Seanergy Maritime Holdings has reported surging profit from its fleet of 17 capesizes that will soon increase by two acquired vessels.
As a result, the shipowner has hiked its dividend payments and introduced a new payout policy for investors.
The company, led by chief executive Stamatis Tsantanis, posted its best results ever for a second quarter, at $14.1m, compared with just $700,000 in the same period of 2023.
Stripping out one-off items, adjusted net income stood at $16m, from $3.3m in the corresponding period last year.
The company achieved a time charter equivalent rate of $26,636 per day in the second quarter.
TradeWinds data shows this is the company’s highest such reading since the fourth quarter of 2021.
According to Tsantanis, it is also 18% above the average of the Baltic Capesize Index for the period.
“Our active hedging plan was a main driver of this outperformance,” he said.
The good result prompted the company to hike its dividend payment for a third consecutive quarter to $0.25 per share — up from $0.15 and $0.10, respectively, in the two previous quarters.
Seanergy said the dividend increase is part of a new policy under which it intends to distribute to shareholders about half of its available operating cash flow.
The company also said it resumed stock repurchases, buying back since mid-May 166,903 common shares in open market transactions at an average price of $10.56 per share for $1.8m in total.
“I have also purchased, in the open market, common shares and call options to purchase Seanergy stock in the coming quarters,” Tsantanis said.
The Greek executive controls 49.99% of the company through a combination of common and preferred shares.
According to Seanergy’s latest annual filing, major Greek shipowners George Economou and Konstantinos “Costis” Konstantakopoulos own 9.1% and 6.2% of common shares, respectively.
