Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”)
(NASDAQ: SHIP), announced today its financial results for the first
quarter ended March 31, 2023, and declared a quarterly dividend of
$0.025 per share for the first quarter of 2023.
For the quarter ended March 31, 2023, the
Company generated Net Revenues of $18.0 million, compared to $29.7
million in the first quarter of 2022. EBITDA and Adjusted EBITDA
for the quarter were $8.2 million and $3.9 million, respectively,
compared to $12.8 million and $16.8 million, respectively, for the
same period of 2022. Net Loss and Adjusted Net Loss for the quarter
were $4.2 million and $0.3 million, respectively, compared to Net
Income of $3.7 million and Adjusted Net Income of $7.7 million in
the first quarter of 2022. The daily Time Charter Equivalent
(“TCE”3) of the fleet for the first quarter of 2023 was $11,005,
compared to $19,357 in the same period of 2022.
Cash and cash-equivalents and restricted cash,
as of March 31, 2023, stood at $20.5 million. Shareholders’ equity
at the end of the first quarter was $219.9 million. Long-term debt
(senior loans, convertible note and other financial liabilities)
net of deferred charges stood at $225.8 million, while the book
value of the fleet was $428.2 million.
________________1 Adjusted earnings / (loss) per
share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA are
non-GAAP measures. Please see the reconciliation below of Adjusted
earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA
and Adjusted EBITDA to net income, the most directly comparable
U.S. GAAP measure.2 All references to number of shares, share
prices, warrant prices and “per share” figures in this document are
adjusted to reflect the one-for-ten reverse stock split effected on
February 16, 2023.3 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:
“In the first quarter of 2023, the Capesize
market went through a period of seasonal weakness, with rates
averaging a mere $9,144 per day. This now appears to be behind us.
Charter rates for most of the second quarter have recovered to
profitable levels, averaging $17,420 per day, while secondhand
Capesize values have improved considerably since the start of the
year with healthy sales and purchase activity. We are therefore
encouraged to see the sector performing well during a period
characterized by unwinding port congestion, adverse seasonality,
and demand fluctuations. Based on our positive outlook, our board
of directors has approved another quarterly dividend of $0.025 per
share for the first quarter of 2023. I have also increased my
personal investment in the Company’s common shares and intend to
resume my open market purchases after the results and in line with
our internal trading policy and restrictions.
“With regards to our commercial performance for
the first quarter, our daily TCE of approximately $11,005
significantly outperformed the Baltic Capesize Index (“BCI”) for
the period, which averaged $9,144. We are pleased to see our fleet
consistently outperforming the BCI and we expect this to continue
due to the quality of our vessels and the implementation of our
hedging strategy. The improvement in the Capesize FFA market has
given us the opportunity to convert approximately 25% of our
remaining fleet days for 2023 to a fixed average daily rate of
approximately $20,500. For the second quarter of 2023, we expect to
achieve a TCE of approximately $18,8504. We believe that this
improvement in market conditions from the end of the first quarter
will lead to a significant step up in our profitability for the
rest of the year.
“Furthermore, our balance sheet position remains
strong, with a loan to value ratio below 50% as of the end of the
quarter, which allows us to remain consistent with our strategy
regardless of short-term market volatility. To this end, in the
first quarter we have delivered the two older ships of our fleet to
United Maritime Corporation (“United”) for a sizeable gain, while
in April we completed three refinancings which led to the release
of approximately $15.0 million of additional liquidity and the
further decrease of our cost of debt. Through these transactions,
we are advancing towards our aim of the renewal of our fleet,
whilst improving our financial flexibility.
“Looking towards the rest of the year, the
increased seaborne iron ore supply from major miners along with the
reduction of iron ore inventories in China to levels comparable to
what was seen before 2021, make us optimistic about Capesize
demand. Moreover, we expect historically low fleet growth to
underpin a strong earnings environment for Capesize vessels even
during periods of muted demand growth. Within this environment, we
aim to preserve a reasonable balance between returning capital to
shareholders and investing selectively in vessels that are likely
to produce high returns on capital.
“Seanergy is well positioned to benefit from the
positive trend in the Capesize market. We are focused on seeking
opportunities to modernize our fleet and improve our carbon
footprint, while maintaining our focus on shareholder returns, as
evidenced by the high levels of shareholder rewards, through
securities buybacks the United spin-off and shares distribution and
cash dividends, attained over the past two years.”
________________4 Please refer to our detailed
Second Quarter 2023 TCE Guidance and footnote 5 below.
