Seanergy Maritime Q1 2025 Earnings Report

Seanergy Maritime EPS Results

• Actual EPS: N/A
• Consensus EPS: -$0.44
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Seanergy Maritime Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $23.13 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Seanergy Maritime Announcement Details

• Quarter: Q1 2025
• Date: 5/27/2025
• Time: Before Market Opens
• Conference Call Date: Tuesday, May 27, 2025
• Conference Call Time: 9:00AM ET

Seanergy Maritime (NASDAQ:SHIP)., a shipping company, provides seaborne transportation of dry bulk commodities worldwide. It operates a fleet of 16 Capesize dry bulk vessels and one Newcastlemax dry bulk vessel with a cargo-carrying capacity of approximately 3,054,820 dwt. The company was formerly known as Seanergy Merger Corp. and changed its name to Seanergy Maritime Holdings Corp. in July 2008. Seanergy Maritime Holdings Corp. was incorporated in 2008 and is based in Glyfada, Greece.

Seanergy Maritime Q1 2025 Earnings Call Transcript

Key Takeaways

• Board declared a $0.05 per share dividend for Q1, exceeding formulaic guidance to uphold consistent shareholder returns despite temporary market softness.
• Recorded a $6.8 million net loss in Q1 on $24.2 million revenue and $6.6 million EBITDA, though ending the quarter with $31 million cash and no debt maturities until Q2 2026.
• Took delivery of two modern Japanese-built Capesize vessels on index-linked hire contracts, aligning fleet expansion with fuel efficiency and immediate cash flow visibility.
• Executed $88.1 million in refinancing transactions at improved pricing to refinance four vessels and fund acquisitions, effectively removing debt maturities for the next four quarters.
• Maintains a disciplined hedging strategy with 39% of Q2 operating days hedged at ~$22,700 and one-third of full-year days secured above $22,000, protecting cash flows while preserving upside.

Presentation

[Operator]

Thank you for standing by, ladies and gentlemen, and welcome to the Synergy Maritime Holdings Corp. Conference Call on the First Quarter ending 03/31/2025 financial results. We have with us Mr. Stamatit Santanes, Chairman and CEO and Mr. Stavros Giftakis, Chief Financial Officer of Synergy Maritime Holdings Corp.

[Operator]

At this time, all participants are in a listen only mode. There will be a question and answer session. At which time, if you would like to ask a question, please press Please be advised that this conference call is being recorded today, Tuesday, 05/27/2025. The archived webcast of the conference call will soon be made available on the Synergy website, www.synergymaritime.com, under the Webcast and Presentations section under the Investor Relations page. Many of the remarks today contain forward looking statements based on current expectations.

[Operator]

Actual results may differ materially from the results projected from those forward looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward looking statements is contained in the first quarter ended 03/31/2025, release, which is available on the Synergy website again, www.synergymaritime.com. I would now like to turn the conference over to one of your speakers today, the Chairman and CEO of the company, Mr. Stamatit Santanis. Please go ahead, sir.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Thank you, operator, and welcome, everyone. Today, we're going to be presenting our financial results and company updates for the first quarter of twenty twenty five. Following a year of record financial performance, significant shareholder rewards and targeted fleet expansion, Synergy entered 2025 with strong momentum and a clear strategic vision. We positioned the company to fully leverage the positive long term fundamentals of the Capesize market, and our actions in the first quarter of the year reflect our continued commitment to disciplined growth, balance sheet strength and delivering value to our shareholders. Despite a softer earnings environment in the first quarter, our conviction on the long term strengths of the Capesize segment remained unchanged.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

The market's core supply and demand fundamentals remain intact, and this confidence is reflected in our Board's decision to declare a dividend of $05 per common share. The payout exceeded what our formula would typically dictate, but the Board acted decisively to uphold our commitment to consistent shareholder returns even during temporary market softness. The subsequent rebound in spot Capesize rates to normalize levels further supports this decision and our market outlook. Turning to our financial results. In the first quarter of twenty twenty five, we recorded revenue of 24,200,000.0 EBITDA of $6,600,000 and a net loss of $6,800,000 As of quarter end, our cash balance stood at $31,000,000 Despite the quarterly loss, I want to emphasize the strength and flexibility of our balance sheet, which positions us to ramp up capital returns as the Capesize market continues to recover.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

