Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”)
(NASDAQ: SHIP), announced today its financial results for the
second quarter and six months ended June 30, 2022. The Company also
declared a quarterly dividend of $0.025 per common share for the
second quarter of 2022.
For the quarter ended June 30, 2022, the Company
generated Net Revenues of $32.8 million, a 18% increase compared to
the second quarter of 2021. Adjusted EBITDA for the quarter was
$17.3 million, a 53% increase compared to $11.3 million in the same
period of 2021. Net Income and Adjusted Net Income for the quarter
were $5.9 million and $7.1 million a 203% and 187% increase
respectively, compared to Net Income of $2.0 million and Adjusted
Net Income of $2.5 million in the second quarter of 2021. The daily
Time Charter Equivalent (“TCE rate”1) of the fleet for the second
quarter of 2022 was $23,251, marking a 16% increase compared to
$20,095 for the same period of 2021.
For the six-month period ended June 30, 2022,
Net Revenues were $62.5 million, increased by 30% when compared to
$48.2 million in same period of 2021. Adjusted EBITDA for the first
six months of 2022 was $34.1 million, a 77% increase compared to
$19.2 million in the same period of 2021. The daily TCE of the
fleet for the first six months of 2022 was $21,207 compared to
$18,327 in the first six months of 2021. The average daily OPEX was
$6,510 compared to $5,766 of the respective period of 2021.
Cash, cash-equivalents and restricted cash, as
of June 30, 2022, stood at $41.4 million. Shareholders’ equity at
the end of the second quarter was $233.7 million. Long-term debt
(senior loans, convertible note and other financial liabilities)
net of deferred charges stood at $257.6 million, while the book
value of our fleet stood at $455.0 million.
1 TCE rate is a non-GAAP measure. Please see the
reconciliation below of TCE rate to net revenues from vessels, the
most directly comparable U.S. GAAP measure.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“Seanergy reported record financial results for
the second quarter and the first half of the year. Based on the
sustained profitability of Seanergy, we are declaring a quarterly
dividend of $0.025 per share for Q2 2022, which represents
approximately 63% of our adjusted net income for the period. Over
the last three quarters, we will have distributed approximately
$18.0 million or $0.10 per share to our shareholders.
“Concerning our results for the second quarter
of 2022, our daily TCE was $23,251, marking an increase of 16%
compared to the TCE of the second quarter of 2021. The TCE for the
first 6 months of 2022 was $21,207 per day as compared to a daily
TCE of approximately $18,327 in the first half of 2021. Most
importantly, the TCE of our fleet outperformed the Baltic Capesize
Index (“BCI”) average in the first six months of 2022 by 17%. Our
guidance for the third quarter is $23,650 per day.
“Adjusted EBITDA for the second quarter and
first half of 2022 was $17.3 million and $34.1 million,
respectively, marking a 53% and a 77% increase versus the
respective periods of 2021. Net income for the quarter was
approximately $5.9 million, while that of the first half was $9.6
million.
“We also recently completed the spin-off of
United, which commenced trading on the NASDAQ Capital Market on
July 6, 2022, under the ticker “USEA”. The distribution of all of
United’s common shares to our shareholders represents a significant
return of value.
“Lastly, concerning our shareholder rewards
plan, following the successful execution of two buyback plans of
shares and equity-linked instruments totaling $26.7 million, our
Board of Directors authorized an additional share repurchase plan
of $5 million. Including the aforementioned dividend payments, a
total of $44.7 million of the Company’s cash has been allocated to
activities which directly reward our shareholders since the fourth
quarter of 2021.
“In the second quarter, we concluded the
acquisition of another quality Japanese Capesize vessel, replacing
the M/V Gloriuship that was spun out to United. The new
acquisition, renamed M/V Honorship, was delivered to us in June and
immediately commenced its period employment for approximately 2
years with NYK Line.
“On the financing front, in 2022 to-date, we
have successfully concluded new financings and refinancings of
$80.3 million while obtaining a commitment letter from a prominent
European lender for the last remaining loan maturity in 2022. In
addition to the replacement of legacy debt at considerably improved
terms, one of our new facilities includes a significant
sustainability-linked element. This is aligned with our intention
to incorporate our ESG agenda in every aspect of our
corporation.
