Seanergy Maritime Q3 2026 Earnings Call - Record Nine-Month Net Income of $61.9M, Dividend Raised 14%, and $855M Fleet Renewal Program

Operator: Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Corp conference call on the third quarter and nine months ended September 30, 2026 financial results. We have with us Mr. Stamatis Tsantanis, Chairman and CEO, and Mr. Stavros Gyftakis, Chief Financial Officer of Seanergy Maritime Holdings Corp. 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 star 11 on your telephone keypad. You will then hear an automated message advising your hand is raised. If you joined using device audio, click the raise hand button on your screen. To withdraw your question, please press star 11 again or click the lower hand button. Please be advised that this conference call is being recorded today, Thursday, November 12, 2026.

The archived webcast of the conference call will soon be made available on the Seanergy website, www.seanergymaritime.com. To listen to the archived audio file, visit the Seanergy website, following the webcast and presentation section under the Investor Relations page. Many of the remarks today contain forward-looking statements based on 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 third quarter and nine months ended September 30, 2026 earnings release, which is available on the Seanergy website, again, www.seanergymaritime.com. I would now like to turn the conference over to one of your speakers today, the Chairman and CEO of the company, Mr. Stamatis Tsantanis. Please go ahead, sir.

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Thank you, operator, and welcome, everyone. Seanergy delivered another highly profitable quarter, and our nine-month net income reached a record $61.9 million. In the third quarter, our fleet earned approximately $34.5 thousand on a time charter equivalent basis, up 46% year-over-year, and adjusted EBITDA was $40.8 million. For the first nine months, adjusted EBITDA more than doubled to $110.5 million, and adjusted earnings per share rose to $3.21, up from $0.60 last year. These results show the earnings power of our pure-play Capesize platform. They also allow us to increase shareholder returns and renew our fleet at the same time from a position of strength. Our board of directors has raised the quarterly cash dividend by 14% to $0.40 per share, which is double the first quarter level.

This is our 20th consecutive quarterly dividend, five years without interruption through good and bad market conditions. Cumulative cash dividends now reach about $3.59 per share, and including buybacks, we have returned approximately $117 million to our shareholders. Now to fleet investments, which have been our main focus since our last call. Since our second quarter results, we have added four more high-quality Capesize and Newcastlemax vessels for a total of about $264 million. A modern 2019-built Japanese Capesize, the Midnightship, joining our fleet in January 2027, a scrubber-fitted Newcastlemax newbuilding at Hengli for delivery in the first quarter of 2029, a scrubber-fitted Capesize newbuilding at a first-class Japanese shipyard for delivery in the second half of 2029, and a 2014-built Japanese Newcastlemax for delivery in the second half of 2029.

Our fleet investment program now stands at 12 Capesize and Newcastlemax vessels, consisting of nine newbuildings and three modern Japanese-built secondhand vessels. That is about $855 million of investment and 2.3 million deadweight tons of new capacity, growing our fleet’s current capacity by more than 50% over the next few years. We expect the contribution of the new acquisitions to our NAV, EBITDA, and cash flow to be very, very significant. Stavros, further down, will take you through the funding of this CapEx. Our first Capesize newbuilding at Hengli is now expected in January 2027, in a couple of months from now, about four months ahead of schedule. Together with the Midnightship, that means two modern Capesizes will join our fleet at the start of next year, adding to our earnings from early 2027.

At the same time, we continue to sell older vessels at the right time. We have agreed to sell the 2009-built Friendship, our oldest vessel, to United Maritime for $33 million, with delivery in January of 2027. The deal was negotiated and approved by a special committee of independent directors. Delivery is expected in the first quarter of 2027, as I just said, generating approximately $20 million of net liquidity and a book gain of about $12 million. Seanergy will continue to manage the vessel while at United Maritime. Regarding the employment of the new ships, four out of the six vessels joining our fleet by the end of 2028, we have secured or we are close to securing multi-year charters with first-class charterers.

