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, 2023. The Company also
declared a quarterly dividend of $0.025 per common share for the
second quarter of 2023.
For the quarter ended June 30, 2023, the Company
generated Net Revenues of $28.3 million, compared to $32.8 million
in the second quarter of 2022. Adjusted EBITDA for the quarter was
$15.7 million, compared to $17.3 million for the same period of
2022. Net Income and Adjusted Net Income for the quarter were $0.7
million and $3.4 million, respectively, compared to Net Income of
$5.9 million and Adjusted Net Income of $7.1 million in the second
quarter of 2022. The daily TCE rate of the fleet for the second
quarter of 2023 was $18,708, compared to $23,251 in the same period
of 2022.
For the six-month period ended June 30, 2023,
the Company generated Net Revenues of $46.4 million, compared to
$62.5 million in the same period of 2022. Adjusted EBITDA for the
six months was $19.6 million, compared to $34.2 million for the
same period of 2022. Net Loss and Adjusted Net Income for the six
months were $3.5 million and $3.1 million, respectively, compared
to Net Income of $9.6 million and Adjusted Net Income of $14.8
million in the respective period of 2022. The daily TCE4 rate of
the fleet for the first six-month period of 2023 was $14,756,
compared to $21,207 in the same period of 2022. The average daily
OPEX was $6,921 compared to $6,510 of the respective period of
2022.
Cash and cash-equivalents and restricted cash,
as of June 30, 2023, stood at $22.5 million. Shareholders’ equity
at the end of the second quarter was $220.9 million. Long-term debt
(senior loans, a convertible note and other financial liabilities)
net of deferred charges stood at $231.4 million, while the book
value of the fleet was $422.6 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.4 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:
“Despite a challenging and volatile market
environment, our financial results for the second quarter of 2023
were profitable. In line with our commitment to providing
consistent returns to our shareholders, regardless of prevailing
market conditions, we have declared a quarterly dividend of $0.025
per common share, while we also completed $1.6 million in share
repurchases at an average price of about $4.35, which is 23% lower
than our stock’s current trading price. We remain optimistic that
the favorable Capesize market outlook and Seanergy’s positioning
within the segment will allow us to continue rewarding our
shareholders.
“In terms of our fleet’s commercial performance
for this quarter, we accomplished a time charter equivalent rate of
$18,700. This figure represents a noteworthy premium of about 20%
compared to the $15,600 BCI average during the same period. Our
strategic decision to fix approximately 30% of our fleet days at
daily levels above $20,000 played a pivotal role in mitigating the
volatility of our revenues. Moreover, I firmly believe that the
high quality of our fleet will allow Seanergy to consistently earn
a premium over the BCI. The recent agreements for two floating rate
time charters, both secured at a premium to the index, are a good
demonstration of our vessels’ competitiveness and I am confident in
the sustainability of our earnings power.
“Moving on to other developments, during the
second quarter we agreed to charter-in on a bareboat basis a
2011-built Newcastlemax vessel, for a period of 12 months with
delivery to our fleet anticipated by the end of the year. At the
maturity of the time charter, Seanergy has the option to purchase
the vessel for $20.2 million, bringing the total cash outlay,
including the advance payments and bareboat hire payments, to
approximately $30.5 million. This represents a very attractive
notional acquisition price, while Seanergy will have the
opportunity to operate a larger vessel earning the highest premium
to the BCI recorded so far on a fleetwide basis. As a result, I
believe this to be a very lucrative deal that will yield high
returns on capital for the Company.
“With regards to financing transactions, we have
entered two sale and leaseback agreements with Japanese
counterparties and a new loan with an existing European lender,
totaling $53.8 million, to refinance existing indebtedness. The
underlying interest cost is lower, partly offsetting the increase
in reference rates, while we have added net liquidity of
approximately $15 million. Following these transactions, we have
addressed all debt maturities until Q2 2025.
“Lastly for a brief market comment, since the
beginning of the year we have seen a material increase of more than
7% in ton-mile demand for the major raw materials of iron ore, coal
and bauxite. However, the freight market has not performed
accordingly. The main reason is the reduced port congestion to
historical low levels, which has increased the effective supply of
ships. At the same time, the larger ore carriers on the C3
(Brazil-China) route are operating at close to maximum speeds,
which also increases the DWT adjusted speed of the fleet and
consequently their respective CO2 emissions. We believe that
towards the end of the year we will see congestion reaching
historical averages in-line with usual seasonal patterns, while
beginning in 2024 more stringent regulations and carbon levies will
force operators to decrease speeds to eco levels across the board.
As these supply factors start normalizing, I would expect to see
charter rates that reflect the healthy demand more closely.
“Seanergy is in a favorable position to perform
well amidst what we believe is the best Capesize market
fundamentals seen over the past three decades and we will continue
to be focused on maintaining high shareholder returns and the
reduction of our carbon footprint.”
