Highlights     (in million USD, except EPS)   Q1 2024 Q1 2023 Net Revenues   $38.3 $18.0   Net income / (loss)   $10.2 ($4.2)   Adjusted net income1 / (loss)   $11.6 ($0.4)   EBITDA1   $21.6 $8.2   Adjusted EBITDA1   $23.2 $3.9           Earnings / (loss) per share Basic & Diluted   $0.50 ($0.23)   Adjusted earnings / (loss) per share Basic1   $0.58 ($0.02)   Adjusted earnings / (loss) per share Diluted1   $0.57 ($0.02)   Other Highlights and Developments: Record first quarter net income of $10.2 million Cash dividends of $0.15 per share consisting of a quarterly cash dividend of $0.025 per share for Q1 2024 and a special cash dividend of $0.125 per share Total cash dividends of $1.60 per share, or $29.6 million, declared since March 2022 Acquisition of two Japanese Capesize vessels, built in 2013 and 2012, with estimated deliveries in Q2 and H2 2024, respectively New financing and refinancing transactions of $58.3 million ATHENS, Greece, May 15, 2024 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. ("Seanergy" or the "Company") (NASDAQ:SHIP), announced today its financial results for the first quarter ended March 31, 2024. The Company also declared a quarterly cash dividend of $0.025 per common share and a special cash dividend of $0.125 per common share for the first quarter of 2024. For the quarter ended March 31, 2024, the Company generated Net Revenues of $38.3 million, compared to $18.0 million in the first quarter of 2023. Net Income and Adjusted Net Income for the quarter were $10.2 million and $11.6 million, respectively, compared to Net Loss of $4.2 million and Adjusted Net Loss of $0.4 million in the first quarter of 2023. EBITDA and Adjusted EBITDA for the quarter were $21.6 million and $23.2 million, respectively, compared to $8.2 million and $3.9 million, respectively, for the same period of 2023. The daily Time Charter Equivalent ("TCE"2) of the fleet for the first quarter of 2024 was $24,073, compared to $11,005 in the same period of 2023. Cash and cash-equivalents and restricted cash, as of March 31, 2024, stood at $24.2 million. Stockholders' equity at the end of the first quarter was $240.6 million. Long-term debt (senior loans, finance lease liability and other financial liabilities) net of deferred charges stood at $223.2 million, while the book value of the fleet, including a chartered-in vessel and the advances for vessels acquisitions, was $442.0 million. __________________________1 Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.2 TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure. Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated: "We are pleased to report that in the first quarter of 2024 we achieved record profits on the back of the continuing positive momentum in the Capesize market. This was mainly driven by higher iron ore exports, healthy coal volumes, as well as certain geopolitical events. "Seanergy generated a net income of $10.2 million, compared to a net loss of $4.2 million in the same period of 2023, as our fleet performed in line with the market with a daily time charter equivalent of approximately $24,000. "In light of our strong performance and consistent with our commitment to rewarding our shareholders, our Board authorized paying a quarterly and special cash dividend of $0.15 per share. With these dividends, we have declared total cash dividends of $1.60 per share, or $29.6 million, since March 2022. Given the strong Capesize outlook, we are optimistic that we are well-positioned to continue executing on our clear corporate strategy, which entails rewarding our shareholders generously while growing and renewing our fleet.   "With regard to our guidance for the second quarter of 2024, based on current FFA levels, we expect our daily TCE to be equal to approximately $26,400, likely outperforming the Capesize market thanks to our proactive hedging strategy. Looking beyond that, for the second half of the year we have converted about 33% of our ownership days to a fixed daily rate of approximately $30,000. We remain vigilant on market developments and are keen to secure attractive daily rates that offer high returns on capital. "Moving on to fleet developments since our last quarterly update, in March we agreed to acquire an additional Capesize vessel built in 2012 in Japan for a price of $35.6 million that we expect to fund through a combination of cash on hand and debt. Delivery is expected to take place in the second half of 2024, while we continue to evaluate opportunities to add high-performing ships to our fleet. Furthermore, we recently obtained credit committee approval from one of our close lending partners for a new sale and leaseback agreement to finance the previously announced acquisition of the M/V Iconship along with the refinancing of an existing facility at a considerably lower interest margin. "To conclude with a brief market update, contrary to regular seasonality, the first quarter of 2024 was the strongest of the past decade for Capesize earnings. Brazilian iron ore exports rose about 12% year on year and were the highest since 2019, while coal seaborne trade remained at very high levels. The limited vessel orderbook of the past years seems to be contributing to a gradually improving supply and demand balance, while the geopolitical uncertainty related to the Red Sea crisis has also been marginally constructive for Capesize earnings. On a forward-looking note, the current orderbook suggests fleet growth of about 2% per year for 2025 and 2026, which will likely be surpassed by vessel demand growth according to most industry sources. Longer term, the commitment of major miners to future growth projects as well as the limits on fleet growth brought about by stricter environmental regulations are expected to lead to strong market conditions. "Seanergy has proven its ability to execute on its fleet growth plan and with its high-quality vessels, strong balance sheet and successful commercial strategy, is well positioned to continue creating shareholder value." Company Fleet: Vessel Name Capacity (DWT) Year Built Yard Scrubber Fitted Employment Type FFA conversion option(1) Minimum time charter ("T/C") expiration Maximum T/C expiration(2) Charterer Titanship(3) 207,855 2011 NACKS - T/C Index Linked Yes 09/2024 01/2025 Olam Patriotship 181,709 2010 Imabari Yes T/C Index Linked Yes 01/2025 04/2025 Glencore Dukeship 181,453 2010 Sasebo - T/C Index Linked Yes 05/2024 09/2024 NYK Paroship 181,415 2012 Koyo -Imabari Yes T/C Index Linked Yes 08/2025 01/2026 Oldendorff Worldship 181,415 2012 Koyo – Imabari Yes T/C Index Linked Yes 10/2025 02/2026 NYK Hellasship 181,325 2012 Imabari - T/C Index Linked Yes 12/2024 04/2025 NYK Honorship 180,242 2010 Imabari - T/C Index Linked Yes 02/2024 07/2024 NYK Fellowship 179,701 2010 Daewoo - T/C Index Linked Yes 06/2024 10/2024 Anglo American Championship 179,238 2011 Sungdong SB Yes T/C Index Linked Yes 04/2025 11/2025 Cargill Partnership 179,213 2012 Hyundai Yes T/C Index Linked Yes 09/2024 12/2024 Uniper Knightship 178,978 2010 Hyundai Yes T/C Index Linked Yes 11/2025 01/2026 Glencore Lordship 178,838 2010 Hyundai Yes T/C Index Linked Yes 08/2024 09/2024 Uniper Friendship 176,952 2009 Namura - T/C Index Linked Yes 12/2024 04/2025 NYK