“Concerning our fleet developments, we have now
successfully completed installations of ballast water treatment
systems on 100% of our fleet and have upgraded various vessels by
installing Energy Saving Devices. In most cases, these projects are
accompanied by agreements with our charterers to increase the daily
hire rate, reflecting the improved performance of the underlying
vessels, as well as to extend the respective time-charter periods.
As a result, we believe our fleet is optimally positioned
commercially and operationally.
“Looking ahead, considering the favorable demand
and vessel-supply fundamentals of our sector, we are optimistic
about the prospects of the Capesize market for the coming
years.”
Company
Fleet:
Vessel Name |
Capacity (DWT) |
Year Built |
Yard |
Scrubber Fitted |
Employment Type |
FFA conversion option(18) |
Minimum T/C expiration |
Maximum T/C expiration(19) |
Patriotship |
181,709 |
2010 |
Imabari |
Yes |
T/C – fixed rate(1) |
- |
06/2022 |
12/2022 |
Dukeship |
181,453 |
2010 |
Sasebo |
- |
T/C Index Linked(2) |
Yes |
01/2022 |
06/2023 |
Worldship |
181,415 |
2012 |
Koyo – Imabari |
Yes |
T/C – fixed rate(3) |
- |
09/2022 |
01/2023 |
Hellasship |
181,325 |
2012 |
Imabari |
- |
T/C Index Linked(4) |
- |
12/2023 |
04/2024 |
Honorship |
180,242 |
2010 |
Imabari |
- |
T/C Index Linked(5) |
Yes |
02/2024 |
06/2024 |
Fellowship |
179,701 |
2010 |
Daewoo |
- |
T/C Index Linked(6) |
Yes |
06/2024 |
10/2024 |
Championship |
179,238 |
2011 |
Sungdong SB |
Yes |
T/C Index Linked(7) |
Yes |
11/2023 |
11/2023 |
Partnership |
179,213 |
2012 |
Hyundai |
Yes |
T/C Index Linked(8) |
Yes |
10/2022 |
11/2023 |
Knightship |
178,978 |
2010 |
Hyundai |
Yes |
T/C Index Linked(9) |
- |
05/2023 |
11/2023 |
Lordship |
178,838 |
2010 |
Hyundai |
Yes |
T/C Index Linked(10) |
Yes |
05/2022 |
09/2022 |
Goodship |
177,536 |
2005 |
Mitsui |
- |
T/C Index Linked(11) |
Yes |
08/2022 |
11/2022 |
Friendship |
176,952 |
2009 |
Namura |
- |
T/C Index Linked(12) |
- |
12/2023 |
03/2024 |
Tradership |
176,925 |
2006 |
Namura |
- |
T/C Index Linked(13) |
Yes |
06/2023 |
10/2023 |
Flagship |
176,387 |
2013 |
Mitsui |
- |
T/C Index Linked(14) |
Yes |
05/2026 |
05/2026 |
Geniuship |
170,057 |
2010 |
Sungdong SB |
- |
T/C Index Linked(15) |
Yes |
01/2023 |
05/2023 |
Premiership |
170,024 |
2010 |
Sungdong SB |
Yes |
T/C Index Linked(16) |
- |
11/2022 |
05/2023 |
Squireship |
170,018 |
2010 |
Sungdong SB |
Yes |
T/C Index Linked(17) |
- |
12/2022 |
06/2023 |
Total/Average age |
3,020,012 |
12.1 |
|
|
|
|
|
|
(1) |
Chartered by a European cargo operator and delivered to the
charterer on June 7, 2021 for a period of about 12 to about 18
months. The daily charter hire is fixed at $31,000. |
|
|
(2) |
Chartered by NYK and delivered to the charterer on December 1, 2021
for a period of about 13 to about 18 months. The daily charter hire
is based on the BCI. |
|
|
(3) |
Chartered by a U.S. commodity trading company and delivered to the
charterer on September 2, 2021 for a period of about 12 to about 16
months. The daily charter hire is fixed at $31,750. |
|
|
(4) |
Chartered by NYK and delivered to the charterer on May 10, 2021 for
an initial period of minimum 11 to maximum 15 months, which was
further extended until minimum December 2023 to maximum March 2024.
