Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has unveiled record-breaking financial results for the second quarter and first half of 2024, showcasing a dramatic turnaround from the previous year. The company's net income for Q2 soared to $14.1 million, a stark contrast to $700,000 in the same period last year, while H1 net income reached $24.3 million, reversing a $3.5 million loss in H1 2023. This financial resurgence is attributed to a 52% year-over-year increase in Q2 net revenue to $43.1 million and a 75% rise in H1 revenue to $81.4 million, with earnings per share at $0.68 for Q2 and $1.18 for H1.
In response to these achievements, Seanergy has announced an enhanced dividend policy, aiming to distribute about 50% of operating cash flow after debt payments. The Q2 cash dividend has been increased to $0.25 per share, up from $0.15 and $0.10 in the preceding quarters, continuing the company's commitment to shareholder returns, with $34.7 million in cash dividends paid since Q1 2022. Stamatis Tsantanis, Chairman and CEO, credited the company's strategic focus on a pure-play Capesize fleet for capitalizing on the robust Capesize market performance.
Seanergy's fleet, currently consisting of 18 vessels, is set to expand with the acquisition of an additional modern Capesize vessel in Q3, bringing the total to 19. The Capesize market's exceptional performance, the best in over a decade, has propelled Seanergy's fleet to an average daily time charter equivalent (TCE) of $26,636, significantly higher than the Baltic Capesize Index's average. The company has also resumed its stock buyback program, repurchasing $1.8 million worth of shares under its $25 million plan, with Tsantanis personally acquiring more SHIP stock.
The optimistic outlook for the Capesize sector is supported by strong demand from Chinese iron ore and coal imports and the Brazilian export market, with a slow-growing fleet size expected to keep demand outpacing supply. For more details on Seanergy's stock performance, visit https://www.example.com. Meanwhile, United Maritime Corporation (Nasdaq: USEA), a Seanergy spin-off, has also reported positive developments, declaring its seventh consecutive quarterly dividend and expanding into the offshore energy sector and tanker market, highlighting the maritime industry's current strength.
