Stamatis Tsantanis, Chairman & CEO and Stavros Gyftakis CFO of Nasdaq listed Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) participated at a recent webinar session and presented the Company’s excellent prospects for maintaining sustainable growth and fleet expansion.
Seanergy is the only U.S. listed shipping company with a pure-play Capesize fleet. It has been listed on the Nasdaq Capital Market since 2008 under the ticker “SHIP” and is managed by a highly experienced top management.
The Company adheres solid corporate governance principles with fundamental focus on the Environmental, Social, and Governance (ESG) matters. Seanergy has been a pioneer in promoting ESG practices enhancing further its ESG commitment.
Seanergy has strong and long-standing commercial relationships with 1st class charterers i.e. Cargill, Glencore, NYK, Uniper, Trafigura, Anglo American, Vale and other trading houses and all fleet is employed in period contracts.
Seanergy is an independent company with no sponsored ownership or affiliation with private equity or hedge funds and maintains a very transparent structure.
The fleet has been increased by 65% during the last two years investing $259m in acquiring modern vessels at the low point of the market.
Seanergy has a very homogeneous and quality fleet of 18 vessels built in Japan and S.Korea with carrying cargo capacity 3.2m dwt and an average age 12.4 years.
Seanergy’s total shareholder rewards equaled nearly $55 million in 2022 consisting of stock dividends totaling $28.1 million and buybacks amounting to $26.7 million.
Stavros Gyftakis referred to the Company’s financing and noted that over the last two years Seanergy has completed ambitious refinancing programs including facilities of $270m in total, with the aim to reduce the applicable interest rate across all financings and improve the overall terms in order to support its investment program.
Seanergy managed to reduce the average spread of its loan facilities from 5.1% in 2020 to 2.9% at the end of 2022. It has also expanded its financing relationships with Chinese leasing groups and strengthened its relationships with the prominent shipping lenders in Europe.
The total debt stands at $250m at the end of 2022 including convertible debt and vessels’ secured debt.
The total debt is below 50% based on the September 2022 valuation.
Stamatis Tsantanis believes that this time is a turning point for the capesize sector as China is reopening and supports the ailing Housing Market and the new Asian coal power plant of 270GW to be delivered by 2050.
In addition to this, carbon emission targets for steel makers in China postponed to 2030. Total iron ore and coal ton-mile expected to rise by 0.4% and 4% in 2023 as well as fleet growth is at the lowest point in the last 20 years.
The demand will also stay at very sustainable levels because of the EEXI regulations which came into effect on January 1, 2023, and in combination with the upcoming CII regulation is expected to have a continuous speed reduction effect which will have a progressive impact on the global fleet.
Stamatis Tsantanis also commented on the idea behind the establishment of the spin-off company United Maritime which is to create a highly speculative gain and distributing vehicle with effect for the shareholders buying, selling ships more quickly compared with Seanergy.
In conclusion, Seanergy will maintain a very balanced approach rewarding its shareholders and looking at attractive vessel acquisitions to entertain creative growth and fleet renewal without sacrificing the Company’s loan repayment and dividend distribution schedule.
Image: Stamatis Tsantanis, Chairman & CEO and Stavros Gyftakis CFO of Nasdaq listed Seanergy Maritime Holdings
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