Seanergy Maritime Holdings Corp. · NASDAQ:SHIP
Seanergy Maritime — Q2 2023 Earnings Presentation
16 slides from Seanergy Maritime's earnings presentation, Aug 2, 2023
Slide 1: Second Quarter & First Half 2023 Financial Results Presentation
Second Quarter & First Half 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 $28.3 m Net Revenue $46.4 m Q2 H1 volatile market $15.7 m Adj. EBITDA* $19.6 m environment $0.7 m Net Income ($3.5 m) ✓ Declared a regular dividend of $0.025 per share for Q2 2023 ✓ $23.9** million in cash dividends (or $1.33 per share) since Q4 2021 Persistent shareholder
Slide 4: Prioritizing Shareholders’ Rewards
Prioritizing Shareholders’ Rewards $ 19.4* million regular dividends ✓ $1.33 per share Dividends ✓ 23% of current $ 4.5 million special dividend price levels** $ 4.1 million share and warrants buybacks Buybacks $ 35.5 million convertible notes buybacks Total shareholders rewards $ 63.5 million All f
Slide 5: Commercial Snapshot
Commercial Snapshot • Average TCE*: US$ per day $45,000 Time Charter Equivalent • 2Q23: $18,708 (+20% vs BCI) $40,000 (per oper. days) • 1H23: $14,756 (+20% vs BCI) $35,000 • Outperformed consistently the BCI since $30,000 2022 $25,000 $20,000 • 99% fleet utilization in Q2 & 6M of 2023 $15,000 $10,0
Slide 6: Financial Snapshot
Financial Snapshot • Resilient financial performance, despite the slower than expected rebound in Capesize market. Profitability Q2 H1 • Achieved TCE 20% above BCI for Net Revenue $28.3m $46.4m the first half of 2023 Adj. EBITDA $15.7m $19.6m • Significant operating leverage with adj. EBITDA reachin
Slide 7: Profitability in a volatile market
Profitability in a volatile market • Seanergy achieved a TCE of $14,756 per day for 1H2023, despite the slower than expected market recovery, exceeding significantly the average BCI figure for 1H2023. • Adj. EBITDA for the 1st half of the year reached $19.6m, with a clear improvement during the seco
Slide 8: Further debt optimization
Further debt optimization $20.0 Debt per vessel Millions Junior Debt Covertible Notes Senior Debt • Debt outstanding approx. $235m (incl. $10.0 convertible notes) • Corporate leverage decreased to 50% in 1H2023, despite the pressure in $0.0 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q
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 2H 2023 TCE rates at the average level of 2021, EBITDA should reach ca. $91m. ➢ With 2H 2023 TCE rates at the average level of 2022, EBITDA should reach ca. $50m. ➢ With 2
Slide 10: Positive demand outlook
Positive demand outlook • Demand from China already in an China Steel Products Exports & Iron Ore Imports upward trajectory in 1H 2023: China Seaborne Steel Products Exports China Seaborne Iron Ore Imports 120.0 Steel Products Exports (million tonnes) • Iron ore imports +7.7% y-o-y 14.0 Iron Ore Imp
Slide 11: Limited fleet growth & slow-steaming
Limited fleet growth & slow-steaming • The Capesize orderbook as a percentage of active fleet is at lowest point historically (currently at 4.8%) as owners remain overall reluctant to invest in newbuildings • Despite the low fleet growth, effective oversupply was still apparent in the market, due to
Slide 12: Thank You
seanergy Thank You —
Slide 13: Appendix
Appendix 13
Slide 14: 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 15: EBITDA Reconciliation
EBITDA Reconciliation Amounts in $ thousands 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 Net (loss)/income -1,321 1,961 20,064 20,644 3,671 5,935 7,140 493 -4,185 678 Add: Net interest and finance 4,030 4,277 4,560 4,751 2,850 3,168 3,933 4,025 5,261 4,937 cost Ad
Slide 16: Daily TCE Reconciliation
Daily TCE Reconciliation Amounts in $ thousands, except for TCE and 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 operating days Net revenues from 20,398 27,832 48,179 56,699 29,666 32,847 32,963 27,153 18,026 27,646 vessels Less: Voyage Expenses 5,282 5,285 3,910 1
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