Highlighting on the major developments and economic results of 2024 the Nasdaq listed company Seanergy Maritime Holding Corp. reported a record full year profitability of $43.5 million.
The company’s fleet TCE outperformed the Baltic Capesize Index (“BCI”) by 27% in Q4 2024 and by 11% in FY 2024.
During 2024 the company acquired two Japanese vessels, the M/V Meiship, a 2013-built Newcastlemax and the M/V Blueship, a 2011-built Capesize, through a 6-month bareboat with purchase obligation.
The company granted a new $53.6 million sustainability-linked loan facility.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “We are pleased to announce another strong quarter for Seanergy, underscoring the benefits of our strategic focus on the Capesize segment. Our robust hedging strategy resulted in the Company significantly outperforming the broader Capesize market, even amid seasonal year-end softness. Our fleet-wide daily TCE of $23,179, exceeded the BCI average of $18,300 by 27%, resulting in net income of $6.6 million for the fourth quarter of 2024. This strong finish capped off a record-breaking year, during which we achieved net income of $43.5 million, with a full-year daily TCE of $25,063, which is 11% above the BCI average of $22,593. “Our disciplined commercial strategy and efficient operations allowed us to generate substantially superior results compared to industry peers, validating our exclusive focus on Capesize vessels. Unlike smaller dry bulk segments—where orderbooks have increased substantially—the Capesize orderbook remains at historically low levels, positioning this segment for potential outperformance over the long term. “Our estimate for Q1 2025 TCE is approximately $13,400 per day, which reflects seasonal Capesize market softness but remains 44% above the year-to-date BCI average of approximately $9,300 per day. Meanwhile, our fixed-rate charters at $22,100 per day continue to significantly outperform spot levels, and with rising forward freight agreements (“FFAs”), we anticipate a stronger market in the second half of 2025. “In line with our stated growth strategy, we executed targeted fleet expansion while maintaining a healthy balance sheet and rewarding shareholders with strong capital returns. We declared total dividends of $0.76 per share for 2024, representing a robust annualized dividend yield of approximately 11%3 . In addition, during the fourth quarter, we repurchased 226,826 shares at an average price of $9.44 per share, further enhancing shareholder value. “Since the second quarter of 2024, we have committed to invest $138.0 million in four high-quality Capesize vessels, bringing our proforma fleet to 21 units, or 3.8 million dwt. This strategic expansion further strengthens our profitability and cash flow generation potential, allowing us to continue capitalizing on the strength of the Capesize market. Importantly, we closed the year with a loan-to-value ratio of approximately 45%, underscoring our financial sustainability and prudent capital management in a volatile macro environment. “The Capesize market continued to outperform smaller dry bulk segments in 2024, driven by a favorable supplydemand balance. Fleet growth was limited to just 1.7%, while seaborne iron ore, bauxite, and coal shipments increased substantially. Brazilian iron ore exports surged annually by approximately 6%, and Guinea’s bauxite exports grew by over 15%, reinforcing the trend of increasing ton-miles, which directly benefits Capesize companies like ours. “Looking ahead to 2025, Capesize fleet growth is projected to slow further to 1.4%, setting the stage for an even tighter supply-demand balance. While the start of the year saw seasonal weakness, spot rates and FFAs have 3 Based on the closing price of March 3, 2025. 3 risen sharply in recent weeks, pointing to a strengthening market in the months ahead. Vessel values have remained firm, which is a sign of industry confidence in the Capesize sector’s long-term fundamentals. “We believe that the long-term outlook for Capesize demand is robust, driven by rising Atlantic Basin iron ore and bauxite exports, a historically low orderbook, and tightening environmental regulations that are expected to restrict Capesize supply further. A key catalyst is the long-anticipated Simandou iron ore project in Guinea, which is set to commence exports in 2025 and is expected to significantly boost ton-mile demand further. At the same time, global energy needs continue to surge, particularly in emerging economies, as technology-driven industries such as AI, data centers, and semiconductor manufacturing require significant base-load power. Despite the energy transition, coal remains essential to the global power mix, supporting sustained Capesize demand as Asia ramps up imports. “As a pure-play Capesize company, Seanergy remains uniquely positioned to capitalize on these long-term market tailwinds and to deliver consistent, superior returns to shareholders.”
Seanergy Maritime Holdings Corp. is listed on Nasdaq Capital Market and operates a fleet consists of 21 vessels (2 Newcastlemax and 19 Capesize) with an average age of approximately 13.7 years and an aggregate cargo carrying capacity of approximately 3,803,918 dwt.
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