On the operational front, in February, we took delivery of two high quality Japanese built Capesize vessels. The blue ship built in 2011 at Mitsuishi Building in Japan was acquired via a six month bareboat charter and has commenced employment with a first class operator on an index linked hire contract plus a fixed premium. The May Ship, a larger Newcastle MAX built in 2013 at Imabari Shipbuilding of Japan was acquired through a combination of cash and bank financing and is also employed with a first class operator under a contract offering index linked hire with a guaranteed profitable floor. Both acquisitions were consistent with our focus on modern, fuel efficient Japanese tonnage secured at favorable terms and delivering immediate cash flow visibility. On the financing front, during the quarter, we concluded two separate transactions totaling $88,100,000 with proceeds used to refinance the existing debt of four vessels and to fund the acquisition of the May Ship.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

We're pleased with the timely execution of these deals completed at improved pricing and terms. These refinancings effectively remove all debt maturities for the next four quarters, enabling us to focus on capital returns and market opportunities. From a commercial standpoint, we achieved a daily time charter equivalent of 13,400 in Q1 twenty twenty five, about 3% above the Baltic Capesize Index average, once again validating our commercial strategy. Our guidance, however, for Q2 stands at approximately $19,100 based on the prevailing FSA curve as of May 23, a strong quarter on quarter improvement that should support a return to normalized capital distributions. We've also acted decisively to manage forward visibility.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Approximately 39% of our fleet's operating days for Q2 are hedged at an average rate of approximately $22,700 In addition, we have secured long term coverage for roughly one third of our available days throughout the end of the year at an average daily rate exceeding $22,000 These decisions reflect our commitment to securing profitable cash flows while ensuring a high return on capital and maintaining sustainable fleet growth. I will now pass the call to Stavros, who will fill you in on our financial information for the quarter as well as discussing our balance sheet and debt refinancings. Stavros, please go ahead.

[Stavros Gyftakis, Chief Financial Officer at Seanergy Maritime Holdings Corp]

Thank you, Samathi, and welcome to everyone joining us on today's earnings call. Let's begin with a review of the key highlights from our financial performance for the first quarter ended 03/31/2025. Our net revenue for the quarter totaled $24,200,000 over TCE of $13,400 per day compared to $38,300,000 and TCE of $24,100 in the same period last year. However, it's worth stating that our TCE still outperformed the Baltic Capesize Index, reflecting the advantages of our hedging within the context of our overall commercial strategy. Adjusted EBITDA stood at 8,000,000 while we recorded an adjusted net loss of $5,200,000 Looking ahead, we expect to return to profitability in the second quarter supported by stronger market and the freight hedging activities discussed previously by Samadis.

[Stavros Gyftakis, Chief Financial Officer at Seanergy Maritime Holdings Corp]

Current estimates indicate recovery in TCE levels to over $19,000 per day. On the expense side, we have successfully reduced our daily OpEx by 7% year over year, thanks to the improving efficiency of our ship management team. Now moving on to our balance sheet. Our cash position stood at $31,000,000 Despite the soft Capesize market and cash outlays for the acquisition of the Maeship and the Blue Ship, our cash balance declined only moderately during the quarter. This was achieved on the bulk of our proactive financing strategy, which enables a healthy balance between liquidity and leverage.

