Earnings call transcript: Seanergy Maritime’s Q2 2025 sees strong fleet growth

Seanergy Maritime Holdings Corp. reported its financial results for the second quarter of 2025, showcasing significant fleet expansion and positive market positioning. The company highlighted a robust cash position and favorable market conditions, although no specific earnings forecasts were provided. The stock price saw a modest increase of 1.36% to $7.38, reflecting investor confidence in the company’s strategic direction. According to InvestingPro data, the company maintains impressive gross profit margins of 60.29% and has shown strong returns over the last three months, despite its stock trading below the 52-week high of $12.65.

Key Takeaways

• Seanergy Maritime acquired two new vessels, increasing its fleet to 21 Capesize ships.
• The company maintained a positive operating cash flow of $16.2 million.
• Net revenues for Q2 2025 reached $37.5 million.
• The Baltic Capesize Index, a key market indicator, rose to $18,700 in Q2.
• Seanergy’s time charter equivalent outperformed the market index by 6%.

Company Performance

Seanergy Maritime Holdings demonstrated strong performance in Q2 2025, bolstered by strategic fleet expansion and operational efficiency. The acquisition of additional vessels and index-linked time charters contributed to the company’s competitive edge in the maritime shipping industry. The company reported a net income of $2.9 million for the quarter, reversing the net loss of $4 million reported in the first half of 2025.

Financial Highlights

• Revenue: $37.5 million in Q2 2025
• Net Income: $2.9 million
• Adjusted EBITDA: $18.3 million
• Cash Position: $25.4 million
• Total Shareholders’ Equity: $258 million

Outlook & Guidance

Seanergy Maritime remains optimistic about its profitability prospects for the second half of 2025. The company expects constrained growth in the Capesize fleet, with the order book at a historical low of 9% of the existing fleet. This limited supply is anticipated to support favorable charter rates in the coming years. The company projects a time charter equivalent of $23,100 per day for Q3 2025. However, InvestingPro data reveals some challenges, including a current ratio of 0.39, indicating potential liquidity constraints. InvestingPro subscribers have access to 8 additional key insights about Seanergy’s financial health and market position.

Executive Commentary

CEO Stamatis Tantanes expressed confidence in the company’s market positioning, stating, "We are optimally positioned to benefit from the positive long-term story of the Capesize market." He emphasized the company’s strategy of delivering shareholder value through disciplined capital returns and selective fleet growth.

Risks and Challenges

• Volatility in global shipping rates could impact revenue.
• Potential economic slowdown in China may affect demand for shipping services.
• Geopolitical tensions could disrupt trade routes and operations.
• Fluctuations in fuel prices may increase operating costs.
• Environmental regulations could necessitate additional compliance costs.

Q&A

During the earnings call, analysts inquired about Seanergy’s cargo mix, which consists of approximately 40% iron ore, 40% coal, and 20% bauxite. The company also discussed its financing alternatives and potential impacts from major projects like the Simandou mine and Medong Hydropower Station.

Full transcript - Seanergy Maritime Holdings Corp (SHIP) Q2 2025:

Conference Call Operator: Thank you for standing by, ladies and gentlemen. Welcome to the Synergy Maritime Holdings Corp. Conference Call on the Second Quarter and First Half for the Periods Ended 06/30/2025 financial results. We have with us Mr. Stamatis Tantanes, Chairman and CEO and Mr.

Stavros Givtakis, Chief Financial Officer of Synergy Maritime Holdings Corp. At this time, all participants are in a listen only mode. There will be a presentation followed by a question and answer session. At which time, if you would like to ask a question, please press star one one on your telephone keypad, Please be advised that this conference call is being recorded today, Tuesday, 08/05/2025. The archived webcast of the conference call will soon be made available on the Synergy website, www.synergymaritime.com.

To access today’s presentation and listen to the archived audio file, visit the Synergy website following the Webcast and Presentations section under the Investor Relations page. Please now turn to Slide two of the presentation. Many of the remarks today contain forward looking statements based on current expectations. Actual results may differ materially from results projected from those forward looking statements. Additional information concerning factors that can cause actual results to differ materially from those in the forward looking statements is contained in the second quarter and first half for the periods ended 06/30/2025, earnings 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. Stamatis Santanas. Please go ahead, sir.