The daily charter hire is based on the BCI. |
|
|
(5) |
Chartered by NYK and delivered to the charterer on June 30, 2022
for a period of about 20 to about 24 months. The daily charter hire
is based on the BCI. |
|
|
(6) |
Chartered by Anglo American, a leading global mining company, and
delivered to the charterer on June 18, 2021 for an initial period
of minimum 12 to about 15 months, which was further extended for a
period of minimum 20 to about 24 months starting as of October
2022. The daily charter hire is based on the BCI. |
|
|
(7) |
Chartered by Cargill and delivered to the charterer on November 7,
2018 for a period of employment of 60 months, with an additional
period of about 16 to about 18 months. The daily charter hire is
based on the BCI plus a net daily scrubber premium of $1,740. |
|
|
(8) |
Chartered by a major European utility and energy company and
delivered to the charterer on September 11, 2019 for an initial
period of minimum 33 to maximum 37, ending in October 2022.
Pursuant to a charterer’s option the time-charter (“T/C”) was
extended for a further 11 to 13 months. According to the terms of
the agreement, the charterer has an additional 11 to 13 months
optional period. The daily charter hire is based on the BCI. |
|
|
(9) |
Chartered by Glencore and delivered to the charterer on May 15,
2020 for a period of about 36 to about 42 months with two optional
periods of 11 to 13 months. The daily charter hire is based on the
BCI. |
|
|
(10) |
Chartered by a major European utility and energy company and
delivered on August 4, 2019 for a period of minimum 33 to maximum
37 months with an optional period of about 11 to maximum 13 months.
The daily charter hire is based on the BCI. |
|
|
(11) |
Chartered by an international commodities trader and delivered to
the charterer on November 12, 2021 for a period of about 9 to about
12 months. The daily charter hire is based on the BCI. |
|
|
(12) |
Chartered by NYK and delivered to the charterer on July 29, 2021
for an initial period of minimum 17 to maximum 24 months, which was
extended until minimum December 2023 to maximum March 2024. The
daily charter hire is based on the BCI. |
|
|
(13) |
Chartered by a major European operator and delivered to the
charterer on July 26, 2022 for a period of about 11 to about 15
months. The daily charter hire is based on the BCI. |
|
|
(14) |
Chartered by Cargill. The vessel was delivered to the charterer on
May 10, 2021 for a period of 60 months. The daily charter hire is
based at a premium over the BCI minus $1,325 per day. |
|
|
(15) |
Chartered by NYK and delivered to the charterer on February 6, 2022
for a period of about 11 to about 15. The daily charter hire is
based on the BCI. |
|
|
(16) |
Chartered by Glencore and delivered to the charterer on
November 29, 2019 for a period of minimum 36 to maximum 42 months
with two optional periods of minimum 11 to maximum 13 months. The
daily charter hire is based on the BCI plus a net daily scrubber
premium of $2,055. |
|
|
(17) |
Chartered by Glencore and delivered to the charterer on
December 19, 2019 for a period of minimum 36 to maximum 42 months
with two optional periods of minimum 11 to maximum 13 months. The
daily charter hire is based on the BCI plus a net daily scrubber
premium of $2,055. |
|
|
(18) |
The Company has the option to convert the index-linked rate to a
fixed one for a period ranging between 2 and 12 months, based on
the prevailing Capesize FFA Rate for the selected period. |
|
|
(19) |
The latest redelivery date does not include any additional optional
period. |
Fleet Data:
(U.S. Dollars in thousands)
|
Q2 2022 |
Q2 2021 |
6M 2022 |
6M 2021 |
Ownership days (1) |
|
1,551 |
|
1,164 |
|
3,081 |
|
2,155 |
Operating days (2) |
|
1,341 |
|
1,122 |
|
2,823 |
|
2,055 |
Fleet utilization (3) |
|
86.5% |
|
96.4% |
|
91.6% |
|
95.4% |
TCE rate (4) |
$23,251 |
$20,095 |
$21,207 |
$18,327 |
Daily Vessel Operating Expenses (5) |
$6,575 |
$5,908 |
$6,510 |
$5,766 |
(1) |
Ownership days are the total number of calendar days in a period
during which the vessels in a fleet have been owned or chartered
in. Ownership days are an indicator of the size of the Company’s
