Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Q4 2023 Earnings Conference Call March 15, 2024 10:00 AM ET

Company Participants

Stamatis Tsantanis - Chairman & Chief Executive Officer

Stavros Gyftakis - Chief Financial Officer

Conference Call Participants

Tate Sullivan - Maxim Group

Michael Heim - Noble Capital Markets

Liam Burke - B. Riley Financial

Kristoffer Barth Skeie - Arctic Securities

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 December 31, 2023 Financial Results.

We have with us today 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, Friday, March 14, 2024.

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 archive audio file visit the seanergy website following the webcast and presentation section and on the investor relations page.

Please now turn to 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 fourth quarter and year ended December 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 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 full year period of 2023, together with an update on our main corporate developments.

Let’s move into slide number three. 2023 was one of the most volatile year for the Capesize market. We experienced a wild range of freight rates that bottomed at 2,200 per day in Q1 and peaked at almost $55,000 a day in Q4. Despite this extreme volatility Seanergy was very well placed to take advantage of a stronger rebound in the Capesize market that transpired in the fourth quarter of 2023. As a result, we delivered another profitable year building on our robust commercial performance, our hedging activities and the investments we have made in improving our vessels efficiency over the years.