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: Thank you, operator, and welcome, everyone. Today, we’re going to be presenting Synergy’s financial results and company updates for the 2025. Slide three. After a seasonal slowdown, the Capesize market rebounded meaningfully in the second quarter. The Baltic Capesize Index averaged $18,700 a significant increase from the first quarter’s average of $13,000 demonstrating the market’s resilience despite macroeconomic uncertainty.

Looking ahead, we’re confident the Capesize market remains fundamentally strong. Historically low Capesize newbuilding order book, coupled with increasing Atlantic Basin shipments of iron ore and bauxite, are expected to continue supporting the Capesize charter rates. Turning to our financial performance in the second quarter, Synergy recorded a net income of $2,900,000 on net revenues of $37,500,000 a significant improvement from first quarter figures driven by stronger daily time charter equivalent. With a portion of our fleet already hedged at profitable levels, we anticipate further improvement in our financial performance as we transition into the seasonally stronger second half of the year. On the fleet development front, we closed the quarter with 21 Capesize vessels.

Over the first six months of 2025, we continue to grow our platform with high quality Capesize acquisitions that enhance our earnings power and scale. In that context, we took delivery of two newly acquired vessels, a Capesize and a new CasoMax, both of which are already trading under index linked time charters. We also continued to streamline our financial position. Since the beginning of the year, we have successfully completed financing and refinancing transactions totaling approximately $110,600,000 effectively addressing loan maturities until the 2026. This enhanced financial flexibility allows us to return capital to our shareholders while also retaining our capacity to pursue attractive growth opportunities.

Overall, since 2020, we have grown our fleet by 97% in deadweight terms while maintaining a disciplined fleet loan to value ratio of approximately 50%. Reflecting both the positive direction of the Capesize market and our healthy balance sheet, our Board of Directors has declared a discretionary cash dividend of $05 per share, in line with our distribution in the first quarter. As the market conditions continue to improve, we remain optimistic about the potential to further enhance shareholder returns in the final two quarters of the year. Using this as a segue, we can turn into Slide four, where we emphasize our long term commitment to capital return strategy. Slide four.

Since Q4 twenty twenty nine, we have returned approximately $89,000,000 to our shareholders. Our capital return strategy prioritizes dividends with $44,200,000 paid in common share cash dividends and additional $45,200,000 in share repurchases. We continue to actively assess share repurchases as well as part of our dynamic capital return approach. Slide number five, commercial snapshot. Moving on to slide number five now, which provides a brief overview of our commercial performance.

During the 2025, our fleet achieved an average time charter equivalent of approximately $19,800 per day. For the first six months of the year, the corresponding figures stood at $16,700 per day. In both instances, our performance exceeded the average levels of the Baltic Capesize Index for the respective periods. Our commercial strategy is designed to balance upside potential with stability. By employing index linked charters, we captured the market strength in June.

Simultaneously, fixed rate coverage for part of our fleet mitigates downside risk, providing earning stability. Looking ahead in the third quarter, we have already fixed about 62% of our operating days at a gross rate of $22,400 a day, and we expect to end a time charter equivalent approximately $23,100 a day for the whole quarter based on the prevailing FSA rates for the remaining of the period. That being said, we know that the Capesize rate market is in backwardation. Hence future earnings might end up being higher. As regards the second quarter of the year, seven out of our 21 vessels are fixed at profitable levels of approximately $22,400 a day, providing strong earnings visibility for the second half of the year.

We view this profitable rate as supportive for our financial results and cash generation in the final two quarters of the year. Given the backdrop of macroeconomic uncertainty that has emerged due to trade policies and general growth uncertainty, we believe that our disciplined and flexible commercial approach offers an appropriate balance between earnings visibility and exposure to market upside. On that note, I would like to turn the call over to Stavros to continue with Slide number six. Stavros, please go ahead.

