Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Q4 2022 Earnings Call Transcript March 14, 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

J Mintzmyer - Value Investor's Edge

Kristoffer Skeie - Arctic

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Corp. Conference Call on the Fourth Quarter and Year Ended 31 December, 2022 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, followed by a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded today, Tuesday, March 14, 2022. The archived webcast of the conference call accompanying slides will be soon made available on the Seanergy website, www.seanergymaritime.com.

Please now turn to slide 2 of the presentation. Many of the remarks today contain forward-looking statements based on the 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 fourth quarter and year ended December 31, 2022 earnings release, which is available on the Seanergy website, again.

I would now like to turn the conference over to one of your speakers 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 fourth quarter and the full year period of 2022. We are also pleased to announce the distribution of another cash dividend, which is basically equal to our net profit for the fourth quarter. The fourth quarter was another profitable period for Seanergy and concluded our second consecutive profitable year.

First and foremost, in 2022, we clearly prioritize shareholder rewards, as I will discuss in detail in today's call. We made generous distributions to our shareholders despite a series of macroeconomic and political challenges that occurred during the year. First, there was the invasion of Ukraine by Russia and the ongoing military conflict. Second, the heightened uncertainty about the probability of a significant slowdown in the global economy due to the spike in inflation. Last but not least, 2022 marked the third consecutive year of severe lockdowns in China, which negatively affected industrial production and economic growth.