[Stavros Gyftakis, Chief Financial Officer at Seanergy Maritime Holdings Corp]

This active management of our loan book in combination with a consistent strong market valuation of our fleet supports our financial resilience. It has allowed us to sustain dividend distribution, maintain operational flexibility and fund investments in our vessels that are scheduled to go through drydocking in the coming quarters. Our total assets stand at $603,500,000 while balance sheet equity stood at $254,800,000 Our debt, including liabilities and the finance leases, amounted to $323,700,000 at the end of the first quarter, resulting to a loan to value ratio below 50% based on the market values of our fleet, which have remained relatively steady in the last six months. Now before moving forward, I'd like to briefly recap our latest financing activities. In February, we finalized the new sustainability linked loan with Piraeus Bank to refinance existing debt of Worship and Ownership at a significantly improved terms, while also partially funding the acquisition of Meship.

[Stavros Gyftakis, Chief Financial Officer at Seanergy Maritime Holdings Corp]

The total amount of the transaction was $53,600,000 with five year term and an interest rate of 2.05% plus term SOFR per annum, 55 basis points lower than the rate of the refinance facility. This rate is subject to further reduction based on the achievement of specific emission reduction targets. In March, we entered into two separate sale and leaseback agreements with Squareship and Friendship with entities affiliated with Huaron Financial Leasing totaling $34,500,000 The proceeds were used to refinance the outstanding debt of the respective vessels under a loan facility with Alfa Bank. The vessels were sold and chartered back on a bareboat basis for a period of five years with synergy retaining continuous purchase options at predetermined prices. Each bareboat charter also includes a purchase obligation at the end of the charter period.

[Stavros Gyftakis, Chief Financial Officer at Seanergy Maritime Holdings Corp]

The financings bear interest at the rate of three month term SOFR plus 2.15% per annum, 130 basis points lower than the average rate of the finance facility. At the same time, we're in advanced discussions with potential financiers to fund the purchase option price of the blue ship due later this summer. Our goal is to secure favorable terms while minimizing impact on our liquidity. On this note, it is important to highlight that Synergy has no balloon payments due until the second quarter of twenty twenty six. Overall, we remain optimistic about the profitability in the coming quarters and confident in the strength and flexibility of our balance sheet. This positions us well to continue delivering on our strategic priorities, disciplined fleet growth and meaningful shareholder returns across the market cycle. This concludes my review of our financial results and updates. I will now pass the call back to Samathi, who will now discuss the Capesize market and industry fundamentals. Samathi?

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Thanks, Pablo. After registering a strong performance in 2024, the Capesize market experienced a temporary correction in the first quarter of twenty twenty five, consistent with historical seasonality, but this time exasperated by severe weather disruptions affecting Australian exports and the strong inventories built up in 2024, especially on coal. Capesize daily charter rates rebounded sharply in March as normal cargo flows resumed with the Baltic Capesize Index recovering from a low for about 6,000 a day to a high of approximately $23,000 within the same quarter. While short term volatility continues to be saved by cautious economic sentiment and evolving trade policy uncertainty, the long term Capesize fundamentals remain firmly positive. The primary reason is highly constrained vessel supply growth combined with steady and resilient demand for major drybulk commodities.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

