Business
Seanergy Maritime Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2023 and Declares a Cash Dividend of $0.10 Per Share
Highlights (in million USD, except EPS) Q4 2023Q4 202212M 202312M 2022Net revenues $39.4$28.5$110.2$125.0Net income $10.8$0.5$2.3$17.2Adjusted net income1
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":" Highlights (in million USD, except EPS) Q4 2023Q4 202212M 202312M 2022Net revenues $39.4$28.5$110.2$125.0Net income $10.8$0.5$2.3$17.2Adjusted net income1 $11.4$0.9$11.9$23.3EBITDA1 $23.3$12.9$51.3$60.5Adjusted EBITDA1 $23.9$13.3$53.0$66.6 Earnings per share Basic1,2 $0.55$0.03$0.12$0.97Earnings per share Diluted1,2 $0.55$0.03$0.12$0.96Adjusted earnings per share Basic1,2 $0.58$0.05$0.64$1.32Adjusted earnings per share Diluted1,2 $0.58$0.05$0.64$1.32 Other Highlights and Developments: Quarterly cash dividend of $0.10 per share consisting of a regular cash dividend of $0.025 per share for Q4 2023 and a special cash dividend of $0.075 per shareTotal cash dividends of $1.45 per share, or $26.4 million declared since March 2022Acquisition of a 2011-built Newcastlemax dry bulk vessel through a 12-month bareboat charter with a purchase optionAcquisition of a 2013-built Japanese Capesize vessel with estimated delivery in Q2 2024 Completion of $53.8 million in refinancings during 2023 at improved terms generating $15.0 million in additional liquidity; no loan maturities until Q2 2025 The only Greek-based shipping company to participate in the European Union (EU) funded SAFeCRAFT project in partnership with major industry stakeholders to demonstrate the safety and viability of Sustainable Alternative Fuels (SAFs) on existing vessels ATHENS, Greece, March 15, 2024 (GLOBE NEWSWIRE) -- 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...