Seanergy Maritime Holdings Corp. · NASDAQ:SHIP

Seanergy Maritime — Q4 2024 Earnings Presentation

16 slides from Seanergy Maritime's earnings presentation, Mar 6, 2025

1. Slide 1: Fourth Quarter & Full Year 2024 Financial Results Presentation

   Fourth Quarter & Full Year 2024 Financial Results Presentation Seanergy Maritime Holdings Corp.

2. 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

3. Slide 3: Q4 Resilience & Record Profitability for FY2024

   Q4 Resilience & Record Profitability for FY2024 Significant Return of Capital to Shareholders Profitability Figures  Cash dividend of $0.10 per share declared for Q4 2024  $15.6 million in cash dividends (or $0.76 per share) for FY 20241  Stock buybacks of $2.1 million in Q4 2024 - $4.9 million i

4. Slide 4: Prioritizing Shareholder Returns

   Prioritizing Shareholder Returns Since Q4 2021 $33.5 million $8.6 million $10.1 million $35.1 million in regular dividends1 in special dividends in share and warrant in convertible note buybacks buybacks2 $42.0 million in total ($2.21 per share) $45.2 million in total New Dividend Policy Active Shar

5. Slide 5: Commercial Snapshot

   Commercial Snapshot  Strong TCE Performance: US$ per day $30,000 Daily TCE vs BCI  Q4 2024: $23,179 (27% over BCI) $25,000  FY 2024: $25,063 (11% over BCI) $20,000  98.9% fleet utilization in FY 2024 $15,000  16% of operating days for Q1 2025 fixed at an $10,000 average daily gross rate of appr

6. Slide 6: Financial Snapshot

   Financial Snapshot Profitability Q4 2024 FY 2024  Resilient Q4 results, further enhanced annual performance despite of softening Capesize Net Revenue $41.7m $167.5m market and significant one-off expenses  Record profitability in full year 2024 with Adj. EBITDA1 $20.4m $98.4m Adjusted EBITDA1 risi

7. Slide 7: Robust Core Profitability & Cash Generation

   Robust Core Profitability & Cash Generation  TCE of $25,063 per day for FY 2024, exceeding the average BCI figure by approximately 11%.  Adj. EBITDA for FY 2024 reached $98.4m, versus $53.0m in FY 2023. Adjustments in EBITDA include the non-cash equity incentive plan charges, non-cash loss on debt

8. Slide 8: Debt Optimization

   Debt Optimization  Debt outstanding approx. $261.5m $25.0 Millions $20.0  Fleet LTV reduced at approx. 45%, Debt per vessel despite fleet expansion and active $15.0 refinancing strategy Net LTV: 45% $10.0 (vs 49% in 2023)  Debt per vessel currently standing $5.0 at approx. $13.8m vs. average 1 $0

9. Slide 9: Resilient Operating Leverage

   Resilient Operating Leverage  Seanergy is expected to strongly benefit from any upward movement in the Capesize market: 1 With 2025 TCE rate at current FFAs , FY25 - EBITDA should reach ca. $78m With 2025 TCE rate at the average level of 2024, FY25 - EBITDA should reach ca. $97m (vs $92.6m in 202

10. Slide 10: Demand rebound ahead

    Demand rebound ahead  Increased Atlantic Basin Cargoes: More cargoes from the Atlantic basin heading to Asian destinations will drive Capesize demand, resulting in longer sailing times and requiring more tonnage.  West Africa Bauxite Exports: An expected increase of about 20 million tons in 2025 d

11. Slide 11: Capesize vessel supply outlook remains very positive

    Capesize vessel supply outlook remains very positive  Limited Fleet Growth: Effective Capesize fleet growth is expected to be around 1.6% on average in 2025 and 2026, with net fleet growth potentially dropping to 1% by 2025 due to a heavy drydocking schedule and low order book levels.  Newbuilding

12. Slide 12: Thank you

    seanergy Thank you

13. Slide 13: Appendix: Definitions & Reconciliations

    Appendix: Definitions & Reconciliations 12

14. Slide 14: Definitions

    Definitions Adjusted EBITDA: 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.

15. Slide 15: Reconciliations

    Reconciliations EBITDA Reconciliation Amounts in $ thousands FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Net (loss)/income -18,356 41,348 17,239 2,282 43, 472 Add: Net interest and finance cost 23,398 17,717 14,995 20,150 19,437 Add: Depreciation and amortization 15,040 19,944 28,297 28,831 29,695 Add:

16. Slide 16: Reconciliations (Cont'd)

    Reconciliations (Cont’d) Daily TCE Reconciliation Amounts in $ thousands, except for TCE and operating days Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net revenues from 29,666 32,847 32,963 27,153 17,384 27,646 23,105 38,901 37,774 42,592 43,369 4

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