The structure is the same each time, a floor rate above the vessel’s cash break-even from day one, plus profit sharing above a certain set level. That means that downside protection from delivery is secured, and upside when the market is strong will also benefit our shareholders. On a commercial side, our index-linked charters give us direct exposure to a strong market, and our conversion options let us lock in rates when the market makes sense. For the fourth quarter, we have fixed about 86% of our operating days at close to $33,000 per day on a time charter equivalent basis. Based on the current FFA curve, we expect a fourth quarter time charter equivalent at about $33,300 per day. That puts 2026 on track to be a record profitable year for Seanergy. We have also started to lock in good rates for 2027.

We have converted four vessels so far to fixed rates, and that excludes the newbuildings, at an average of about $35,000 a day, while the rest of the fleet keeps its index-linked exposure. We might also consider some additional fixtures in the near future. Finally, our existing charters continue to be renewed with the same charterers, a clear sign of demand for our well-maintained and fuel-efficient vessels. With that, I will now pass the call to Stavros for the financial review, and I will come back to this call to discuss the market fundamentals. Stavros, please go ahead.

Stavros Gyftakis, Chief Financial Officer, Seanergy Maritime Holdings Corp: Thank you, Stamatis, and welcome to everyone joining today’s call. I will focus on our financial results before turning to our liquidity leverage and the funding profile of the fleet investment program. For the third quarter, net revenues increased to $57.5 million from $47 million in the prior year period, while net income more than doubled to $26 million from $12.8 million. Adjusted EBITDA increased to $40.8 million from $28.9 million, and adjusted earnings per share was $1.25 compared with $0.67 in the third quarter of 2025. For the first nine months, net revenues increased by 43% to $155.2 million, while net income rose to a record $61.9 million, and adjusted net income reached $69 million. Adjusted EPS was $3.21 compared with $0.60 in the prior year period.

Importantly, operating cash flow reached approximately $82.2 million, providing substantial internally generated capital to support both shareholder distributions and fleet investments. Turning now to the balance sheet, we ended the third quarter with close to $168 million of cash and restricted cash and total debt outstanding of $419 million, including our EUR 100 million unsecured bond. Net loan-to-value ratio, including the outstanding bond principal and after deducting cash reserves as of the end of the quarter, stood at 28%, leaving us with financial flexibility as we continue to deploy capital. At quarter end, we had invested $109 million in our fleet renewal program, and today, this figure has increased to approximately $127 million, or 15% of the program’s CapEx. So far, most of the payments towards the shipyards or previous owners of the vessels have come from the company’s own funds.

Let me now put the remaining investment commitments into context, which I repeat, are staggered through 2029. In 2027, we expect to pay approximately $354 million, with approximately $177 million already covered by secured financing, and this without having concluded on the vessel-specific financing of two vessels. These are the 2019-built Midnightship, which will be delivered to us within the first quarter of 2027, and the Japanese new building Capesize scheduled for delivery in July 2027. We have seen strong interest from existing and new lenders in financing these ships and estimate the debt capacity at approximately $100 million. Beyond 2027, approximately $75 million is payable in 2028 and $298 million in 2029. We believe we are very well positioned to execute these remaining investment commitments while maintaining a moderate leverage profile. The funding base is diversified.

We have already paid approximately $127 million towards the program, primarily from own resources. We have committed bilateral financing arrangements for five vessels. We have the proceeds of our EUR 100 million unsecured bond, and we entered the quarter with approximately $168 million of liquidity. These sources are complemented by operating cash flow and proceeds from selective disposals as the renewal program progresses. Importantly, we believe this remaining amount can be financed at moderate leverage levels, allowing us to complete our fleet renewal program while preserving balance sheet strength and financial flexibility. As Stamatis mentioned earlier, the multi-year employment secured or being finalized for the first wave of newbuilding deliveries also strengthens the financial profile of the program. The contractual floor rates are expected to cover the vessel’s cash break-evens from commencement, providing visibility around operating cash generation and debt service, while the market-linked components preserve upside.