Stavros Givtakis, Chief Financial Officer, Synergy Maritime Holdings Corp.: Thank you, Samathi. Welcome to everyone joining us for today’s earnings call. Let’s begin with Slide six, where we’ll review the key highlights of our financial performance for the second quarter and the six month period ended 06/30/2025. We are pleased to report the return to profitability in the second quarter, capitalizing on the upward momentum in the Capesize market particularly in June as Thomas mentioned earlier. Our net revenue for the quarter reached $37,500,000 compared to $43,100,000 during the same period last year.

Adjusted EBITDA rose to $18,300,000 which while approximately $10,000,000 lower than last year’s figure, it highlights our ability to navigate a volatile market environment effectively. Our net income and adjusted net income for the quarter reached 2,900,000.0 and $3,800,000 respectively, translating to earnings per share of $0.18 For the first six months of 2025, net revenue totaled $61,700,000 with adjusted EBITDA of 26,300,000 below the levels recorded in the same period last year, reflecting the softer freight environment for most of the first half of the year. Consequently, we reported a net loss of $4,000,000 for the six month period. Nevertheless, considering the improving fundamentals and there is some positive momentum in the Capesize segment, we remain cautiously optimistic about achieving profitability for the full year. Notably, despite the challenges, we generated positive operating cash flow of $16,200,000 during the first half of the year.

Turning to our balance sheet, our cash position at the end of the quarter was $25,400,000 or approximately $1,200,000 per vessel. This was accomplished even as we continued regular dividend distributions, scheduled debt repayments, completed the acquisition of two additional vessels and an extensive dry dock program that saw three ships being dry docked in the second quarter alone and five in the first half of the year. At the close of the second quarter, our outstanding debt including finance lease liabilities stood at $312,000,000 This translates into a debt to capital ratio marginally above 50% based on total book value of assets of $598,000,000 Finally, as of 06/30/2025, total shareholders’ equity reached $258,000,000 demonstrating the resilience of our capital structure. Let’s now turn to Slide seven to discuss our profitability performance. Our robust commercial strategy including our hedging activities through FSA conversions once again enabled us to outperform the Capesize market.

In the second quarter, our time charter equivalent stood at $19,800 For the first half of the year, RPC reached $16,700 surpassing the Baltic Capesize Index by 6%. Our adjusted EBITDA for the first half of the year totaled $26,300,000 While this figure is lower year over year, reflecting the softer freight market conditions early in 2025, we’re encouraged by the resilience of our cash flow profile with our cash flow margin standing at 26%. Our adjusted EBITDA margin once again exceeded 40% underscoring the operational efficiency of our platform. It’s important to note that these results were achieved despite approximately one hundred and fifty of hire days for vessel dry dockings, which naturally reflect on earnings. On the cost front, we successfully maintained daily OpEx per vessel below 7,000 in line with the previous year performance despite the inflationary pressures.

Now looking ahead, we remain optimistic about profitability trajectory in the second half of the year. We believe our ongoing investment in our fleet coupled with operational efficiency and dynamic hedging strategy position us well to continue delivering good results. Moving now to Slide eight, let me provide an overview of our capital structure and financing activities. Outstanding debt, including finance lease liabilities at the end of the second quarter was three twelve million dollars Based on the market value of our fleet as of the end of the second quarter, this equates to a loan to fleet value ratio slightly below 50%. Our debt per vessel stands at roughly $14,900,000 nearly $15,000,000 less than the average market value of our ships.

Lastly, approximately 70% of our debt is covered by the scrap value of our fleet, which has an average age of fourteen point one years. With cash reserves of $25,400,000 or $1,200,000 per vessel, we can effectively manage our financial obligations while being able to support gradual fleet renewal through selective vessel acquisitions. Regarding our financing activities, we have been particularly active the first six months of the year executing transaction totaling around $111,000,000 Earlier this year, we concluded a $54,000,000 sustainability linked loan to part finance the acquisition of the May ship Newcastlemax next to the refinancing of the world ship and the ownership and two sale and leaseback agreements totaling 34,500,000.0 addressing the balloon payments under the loans of the Squire ship and the Friend ship. Most recently, we agreed on a 22,500,000.0 sale and leaseback transaction with a reputable Japanese owner to finance the purchase obligation for the blue ship, ensuring no impact on our liquidity position. Additionally, Alfa Bank has agreed to reduce the interest rate of the facility secured by the Duke ship by 50 basis points.

