Business
Seanergy Maritime Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2023 and Declares Dividend of $0.025 Per Share
Highlights (in million USD, except EPS) Q2 2023Q2 20226M 20236M 2022Net Revenues $28.3$32.8$46.4$62.5Net income / (loss) $0.7$5.9($3.5)$9.6Adjusted net
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":" Highlights (in million USD, except EPS) Q2 2023Q2 20226M 20236M 2022Net Revenues $28.3$32.8$46.4$62.5Net income / (loss) $0.7$5.9($3.5)$9.6Adjusted net income1 $3.4$7.1$3.1$14.8EBITDA1 $12.7$16.1$20.9$29.0Adjusted EBITDA1 $15.7$17.3$19.6$34.2 Earnings / (loss) per share Basic1,2 $0.03$0.34($0.20)$0.56Earnings / (loss) per share Diluted1,2 $0.03$0.33($0.20)$0.54Adjusted earnings per share Basic1,2 $0.18$0.41$0.16$0.86Adjusted earnings per share Diluted1,2 $0.18$0.40$0.16$0.83 Other Highlights and Developments: Fleet Time Charter Equivalent (“TCE” 3) overperformance of Baltic Capesize Index (“BCI”) by 20% in 2Q23 & 1H23Quarterly cash dividend of $0.025 per share for Q2 2023 - total cash dividends of $1.325 per share or $23.9 million declared since March 2022Stock buyback of $1.6 million, or approximately 2% of its issued and outstanding shares – total repurchases of securities (common shares, convertible notes and warrants) of approximately $39.6 million since November 2021Agreement to acquire a 2011-built Newcastlemax dry bulk vessel through a 12-month bareboat charter with a purchase option$53.8 million in refinancings during the second quarter, on improved terms, adding $15.0 million of extra liquidity and removing any loan maturities until Q2 2025 ATHENS, Greece, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), announced today its financial results for the second quarter and six months ended June 30, 2023. The Company also declared a quarterly dividend of $0.025 per common share for the second quarter of 2023. For the quarter ended June 30, 2023, the Company generated Net Revenues of $28.3 million, compared to $32.8 million in the second quarter of 2022. Adjusted EBITDA for the quarter was $15.7 million, compared to $17.3 million for the same period of 2022. Net Income and Adjusted Net Income for the quarter were $0.7 million and $3.4 million, respectively, compared to Net Income of $5.9 million and Adjusted Net Income of $7.1 million in the second quarter of 2022. The daily TCE rate of the fleet for the second quarter of 2023 was $18,708, compared to $23,251 in the same period of 2022. For the six-month period ended June 30, 2023, the Company generated Net Revenues of $46.4 million, compared to $62.5 million in the same period of 2022. Adjusted EBITDA for the si...