Business
Seanergy Maritime Reports Record Second Quarter and First Half Financial Results for the Periods Ended June 30, 2024
Enhances Focus on Returning Capital to Shareholders With Updated Dividend Policy Declares Cash Dividend of $0.25 Per Share reflecting strong financial results
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":"Enhances Focus on Returning Capital to Shareholders With Updated Dividend Policy Declares Cash Dividend of $0.25 Per Share reflecting strong financial results Highlights (in million USD, except EPS) Q2 2024Q2 20236M 20246M 2023Net Revenues $43.1$28.3$81.4$46.4 Net income / (loss) $14.1$0.7$24.3($3.5) Adjusted net income 1 $16.0$3.3$27.6$2.9 EBITDA1 $25.8$12.7$47.4$20.9 Adjusted EBITDA1 $28.0$15.7$51.2$19.6 Earnings / (loss) per share Basic $0.68$0.03$1.18($0.20) Earnings / (loss) per share Diluted $0.68$0.03$1.18($0.20) Adjusted earnings per share Basic1 $0.78$0.18$1.35$0.16 Adjusted earnings per share Diluted1 $0.77$0.18$1.34$0.16 Other Highlights and Developments: Record second quarter net income of $14.1 millionUpdated dividend policy targeting return of approximately 50% of operating cash flow available for distributionsIncreased quarterly cash dividend of $0.25 per share for Q2 20242Total cash dividends of $1.85 per share, or $34.7 million, declared since March 2022Fleet Time Charter Equivalent (“TCE”3) overperformance of Baltic Capesize Index (“BCI”) by 18% in 2Q24 and by 8% in 1H2439% of available days for 2H24 fixed at a gross rate of $29,300Delivery of the recently acquired M/V Iconship and commencement of period employmentResumption of our stock buyback program Successful completion of $58.3 million financing and refinancing transactions during the second quarter ATHENS, Greece, Aug. 06, 2024 (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, 2024. The Company also declared a quarterly cash dividend of $0.25 per common share for the second quarter of 2024 and announced an updated dividend policy targeting the distribution of approximately 50% of operating cash flow after debt service. For the quarter ended June 30, 2024, the Company generated Net Revenues of $43.1 million, compared to $28.3 million in the second quarter of 2023, representing an increase of 52%. Adjusted EBITDA for the quarter was $28.0 million, 78% higher than $15.7 million in the same period of 2023. Net Income and Adjusted Net Income for the quarter were $14.1 million and $16.0 million, respectively, compared to Net Income of $0.7 million and Adjusted Net Income of $3.3 million in the second quarter of 2023. The d...