Seanergy Maritime Holdings Corp.

ladies and gentlemen thank you for standing by and welcome to this energy maritime holdings corporation second quarter and first of 2022 financial call at this time all participants are in listen-only mode after the speaker's presentation there will be a question and answer session to ask a question during the session you will need to slowly press star 1 and 1 on your telephone You will then hear an automated message advising that your hand is raised. Please be advised that today's conference is being recorded. Please now turn to slide two of the presentation. Many of the remarks today contain forward-looking statements based on the current expectations. 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 second quarter 2022 earnings release, which is available on the Synergy website, www.synergymaritime.com. I would now like to turn the conference over to your speaker today, Stamatis Santonis. Please go ahead, sir.

Hello.

I would like to welcome everyone to our conference call. Today we are presenting the financial figures for the second quarter and first six months of 2022. We are also pleased to announce the distribution of another cash dividend this quarter. The second quarter was another outstanding period in terms of financial performance for Synergy, supported by a healthy cap size market, and our effective commercial strategy that balances reward and risk for our shareholders. There are various negative events on a global scale, such as the ongoing conflict in Ukraine, the fears about inflation, and the ensuing risk of recession, as well as the COVID-19-related lockdowns in China. However, our view is that the robust fundamentals of the capes high sector will provide for solid market conditions despite these uncertainties. Let's start with second quarter and first half highlights. During the second quarter, we recorded net revenue of 32.8 million and adjusted EBITDA of 17.3 million, up 18% and 53% respectively, compared to the second quarter of 2021. Net income was equal to 5.9 million, compared to 2 million in the second quarter of 2021. The positive financial performance was driven both by the increased size of our fleet and by the 16% increase in the time shutter equivalent earned by our vessels. For the first six months of 2022, net revenue reached 62.5 million, which represents a new record for Synergy. Adjusted EBITDA climbed to 34.1 million, posting a year-on-year increase of 77%, while net income amounted to 9.6 million. We reaffirm our commitment to rewarding our shareholders through the declaration of another regular dividend of 2.5 cents per share for the second quarter and a new buyback plan for up to $5 million, which was recently announced. I will expand on the shareholders' rewards deliverables in a minute. On a corporate level, during the second quarter, we concluded the spin-off of our wholly owned subsidiary United Maritime Corporation, which commenced trading on the Nasdaq Capital Market on July 6, 2022, under the symbol UC. All shares of UC were distributed to our shareholders. As part of this transaction, the previously owned Cape Size Gloryship was spun off to the new entity, which will be focusing on the tanker sector going forward. In order to replace our oldest vessel that was spun out to UC, we acquired the 2010 built Japanese Cape size, the Honor Ship, which improved our fleet's average age and the overall operating margin of synergy. On the financing front, during the first six months of the year, we completed new financings and refinancings of $80.3 million, out of which $59 million were concluded in the second quarter of the year. As such, we continuously improve the capital structure of our company. In addition to these financings, we have received a commitment letter from a prominent European financial institution for the refinancing of an existing facility with current outstanding balance of 24.8 million, which matures in the end of the year. Our CFO will provide more color in a while. The total buybacks of convertible notes, warrants and common shares have now reached 26.7 million and can potentially rise to 31.7 million once our new buyback plan materializes. The regular dividend represents an annual dividend yield of 14% based on Tuesday's closing price. Since the start of our capital rewards program in the fourth quarter of 2021, a total of $44.7 million of Synergy's cash will have been allocated to shareholders' rewarding actions. Turning to slide five, by adding the value of the non-cash distribution of the United Maritimes shares, under three different UC price scenarios, the total dividend yield, cash and non-cash, of Synergy shares ranges between 16% and 24%, which is very impressive. Given our strong balance sheet position and modest CAPEX requirements, we expect to continue to reward our shareholders in the next quarters. Our operating performance during the second quarter was robust for yet another period, given the prevailing freight market, with an average TCE reaching $23,300 per day. Now, as regards to the first six months of the year, we achieved an average TCE of approximately $21,200 per day, outpacing the Baltic Cape Size Index by approximately 17%. Our estimated TC guidance for the third quarter is approximately $23,650 per day, assuming our earnings for the remaining operating days of our index-linked TCs will be in line with the current FFA rate. Our performance is benefiting from the conversions of the floating daily rate of three of our vessels into fixed rates at an average level of about $36,000 a day. I also expect our commercial performance to remain solid in the second half of 2022, which represents the seasonally strongest part of the year. As an indication, if the BCI average in the second half of the year is at the current FFA rates, we expect full-year EBITDA to reach approximately $76 million. Before I pass the call to Stavros, a quick fleet maintenance update. We have now completed our plan for installation of ballast water treatment system on 100% of our fleet, while we have continued with our fleet's upgrading strategy by installing energy-saving devices on several vessels. These upgrades are typically accompanied by agreements with our charters to increase the daily high rate, reflecting the improved performance of the underlying vessels. I will now pass the call to our CFO, Stavros Giftakis, who is going to discuss more thoroughly our financial results. I will come back at the end of the call for the market update shortly. So Stavros, please go ahead.