As a result of these actions, we improved our daily interest cost further within the first six months of the year, reducing the weighted average margin to approximately 2.3%. Finally, as we move to Slide nine, I want to emphasize that synergy is strategically positioned to capitalize on any upward momentum in the Capesize market as current dynamics suggest a constructive rate environment in the second half of the year. As Thomas highlighted earlier, we have already secured 62% of our third quarter days at an average rate of $22,400 while for the 2025, 33% of our fleet days are hedged at an average rate nearing $22,400 We expect that this strengthened EBITDA outlook will enable us to deliver greater value to shareholders. That concludes my overview. I will now hand the call back to Samathis who will provide insights on the Capesize market and broader industry fundamentals.

Samathin, over to you.

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: Thanks, Toro. Let’s look at demand trends on slide number 10. Capesize ton mile demand is primarily driven by the growing volume of iron ore and bauxite exports from the Atlantic Basin. The longer routes to the Far East from these regions effectively increase the number of vessels required the effective number of vessels required, which supports demand. The first six months of 2025, we have seen a 6% increase in shipments originating from The Atlantic.

Expansion has provided meaningful support to Capesize demand even against the backdrop of heightened macroeconomic uncertainty. More specifically, bauxite shipments from Guinea loaded on Capes rose by more than 30% year on year, three zero, while iron ore Cape loadings originating in Brazil and Canada were approximately 4.5% up. Looking ahead to the remaining of 2025, it was encouraging to note the recent reaffirmation of full year production and shipment targets by the major iron ore producers, which implies that shipments during the second half of the year will exceed those of the first half. The rebound in trade volumes that has taken place since June, including a record breaking month for the Australian iron ore shipments, further strengthens our conviction for a stronger second half. When focusing on long term picture beyond the current year, the sustained growth in The Atlantic exports is projected to continue mainly through the expansion of Vale’s SD11 iron ore mining project in Brazil and Rio Tinto’s Simandou mine in Guinea that is expected to start exports in late twenty twenty five.

Lastly, end user demand for both steel and aluminum seems resilient despite short term fluctuations in economic conditions as both are used extensively in manufacturing and construction. Currently, still demand remains supported by industrial and manufacturing activity even during the real estate weakness in China, which seems very encouraging and bodes well for the future. Slide number 11, the supply side. The supply side, we believe, is a key driver for a bullish outlook. The Capesize order book is historically low at about 9% of the existing fleet.

Meanwhile, approximately 7% of the fleet is 20 or older and becoming less competitive due to stricter environmental regulations. As a current situation, only 20 vessels have been delivered in the first six months of 02/2025. And based on the delivery schedule for the rest of the year, the full year figure is likely to mark one of the lowest Capesize delivery years in a long, long time. At the same time, only 20 newbuilding orders have been placed in the year, also placing us on track for one of the lowest ordering years on record. Lastly, as regards to future supply dynamics, it is evident that newbuilding activity remains muted as current vessel prices and long term charter rates do not justify new investments.

As a result, the combination of the above factors, demand and supply, points to highly constrained Capesize fleet growth over the next few years. As vessel demand remains resilient against this favorable supply backdrop, we believe that the charter rates for the Capesize vessels are likely to remain at very profitable levels for the next few years. To conclude, Synergy is optimally positioned to benefit from the positive long term story of the Capesize market. Our strategy remains centered on delivering shareholder value through disciplined capital returns and selective fleet growth aimed at generating strong returns on capital. With our strong position, we are ready to capitalize on rising rates and further enhance shareholder returns.

On that note, I would like to turn the call over to the operator to open the floor for your questions. Operator, please take the call. Thank you.

Conference Call Operator: Thank The first question is from the line of Mark Reichman from NOBLE Capital Markets. Please go ahead. Your line is open.

Mark Reichman, Analyst, NOBLE Capital Markets: Thank you for taking my question. The first question is, coal imports in China have declined pretty significantly from 2024. And I was just curious, why is the Capesize segment of the dry bulk market showing resilience with regards to to China?

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: Well, good morning, and, thank you for your question. Indeed, we have seen a slightly decrease in the volumes of coal coming into China, but that has been more than compensated by higher iron ore as well as bauxite. So long term, long haul bauxite from as well as increased shipments of iron ore have more than compensated for the slight reduction of the coal shipments.

