritime (NASDAQ: USEA) Rises Through Strategic Investments
--News Direct--By Gerelyn Terzo, BenzingaSeanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported a record-breaking second quarter, with performance extending
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":"--News Direct--By Gerelyn Terzo, BenzingaSeanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported a record-breaking second quarter, with performance extending through the first half of the year. To reward shareholders, the U.S.-listed, Athens-based company boosted its quarterly dividend and introduced a new payout policy, underscoring its commitment to driving growth and delivering value to investors.Seanergy Maritime, a leading pure-play Capesize ship owner, is sailing at peak performance in 2024. The company’s 18-vessel fleet, including 1 Newcastlemax and 17 Capesize vessels, has driven record results. In Q2 2024, Seanergy posted a net income of $14.1 million, a fresh all-time high which compares with $700,000 in the year-ago period. For the first half of 2024, net income surged to $24.3 million, a major turnaround from the $3.5 million loss in the same period last year. Q2 net revenue soared by 52% year-over-year to $43.1 million, while H1 revenue grew by 75% to $81.4 million. Earnings per share reached $0.68 for Q2 and $1.18 for H1.Seanergy's reported financial fundamentals have led the board to enhance its dividend policy, aiming to deliver even more value to shareholders. With a focus on distributing around 50% of operating cash flow after debt payments, the company boosted its Q2 cash dividend to $0.25 per share – up from $0.15 and $0.10 in the previous two quarters. This move continues their commitment to rewarding investors, having already returned $34.7 million in cash dividends since Q1 2022.Seanergy continues to boost shareholder value by resuming stock buybacks. The company repurchased $1.8 million worth of shares at an average price of $10.56 per share, under its $25 million share repurchase plan launched in December 2023.Chairman and CEO, Stamatis Tsantanis revealed he has been scooping up common shares and call options in the open market, with plans to acquire more SHIP stock in the upcoming quarters. “Based on our strong and visible cash flow generation, we expect to be able to continue returning significant capital to our shareholders in the coming quarters,” he said.Investors who might want to join in can learn more about Seanergy’s stock performance here.Seanergy’s Results Driven by Strategic MovesSeanergy’s CEO, Stamatis Tsantanis, attributed the record performance in Q2 and H1 2024 to the company’s strategi...