Seanergy Maritime Holdings (SHIP) Q4 2023 earnings summary

Executive summary

• Third consecutive profitable year, with FY23 net income of $2.3m and a strong Q4 Capesize rebound.

• FY23 revenue was $110.2m and Adjusted EBITDA was $53.0m; both were below FY22, while Q4 revenue and Adjusted EBITDA rose year over year.

• FY23 TCE averaged $17,501/day, 7% above the $16,389 BCI average; Q4 TCE was $24,920/day.

Financial highlights

• Q4 revenue was $39.4m, Adjusted EBITDA $23.9m, net income $10.8m, adjusted net income $11.4m and EPS $0.55; FY23 results were $110.2m, $53.0m, $2.3m, $11.9m and $0.12, respectively.

• Q4 adjusted EPS was $0.58; FY23 adjusted EPS was $0.64. Q4 operating income was $14.7m and FY operating income was $21.3m.

• FY23 Adjusted EBITDA margin was 47.8%; Adjusted EBITDA included adjustments for non-cash equity incentives and gains or losses on vessel sales and debt transactions.

• Operating cash flow was $31.3m in 2023; year-end cash, restricted cash and time deposits totaled $24.9m.

Outlook and guidance

• Q1 2024 estimated TCE was $23,219/day; 93% of expected operating days were fixed at an estimated $22,379/day, with remaining index-linked days assuming a March 12 FFA rate of $34,446/day.

• 58% of Q2 2024 ownership days were fixed at an average $28,300/day; 32% of FY24 ownership days were fixed at $25,900/day.

• FY24 EBITDA scenarios were ~$65m at BCI TC5 of $16,400, ~$115m at $28,800, and ~$123m–$144m at $30,000–$35,000.

• Delivery of the contracted Japanese Capesize was expected in Q2 2024; guidance depends on index rates, utilization and other assumptions.