Mark Reichman, Analyst, NOBLE Capital Markets: K. And then the second question is you you’ve really done a great job managing the fleet, outperforming the Baltic Capesize Index. Could you talk a little bit about your strategy going forward? I mean, will you do you expect to continue to lock up rates, and and how much of your fleet would you expect to kinda leave open?

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: Well, the answer is yes. We will continue looking in when we feel the opportunity is there. It’s very dynamic. It can range between, 25 to 75% of the fleet, depending on the circumstances. So when we see big jumps, in, the future rates, the forward rates, then we will go ahead and lock some ships that can potentially be locked.

And at the same time, we manage not only the cash flows, but also, you know, the ships that are on dry dock. And, as we have discussed over the call, it’s a very heavy dry dock year for us. So, you know, we have to juggle among all these things.

Mark Reichman, Analyst, NOBLE Capital Markets: Okay. And then just the last question. It’s kind of a normal one. And I may have bested if you’ve already addressed it, but what are your expectations on the operational off hire days in the third and the fourth quarter?

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: I would establish answer that because it’s more on these numbers.

Stavros Givtakis, Chief Financial Officer, Synergy Maritime Holdings Corp.: Sure. Hi. Hi, Mark. Good to speak to you. So we had around one hundred and fifty to one hundred and sixty days off hire due to dry dockings in the first half of the year.

On the second half, we have in total six vessels going into dry dock, the last two in December. So I don’t expect this to to affect a lot of the available days. So expect around ninety to one hundred and ten, one hundred and twenty off hire days for dry dockings in the second half. Half of it is gonna be in this quarter and around sixty to seventy days in the fourth quarter.

Mark Reichman, Analyst, NOBLE Capital Markets: Okay. Great. Thank you very much.

Stavros Givtakis, Chief Financial Officer, Synergy Maritime Holdings Corp.: Thank you, Mark.

Conference Call Operator: Thank you. The next question is from the line of Tate Sullivan from Maxim Group. Please go ahead. Your line is open.

Tate Sullivan, Analyst, Maxim Group: Hi. I’m calling to hear from you. Great job locking in, right, during current accreditation. And then I had a question on the bauxite. I mean, it’s got great growth from the exports from West Africa.

Is it a larger percent of your fleet transporting bauxite? Or do you think it will still be a relatively small portion of total cargo move for your fleet going forward?

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: Tate. Good morning. The answer is no. It’s pretty much balanced. We are, if I can say, around 40% for Adder.

We then have another, you know, 40% coal and about 20% is bauxite. That’s pretty much how it looks like. But that changes, you know, quarter on quarter. Right now, it is pretty much as I just told

Tate Sullivan, Analyst, Maxim Group: It’s great. And then you had a lot of good examples of reducing your spread to SOFR with your financings, and you’ve talked fairly consistently about more available financing. Do you think there’s still even more available financing today compared to last year for yourself in the shipping sector or or about the same dynamic compared to last year?

Stavros Givtakis, Chief Financial Officer, Synergy Maritime Holdings Corp.: Hi, Tate. There is still lots of available financing alternatives, and we see interest from many lenders both from existing and from new ones. One, I I wouldn’t say exactly restrictive factor, but some something is that has changed is basically the outlook on Chinese sale and leasebacks following the USTR. But we expect more clarity on that front. For the time being, I mean, we’re happy with the exposure that we have on Chinese resource.

We’re not thinking of refinancing them. At the end of the day, Capes call much less U. Ports than the remaining sectors within dry bulk. So to to answer your question, the interest is still there, and we have a number of alternatives, when considering to finance or refinance our vessels.

Tate Sullivan, Analyst, Maxim Group: Thank you. And last for me, I I have not asked before, but, I mean, periodically, there’s oversupply in the Panamax market and maybe some cargoes, some shorter length cargoes going into China from the Panamax fleet. Is that does that limit the potential upside in Capesize rates, or is there any change in that dynamic between Panamax rates and Capesize rates this coming year this year, I think?