Company
Fleet:
Vessel Name |
Capacity (DWT) |
YearBuilt |
Yard |
Scrubber Fitted |
Employment Type |
FFAconversion option(1) |
Minimum T/C expiration |
MaximumT/C expiration(2) |
Charterer |
Fellowship |
179,701 |
2010 |
Daewoo |
- |
T/C Index Linked |
Yes |
06/2024 |
11/2024 |
Anglo American |
Worldship |
181,415 |
2012 |
Koyo – Imabari |
Yes |
T/C Index Linked |
Yes |
09/2023 |
01/2024 |
Cargill |
Championship |
179,238 |
2011 |
Sungdong SB |
Yes |
T/C Index Linked |
Yes |
04/2025 |
10/2025 |
Cargill |
Flagship |
176,387 |
2013 |
Mitsui |
- |
T/C Index Linked |
Yes |
05/2026 |
07/2026 |
Cargill |
Patriotship |
181,709 |
2010 |
Imabari |
Yes |
T/C Index Linked |
Yes |
11/2023 |
06/2024 |
Glencore |
Knightship |
178,978 |
2010 |
Hyundai |
Yes |
T/C Index Linked |
Yes |
10/2024 |
12/2024 |
Glencore |
Premiership |
170,024 |
2010 |
Sungdong SB |
Yes |
T/C Index Linked |
Yes |
04/2024 |
06/2024 |
Glencore |
Squireship |
170,018 |
2010 |
Sungdong SB |
Yes |
T/C Index Linked |
Yes |
05/2024 |
07/2024 |
Glencore |
Dukeship |
181,453 |
2010 |
Sasebo |
- |
T/C Index Linked |
Yes |
04/2024 |
09/2024 |
NYK |
Hellasship |
181,325 |
2012 |
Imabari |
- |
T/C Index Linked |
Yes |
12/2023 |
03/2024 |
NYK |
Honorship |
180,242 |
2010 |
Imabari |
- |
T/C Index Linked |
Yes |
02/2024 |
07/2024 |
NYK |
Geniuship |
170,057 |
2010 |
Sungdong SB |
- |
T/C Index Linked |
Yes |
04/2024 |
08/2024 |
NYK |
Friendship |
176,952 |
2009 |
Namura |
- |
T/C Index Linked |
Yes |
12/2023 |
03/2024 |
NYK |
Paroship |
181,415 |
2012 |
Koyo -Imabari |
Yes |
T/C Index Linked |
Yes |
10/2023 |
12/2023 |
Oldendorff |
Partnership |
179,213 |
2012 |
Hyundai |
Yes |
T/C Index Linked |
Yes |
08/2023 |
11/2023 |
Uniper |
Lordship |
178,838 |
2010 |
Hyundai |
Yes |
T/C Index Linked |
Yes |
07/2023 |
10/2023 |
Uniper |
Total / Average age |
2,846,965 |
12.3 |
- |
- |
- |
- |
- |
- |
- |
(1) The Company has the option to
convert the index-linked rate to fixed for periods ranging between
1 and 12 months, based on the prevailing Capesize FFA Rate for the
selected period.(2) The latest redelivery date does not
include any additional optional period.
Fleet Data:
(U.S. Dollars in thousands)
|
|
Q1 2023 |
|
|
Q1 2022 |
|
Ownership days (1) |
|
1,539 |
|
|
1,530 |
|
Operating days (2) |
|
1,520 |
|
|
1,482 |
|
Fleet utilization (3) |
|
98.8% |
|
|
96.9% |
|
TCE rate (4) |
$11,005 |
|
$19,357 |
|
Daily Vessel Operating Expenses (5) |
$6,922 |
|
$6,444 |
|
(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. Available days are the number of ownership days less
the aggregate number of days that our vessels are off-hire due to
major repairs, dry-dockings, lay-up or special or intermediate
surveys. Operating days include 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)
|
Q1 2023 |
Q1 2022 |
Vessel revenue, net |
|
17,384 |
|
29,666 |
Less: Voyage expenses |
|
657 |
|
979 |
Time charter equivalent
revenues |
|
16,727 |
|
28,687 |
Operating days |
|
1,520 |
|
1,482 |
TCE rate |
$ |
11,005 |
$ |
19,357 |
(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)
|
Q1 2023 |
Q1 2022 |
Vessel operating expenses |
|
10,913 |
|
9,912 |
Less: Pre-delivery
expenses |
|
260 |
|
53 |
Vessel operating expenses
before pre-delivery expenses |
|
10,653 |
|
9,859 |
Ownership days |
|
1,539 |
|
1,530 |
Daily Vessel Operating
Expenses |
$ |
6,922 |
$ |
6,444 |
Net income / (loss) to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q1 2023 |
|
Q1 2022 |
Net (loss) / income |
(4,185 |
) |
3,671 |
Net interest and finance cost |
5,261 |
|
2,850 |
Depreciation and amortization |
7,077 |
|
6,265 |
EBITDA |
8,153 |
|
12,786 |
Stock based compensation |
3,680 |
|
2,679 |
Loss on extinguishment of debt |
110 |
|
1,279 |
Loss on forward freight agreements, net |
50 |
|
36 |
Gain on sale of vessel |
(8,094 |
) |
- |
Adjusted EBITDA |
3,899 |
|
16,780 |
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, loss on extinguishment of
debt, and the non-recurring gains on sale of vessel, 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. Management also
uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating the Company’s
