SEANERGY MARITIME Reports Second Quarter FY2023 Earnings Results on August 4 2023
August 18, 2023
🌥️Earnings Overview
On August 4 2023, SEANERGY MARITIME ($NASDAQ:SHIP) reported their earnings results for the second quarter of FY2023, which ended June 30 2023. The total revenue for the quarter was USD 28.3 million, a drop of 13.8% from the same time last year. Net income for the period was USD 0.63 million, a decrease of 89.4% from the same quarter in the previous year.
Market Price
The stock opened at $5.3 and closed at $5.2, down by 2.6% from its prior closing price of $5.3. In addition, the company reported a decrease in revenue compared to the previous year due to decreased demand for dry bulk cargo services. Despite the lower than expected earnings results, SEANERGY MARITIME reassured investors that its long-term strategy remains unchanged and they are making progress in executing their plans to expand their business and grow their revenue. Management also expressed confidence in the company’s ability to further diversify its services and create value for shareholders in the long-term. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Seanergy Maritime. More…
| Total Revenues | Net Income | Net Margin |
| 108.86 | 3.72 | -1.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Seanergy Maritime. More…
| Operations | Investing | Financing |
| 37.29 | -56.26 | 5.83 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Seanergy Maritime. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 466.78 | 245.88 | 11.28 |
Key Ratios Snapshot
Some of the financial key ratios for Seanergy Maritime are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 13.7% | 14.0% | 18.9% |
| FCF Margin | ROE | ROA |
| -30.5% | 5.8% | 2.8% |
Analysis
At GoodWhale, we are passionate about helping investors make data-driven decisions. That’s why we analyze financials for companies like SEANERGY MARITIME. Our Risk Rating system helps you assess the overall risk of a potential investment in terms of both financial and business aspects. In the case of SEANERGY MARITIME, our Risk Rating gives them a medium risk rating. We also detect red flags in financial statements, which might indicate potential problems. In the case of SEANERGY MARITIME, we have identified two risk warnings in their income sheet and balance sheet. If you register with us, you will be able to access more detailed information about those warnings to make an informed decision. More…
Peers
The competition between Seanergy Maritime Holdings Corp and its competitors is fierce. Navios Maritime Partners LP, Performance Shipping Inc, and Okeanis Eco Tankers Corp are all fighting for a share of the market. Seanergy Maritime Holdings Corp has an advantage over its competitors because it has a strong financial backing. This gives Seanergy Maritime Holdings Corp the ability to invest in new technologies and expand its operations.
– Navios Maritime Partners LP ($NYSE:NMM)
Navios Maritime Partners LP is a Greek shipping company that owns and operates a diversified fleet of dry cargo and tanker vessels. The company has a market cap of 788.11M as of 2022 and a Return on Equity of 17.51%. Navios Maritime Partners LP is a publicly traded partnership that was formed in 2007. The company is based in Athens, Greece and is a subsidiary of Navios Maritime Holdings Inc.
– Performance Shipping Inc ($NASDAQ:PSHG)
Based in Memphis, Tennessee, Shipping Corporation is a provider of shipping transportation services. The company has a market cap of $13.77 million and a return on equity of 6.93%. Shipping Corporation transports a variety of commodities, including chemicals, coal, crude oil, containers, and grains. The company also owns and operates a fleet of vessels that provide shipping transportation services.
– Okeanis Eco Tankers Corp ($OTCPK:OKENF)
Okeanis Eco Tankers Corp is a crude tanker company that owns and operates a fleet of VLCCs and Suezmaxes. The Company’s vessels are employed on the spot market and on short- to medium-term time charters. Okeanis Eco Tankers Corp is domiciled in Greece and has offices in London, United Kingdom and Athens, Greece.
Summary
SEANERGY MARITIME‘s second quarter FY2023 results for the period ending June 30 2023, showed total revenue of $28.3 million, a year-over-year decrease of 13.8%. Net income declined by 89.4% to $0.63 million compared to the same quarter in the prior year. This has raised concerns among investors regarding the company’s near-term financial performance.
Furthermore, analysts have downgraded their outlook for the stock given the poor results. It remains to be seen if the company can turn its fortunes around in the coming quarters.
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