Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Q1 2023 Earnings Conference Call May 25, 2023 10:00 AM ET

Company Participants

Stamatis Tsantanis – Chairman and Chief Executive Officer

Stavros Gyftakis – Chief Financial Officer

Conference Call Participants

Tate Sullivan – Maxim Group

Kristoffer Skeie – Arctic Securities

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Corporation Conference Call on the First Quarter Ended May 31, 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. [Operator Instructions] Please be advised that this conference call is being recorded today Thursday, May 25, 2023.

The archived webcast of the conference call will soon be made available on the Seanergy website www.seanergymaritime.com. 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 first quarter ended May 31, 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’re presenting the financial results of the first quarter of 2023, while we’re also pleased to announce the distribution of another cash dividend. As we discussed in our previous earnings call, during the first quarter of 2023, we went through adverse seasonality in the Capesize market. The Baltic Capesize Index averaged approximately $9,100 per day, and obviously this affects the financial performance considerably. We attribute this market weakness mainly to the tail end of the COVID restrictions in China.

However, following China’s official reopening in March, we have seen a strong rebound in industrial activity as well as vessel charter rates for Capesize. The overall fundamentals are quite encouraging for the remainder of the year. Notwithstanding the week Q1, our Board of Directors has declared another regular cash dividend of $0.025 per share, which brings our total dividend distributions since the beginning of 2022 to $1.30 per share or approximately $1.55 per share when including the shares of United Maritime at the current trading price.