fleet over a period and affect both the amount of revenues and the
amount of expenses that the Company recorded during a period. |
|
|
(2) |
Operating days are the number of available days in a period less
the aggregate number of days that the vessels are off-hire due to
unforeseen circumstances. Operating days includes the days that our
vessels are in ballast voyages without having finalized agreements
for their next employment. |
|
|
(3) |
Fleet utilization is the percentage of time that the vessels are
generating revenue and is determined by dividing operating days by
ownership days for the relevant period. |
|
|
(4) |
TCE rate is defined as the Company’s net revenue less voyage
expenses during a period divided by the number of the Company’s
operating days during the period. Voyage expenses include port
charges, bunker (fuel oil and diesel oil) expenses, canal charges
and other commissions. The Company includes the TCE rate, a
non-GAAP measure, as it believes it provides additional meaningful
information in conjunction with net revenues from vessels, the most
directly comparable U.S. GAAP measure, and because it assists the
Company’s management in making decisions regarding the deployment
and use of our vessels and because the Company believes that it
provides useful information to investors regarding our financial
performance. The Company’s calculation of TCE rate may not be
comparable to that reported by other companies. The following table
reconciles the Company’s net revenues from vessels to the TCE
rate. |
(In thousands of U.S. Dollars, except operating
days and TCE rate)
|
Q2 2022 |
Q2 2021 |
6M 2022 |
6M 2021 |
Net revenues from vessels |
|
32,847 |
|
27,832 |
|
62,513 |
|
48,230 |
Less: Voyage expenses |
|
1,667 |
|
5,285 |
|
2,646 |
|
10,567 |
Time charter equivalent
revenues |
|
31,180 |
|
22,547 |
|
59,867 |
|
37,663 |
Operating days |
|
1,341 |
|
1,122 |
|
2,823 |
|
2,055 |
TCE rate |
$23,251 |
$20,095 |
$21,207 |
$18,327 |
(5) |
Vessel operating expenses include crew costs, provisions, deck and
engine stores, lubricants, insurance, maintenance and repairs.
Daily Vessel Operating Expenses are calculated by dividing vessel
operating expenses, excluding pre delivery costs, by ownership days
for the relevant time periods. The Company’s calculation of daily
vessel operating expenses may not be comparable to that reported by
other companies. The following table reconciles the Company’s
vessel operating expenses to daily vessel operating expenses. |
(In thousands of U.S. Dollars, except ownership
days and Daily Vessel Operating Expenses)
|
Q2 2022 |
Q2 2021 |
6M 2022 |
6M 2021 |
Vessel operating expenses |
|
10,529 |
|
8,879 |
|
20,441 |
|
14,428 |
Less: Pre-delivery
expenses |
|
331 |
|
2,002 |
|
384 |
|
2,002 |
Vessel operating expenses
before pre-delivery expenses |
|
10,198 |
|
6,877 |
|
20,057 |
|
12,426 |
Ownership days |
|
1,551 |
|
1,164 |
|
3,081 |
|
2,155 |
Daily Vessel Operating
Expenses |
$6,575 |
$5,908 |
$6,510 |
$5,766 |
Net Income to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q2 2022 |
|
Q2 2021 |
6M 2022 |
|
6M 2021 |
Net income |
5,935 |
|
1,961 |
9,606 |
|
640 |
Add: Net interest and finance cost |
3,163 |
|
4,277 |
6,013 |
|
8,307 |
Add: Depreciation and amortization |
7,034 |
|
4,520 |
13,299 |
|
8,337 |
Add: Taxes |
(28 |
) |
- |
(28 |
) |
- |
EBITDA |
16,104 |
|
10,758 |
28,890 |
|
17,284 |
Add: Stock based compensation |
1,163 |
|
528 |
3,842 |
|
1,931 |
Add: Loss on extinguishment of debt |
6 |
|
- |
1,285 |
|
- |
Less: Loss on forward freight agreements, net |
36 |
|
- |
72 |
|
- |
Adjusted EBITDA |
17,309 |
|
11,286 |
34,089 |
|
19,215 |
Earnings Before Interest, Taxes, Depreciation
and Amortization ("EBITDA") represents the sum of net income /
(loss), net interest and finance costs, depreciation and
amortization and, if any, income taxes during a period. EBITDA is
not a recognized measurement under U.S. GAAP. Adjusted EBITDA
represents EBITDA adjusted to exclude stock-based compensation,
loss on forward freight agreements, net, and loss on extinguishment
of debt, which the Company believes are not indicative of the
ongoing performance of its core operations.