From a financing perspective, this materially reduces the cash flow risk associated with the initial delivery phase. The key financial message is pretty straightforward. We enter the next phase of the investment program with substantial liquidity, strong operating cash generation, diversified funding sources, and a staggered payment profile. Based on our current assumption, we expect to execute the program while maintaining prudent leverage and continuing to preserve capacity for shareholder distributions. That concludes my financial review. I will now turn the call back to Stamatis for a discussion of the Capesize market outlook and broader industry fundamentals. Stamatis, please go ahead.

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Thank you, Stavros. 2026 has been a very strong year for the Capesize market so far, and it supports our pure play focus. Year to date, the Baltic Capesize Index, the BCI, for 180,000 deadweight vessels has averaged at about $33,500 a day. The third quarter averaged about $41,400 a day, and the index peaked at about $50,000 a day in early September, its highest level since 2021. Ton-mile demand keeps growing and accelerating from 3.7% in 2024 to 5.5% in 2026. The main reason for the strong market is the low vessel supply. For three years in a row, the effective fleet growth has been below the ton-mile demand growth, and this year it is below 1.6%. If we add more dry docking days, congestion, and other inefficiencies, effective fleet growth this year is actually below 1%.

On the supply, the Capesize order book stands at about 400 vessels, and that includes, of course, options, Newcastlemaxes, and bigger ships altogether, against a fleet of about 2,000 vessels altogether. At the same time, about 190 vessels are already 20 years or older, and another 830 ships, about 40% of today’s fleet, will reach 20 years of age in the coming years. In addition, we expect a large part of the fleet to struggle to meet efficiency, environmental, and charter requirements in the near future. In the near term, about 99 newbuildings, again, Capesize, Newcastlemaxes, and all that, are due in 2027, or more than 4% nominal fleet growth. Only 28 of them are due in the first half of the year, which is about the same as the first half of 2026. So we see a positive supply picture for the next several years.

The market needs only modest demand growth to stay very strong. On demand, growing long-haul iron ore and bauxite exports from the Atlantic have been a key driver for Capesizes. At the same time, lower Indonesian coal exports, mostly carried on smaller ships, have moved more coal cargoes into Capesizes. Looking ahead, the Simandou iron ore project in West Africa is ramping up faster than expected, which supports Capesize demand for years to come. In China, domestic iron ore output is down about 5% year-over-year. Despite a small uptick in October, the trend is clear. Less local iron ore and more high-quality imports from Brazil, West Africa, and Australia. We expect this to continue as long as ample seaborne supply keeps iron ore prices below what most Chinese mines need to make money.

Bauxite exports from West Africa are up about 21% from an already increased previous year, and bauxite was the biggest Capesize demand driver for the first and third quarters. With the rainy season ending, we expect strong volumes again in the fourth quarter. Growth may slow from the very fast pace of the past three years, but China’s alumina refineries keep using more imported bauxite, so these long-haul cargoes remain a very solid support. Because the West Africa rainy season runs opposite to Brazil, first quarter exports are now stronger than the past. Over the longer term, global demand for aluminum and steel keeps growing, driven by exports of finished goods, logistics networks, next-generation telecoms, data centers, and electric vehicles, and of course, increased energy needs. The Capesize market may see some volatility in 2027, especially given the uncertainty around Chinese commodity demand.

The structural drivers of ton-mile growth remain in place, and we remain very positive on the long-term outlook. We believe our long-term charters of the newbuildings, our index-linked exposure, and our proven hedging program sets us very well ahead for the years to come. To conclude, 2026 so far has shown the earnings power and cash generation of Seanergy’s fully focused platform. We expect to enter 2027 with strong liquidity, our first new vessel is about to deliver, more earnings visibility, and a proven commitment to shareholder returns. Our focus now is simple. Deliver the program we have built and turn it into a long-term value per share. With that, I will now turn the call over to the operator for any questions you may have. Operator, please take the call. Thank you.

Operator: Thank you. As a reminder, to ask a question, you will need to press star, one on your telephone, or if you’ve joined via device audio, click the raise hand button and wait for your name to be announced. To withdraw your question, please press star, one, and one again, or click the lower hand button. Please stand by while we compile the Q&A roster. Thank you. Our first question today comes from Liam Burke from B. Riley Securities. Please go ahead.

