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Dec 31, 2024
Seanergy Q4 2024 Earnings Report
Seanergy reported increased revenue but lower profitability in Q4 2024.
Key Takeaways
Seanergy reported Q4 2024 revenue of $41.7 million, up 6% from the previous year. Net income declined to $6.6 million from $10.8 million, while adjusted EBITDA fell to $20.4 million. The company’s fleet TCE rate was $23,179, outperforming the Baltic Capesize Index by 27%. A quarterly dividend of $0.10 per share was declared.
Revenue grew 6% to $41.7 million, driven by higher fleet utilization.
Net income decreased to $6.6 million from $10.8 million in Q4 2023.
Fleet TCE rate of $23,179 outperformed the Baltic Capesize Index by 27%.
Quarterly cash dividend of $0.10 per share declared.
Forward Guidance
Seanergy expects seasonal weakness in Q1 2025 but anticipates improving market conditions in the latter half of the year.
Positive Outlook
- 85% of Q1 2025 operating days fixed at an estimated TCE rate of $12,471.
- Fixed-rate charters at $22,100 per day expected to support revenue.
- Fleet expansion to 21 vessels enhances profitability potential.
- Capesize market fundamentals remain strong with low orderbook levels.
- Projected long-term increase in demand for iron ore and bauxite shipments.
Challenges Ahead
- Q1 2025 TCE rate expected to decline due to seasonal softness.
- Higher vessel operating expenses may pressure margins.
- Interest expenses remain a concern despite refinancing efforts.
- Potential volatility in freight rates impacting earnings visibility.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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