Business
Seanergy Maritime (NASDAQ: SHIP) And United Maritime (NASDAQ: USEA) Provide Financial Update To Shareholders
GLYFADA, GREECE / ACCESSWIRE / April 9, 2024 / Seanergy Maritime Holdings Corp. (NASDAQ:SHIP), a leading player in the global shipping industry, reported a
About this update from United Maritime Corporation
[{"type":"text","content":"GLYFADA, GREECE / ACCESSWIRE / April 9, 2024 / Seanergy Maritime Holdings Corp. (NASDAQ:SHIP), a leading player in the global shipping industry, reported a fourth-quarter net profit of $10.8 million, a significant increase from $0.5 million in the previous year. The company's revenue also grew to $39.4 million compared to $28.5 million for the same quarter last year. Despite a very volatile Capesize market, Seanergy's daily time charter equivalent (TCE) outperformed the Baltic Capesize Index (BCI) by 7% in 2023. For the first three months of 2024, the company is projecting a TCE of $23,219 per day. During the full-year period, they recorded a net income of $2.3 million, while their fleet's average daily rate was $17,501, exceeding the Baltic Capesize Index average of $16,389. Seanergy says its consistent ability to generate higher revenues from its Capesize fleet compared to industry benchmarks sets it apart from other shipping companies like Hapag-Llyod Aktien and Matson Inc.In the first quarter, experiencing the strongest start for the Capesize market since 2011, Seanergy reports it has capitalized on the surge in freight futures prices. Seanergy has utilized the freight futures market to fix the rates for approximately half of its ownership days in the second quarter at around $28,300 per day, securing strong cash flow and profitability.In February 2024, Seanergy acquired a 2013 Japanese-built Capesize dry bulk vessel with a capacity of 181,392 deadweight tons (dwt), which will be renamed M/V Iconship. The purchase price was $33.7 million, however, the value of the bulker has increased to $38 million since.\"The actions we have taken to grow our fleet substantially over the past three years with quality assets and to further strengthen our balance sheet have us optimally positioned to reap the benefits of what looks like a very strong capesize market,\" shared CEO Stamatis Tsantanis.Tsantanis explained some of the overall strategy, \"As you have seen, we have a perfectly balanced approach. We acquired ships, which we believe will contribute very significantly to the cash flow of the company going forward … We also buy back the stock and at the same time, we pay a dividend. So, we're doing all three that we can in a perfectly balanced way. It's going to be pretty much the same. Assuming that the rates and the cash flow allows,...