On the supply side, the Capesize and Newcastle Maxwell order book is currently slightly below 8%, one of the lowest levels historically, especially significant given the increasing demand for fleet renewal due to a tightening environmental regulations. Approximately 10 of the existing fleet is over twenty years old and becoming less and less competitive due to the rising cost of environmental compliance. New orders remain limited due to constrained yard capacity, high newbuilding prices and uncertainty about propulsion technology. Only six new Capesize and New CastleMax orders have been placed year to date compared to 77 for all of 2024. Net fleet growth is expected at just 1.5% in 2025 and one point nine percent in 2026, nothing basically.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Factoring increased dry docking, effective growth may be even negative during the year. Vessel speeds have stayed historically low due to EXI and CII regulations and are expected to remain subdued, further reducing the effective supply. Taken together, this points to minimal net fleet growth for several years, creating a very supportive environment for Capesize earnings. On the demand side, global steel demand remains resilient. Although China steel production is nearly flat year on year, iron ore imports are growing due to depletion of domestic mines and a pivot towards higher grade imported ore.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Australia's iron ore exports were disrupted early in the year by severe floatings and cyclones, with year to date volumes down 2.6%. However, miners have reaffirmed 2025 export guidance pointing to a significant upside for the rest of the year. Brazilian iron ore exports are up 4.6% year to date despite a high base from Q1 twenty twenty four. The peak export season from May to November is now starting, adding to the relevant momentum. Vale of Brazil continues to deliver on efficiency gains and high grade iron ore output, which bodes well for long term export growth.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Since Brazilian cargoes require triple the tonnage of Australian cargoes, the impact on Capesizes and its demand is magnified. The Simandou iron ore project in Guinea remains on track to start exports in November 2025. With one of the lowest cost structures globally, Simandou is a game changer, a long haul premium grade Capesize exclusive trade. It's a key structural opportunity that we intend to capitalize on. Iron ore ton miles are expected to grow by about 5% annually in both 2026 and 2027.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Guinea's exports of bauxite are up 43% year to date. Full year production is expected to reach 200,000,000 tons, up from 145,000,000 tons in 2024 driven by aluminum demand. Thermal coal imports dropped around 8% year to date as inventory started high and hydropower generation surge in China. However, as stockpiles normalize, seasonal demand is expected to rebound in the second half of the year. Taken together, demand across all major Capesize commodities and raw materials remain robust and well supported by global infrastructure, energy consumption and manufacturing needs.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

With extremely low fleet growth and structural inefficiencies such as slow speeds and increased dry dockings, Capesize utilization is projected to tighten progressively in the quarters ahead. To conclude, Synergy is very well positioned as a pure play Capesize company fully aligned with its long term market tailwinds. Our strategy is built on these three pillars: capital returns, we remain committed to delivering shareholder value through stable dividends and targeted share buybacks Strategic fleet growth, our expansion is disciplined and opportunistic, focused on aligning with favorable market conditions. Balance sheet strength, our capital structure remains healthy and flexible, allowing us to sustain returns and pursue value enhancing opportunities as they arise. With these foundations, we're confident in our ability to maintain a leadership position in the Capesize space.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

On that note, I would like to turn the call over to the operator for any questions you may have. Operator, please take the call. Thank you.

[Operator]

Thank We will now take the first question from the line of Mark Reitzman from Noble Capital Markets. Please go ahead.

[Mark Reichman, Senior Research Analyst at Noble Capital Markets]

Yes. Would you please walk us through the dry dock schedule? I mean, we had assumed fifty days in each of the first and fourth quarters and a hundred days in each of the second and third quarters. So basically, twenty five days per vessel.

[Stavros Gyftakis, Chief Financial Officer at Seanergy Maritime Holdings Corp]

Hi, good morning, Mark. This is Tablos. Thanks for your question. Yes. Basically, I mean, we have approximately seven ships remaining for dry docking this year, which we're trying to push a couple of ships to the first quarter of next year depending also on the prevailing market conditions. If the market remains at current levels, we will do as much as possible this year, expecting next year to be a bit stronger. We expect in the second, third and fourth quarter in total around EUR 10,000,000 to 14,000,000 of CapEx concerning the dry dockings and around twenty days per vessel. We have already dry docked four vessels this year, one in the fourth quarter and three in the second. So basically, this is what remains.

[Mark Reichman, Senior Research Analyst at Noble Capital Markets]

Okay, great. That's very helpful. And then just secondly, would you just please elaborate on the company's strategic and capital allocation priorities? I mean, think in the commentary, you've mentioned capital returns and market opportunities. And so I was kind of wondering now that you've concluded deliveries of the two new vessels kind of what's next for your fleet?

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Hi. It is going to be consistent with last year. As you saw last year, we had the top priority to distribute a very significant part of our cash flow in dividends. We did some buybacks as well. And at the same time, we arranged to buy a few ships.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

So I believe that 2025 will also be consistent. We do not have anything lined up in respect of further acquisitions, not because we don't want to, but because the selection of assets right now is scarce and limited. So unfortunately, there are not any, how do you say it, compelling candidates right now in place. But if I were to give a good prediction, I would say that we will stay along the lines with last year.