Liam Burke, Analyst, B. Riley Securities: Thank you. Good afternoon, Stamatis, Stavros.

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Hi, Liam. Good morning.

Morning, Liam. Stamatis, the rates, Capesize rates backed off from the peak, but settled in at a floor at about $30,000 a day before coming, bouncing back up again. That’s a pretty high floor. Does that surprise you that the rates settled in that, the higher lows, and how does that bode for 2027?

No, not really. I mean, it didn’t surprise us. We were hoping and we were expecting to see a rally until the end of the year. Some other companies reporting yesterday, they also said that they expect Q1 of 2027 to be really strong. We’re very comfortable for the next 12 to 18 months altogether, not only because the actual ton-mile demand will remain healthy, but also the supply of ships remains very, very well disciplined and contained. We do not really anticipate that. You will see volatility. The volatility usually arises from certain short-term positional congestion matters, such as North China typhoons and mostly weather-related issues. That will continue to happen. There will be a lot of tonnage unwinding and congesting from time to time.

But if you ask me whether the FFA represents a good picture for 2027, I will say that yes, a bit more conservative than we expect, but I think that around $32,000-$35,000, it’s a good estimate for 2027, even though we expect to see the market much higher.

Liam Burke, Analyst, B. Riley Securities: Great. The other thing I thought was unusual is usually the sale and purchase market for Capesize assets would be more active. It does not look like there are a lot of transactions out there, even though rates are high, which should pull up assets and stimulate the secondhand market.

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Well, the answer here is twofold. First of all, the newbuildings. I mean, people would love to have more newbuildings being ordered for 2027, 2028, 2029, like we have, but it is impossible because the actual slots at the yards have been fully tied up and there is no availability. So, we are amongst the few lucky companies that have secured a very good order book for the next three years, and that is great. The older tonnage here, you have a big spread between bid and ask. Sellers are asking crazy high prices, and buyers are willing to pay, but not the crazy premiums that people anticipate. So that is why, I mean, if you see, let us say, a 16, 17-year-old ship asking at mid-high $30 million, that sounds a little bit expensive, especially when you do not know how well that vessel has been maintained.

So newer ships, you see some very high premiums on the newbuildings, and there is no availability for any newbuildings coming up for the next three years. Secondhand ships, I believe that we have come to a point where they appear to be quite expensive for buyers, and hence you have the bid and ask spread at these levels. So that is why it is a little bit subdued right now.

Liam Burke, Analyst, B. Riley Securities: Great. Thank you, Stamatis.

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Thank you. Nice to hear from you.

Liam Burke, Analyst, B. Riley Securities: Thank you.

Operator: Thank you. Next question today is from Mark Reichman from Noble Capital Markets. Please go ahead.

Mark Reichman, Analyst, Noble Capital Markets: Good morning, and thank you for taking our questions. The first question I wanted to start with is just kind of some visibility on the number of ships operating over the next several quarters. So you have 18 vessels operating today. You have the four new builds that will be delivered in 2027. So if we take like 18 vessels, plus you are going to have two in the first quarter of 2027, minus one, which is the Friendship, I was just kind of wondering if you could just kind of walk us through your expectation for the number of ships operating over the course of the fourth quarter through the four quarters of 2027. And can we safely assume that you will divest maybe two more vessels that have not been announced, when we are considering our 2027 estimates?

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Well, that’s actually a great estimate, yes. I mean, first of all, the plan, like you described, is very accurate. We expect to have two ships coming in in January and one ship to leave the fleet also in January. As we see the additional deliveries coming in later in 2027, we might sell one or two of the eldest ships back. So, I would say 20 vessel end of the year, and as an average for 2027, 19 for average of 2027, and 20 at the year end of 2027 appears to be right.

Mark Reichman, Analyst, Noble Capital Markets: Okay. Then in terms of these new builds, when we think about our 2027 estimates, I don’t know that you can really provide any visibility on 2027 average fleet TCE, but what about the daily vessel operating expenses? Would you expect to have these new builds to have a positive impact on that? Just kind of your thoughts on with this change in the mix in the fleet, are there any line items that might go up or down as a result?

