Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Q2 2023 Earnings Conference Call August 2, 2023 10:00 AM ET

Company Participants

Stamatis Tsantanis - Chairman & Chief Executive Officer

Stavros Gyftakis - Chief Financial Officer

Conference Call Participants

Tate Sullivan - Maxim Group

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Corp. Conference Call on the Second Quarter Ended 30th June, 2023 Financial Results. We have with us, Mr. Stamatis Tsantanis, Chairman and CEO; and Mr. Stavros Gyftakis, Chief Financial Officer of Seanergy Maritime Holdings Corp.

At this time, all participants are in listen-only mode. There will be a presentation following by a question-and-answer session. [Operator Instructions] Please be advised that this conference call is being recorded today Wednesday, 2nd of August, 2023.

The archived webcast of the conference call will soon be made available on the Seanergy website, www.seanergymaritime.com. To access today's presentation and listen to the archived audio file visit Seanergy website following the Webcast & Presentations section under the Investor Relations page.

Please now turn to the slide two of the presentation. Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements.

Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the second quarter ended 30th of June, 2023 earnings release, which is available on the Seanergy website, again, www.seanergymaritime.com.

I would now like to turn the conference over to one of your speaker today the Chairman and CEO of the company Mr. Stamatis Tsantanis. Please go ahead sir.

Stamatis Tsantanis

Thank you, operator. Hello. I would like to welcome everyone to our conference call. Today, we are presenting the financial results for the second quarter and first half of 2023, while also announcing the distribution of another cash dividend.

I'm very pleased to report a profitable quarter for Seanergy with our daily time charter equivalent outperforming the market index. We achieved a daily time charter equivalent of $18,700 or 20% above the index average for the quarter, leading to a quarterly net revenue of $28.3 million and net income of $700,000. This represents a sequential improvement compared to the first quarter of 2023, whereby revenue was $18 million, and net loss came in at $4.2 million.

In the second quarter, the Capesize market recovered from the seasonal weakness seen in the start of the year, with the Baltic Capesize Index averaging at $15,600, up from $9,100 in the first three months of the year.