[Mark Reichman, Senior Research Analyst at Noble Capital Markets]

Well, that's very helpful. Thank you very much.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

You're very welcome. Have a good day.

[Operator]

Thank you. We will now take the next question from the line of Tate Sullivan from Maxim Group. Please go ahead.

[Tate Sullivan, Managing Director & Senior Industrials Analyst at Maxim Group]

Hi, guys. Good day, all. Can you talk about when the ship opportunities good morning, when opportunities to buy Capes arises, are you competing against some of the trading houses, large mining companies or who are some of the other buyers out there in this type of market?

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Well, we are fortunate to have some kind of a right of first offer on a number of ships that are potentially available for sale or purchased by us. So that's very helpful in the event that we have these opportunities. And as far as the commercial agreements, we're also fortunate to have some key partners that are ready to provide us with lucrative agreements for chartering the ships. So in both cases, to all these long standing relationships we have with a number of potential sellers as well as commercial operators and charterers, We have the ability to buy and charter ships as we have proven very successfully. As a testament to that is the two recent purchases that we did, as you can see, not only were in both cases ships that were not available for sale and they were not into the sales reports at all up until the moment that we concluded the deal, that the chartering arrangements were also above market at very profitable rates, not because it's only the relationship, but the fact that we upgrade the vessels with all these devices and things that we do for better operation.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

So overall, thanks to our long standing relationships and the good work that our operations and technical department are performing, we're able to provide good contracts and overall great projects for our shareholders.

[Tate Sullivan, Managing Director & Senior Industrials Analyst at Maxim Group]

Thank you.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Very welcome, Tate. Thank you.

[Operator]

Thank you. We will now take the next question from the line of Liam Burke from B. Riley Securities. Please go ahead.

[Liam Burke, Managing Director at B. Riley Financial]

Thank you. Stamatis, Stamatis, are you today?

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Very well. How are you?

[Liam Burke, Managing Director at B. Riley Financial]

I'm doing just great. Thanks. Stamatas, you talked about the macro on, iron ore. You've got greater ton miles because it's being sourced further away at, with the capacity come on in Guinea and pretty stable underlying steel production. Bauxite has given you a nice follow through on Capesize demand.

[Liam Burke, Managing Director at B. Riley Financial]

Could you give us a little more detail on how much more or how much we can see that bauxite supporting demand over time?

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Well, as you know, the bauxite exports have, basically gone up by almost 40%, forty five % since last year. So it's a major, major commodity now for transportation on a long haul basis, and we expect that to continue. I cannot really say that it's going to go another 40% next year, and I don't really anticipate that. I see a flat demand, maybe 5% up for the remainder of the year and for 2026, which already, as I mentioned before, has increased significantly since last year. So bauxite has become a dominant commodity raw material, for the transportation by Capesize vessels.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

So both iron ore and bauxite are expected to be quite good, up year on year, even though we had some sort of a weak period year to date. But I'm confident that, as we turn into, you know, Q3 and everything, we will see bigger and bigger volumes coming up from, West Africa. We don't see any slowdown as the information from the brokers are telling us.

[Liam Burke, Managing Director at B. Riley Financial]

Great. Thank you. Stavros, your daily OpEx per vessel dropped nicely. Is that just quarter to quarter variability? Or is there something else?

[Stavros Gyftakis, Chief Financial Officer at Seanergy Maritime Holdings Corp]

Liam. So as I've told you in previous calls, I mean, prefer to look OpEx at OpEx on an annual basis because, I mean, you avoid these fluctuations quarter over quarter. But basically, as more of the ships that we have acquired in the last three years go through dry dockings with our own technical management team, then I mean, you have a direct impact on OpEx after the dry docking. So this you will be you will see reducing or stabilizing at around the levels that you see in the first quarter. And we are happy to see drastic improvement so far, and we hope that this trend will continue into the next quarters.