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Yeah, that’s also a great question. As a rule of thumb, when you have vessel deliveries, you have the so-called pre-delivery expenses, and that tends to increase the OPEX somewhat because you have a lot of expenses coming in, such as the initial supply of the vessel and everything associated with all that. So we might see an increase. Overall, we believe that the second half of 2027, we will see a decrease on the operating expenses because we have sustained a very significant vessel dry dock the past few years on our fleet, and we don’t have any dry docks in 2027, very few we have. Plus the new buildings will normalize at much lower levels than the older ones.

Overall, if you ask me as a prediction, and again, that’s a very wild estimate, I believe that the overall expenses on an OPEX basis end of 2027 might be about $500 or more less than the end of the year 2026.

Mark Reichman, Analyst, Noble Capital Markets: Okay. Well, that’s very helpful. You brought up the dry docks. We actually have like 25 days in the fourth quarter, and we have kind of a barbell in 2027. We’ve got 50 days in the first quarter, 50 days in the fourth quarter, zero in the second, and 25 in the third quarter. Did you say that 2027, you expect very few dry dock days or off-hire days?

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: We have four altogether. We’re in discussions with the charters as to when the ships will be available to go to the dry dock. I cannot give you an exact quarter allocation of the off-hire days.

Mark Reichman, Analyst, Noble Capital Markets: Yeah.

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Happy to discuss that offline with our CFO in the next few days, and he will give you the exact guidance that we give everybody.

Mark Reichman, Analyst, Noble Capital Markets: Okay. Would our current estimate of 125 days in 2027, would you say that’s in the ballpark, or do you want to just hold off and-

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Yes. A bit less. Mark, a bit less. 100 days would be more accurate. I mean, four ships, 25 days per ship, that’s a bit more accurate.

Mark Reichman, Analyst, Noble Capital Markets: Okay. Just the last question. Stavros, you did a great job in terms of talking about the capital commitments and the payments in 2027, 2028, and 2029. I was just kind of curious, what percentage of the remaining commitments do you expect to finance with debt versus internally generated cash flow?

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Look, I’ll answer, and I will answer directly to your question. Before saying that, because there’s always a question mark when companies commence these big or seemingly aggressive CapEx programs. The most important thing for you and for everyone listening in on this call is to note that we have already paid in equity 15% of the CapEx. So even if we wanted to do all the remaining CapEx on debt, these financing solutions are available in this market. So if we wanted to go 85% leverage on the CapEx, basically the program is already funded. We will not do that. We will go more conservatively. So you can assume that around 65%-70% of the remaining CapEx commitments will be funded through debt, and the rest from our current cash reserves, vessel sales, and funds generated through operations.

We feel very comfortable that we can cover this in the mix that I described.

Mark Reichman, Analyst, Noble Capital Markets: Okay. That is very helpful, and thank you so much.

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Very welcome. Have a great day.

Operator: Thank you. Take the next question. This is from Tate Sullivan from Maxim Group. Please go ahead.

Tate Sullivan, Analyst, Maxim Group: Great. Thank you. A lot of activity post the quarter with the acquisitions and the additional newbuildings. First on the newbuilding delivery timing for January, you said four months ahead of schedule. I am interested in what caused that, efficiencies at the shipyard or other considerations?

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Well, I mean, yes. First of all, good morning, Tate. The answer is the Hengli shipyard in China has been performing better than we had anticipated and expected. Giving the ship four or five months earlier, that means additional revenues for the company of a newbuilding vessel. That is great news. It is just operational efficiencies, operating efficiencies of Hengli shipyard that has been so far performing way better than anticipated.

Tate Sullivan, Analyst, Maxim Group: With that January delivery, and you had previously announced the contract at a premium to the BCI 180 index, and forward rates on that index about $38,000. Have you quantified the significant premium that you get on the new ships at all, Stavros or Stefanos?

