Seanergy Maritime Announces Record Results and Higher Dividends, United Maritime Makes Strategic Investments

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported record-breaking financial results for the second quarter and first half of 2024. The U.S.-listed, Athens-based company announced a substantial boost in its quarterly dividend, reflecting its commitment to delivering value to investors.

Seanergy Maritime, a prominent Capesize ship owner, achieved a net income of $14.1 million in Q2 2024, compared to $700,000 in the same quarter last year. For H1 2024, net income surged to $24.3 million, a significant turnaround from a $3.5 million loss in the previous year. Additionally, Q2 net revenue increased by 52% year-over-year to $43.1 million, while H1 revenue grew by 75% to $81.4 million. Earnings per share reached $0.68 for Q2 and $1.18 for H1.

As a result of these strong financials, Seanergy's board decided to enhance its dividend policy, focusing on distributing around 50% of operating cash flow after debt payments. The company increased its Q2 cash dividend to $0.25 per share, up from $0.15 and $0.10 in the previous quarters. Since Q1 2022, Seanergy has returned $34.7 million in cash dividends to shareholders.

In addition to increasing dividends, Seanergy resumed its stock buyback program, repurchasing $1.8 million worth of shares at an average price of $10.56 per share. The company’s $25 million share repurchase plan began in December 2023.

Chairman and CEO Stamatis Tsantanis has been actively acquiring common shares and call options in the open market, indicating plans to continue purchasing SHIP stock in the upcoming quarters. He emphasized the company’s strong cash flow generation and commitment to returning significant capital to shareholders.

Seanergy attributed its record performance to its strategic position as a leading dry bulk operator with a pure-play Capesize fleet. This strategy allowed the company to capitalize on the strong Capesize market, which outperformed other dry bulk segments. The company plans to enhance its fleet further by acquiring a modern Capesize vessel, expecting delivery in Q3 2024. This addition will increase the fleet to 19 high-quality vessels.

United Maritime Corporation (Nasdaq: USEA), a spin-off from Seanergy, has also made strategic investments. United Maritime declared its seventh consecutive quarterly dividend of $0.075 per share and made a minority investment in a new offshore Energy Construction Vessel (ECV) project, expected to complete in 2027. The ECV will serve both the oil and gas and renewable energy sectors, where demand currently outpaces supply. Additionally, United Maritime chartered an Aframax tanker, managed by a reputable tanker pool operator, for up to nine months. The company secured $48.3 million in financing deals this year, aimed at refinancing multiple ship leases.

Both Seanergy and United Maritime are optimistic about the outlook for the Capesize sector, citing robust vessel demand driven by growing iron ore and coal imports in China and increased exports from Brazil. Orderbook data suggests a slow-growing fleet size, which is likely to keep dry bulk demand outpacing supply for the foreseeable future.