[Liam Burke, Managing Director at B. Riley Financial]

Great. Thank you.

[Stavros Gyftakis, Chief Financial Officer at Seanergy Maritime Holdings Corp]

Thank you very much, Glyn.

[Operator]

Thank you. We will now take the next question from the line of Lars Mann Adey from Arctic Securities. Please go ahead.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Hello. Hi. Good morning. Good afternoon.

[Lars Moen Eide, Equity Research Analyst at Arctic Securities]

Good morning. Thank you for taking my question. I guess I have a question on the market. It was touched upon briefly during the presentation as well. But I was wondering about with the the capsized rates, having been somewhat directionless recently.

[Lars Moen Eide, Equity Research Analyst at Arctic Securities]

And in terms of near term market catalysts, what do you consider to be the most impactful over the the over coming months? What are you tracking the closest? Is it geopolitics? Is it stimulus announcements or something different?

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Thank you. Can you please repeat the first part of the question? Because we kind of lost you for a moment.

[Lars Moen Eide, Equity Research Analyst at Arctic Securities]

Yeah. I was saying that with the Capesize rates being somewhat directionless recently and in terms of, like, near near term market catalysts, is it something you're tracking? What do you think will be the most impactful over the next coming months? Or it's something particularly you're tracking closely? Or is it yeah.

[Lars Moen Eide, Equity Research Analyst at Arctic Securities]

If you could just elaborate a bit on that, that would be great.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Yeah. That's a great question. Thank you. So for us, it's not a matter of demand. Yes, it has been slightly lower, the volumes compared to last year, but not enough to make such a big damage that we incurred, especially in the first quarter, in the beginning of first quarter in February.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

The biggest issue, as I have, repeated many, many times is the splitting of cargoes. We had a big variation between the Capesizes and, Panamax, Kamsarmaxes, and basically zero congestion on the smaller sizes, which meant that in order to secure employment, the Panamax Kamsarmaxes took a lot of coal cargoes from the Capesize vessels. So it's not a matter of demand. I mean, the overall volumes are pretty much stable. We have not really seen any material decrease in demand.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

It was the increase of the effective supply, which is, as I mentioned, driven by the CAMSARMAX Panamax incremental effective availability, because of significantly reduced congestion levels all over the world. Now for the second half of the year, the positive news is that all the major miners have reiterated their export projections, which means that in order to cut the figures that they have said that they will be able to meet, export levels will need to increase substantially just to get where they have reiterated they will get. Having said that, I believe that once we see the increased volumes or the increased pools of commodities that are completely aligned with last year or maybe slightly lower, We expect we will see rates being significantly higher for the remainder of the year. Just to give you some thoughts on this matter further, 2023, that was, let's say, the weakest year of the last five years, we had an overall average five Bci of $17,500 approximately. In order to get to the weakest year, in 2025, that is our low case scenario, the remainder of the year needs to be anywhere between 23,000 and $25,000 on the Capes, which means that we see a lot of upside on that.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

And as an absolute downside risk, I will say that this is where the FFAs are telling us today. I see material upside as far as we're concerned above that, which may be anywhere in the 22%, twenty three % or even in the high 20s for the remainder of the year. Cannot give you that, but this is the kind of internal predictions we have made.

[Lars Moen Eide, Equity Research Analyst at Arctic Securities]

Okay, thank you very much for the color. I'll turn it over.

[Stamatios Tsantanis, Chairman & CEO at Seanergy Maritime Holdings Corp]

Thank you. I hope it clarifies.

[Operator]

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.

Participants

Executives

• Stamatios Tsantanis, Chairman & CEO
• Stavros Gyftakis, Chief Financial Officer

Analysts

• Mark Reichman, Senior Research Analyst at Noble Capital Markets
• Tate Sullivan, Managing Director & Senior Industrials Analyst at Maxim Group
• Liam Burke, Managing Director at B. Riley Financial
• Lars Moen Eide, Equity Research Analyst at Arctic Securities