EBITDA and adjusted EBITDA are presented as we
believe that these measures are useful to investors as a widely
used means of evaluating operating profitability. EBITDA and
adjusted EBITDA as presented here may not be comparable to
similarly titled measures presented by other companies. These
non-GAAP measures should not be considered in isolation from, as a
substitute for, or superior to, financial measures prepared in
accordance with U.S. GAAP.
Adjusted Net income Reconciliation and calculation of
Adjusted Net Income Per Share
(In thousands of U.S. Dollars)
|
Q2 2022 |
Q2 2021 |
6M 2022 |
6M 2021 |
Net income |
5,935 |
1,961 |
9,606 |
640 |
Add: Stock based compensation |
1,163 |
528 |
3,842 |
1,931 |
Add: Loss on extinguishment of debt |
6 |
- |
1,285 |
- |
Less: Loss on forward freight agreements, net |
36 |
- |
72 |
- |
Adjusted net income |
7,140 |
2,489 |
14,805 |
2,571 |
Adjusted net income per common share, basic |
0.04 |
0.02 |
0.09 |
0.02 |
Adjusted net income per common share, diluted |
0.04 |
0.02 |
0.08 |
0.02 |
Weighted average number of common shares outstanding, basic |
172,559,248 |
160,171,874 |
172,437,211 |
137,590,311 |
Weighted average number of common shares outstanding, diluted |
177,368,289 |
165,864,695 |
178,074,877 |
143,292,880 |
To derive Adjusted Net Income/(Loss) and
Adjusted Earnings/(Loss) Per Share from Net Income/(Loss), we
exclude non-cash items, as provided in the table above. We believe
that Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per
Share assist our management and investors by increasing the
comparability of our performance from period to period since each
such measure eliminates the effects of such non-cash items as
gain/(loss) on extinguishment of debt and other items which may
vary from year to year, for reasons unrelated to overall operating
performance. In addition, we believe that the presentation of the
respective measure provides investors with supplemental data
relating to our results of operations, and therefore, with a more
complete understanding of factors affecting our business than with
GAAP measures alone. Our method of computing Adjusted Net
Income/(Loss) and Adjusted Earnings/(Loss) Per Share may not
necessarily be comparable to other similarly titled captions of
other companies due to differences in methods of calculation.
Interest and Finance Costs to Cash
Interest and Finance Costs Reconciliation:
(In thousands of U.S. Dollars)
|
Q2 2022 |
Q2 2021 |
6M 2022 |
6M 2021 |
Interest and finance costs, net |
(3,163 |
) |
(4,277 |
) |
(6,013 |
) |
(8,307 |
) |
Add: Amortization of deferred finance charges and other
discounts |
617 |
|
1,068 |
|
1,275 |
|
1,876 |
|
Add: Amortization of convertible note beneficial conversion
feature |
- |
|
680 |
|
- |
|
1,238 |
|
Cash interest and finance costs |
(2,546 |
) |
(2,529 |
) |
(4,738 |
) |
(5,193 |
) |
Third Quarter 2022 TCE Guidance:
As of the date hereof, approximately 62% of the
Company fleet’s expected operating days in the third quarter of
2022 have been fixed at an estimated TCE of approximately $26,600.
Assuming that for the remaining operating days of our index-linked
T/Cs, the respective vessels’ TCE will be equal to the average
Forward Freight Agreement (“FFA”) rate of $19,865 per day (based on
the FFA curve of August 1, 2022), our estimated TCE for the third
quarter of 2022 will be approximately $23,6501. Our TCE guidance
for the third quarter of 2022 includes certain conversions (three
vessels) of index-linked charters to fixed, which were concluded in
previous quarters as part of our freight hedging strategy. The
following table provides the break-down:
|
Operating Days |
TCE |
TCE - fixed rate (index-linked conversion) |
281 |
$33,839 |
TCE - fixed rate |
183 |
$29,992 |
TCE – index-linked unhedged |
1,102 |
$19,998 |
Total / Average |
1,566 |
$23,650 |
1 This guidance is based on certain
assumptions and there can be no assurance that these TCE estimates,
or projected utilization will be realized. TCE estimates include
certain floating (index) to fixed rate conversions concluded in
previous periods. For vessels on index-linked T/Cs, the TCE
realized will vary with the underlying index, and for the purposes
of this guidance, the TCE assumed for the remaining operating days
of the quarter for an index-linked T/C is equal to the average FFA
rate of $19,865. Spot estimates are provided using the
load-to-discharge method of accounting. Over the duration of the
voyage (discharge-to-discharge) there is no difference in the total
revenues and costs to be recognized. The rates quoted are for days
currently contracted. Increased ballast days at the end of the
quarter will reduce the additional revenues that can be booked
based on the accounting cut-offs and therefore the resulting TCE
will be reduced accordingly.