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: 125, I think. If I remember well, it is 125. This is a contract which is a little bit, it has a floor, it has a ceiling, and then it has profit sharing on top of that. No matter what happens, the company will earn a base rate that is above the break-even of the vessel. Then there is a floor up until 28, 29,000, and then 50/50 above that on 125% premium to the BCI. Overall, we are very, very happy with this kind of picture. It is a very fair representation of the ship. It is going to be the first untested vessel that we take from Hengli, but so far from what we hear from other companies, the description and representation of the speed and consumption appears to be very accurate at 125 of the BCI.

Tate Sullivan, Analyst, Maxim Group: Thank you. My last question. Do you have I mean, you went from seven, if I was counting, seven newbuilds when you announced second quarter to 12 now. Were some of those related to exercise and options on existing newbuild agreements, I assume?

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Well, the newbuildings are actually nine, and we have three secondhand ships. So, some of the secondhand ships are actually coming together with the newbuildings. So two of the secondhand ships we have agreed to acquire and take delivery in 2029, they are package deals together with the newbuildings, and that is why they have such a low price compared to their actual value today. The only new vessel that we agreed to acquire recently is the one that we are taking delivery in January, which is the Midnightship, and that is a 2019-built Japanese vessel, and that is the only vessel that we agreed to acquire relatively recently, a couple of months ago.

Overall, 12 ships at $855 million as a contract price, assuming that this carries maybe $100 million of a premium if you adjust for market values, I think it is in a terrific spot for the company.

Tate Sullivan, Analyst, Maxim Group: Yeah. Great to see, and thank you for all the comments about the spending cadence in 2027, 2028, 2029. So thank you. I think I am all set. Have a good day.

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Thank you. Have a great day.

Operator: Thank you. I will take the next question. This is from Kristoffer Barth Skeie from Arctic Securities. Please go ahead.

Kristoffer Barth Skeie, Analyst, Arctic Securities: Hello, guys. Thank you for taking my question. Looking to Q1 now, we have the paper market at around $30,000 per day, which is historically very strong. I just have a look on your fleet overview now. All of your vessels except for one have FFA conversion option. How do you see the potential here to de-risk a lot of a very typically soft quarter at the relatively elevated rates? On that note, do you see a structurally higher Q1 going forward due to bauxite and iron ore volumes out of Guinea? Is that the main driver behind the low seasonal impact that we see now?

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Well, first of all, we have five ships fixed for 2027, and the average is around $35,000 for the whole year. We also have the newbuildings already fixed. Overall, we believe that we will have a very good coverage for 2027. We have a lot of upside potential, as you can imagine. We do not anticipate First of all, we share the views of our friends at Himalaya about having a strong Q1. We totally agree with that. Overall, we believe that not so much bauxite, but also the Simandou project will continue to ramp up and deliver some very, very healthy volumes for the remainder of 2027. Already in 2026, it has exceeded the expectations of exports by the founders of the Simandou project. So we anticipate that 2027 will also be very strong from volumes of iron ore going out.

Bauxite, whether that is 20 million up or down, I don’t think it is going to make a material difference. Overall, we also see that bauxite exports will continue to be very strong for 2027.

Kristoffer Barth Skeie, Analyst, Arctic Securities: Okay. For the remainder of the year on bauxite, do you see any downside here with export restrictions from Guinea, or do you see that playing out?

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Well, right now we are in the beginning of, well, November 12. So whatever is allocated for the end of the year has been allocated. All the ships going towards the west to load have pretty much set an orders whether to go to Simandou, whether to go to Nouadhibou, whether to go to north part of America or Brazil. So pretty much the orders are out there, and you have very clear visibility as to how many ships are ballasting towards the west. I do not really anticipate any material changes because it is pretty much priced in whatever the volumes for the remainder of the year will happen. And we know all the ships have instructions so far.

Kristoffer Barth Skeie, Analyst, Arctic Securities: Okay. Thank you very much. Have a good day.

Stamatis Tsantanis, Chairman and CEO, Seanergy Maritime Holdings Corp: Very welcome. Have a great afternoon.

Operator: Thank you. This concludes today’s conference call. Thank you for participating, and you may now disconnect. Speakers, please stand by.