performance. 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 / (loss) Reconciliation and
calculation of Adjusted Earnings / (loss) Per Share
(In thousands of U.S. Dollars, except for share and per share
data)
|
Q1 2023 |
|
Q1 2022 |
Net (loss) / income |
(4,185 |
) |
3,671 |
Stock based compensation |
3,680 |
|
2,679 |
Loss on extinguishment of debt |
110 |
|
1,279 |
Loss on forward freight agreements, net |
50 |
|
36 |
Adjusted net (loss) / income |
(345 |
) |
7,665 |
Adjusted (loss) / earnings per common share, basic |
(0.02 |
) |
0.44 |
Adjusted (loss) / earnings per common share, diluted |
(0.02 |
) |
0.43 |
Weighted average number of common shares outstanding, basic |
17,929,142 |
|
17,231,175 |
Weighted average number of common shares outstanding, diluted |
17,929,142 |
|
17,721,863 |
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)
|
Q1 2023 |
|
Q1 2022 |
|
Interest and finance costs, net |
(5,261 |
) |
(2,850 |
) |
Add: Amortization of deferred finance charges and other
discounts |
959 |
|
576 |
|
Add: Amortization of other deferred charges
(shares issued to third party) |
64 |
|
82 |
|
Cash interest and finance costs |
(4,238 |
) |
(2,192 |
) |
Second Quarter 2023 TCE Guidance:
As of the date hereof, approximately 75% of the
Company fleet’s expected operating days in the second quarter of
2023 have been fixed at an estimated TCE of approximately $18,626.
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 $18,825 per day (based on
the FFA curve of May 22, 2023), our estimated TCE for the second
quarter of 2023 will be approximately $18,8705. The following table
provides the break-down of index-linked charter and fixed-rate
charters in the second quarter of 2023:
|
Operating Days |
TCE |
TCE - fixed rate (index-linked conversion) |
455 |
21,079 |
TCE - fixed rate |
0 |
N/A |
TCE – index-linked |
1,001 |
17,866 |
Total / Average |
1,456 |
18,870 |
________________5 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 $18,825 based on the curve of May 22, 2023.
Spot estimates are provided using the load-to-discharge method of
accounting. 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.
First Quarter and Recent Developments:
Dividend Distribution for Q4 2022 and
Declaration of Q1 2023 Dividend
On April 25, 2023, the Company paid the
previously announced quarterly dividend of $0.025 per share, for
the fourth quarter of 2022, to all shareholders of record as of
March 31, 2023.
The Company also declared a cash dividend of
$0.025 per share for the first quarter of 2023 payable on or about
July 6, 2023 to all shareholders of record as of June 22, 2023.
Buyback of Convertible
Note
On January 3, 2023, the Company repaid $8.0
million of the convertible note issued to Jelco Delta Holding Corp.
(“Note”) at its face value, without any additional consideration in
accordance with the terms of the Note. Based on a conversion price
of $12 per share, the buyback pre-empted the potential issuance of
667,000 shares. There is approximately $3.2 million currently
outstanding under the Note, which is the only remaining convertible
note issued by the Company.
Stock Purchases by the CEO &
CFO
Seanergy’s Chairman and Chief Executive Officer,
Stamatis Tsantanis, has purchased 145,000 shares at an average
price of $5.17 per share, or approximately $750,000 worth of SHIP
common stock, in the open market. In addition, the Company’s CFO,
Stavros Gyftakis, has purchased 18,510 shares at an average price
of $5.40 per share, or approximately $100,000 worth of SHIP common
stock in the open market.
Completion of the tender offer for the
purchase of the Class E Common Share Purchase Warrants
On January 10, 2023, the Company completed its
tender offer to purchase all outstanding Class E Warrants at a
price of $0.20 per warrant. The total number of warrants tendered
was 4,038,114 warrants, representing approximately 47% of the
outstanding Class E Warrants. The remaining outstanding Class E
Warrants are exercisable to purchase up to 449,459 of the Company's
common shares at an exercise price of $4.965 per common share.
