Seanergy (SHIP) Q1 2026 Earnings Transcript

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DATE

Thursday, May 28, 2026 astatine 10 a.m. ET

CALL PARTICIPANTS

• Chairman & Chief Executive Officer — Stamatios Tsantanis

• Chief Financial Officer — Stavros Gyftakis

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Full Conference Call Transcript

Stamatios Tsantanis: Thank you, relation and welcome, everybody. Seanergy delivered a precise beardown archetypal 4th contempt what is typically the seasonally weakest play of the twelvemonth highlighting the net powerfulness and resilience of the axenic play Capesize level that we person built diligently implicit the past years. Net revenues accrued to $43 cardinal from $24.2 cardinal successful the aforesaid 4th of past twelvemonth portion adjusted EBITDA of $28.2 cardinal up 253% twelvemonth implicit year. Adjusted EPS for the 4th was 63¢ per share, 1 of the strongest amongst listed drybulk peers reflecting some favorable marketplace conditions and the operating leverage embedded successful our platform.

Based connected our beardown performance, and disciplined superior instrumentality policy, we declared our 18th consecutive quarterly currency dividend of 20¢ per stock bringing cumulative shareholder distributions to astir $2.84 per stock oregon $55.6 cardinal since inception. The execution of Our strategy continues to make on our main agelong word objectives of rewarding our shareholders sustainable fleet development, and maintaining a beardown equilibrium During the quarter, we importantly precocious our fleet renewal strategy by contracting 3 further vessels astatine starring shipyards successful China and Japan with the latest bid placed astatine Hengli shipbuilding this April. While agreeing to merchantability 1 of our older Capesize vessels astatine steadfast secondhand pricing.

Since the launching of the program, we person contracted 6 modern eco plan caller buildings of Capesizes and Newcastlemax and agreed to dispose of 3 older vessels materially enhancing the quality, efficiency, agelong word net capableness of our fleet. Importantly, we person already secured financing for 4 of the 6 vessels astatine charismatic presumption portion astir $69 cardinal of equity has been invested from interior funds. We judge the operation of favorable transportation positions adjacent year, basically, astir of them, competitory financing and selective vas disposals, represents a disciplined superior allocation strategy susceptible of generating agelong word results. Our caller gathering strategy combines with prudent hazard management.

In this discourse and based connected precocious discussions with starring charterers, we expect these vessels to unafraid multiyear clip charters with downside extortion supra currency breakeven levels complemented by nett sharing structures preserving meaningful upside exposure. Given the constricted planetary availability of punctual transportation positions of caller gathering Capesizes and Newcastlemaxes, peculiarly for 2027-2029, We judge these vessels are entering the marketplace astatine a highly favorable constituent successful the cycle. On the commercialized side, our scale linked charting strategy continued to outperform during the 4th with fleet clip charter equivalent exceeding the BCI by an mean of astir 6% astatine $24.2 1000 per day. This figure, I believe, is 1 of the strongest of the US-listed nationalist drybulk companies.