Second Quarter and Recent Developments:
Dividend Distribution and Declaration of
Q2 Dividend
On July 14, 2022, the Company paid the
previously-announced quarterly dividend of $0.025 per share, for
the first quarter of 2022. Committed to its dividend strategy, the
Company also declared a cash dividend of $0.025 per share for the
second quarter of 2022 payable on or about October 11, 2022 to the
shareholders of record as of September 25, 2022.
Additional Share Buyback Plan
In June 2022, the Board of Directors of the
Company authorized an additional share repurchase plan, under which
the Company may repurchase up to $5.0 million of its outstanding
common shares, convertible note or warrants. Since the fourth
quarter of 2021 to date, the Company has repurchased $26.7 million
of outstanding common shares, convertible notes and warrants
reducing its financial leverage and preventing a potential
dilution.
Vessel acquisitions and commercial
updates
M/V HonorshipIn June 2022, the
Company took delivery of the 180,242 dwt Capesize bulk carrier,
built in 2010 in Japan, which was renamed M/V Honorship. The M/V
Honorship was fixed on a time charter with NYK Line, a leading
Japanese shipping company and existing charterer of the Company.
The T/C commenced on June 30, 2022 and will have a term of about 20
to about 24 months. The gross daily rate of the T/C is based at a
premium over the BCI.
M/V PartnershipFollowing the
completion of her recent drydock, the charterer agreed to exercise
the optional period extending the T/C until October 2022 at a
higher rate based at a premium over the BCI and at an increased
scrubber profit sharing scheme. In addition, the T/C provides for
one more optional extension period of 11-13 months at charterer’s
option.
Financing Updates
During the first half of 2022, the Company has
successfully concluded new financings and refinancings of $80.3
million, out of which $59.0 million were concluded in the second
quarter of 2022. Furthermore, the Company has received a commitment
letter for a loan facility of up to $28.0 million, which will be
concluded within Q3 2022.
Piraeus Bank S.AOn June 22,
2022, the Company entered into an up to $38.0 million
sustainability-linked loan facility to (i) refinance the existing
facility of $14.9 million secured by the M/V Worldship and (ii)
partially fund the acquisition cost of the M/V Honorship. The
facility has a term of five years while the interest rate is 3.0%
plus LIBOR per annum and can be further reduced based on certain
emission reduction thresholds.
Alpha Bank S.A. On June 21,
2022, the Company entered into a credit facility for an amount of
up to $21.0 million secured by the M/V Dukeship. The facility has a
term of four years and the interest rate is 2.95% plus SOFR per
annum.
Danish Ship Finance Commitment
LetterIn July 2022, the Company obtained a commitment
letter from Danish Ship Finance A/S for a loan facility of up to
$28.0 million, in order to refinance an existing facility of $24.8
million secured by the M/Vs Premiership & Fellowship. The
interest rate will be 2.5% plus SOFR per annum and the term of the
loan will be five years. The facility will be repaid through six
quarterly instalments of $1.6 million followed by 14 quarterly
instalments of $1.04 million and a balloon of $4.1 million payable
together with the last instalment. The existing facility that is
intended to be refinanced includes a balloon payment of $23.6
million to be paid during the fourth quarter of 2022. The
transaction is subject to completion of definitive
documentation.
Spin-Off and distribution of United’s
shares
In July 2022, the Company completed the spin-off
of its wholly-owned subsidiary, United Maritime Corporation which
commenced trading on the Nasdaq Capital Market on July 6, 2022
under the symbol “USEA”. The Company’s shareholders on record as of
June 28, 2022, received one United common share for every 118
Seanergy common shares. Following the spin-off, the M/V Gloriuship
was substituted by the younger M/V Honorship, positively affecting
the Company’s average fleet and overall operating margin.
