Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Q2 2024 Results Conference Call August 6, 2024 11:00 AM ET

Company Participants

Stamatios Tsantanis - Chairman & Chief Executive Officer
Stavros Gyftakis - Chief Financial Officer

Conference Call Participants

Tate Sullivan - Maxim Group
Kristoffer Skeie - Artic Securities
Liam Burke - B. Riley

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Corp. Conference Call on the Second Quarter and six months ended June 30, 2024, Financial Results.

We have with us Mr. Stamatios 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, Tuesday, August 6, 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 archived audio file, visit the Seanergy website following the Webcast and Presentations section under the Investor Relations page.

Please now turn to Slide 2 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 second quarter and 6 months ended June 30, 2024, 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. Stamatios Tsantanis. Please go ahead, sir.

Stamatios Tsantanis

Thank you, operator. Hello. I would like to welcome everyone to our conference call. Today, we are presenting the financial results for the second quarter and first 6 months of 2024, and an update on our recent corporate developments. We will commence our call with a brief overview of our main highlights for the second quarter, which are fully aligned with our corporate strategy, namely maximizing shareholder returns while growing our fleet and maintaining a healthy balance sheet.

Following a strong start to the year, the second quarter of 2024 marked another record in our profitability with a net income of $14.1 million. Seanergy's focus as a pure-play Capesize owner proved advantages as our segment outperformed the smaller dry bulk vessel classes. The Capesize market continued its positive momentum with the Baltic Capesize Index averaging about $22,600 per day. During this period, our daily times charter equivalent of $26,600 a day outpaced the Capesize Index by impressive 18%, thanks to our active commercial strategy, resulting in quarterly net revenues of $43.1 million, up significantly from $28.3 million in the same quarter last year.