GLYFADA, GREECE / ACCESSWIRE / December 19, 2023 / In the third quarter, Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) faced challenges, reporting Net Revenues of $24.5 million and an Adjusted Net Loss of $2.6 million, primarily due to the underperformance of the dry bulk Capesize market. Market conditions were influenced by historically low port congestion and the efficient utilization of the Capesize fleet, leading to an excess supply of vessels. However, the company maintains a positive outlook, observing low inventories and increased demand for dry commodities in key areas.

In the same quarter, Seanergy's fleet achieved a Time Charter Equivalent (TCE) rate of $15,300 per day, surpassing the Baltic Capesize Index (BCI) by 14%.

Despite setbacks, Seanergy's CEO remains optimistic about the future, emphasizing a substantial increase in demand, attributed to the limited ordering of new Capesize vessels and upcoming environmental regulations. Over the past nine months, Seanergy demonstrated its ability to navigate short-term volatility successfully. The company reports that a combination of a robust balance sheet and effective freight hedging initiatives positions the company favorably to capitalize on what is perceived as the most promising Capesize market fundamentals in the past three decades. The company expects these factors to instill confidence in Seanergy regarding the market outlook, reflecting the company's resilience and strategic foresight.

Seanergy is known as a leading player in the global shipping industry, being the only pure-play Capesize ship owner publicly listed in the U.S. The company specializes in Capesize shipping, representing the largest dry bulk carriers globally. Seanergy's operating fleet currently consists of 17 vessels (1 Newcastlemax and 16 Capesize), with an average age of approximately 12.7 years and an aggregate cargo-carrying capacity of approximately 3,054,820 deadweight tons (dwt). The company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece.

Seanergy's spin-off, United Maritime Corp. (NASDAQ:USEA), had a profitable third quarter, recording a +210% increase in Net Revenues for the first nine months of 2023. The company secured advantageous sale-and-leaseback agreements for three vessels with a Chinese lessor, each valued at $10 million - efficiently refinancing outstanding debt under its loan facility with EnTrust. United Maritime achieved an adjusted net profit of $9.2 million for the quarter, equivalent to adjusted basic earnings of $1.03 per share. This represents an improvement from the $1 million profit reported during the same period last year. It's worth highlighting that United Maritime's strategic advantage lies in its smaller fleet, which it reports insulates it from the fluctuations of the Capesize market - contributing to its resilience in the face of market volatility.