Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Q3 2022 Earnings Conference Call December 1, 2022 9:00 AM ET
Company Participants
Stamatis Tsantanis - CEO
Stavros Gyftakis - CFO
Conference Call Participants
Tate Sullivan - Maxim Group
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Seanergy Maritime Holdings Corporation Third Quarter and Nine Months 2022 Financial Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be the question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.
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 third quarter 2022 earnings release, which is available on the Seanergy website, www.seanergymaritime.com.
I would now like to turn the conference over to one of your speakers today, Stamatis Tsantanis. Please go ahead, sir.
Stamatis Tsantanis
Hello. I would like to welcome everyone to our conference call. Today, we are presenting the financial figures for the third quarter and the first nine months of 2022. We're also pleased to announce the distribution of another cash dividend this quarter, our fourth consecutive cash dividend.
The second half of 2022 has not leaped up to our initial expectations and the challenging market conditions affected negatively the freight rates of the Capesize sector. We attribute the slowdown to the following factors: China's zero-COVID policy and continued lockdowns, which have resulted in a self-imposed slowdown of industrial production; the conflict in Ukraine that created various trading disruptions, as well as global inflation and a slow economic growth worldwide. Lastly, the unwinding of vessel congestion, improved fleet efficiency and thereby increased effective vessel supply.
Notwithstanding these conditions, the third quarter was yet another profitable quarter for Seanergy, thanks to the flexibility of our fleet and our smart commercial strategy. We continue to believe that the market weakness will be short-lived and we expect within the first half of 2023, a sustainable recovery of the Capesize sector with a long-term duration.
Regarding our financial performance during the third quarter, we recorded net revenues of $34 million and adjusted EBITDA of $19 million, while net income was equal to $7.1 million.
For the first nine months of 2022, net revenues reached $96.5 million, almost equal to the previous year respective period. Adjusted EBITDA was $53.1 million, while net income amounted to $16.7 million.