Vessel Transactions and Commercial
Updates
M/V Championship new time-charter
agreement
On April 24, 2023, the M/V Championship
commenced employment under a new T/C agreement at an index linked
rate, at a premium over the BCI, with the same charterer. The new
time charter will have a duration of about 24 to about 30 months
and a new scrubber profit share scheme has been introduced, with
Seanergy receiving the majority of the monetary benefit.
M/V Knightship time-charter
extension
On March 28, 2023, the charterer of the M/V
Knightship agreed to exercise the first optional period extending
the T/C after the maximum original period for a period of about 11
months to about 13 months including the option to the Company to
convert this charter party to a fixed rate based on prevailing BCI
FFA rate.
M/V Geniuship time-charter
extension
On February 8, 2023, the charterer of the M/V
Geniuship agreed to extend the T/C agreement in direct continuation
from the maximum duration of the previous agreement. The extension
period is from about 11 months to a maximum of 15 months, while all
other terms of the T/C remain unaltered.
Profitable sale of M/V Goodship and M/V
Tradership and delivery to their new owners
On February 10, 2023 and February 28, 2023, the
Company delivered to their new owners the 177,536 dwt M/V Goodship
and the 176,925 dwt M/V Tradership, respectively. The Company
entered into agreements for the sale of the two capesize dry-bulk
vessels in December 2022 for an aggregate price of $36.25 million.
The combined profit from the sale of the two vessels reached
approximately $8.1 million.
Financing Updates
M/V Lordship sale & leaseback
agreement
On April 24, 2023, the Company entered into a
$19.0 million sale and leaseback agreement to partially refinance
the loan facility with Alpha Bank, secured by the M/V Lordship, as
well as M/Vs Squireship and Friendship. The M/V Lordship was sold
and chartered back on a bareboat basis for a period of 4 years and
5 months. The Company has continuous options to repurchase the
vessel at predetermined prices, following the second anniversary of
the bareboat charter. At the end of the bareboat period, Seanergy
has the option to repurchase the vessel for $7.8 million. The $19.0
million financing bears interest of 3-month term SOFR plus 3.00%
per annum. The new interest rate is 50 bps lower than that of the
previous financing. Approximately $6.6 million of additional
liquidity was released to the Company through the refinancing. The
charterhire principal will amortize over fifty-three consecutive
monthly installments, averaging approximately $0.2 million
each.
M/V Championship sustainability linked
loan facility
On April 18, 2023, the Company amended and
restated the loan facility with Danish Ship Finance secured by the
M/Vs Fellowship and Premiership to refinance the sale and leaseback
agreement for the M/V Championship. The amended and restated
facility includes a new tranche of $15.8 million secured by the M/V
Championship, while a sustainability adjustment mechanism was
introduced in respect of the underlying interest rate of the
facility. The new tranche has a five-year term and amortizes over
twenty consecutive quarterly payments, averaging approximately $0.6
million per quarter. The interest rate is 2.65% plus 3-month Term
SOFR and can fluctuate by 0.05% based on certain emission reduction
thresholds.
M/V Knightship sale & leaseback
agreement
On March 29, 2023, the Company entered into a
$19.0 million sale and leaseback agreement to refinance a previous
sale and leaseback agreement with AVIC, secured by the M/V
Knightship. The vessel was sold and chartered back on a bareboat
basis for a six-year period commencing on April 6, 2023. The
Company has continuous options to repurchase the vessel at
predetermined prices, following the second anniversary of the
bareboat charter. At the end of the six-year bareboat period, the
ownership of the vessel will be transferred to Seanergy at no
additional cost. The $19.0 million financing bears interest of
3-month term SOFR plus 2.80% per annum. The new interest rate is
120 bps lower than that of the previous financing. Approximately
$8.5 million of additional liquidity was released to the Company
through the refinancing. The charterhire principal will amortize
over seventy-two consecutive monthly installments, averaging
approximately $0.3 million each.
Prepayment of Aegean Baltic Bank Loan
Facility
In connection with the sales of the M/V Goodship
and M/V Tradership, the Company prepaid on February 9, 2023, the
outstanding amount of $6.1 million of the tranche secured by the
M/V Goodship and on February 24, 2023, the outstanding amount of
$6.8 million of the second and final tranche of the facility,
secured by the M/V Tradership.
Conference
Call:
The Company’s management will host a conference
call to discuss financial results on Thursday, May 25, 2023 at
10:00 a.m. Eastern Time.
