Seacon Shipping (2409) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 8.9% YoY to US$282.1m and profit attributable to shareholders increased 231.6% to US$70.3m; vessel disposal gains materially supported earnings.

• Ship management growth and improved controlled-fleet profitability offset lower shipping-services revenue; cash increased to US$65.8m and gearing declined to 61.4%.

Financial highlights

• Revenue was US$282.1m, up 8.9% YoY; gross profit rose 60.5% to US$64.4m and gross margin expanded to 22.8% from 15.5%.

• Profit for the year increased 239.7% to US$74.8m; profit attributable to shareholders rose 231.6% to US$70.3m.

• Basic and diluted EPS were US$0.141, versus US$0.045 in 2023.

• Other gains, net, reached US$42.9m, including US$46.2m net gains on property, plant and equipment disposals; share of associate and JV profit was US$6.7m.

• Net finance costs increased 109.6% YoY to US$19.4m, mainly reflecting additional vessel financing.

Outlook and guidance

• 38 vessels were under construction at year-end, including 20 self-owned or bareboat-chartered and 18 held through JVs; deliveries are expected from 2025 to 2027.

• Early-2025 vessel acquisitions and charters are expected to add 1,215,251 dwt to combined capacity, equivalent to 98.5% of existing capacity.

• 2025 dry-bulk markets may remain pressured in H1 by weaker iron ore imports and carbon costs; stronger demand from infrastructure and emerging-market capacity is expected to support H2.

• Planned Houston and Dubai offices in 2025 are intended to expand service reach and ship-management market share.