Seanergy Maritime Holdings Corp. · NASDAQ:SHIP
Seanergy Maritime — Q4 2023 Earnings Presentation
17 slides from Seanergy Maritime's earnings presentation, Mar 15, 2024
Slide 1: Fourth Quarter & Full Year 2023 Financial Results Presentation
Fourth Quarter & Full Year 2023 Financial Results Presentation Seanergy Maritime Holdings Corp. 1
Slide 2: Important Disclosures
Important Disclosures This document contains forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the Company’s management’s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than st
Slide 3: Highlights
Highlights Profitable in a $39.4 m Net Revenue $110.2 m FY23 Q4 volatile market $23.9 m Adj. EBITDA 1 $53.0 m environment $10.8 m Net Income $2.3 m Declared a cash dividend of $0.10 per share comprised of the regular dividend of $0.025 per share and a special dividend of $0.075 per share for Q4 20
Slide 4: Prioritizing Shareholders' Rewards
Prioritizing Shareholders’ Rewards $20.4 million $6.0 million in regular dividends1 in special dividends2 $1.45 per share $67.6 million total shareholder rewards $6.1 million $35.1 million in share and warrants in convertible note buybacks buybacks3 All figures above are based on distributions in pe
Slide 5: Commercial Snapshot
Commercial Snapshot • Average TCE : 1 $45,000 Time Charter Equivalent (per oper. days) • 4Q23: $24,920 $40,000 US$ per day • FY23: $17,501 $35,000 $30,000 • Outperformed the BCI by 7% in full year $25,000 2023 $20,000 $15,000 • 99% fleet utilization in Q4 & FY of 2023 $10,000 $5,000 • TCE guidance f
Slide 6: Financial Snapshot
Financial Snapshot • Robust Q4 performance, taking advantage of Capesize freight Profitability Q4 FY23 market rebound • Another (3rd) profitable year despite Net Revenue $39.4m $110.2m weaker than expected market Adj. EBITDA $23.9m $53.0m • Significant operating leverage with adj. EBITDA reaching $5
Slide 7: Profitability in a volatile market
Profitability in a volatile market • TCE of $17,501 per day for FY2023, exceeding the average BCI figure by approximately 7%. • Adj. EBITDA for FY2023 reached $53.0m, capitalizing the robust Q4 Capesize market. Adjustments in EBITDA for FY2023 include the non-cash equity incentive plan & non-cash ga
Slide 8: Debt optimization
Debt optimization Debt per vessel $30.0 Millions Junior Debt Covertible Notes Senior Debt • Debt outstanding approx. $235m, $25.0 decreased by 5% y-o-y $20.0 5-Year Average Debt pre vessel • Corporate leverage decreased to 47%, $15.0 illustrating our deleveraging efforts $10.0 • Debt per vessel curr
Slide 9: Enhanced operating leverage
Enhanced operating leverage • Seanergy is in a position to fully benefit from any upward movement in the Capesize market: With FY 2024 TCE rates at the average level of 2023, EBITDA should reach ca. $65m. 1 With FY 2024 TCE rates at current FFAs , EBITDA should reach ca. $115m. With FY 2024 TC
Slide 10: Strong freight market rebound
Strong freight market rebound • After a weaker than expected 9M period, market rebounded strongly in Q4 2023, averaging $28,128. • Strongest Q1 in more than a decade is witnessed so far for 2024, reflecting the consistently robust demand for dry bulk commodities from both China and the rest of the w
Slide 11: Positive demand outlook
Positive demand outlook 1,600 Million Tonnes • Despite gloomy predictions, ton-mile of key raw Iron Ore Trade materials increased an impressive 6% in 2023 1,550 1,500 • Strong iron ore demand incentivize higher seaborne exports from traditional exporters. 1,450 1,400 • Increased bauxite exports from
Slide 12: Limited effective vessel supply
Limited effective vessel supply • Orderbook for Capesizes remains at historically low levels (approx. 6%), despite the strong freight market and the increased vessel values. • Lack of shipyards’ slots, uncertainty around environmental regulations and new propulsion technologies are restricting newbu
Slide 13: Thank you
Thank you 13
Slide 14: Appendix
Appendix
Slide 15: Definitions
Definitions Item Description Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income / (loss), net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S.
Slide 16: EBITDA Reconciliation
EBITDA Reconciliation Amounts in $ thousands FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Net (loss)/income -11,698 -18,356 41,348 17,239 2,282 Net interest and finance cost 23,632 23,217 17,618 14,995 20,150 Depreciation and amortization 11,860 15,040 19,944 28,297 28,831 Taxes 54 - - -28 - EBITDA 23,84
Slide 17: Daily TCE Reconciliation
Daily TCE Reconciliation Amounts in $ thousands, except for TCE and operating days FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Net revenues from vessels 86,499 63,345 153,108 122,629 107,036 Less: Voyage Expenses 36,641 18,567 16,469 4,293 2,851 Net Operating Revenues 49,858 44,778 136,639 118,336 104,1
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