Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Q3 2024 Earnings Conference Call November 5, 2024 10:00 AM ET
Company Participants
Stamatios Tsantanis - Chairman and CEO
Stavros Gyftakis - CFO
Conference Call Participants
Mark Reichman - Noble Capital Markets
Lars Eide - Arctic Securities
Tate Sullivan - Maxim Group
Operator
Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Corp. Conference Call on the Third Quarter and Nine Months Ended September 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. At this time, all participants are in listen-only mode. There will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference call is being recorded today, Tuesday, November 5, 2024.
The archived webcast of the conference call will soon be made available on the Seanergy website, www.seanergymaritime.com. Under the Webcast and Presentation section under the Investor Relations page.
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 third quarter and nine months ended September 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 and welcome everyone.
Today I'm excited to present our financial results for the third quarter, and first nine months of 2024, along with updates of recent developments at Seanergy. Building on a record second quarter performance, we maintained strong momentum in Q3 thanks to the robust Capesize market, and our innovative commercial strategy, we once again outperformed the index.
In Q3, we delivered net income of $12.5 million and adjusted EBITDA of $26.8 million, a dramatic improvement from a prior year's Q3 net loss of $5 million and adjusted EBITDA of $9.5 million.
For the first nine months, net income was $36.8 million and adjusted EBITDA reached $78 million, a remarkable leap from the previous year's nine months loss, and EBITDA of $8.5 million and $29.1 million respectively.
Our Board of Directors has approved a dividend of $0.26 per share, a cash dividend and we're continuing share buybacks, representing an annualized yield of approximately 11.1%. This quarter alone, buybacks amounted to $1 million and we're carrying this momentum into Q4.