Audio
Webcast:
There will be a live, and then archived, webcast
of the conference call available through the Company’s website. To
listen to the archived audio file, visit our website, following the
Webcast & Presentations section under our Investor Relations
page. Participants to the live webcast should register on the
Seanergy 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) |
|
|
|
March 31, 2023 |
|
|
December 31, 2022* |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents, restricted cash and term deposits |
|
20,511 |
|
|
32,477 |
|
Vessels, net and Vessels held for sale |
|
428,205 |
|
|
462,385 |
|
Other assets |
|
17,697 |
|
|
18,738 |
|
TOTAL
ASSETS |
|
466,413 |
|
|
513,600 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Long-term debt and other financial liabilities |
|
222,922 |
|
|
244,866 |
|
Convertible notes |
|
2,910 |
|
|
10,833 |
|
Other liabilities |
|
20,726 |
|
|
36,202 |
|
Stockholders’ equity |
|
219,855 |
|
|
221,699 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
466,413 |
|
|
513,600 |
|
* Derived from the audited consolidated financial statements 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 endedMarch 31, |
|
|
|
2023 |
|
2022 |
|
Vessel revenue, net |
|
17,384 |
|
29,666 |
|
Fees from related parties |
|
642 |
|
- |
|
Revenue,
net |
|
18,026 |
|
29,666 |
|
Expenses: |
|
|
|
|
|
Voyage expenses |
|
(657 |
) |
(979 |
) |
Vessel operating expenses |
|
(10,913 |
) |
(9,912 |
) |
Management fees |
|
(229 |
) |
(376 |
) |
General and administrative expenses |
|
(5,905 |
) |
(4,315 |
) |
Depreciation and amortization |
|
(7,077 |
) |
(6,265 |
) |
Loss on forward freight agreements, net |
|
(50 |
) |
(36 |
) |
Gain on sale of vessel |
|
8,094 |
|
- |
|
Operating
income |
|
1,289 |
|
7,783 |
|
Other income /
(expenses): |
|
|
|
|
|
Interest and finance costs, net |
|
(5,261 |
) |
(2,850 |
) |
Loss on extinguishment of debt |
|
(110 |
) |
(1,279 |
) |
Other, net |
|
(103 |
) |
17 |
|
Total other expenses,
net: |
|
(5,474 |
) |
(4,112 |
) |
Net (loss) /
income |
|
(4,185 |
) |
3,671 |
|
|
|
|
|
|
|
Net (loss) / income
per common share, basic |
|
(0.23 |
) |
0.21 |
|
Net (loss) / income
per common share, diluted |
|
(0.23 |
) |
0.21 |
|
Weighted average number of
common shares outstanding, basic |
|
17,929,142 |
|
17,231,175 |
|
Weighted average number of
common shares outstanding, diluted |
|
17,929,142 |
|
17,721,863 |
|
|
|
|
|
|
|
|
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) |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Net cash (used in) /
provided by operating activities |
|
(264 |
) |
|
7,549 |
|
|
|
|
|
|
|
|
Vessels acquisitions and improvements |
|
- |
|
|
(2,042 |
) |
Proceeds from sale of assets |
|
23,910 |
|
|
- |
|
Term deposits |
|
- |
|
|
1,500 |
|
Other fixed assets, net |
|
(47 |
) |
|
(18 |
) |
Net cash provided by /
(used in) investing activities |
|
23,863 |
|
|
(560 |
) |
|
|
|
|
|
|
|
Proceeds from long-term debt and other financial liabilities |
|
- |
|
|
21,300 |
|
Repayments of long-term debt and other financial liabilities |
|
(22,994 |
) |
|
(24,652 |
) |
Repayments of convertible notes |
|
(8,000 |
) |
|
(10,000 |
) |
Payments for fractional shares of reverse stock split |
|
(23 |
) |
|
- |
|
Payments of financing and stock issuance costs |
|
- |
|
|
(378 |
) |
Dividends paid |
|
(4,548 |
) |
|
- |
|
Net cash used in
financing activities |
|
(35,565 |
) |
|
(13,730 |
) |
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW
INFORMATION |
|
|
|
|
|
|
Cash paid during the period for interest |
|
4,422 |
|
|
2,324 |
|
|
|
|
|
|
|
|
Noncash investing
activities |
|
|
|
|
|
|
Vessels acquisitions and improvements |
|
- |
|
|
836 |
|
|
|
|
|
|
|
|
Noncash financing
activities |
|
|
|
|
|
|
Dividends declared but not paid |
|
500 |
|
|
8,916 |
|
|
|
|
|
|
|
|
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 16 Capesize vessels with an average age of approximately 12.3
years and an aggregate cargo carrying capacity of approximately
2,846,965 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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