Nasdaq Notice
The Company received written notification from
The Nasdaq Stock Market (“Nasdaq”) dated August 1, 2022, indicating
that because the closing bid price of the Company’s common stock
for 30 consecutive business days, from June 16, 2022, to July 29,
2022, was below the minimum $1.00 per share bid price requirement
for continued listing on the Nasdaq Capital Market, the Company is
not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to
the Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period
to regain compliance is 180 days, or until January 30, 2023. The
Company can cure this deficiency if the closing bid price of its
common stock is $1.00 per share or higher for at least ten
consecutive business days during the grace period.
Conference
Call:
The Company’s management will host a conference
call to discuss financial results today, Thursday, August 4, 2022
at 10:00 a.m. Eastern Time.
Slides and Audio
Webcast:
There will be a live, and then archived, webcast
of the conference call and accompanying slides available through
the Company’s website. To listen to the archived audio file, visit
our website, following Webcast & Presentations. Participants to
the live webcast should register on the website approximately 10
minutes prior to the start of the webcast, following this link.
Conference Call
Details:
Participants have the option to register for the
call using the following link. You can use any number from the list
or add your phone number and let the system call you right
away.
Seanergy Maritime Holdings
Corp.Unaudited Condensed Consolidated Balance Sheets(In
thousands of U.S. Dollars)
|
|
June 30,2022 |
|
|
December 31,2021* |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents, restricted cash and term deposits |
|
41,357 |
|
|
47,126 |
|
Vessels, net |
|
455,020 |
|
|
426,062 |
|
Other assets |
|
22,546 |
|
|
14,023 |
|
TOTAL ASSETS |
|
518,923 |
|
|
487,211 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Long-term debt and other financial liabilities |
|
247,373 |
|
|
215,174 |
|
Convertible notes |
|
10,245 |
|
|
7,573 |
|
Other liabilities |
|
27,636 |
|
|
19,988 |
|
Stockholders’ equity1 |
|
233,669 |
|
|
244,476 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
518,923 |
|
|
487,211 |
|
* Derived from the audited consolidated financial statements as
of the period as of that date
Seanergy Maritime Holdings
Corp.Unaudited Condensed Consolidated Statements of
Operations (In thousands of U.S. Dollars, except for share and per
share data, unless otherwise stated)
|
|
Three months endedJune 30, |
|
Six months endedJune 30, |
|
|
|
|
2022 |
|
2021 |
|
2022 |
|
|
2021 |
|
|
Vessel revenue, net |
|
32,847 |
|
27,832 |
|
62,513 |
|
|
48,230 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
(1,667 |
) |
(5,285 |
) |
(2,646 |
) |
|
(10,567 |
) |
|
Vessel operating expenses |
|
(10,529 |
) |
(8,879 |
) |
(20,441 |
) |
|
(14,428 |
) |
|
Management fees |
|
(377 |
) |
(348 |
) |
(753 |
) |
|
(629 |
) |
|
General and administrative expenses |
|
(4,205 |
) |
(2,566 |
) |
(8,520 |
) |
|
(5,296 |
) |
|
Depreciation and amortization |
|
(7,034 |
) |
(4,520 |
) |
(13,299 |
) |
|
(8,337 |
) |
|
Loss on forward freight agreements, net |
|
(36 |
) |
- |
|
(72 |
) |
|
- |
|
|
Operating income |
|
8,999 |
|
6,234 |
|
16,782 |
|
|
8,973 |
|
|
Other income / (expenses): |
|
|
|
|
|
|
|
|
|
|
|
Interest and finance costs, net1 |
|
(3,163 |
) |
(4,277 |
) |
(6,013 |
) |
|
(8,307 |
) |
|
Loss on extinguishment of debt |
|
(6 |
) |
- |
|
(1,285 |
) |
|
- |
|
|
Other, net |
|
105 |
|
4 |
|
122 |
|
|
(26 |
) |
|
Total other expenses, net: |
|
(3,064 |
) |
(4,273 |
) |
(7,176 |
) |
|
(8,333 |
) |
|
Net income |
|
5,935 |
|
1,961 |
|
9,606 |
|
|
640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share, basic |
|
0.03 |
|
0.01 |
|
0.06 |
|
|
0.01 |
|
|
Net income per common share, diluted |
|
0.03 |
|
0.01 |
|
0.05 |
|
|
0.01 |
|
|
Weighted
average number of common shares outstanding, basic |
|
172,559,248 |
|
160,171,874 |
|
172,437,211 |
|
|
137,590,311 |
|
|
Weighted
average number of common shares outstanding, diluted |
|
177,368,289 |
|
165,864,695 |
|
178,074,877 |
|
|
143,292,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 On January 1, 2022, we adopted ASU 2020-06,
eliminating the beneficial conversion feature model in ASC 470-20.
