Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Q4 2022 Earnings Call Transcript

Stamatis Tsantanis: That’s a great question. I think we will be fully in line and consistent with what we did in 2022. In 2022, we sold three of our older ships, and we bought two more modern ships. So the net cash effect has been minimal for the company, if you think about it. So we will likely do the same, maintain pretty much the same number of ships. If we can renew the fleet by selling an older ship and buying more modern, we will most likely do it. At the same time, we were super generous in our distribution in 2022. I must remind you that, we paid out approximately $1.28 in today’s value, which is more than 20%-plus dividend yield. And if you count in the value of the distributions from United, that’s another $0.30. So it has been a very, very general distribution.

We did in 2022. So we will continue to have a balanced approach in our capital allocation in 2023. We’re going to keep cash for a potential fleet renewal. But our priority remains in generating and paying good shareholder returns. Another point I must say here, we have provided a sensitivity analysis on the EBITDA in today’s call. And as you can see, with a very modest $20,000 BCI time charter, the company is going to make $75 million of EBITDA. So we’re talking about the massive potential cash flow generating capacity. And if we move up to, let’s say, 2021 figures, and we’re talking something in the region of 100 plus, $110 million of EBITDA, please rest assure that our shareholders will have a very, very generous distribution, if we come to these figures.

Kristoffer Skeie: Okay. Thanks a lot. Have a great day.

Stamatis Tsantanis: Thank you. Have a great afternoon.

Operator: Thank you for your question. There are no further questions. I will hand back the conference for closing remarks.

Stamatis Tsantanis: Thank you very much for attending today’s call. And please stand by in the next few weeks for providing additional information about the company’s capital structure and business development. So, thank you very much for hearing into our call today, and have a great day afternoon. Thank you.

Operator: That concludes the conference for today. Thank you for participating. You may all disconnect.