Seanergy Maritime Holdings Corp. · NASDAQ:SHIP
Seanergy Maritime — Q2 2024 Earnings Presentation
18 slides from Seanergy Maritime's earnings presentation, Aug 6, 2024
Slide 1: Second Quarter & First Half 2024 Financial Results Presentation
Second Quarter & First Half 2024 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: Record results for Q2 and 1st Half 2024
Record results for Q2 and 1st Half 2024 2024 2023 2024 2023 Record 2nd $43.1 m $28.3 m Net Revenue $81.4 m $46.4 m quarter & 1st Q2 H1 1 $28.0 m $15.7 m Adj. EBITDA $51.2 m $19.6 m half profitability $14.1 m $0.7 m Net Income $24.3 m -$3.5 m Revised dividend policy designed to increase return of c
Slide 4: Revised Dividend Policy; Increasing Q2 Dividend
Revised Dividend Policy; Increasing Q2 Dividend Our Board of Directors will determine quarterly dividends to shareholders, based on: 50% of our net operating cash flow from the previous quarter as derived in the respective cash flow statement for the period. ‒ Less debt repayments (this amount cap
Slide 5: Prioritizing Shareholder Returns
Prioritizing Shareholder Returns Since Q4 2021 $26.2 million $8.6 million in regular dividends1 in special dividends $1.85 per share $77.7 million total shareholder returns $6.0 million $36.9 million in share and warrants in convertible note buybacks buybacks2 1. Including the $5.2 million declared
Slide 6: Commercial Snapshot
Commercial Snapshot • Significant outperformance of the BCI in TCE vs BCI US$ per day $30,000 both Q2 and H1 2024: $25,000 • Q2 2024: $26,636 (18% over BCI) $20,000 • H1 2024: $25,365 (8% over BCI) $15,000 $10,000 • 99.5% fleet utilization in H1 of 2024 $5,000 • 67% of operating days for Q3 2024 fix
Slide 7: Financial Snapshot
Financial Snapshot • Strong Q2 results, capitalizing on a Profitability Q2 H1 resilient Capesize freight market. Net Revenue $43.1m $81.4m • Record profitability in Q2 with EPS rising to $0.68 Adj. EBITDA $28.0m $51.2m • Hedging activities through FFA conversions drove our Net Income $14.1m $24.3m o
Slide 8: Robust Core Profitability
Robust Core Profitability • TCE of $25,365 per day for H1 2024, exceeding the average BCI figure by approximately 8%. • Adj. EBITDA for H1 2024 reached $51.2m, versus $19.6m in H1 2023. Adjustments in EBITDA include the non-cash equity incentive plan charges & non-cash loss on debt extinguishment. •
Slide 9: Debt Optimization
Debt Optimization • Debt outstanding approx. $252.5m $25.0 Debt Per Vessel Millions $20.0 • Fleet LTV at approx. 40%, highlighting our healthy balance sheet $15.0 • Debt per vessel currently standing at $10.0 approx. $14m vs. average market 1 value of $33.9m $5.0 • Continuous improvement on debt $0.
Slide 10: Enhanced Operating Leverage
Enhanced Operating Leverage • Seanergy is expected to strongly benefit from any upward movement in the Capesize market: With H2 2024 TCE rates at the average level of 2023, FY 2024 EBITDA should reach ca. $92m. With H2 2024 TCE rates at current FFAs1, EBITDA should reach ca. $110m. With H2 202
Slide 11: Resilient Capesize Freight Market
Resilient Capesize Freight Market • Following the strongest first quarter in more than a decade, the positive momentum continued in the Capesize market with the Baltic Capesize Index averaging $22,600 in Q2 2024. • Strong growth in Brazilian iron ore exports, China coal imports and Bauxite volumes o
Slide 12: Positive Demand Outlook
Positive Demand Outlook 1,600 Million Tonnes 1,550 Iron Ore Trade • After growing by 6% in 2023, Iron Ore ton mile demand expected to grow by 4.5% in 2024 with major miners 1,500 expecting exports at the high end of their 2024 guidance. 1,450 • In accordance with regular seasonality, global H2 2024
Slide 13: Limited Effective Vessel Supply
Limited Effective Vessel Supply • Orderbook for Capesize fleet remains at historically low levels (approx. 6.6%). Lack of shipyards’ slots, uncertainty around environmental regulations and new propulsion technologies are restricting newbuilding orders. • 11% of Capesize fleet is now over 18 years an
Slide 14: Thank you
Thank you 14
Slide 15: Appendix
Appendix
Slide 16: 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 17: EBITDA Reconciliation
EBITDA Reconciliation Amounts in $ thousands Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Net (loss)/income 3,671 5,935 7,140 493 -4,185 678 -5,040 10,829 10,161 14,127 Add: Net interest and finance 2,850 3,163 3,949 4,896 5,265 4,937 4,983 4,965 4,638 4,596 cost A
Slide 18: Daily TCE Reconciliation
Daily TCE Reconciliation Amounts in $ thousands, except for TCE and operating Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 days Net revenues from 29,666 32,847 32,963 27,153 17,384 27,646 23,105 38,901 37,774 42,592 vessels Less: Voyage Expenses 979 1,667 867 780 6
Seanergy Maritime Holdings — Q2 2024 Earnings Presentation on 6ix