The adoption of ASU 2020-06 resulted in an increase of the
Convertible notes, a reduction of the Accumulated deficit and a
reduction of Additional paid-in capital.
Seanergy Maritime Holdings
Corp.Unaudited Condensed Consolidated Cash Flow Data (In
thousands of U.S. Dollars, except for share and per share data,
unless otherwise stated)
|
|
Six months endedJune 30, |
|
|
|
|
2022 |
|
2021 |
|
|
Net cash provided by
operating activities |
|
18,939 |
|
15,037 |
|
|
|
|
|
|
|
|
|
Vessels acquisitions and improvements |
|
(37,246 |
) |
(117,058 |
) |
|
Term deposits |
|
1,500 |
|
(1,000 |
) |
|
Other fixed assets, net |
|
(69 |
) |
- |
|
|
Net cash used in
investing activities |
|
(35,815 |
) |
(118,058 |
) |
|
|
|
|
|
|
|
|
Proceeds from long-term debt and other financial liabilities |
|
80,300 |
|
104,350 |
|
|
Repayments of long-term debt and other financial liabilities |
|
(47,910 |
) |
(66,722 |
) |
|
Repayments of convertible notes |
|
(10,000 |
) |
- |
|
|
Payments of financing and stock issuance costs |
|
(937 |
) |
(1,096 |
) |
|
Dividend paid |
|
(8,916 |
) |
- |
|
|
Proceeds from issuance of common stock and warrants, net of
underwriters fees and commissions |
|
70 |
|
98,232 |
|
|
Net cash provided by
financing activities |
|
12,607 |
|
134,764 |
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW
INFORMATION |
|
|
|
|
|
|
Cash paid during the period for interest |
|
4,798 |
|
5,160 |
|
|
|
|
|
|
|
|
|
Noncash investing
activities |
|
|
|
|
|
|
Vessels acquisitions and improvements |
|
3,518 |
|
(884 |
) |
|
|
|
|
|
|
|
|
Noncash financing
activities |
|
|
|
|
|
|
Dividends declared but not paid |
|
4,460 |
|
- |
|
|
Units issued for repayment of subordinated long term-debt |
|
- |
|
3,000 |
|
|
Repayment of subordinated long term-debt by issuance of units |
|
- |
|
(3,000 |
) |
|
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is the only
pure-play Capesize ship-owner publicly listed in the U.S. Seanergy
provides marine dry bulk transportation services through a modern
fleet of Capesize vessels. The Company’s operating fleet consists
of 17 Capesize vessels with an average age of approximately 12.1
years and an aggregate cargo carrying capacity of approximately
3,020,012 dwt.
The Company is incorporated in the Marshall
Islands and has executive offices in Glyfada, Greece. The Company's
common shares trade on the Nasdaq Capital Market under the symbol
“SHIP.
Please visit our company website at:
www.seanergymaritime.com.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks and are based upon
a number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the Company's operating
or financial results; the Company's liquidity, including its
ability to service its indebtedness; competitive factors in the
market in which the Company operates; shipping industry trends,
including charter rates, vessel values and factors affecting vessel
supply and demand; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or
contraction, and expected capital spending or operating expenses;
risks associated with operations outside the United States; broader
market impacts arising from war (or threatened war) or
international hostilities, such as between Russia and Ukraine;
risks associated with the length and severity of the ongoing novel
coronavirus (COVID-19) outbreak, including its effects on demand
for dry bulk products and the transportation thereof; and other
factors listed from time to time in the Company's filings with the
SEC, including its most recent annual report on Form 20-F. The
Company's filings can be obtained free of charge on the SEC's
website at www.sec.gov. Except to the extent required by law, the
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact:
Seanergy Investor RelationsTel: +30 213 0181 522E-mail:
ir@seanergy.gr
Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
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