Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET

Company Participants

Stamatis Tsantanis - Chief Executive Officer

Stavros Gyftakis - Chief Financial Officer

Conference Call Participants

Tate Sullivan - Maxim Group

Poe Fratt - Alliance Global Partners

Operator

Ladies and gentlemen, thank you for standing by and welcome to the Seanergy Maritime Holdings Corporation Second Quarter and First Half 2022 Financial Call. [Operator Instructions] Please be advised that today’s conference is being recorded.

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 these 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 2022 earnings release, which is available on the Seanergy website, www.seanergymaritime.com.

I would now like to turn the conference over to your speaker 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 second quarter and first 6 months of 2022. We are also pleased to announce the distribution of another cash dividend this quarter. The second quarter was another outstanding period in terms of financial performance for Seanergy, supported by a healthy Capesize market and our effective commercial strategy that balances reward and risk for our shareholders. There are various negative events on a global scale, such as the ongoing conflict in Ukraine, the fears about inflation and the ensuing risk of recession as well as the COVID-19 related lockdowns in China. However, our view is that the robust fundamentals of the Capesize sector will provide for solid market conditions despite these uncertainties.

Let’s start with second quarter and first half highlights. During the second quarter, we recorded net revenue of $32.8 million and adjusted EBITDA of $17.3 million up 18% and 53% respectively, compared to the second quarter of 2021. Net income was equal to $5.9 million compared to $2 million in the second quarter of 2021. The positive financial performance was driven both by the increased size of our fleet and by the 16% increase in the time charter equivalent and by our vessels. For the first 6 months of 2022, net revenue reached $62.5 million, which represents a new record for Seanergy.