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: Well, the yes, sir. It’s we are seeing bank, like, strength, which, as you know, has jumped from 9,000 in the beginning of the year or even lower to around $1,314,000, dollars, recently. And that 50% increase, Panamax, Kamsarmax, has, of course, helped the Capesize rates as well because it’s not cannibalizing, you know, cargoes from the Capesize fleet. That, may be even stronger later in q three. It remains to be seen.

We expect to see how the trade discussed. We will go US and China because we’ll start to play different role in our opinion of how the trade flows. We will go, what kind of normalization should we see. But given the fund is trade I will have the.

Thank

Conference Call Operator: you. We’ll now take our next question. Next question is from Liam Burke from B. Riley. Please go ahead.

Your line is open.

Liam Burke, Analyst, B. Riley: Good morning, Stavros. Good morning, Stavros. How are you today?

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: Morning, Liam. Congrats. You?

Liam Burke, Analyst, B. Riley: Stamatas, I look at the you look at the supply dynamic, which is obviously well well in your favor being a Capesize pure play. But we’re looking at an aging fleet, a very, very low order book. How does that do you see any opportunity in the S and P market to, to continue to grow the fleet?

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: Well, that’s actually a very, very point. Indeed, the fleet is aging, and, there are limited, sell and purchase opportunities right now in the second hand market. However, our preference to identify and lock in new tonnage, but, indeed, the universe has decreased a lot, on quality purchases in the second market. That end the fleet has become way more expensive.

Liam Burke, Analyst, B. Riley: So that would I mean and the new build market just doesn’t make any sense either, I presume.

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: No. Not really. Unless there are certain criteria in the new marketing myth that may

Liam Burke, Analyst, B. Riley: Okay.

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: K. So was gonna be

Liam Burke, Analyst, B. Riley: I’m sorry. No. Real quickly on operating cash flow. I know you had year over year decline in tough comps on a year over year basis for the first half in terms of operating income. But is there anything in the cash flows that would that were affecting the operating cash flow beyond that, or is it just timing of working capital?

Stavros Givtakis, Chief Financial Officer, Synergy Maritime Holdings Corp.: So it’s mainly timing of working capital. I mean, okay. You start from a from from a lower top line in any case, but it’s it’s basically time of working capital, and it’s also the payments for the dry dockings that are affecting the the cash flow in this year. So, otherwise, it’s pretty much similar to last year.

Liam Burke, Analyst, B. Riley: Great. Thank you, Stabros. Thank you, Smaz.

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: Thank you, Leo.

Conference Call Operator: Thank you. We will now take our next question. Next question is from Christopher Bartzgier from Arctic Securities.

Christopher Bartzgier, Analyst, Arctic Securities: Hi, guys. Thank you for taking my question.

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: Good more

Liam Burke, Analyst, B. Riley: Can I

Christopher Bartzgier, Analyst, Arctic Securities: morning? Can you explain the dynamic with this Simandou mine and also the bauxite volumes out of Guinea and sort of how much should we of the tonnage should we expect that this ties up this incremental volume increase given transshipments and the infrastructure in Guinea?

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: I believe, first of all, about Simandou that we will start seeing, ramping up later in this year. This has not started yet, but expectation is that q three, q four, we will see a certain ramping up, which means that Simandou is gonna go off online, and we’ll start to the first shipments. Another point I want to make, which is, quite significant for the future demand of raw materials is the new in China. I mean, people tend to, underplay what you call the Medong Hydropower Station, one of the largest man made projects on Earth, and that is going to require massive amounts of steel, and, of course, iron ore, coking coal, and all that. So we expect demand to increase significantly from China given the weak housing market.

So the market

Stavros Givtakis, Chief Financial Officer, Synergy Maritime Holdings Corp.: is trying to

Stamatis Tantanes, Chairman and CEO, Synergy Maritime Holdings Corp.: demand in the next few years quite a lot together, of course, with the ramping up.

Christopher Bartzgier, Analyst, Arctic Securities: Okay. Thank you, guys. That’s it from me.

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

Conference Call Operator: Thank you. As a reminder, if you would like to ask a question, you will need to press 11 on your telephone There are no further questions at this time. This does conclude today’s conference call. Thank you for participating, and you may now disconnect. Speakers, please stand by.

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