Seanergy Maritime Holdings (SHIP) Q4 2024 earnings summary

Executive summary

• Achieved record net income of $43.5 million in 2024, up from $2.3 million in 2023, marking the fourth consecutive year of profitability and a 52% year-over-year revenue increase to $167.5 million.

• Expanded fleet to 21 vessels (3.8 million DWT) through $138 million investment in four premium Capesize ships in 2024 and early 2025, including delivery of M/V Meiship and M/V Blueship.

• Returned $15.6 million to shareholders in 2024 via $0.76/share dividends and repurchased 532,411 shares for $4.9 million.

• Maintained a balanced approach to capital returns, fleet growth, and financial discipline, with strong cash position and disciplined capital allocation.

• Introduced new dividend policy and continued active share buyback and convertible note repurchases since Q4 2021.

Financial highlights

• Full year 2024 revenue: $167.5 million, up 50% year-over-year; Q4 2024 revenue: $41.7 million; TCE: $25,100 for 2024 and $23,200 in Q4.

• Adjusted EBITDA for 2024: $98.4 million (up from $53 million in 2023); EPS: $2.12 (vs. $0.12 in 2023); adjusted basic EPS: $2.39.

• Cash position at year-end: $34.9 million; total debt: $261.5 million; book value debt to capital ratio below 50%.

• ROE for 2024: 17%; adjusted EBITDA margin: 57.6–58%; operating cash flow margin: 44%.

• Net cash from operating activities for 2024 was $75.3 million; net cash used in investing activities was $79.4 million.

Outlook and guidance

• 22% of 2025 operating days secured at rates above $22,100/day; Q1 2025 TCE expected at $13,363, 44% above BCI average.

• FY2025 EBITDA projected between $78 million and $166 million, depending on TCE rates and FFA scenarios.

• Capesize fleet growth expected to slow to 1.4% in 2025, with strong market fundamentals and robust commodity demand.