Company
Fleet:
Vessel Name |
Capacity (DWT) |
YearBuilt |
Yard |
Scrubber Fitted |
Employment Type |
FFA conversion option(1) |
MinimumT/C expiration |
Maximum T/C expiration(2) |
Charterer |
Fellowship |
179,701 |
2010 |
Daewoo |
- |
T/C Index Linked |
Yes |
06/2024 |
10/2024 |
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 |
11/2025 |
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 |
09/2024 |
12/2024 |
Uniper |
Lordship |
178,838 |
2010 |
Hyundai |
Yes |
T/C Index Linked |
Yes |
08/2024 |
09/2024 |
Uniper |
Cape Eternity tbr Titanship(3) (4) |
207,855 |
2011 |
NACKS |
- |
T/C Index Linked |
Yes |
- |
- |
- |
Total /Average age |
3,054,820 |
12.4 years |
- |
- |
- |
- |
- |
- |
- |
(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 periods.(3) The vessel will be operated
by the Company on the basis of a 12-month bareboat charter-in
contract with the owners of the vessel, including a purchase option
at the end of the bareboat charter in favour of the
Company.(4) Expected to be delivered to our fleet between
August and December 2023.
Fleet Data:
(U.S. Dollars in thousands)
|
Q2 2023 |
Q2 2022 |
6M 2023 |
6M 2022 |
Ownership days (1) |
1,456 |
1,551 |
2,995 |
3,081 |
Operating days (2) |
1,443 |
1,341 |
2,963 |
2,823 |
Fleet utilization (3) |
99.1% |
86.5% |
98.9% |
91.6% |
TCE rate (4) |
$18,708 |
$23,251 |
$14,756 |
$21,207 |
Daily Vessel Operating Expenses (5) |
$6,919 |
$6,575 |
$6,921 |
$6,510 |
(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)
|
Q2 2023 |
Q2 2022 |
6M 2023 |
6M 2022 |
Vessel revenue, net |
|
27,646 |
|
32,847 |
|
45,030 |
|
62,513 |
Less: Voyage expenses |
|
651 |
|
1,667 |
|
1,308 |
|
2,646 |
Time charter equivalent revenues |
|
26,995 |
|
31,180 |
|
43,722 |
|
59,867 |
Operating days |
|
1,443 |
|
1,341 |
|
2,963 |
|
2,823 |
TCE rate |
$ |
18,708 |
$ |
23,251 |
$ |
14,756 |
$ |
21,207 |
(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 2023 |
Q2 2022 |
6M 2023 |
6M 2022 |
Vessel operating expenses |
|
10,176 |
|
10,529 |
|
21,089 |
|
20,441 |
Less: Pre-delivery expenses |
|
102 |
|
331 |
|
362 |
|
384 |
Vessel operating expenses before pre-delivery expenses |
|
10,074 |
|
10,198 |
|
20,727 |
|
20,057 |
Ownership days |
|
1,456 |
|
1,551 |
|
2,995 |
|
3,081 |
Daily Vessel Operating Expenses |
$ |
6,919 |
$ |
6,575 |
$ |
6,921 |
$ |
6,510 |
|
|
|
|
|
|
|
|
|
Net income / (loss) to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q2 2023 |
Q2 2022 |
|
6M 2023 |
|
6M 2022 |
|
Net income / (loss) |
678 |
5,935 |
|
(3,507 |
) |
9,606 |
|
Interest and finance cost, net |
4,937 |
3,168 |
|
10,203 |
|
6,150 |
|
Depreciation and amortization |
7,103 |
7,034 |
|
14,180 |
|
13,299 |
|
Taxes |
- |
(28 |
) |
- |
|
(28 |
) |
EBITDA |
12,718 |
16,109 |
|
20,876 |
|
29,027 |
|
Stock based compensation |
2,447 |
1,163 |
|
6,127 |
|
3,842 |
|
Loss on extinguishment of debt |
430 |
6 |
|
540 |
|
1,285 |
|
Loss on forward freight agreements, net |
94 |
36 |
|
144 |
|
72 |
|
Gain on sale of vessels, net |
- |
- |
|
(8,094 |
) |
- |
|
Adjusted EBITDA |
15,689 |
17,314 |
|
19,593 |
|
34,226 |
|
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 Reconciliation and calculation of
Adjusted Earnings Per Share
(In thousands of U.S. Dollars, except for share and per share
data)
|
Q2 2023 |
Q2 2022 |
6M 2023 |
|
6M 2022 |
Net income / (loss) |
678 |
5,935 |
(3,507 |
) |
9,606 |
Stock based compensation |
2,447 |
1,163 |
6,127 |
|
3,842 |
Loss on extinguishment of debt (non-cash) |
190 |
6 |
300 |
|
1,285 |
Loss on forward freight agreements, net |
94 |
36 |
144 |
|
72 |
Adjusted net income |
3,409 |
7,140 |
3,064 |
|
14,805 |
Adjusted net income – common shareholders |
3,357 |
7,140 |
2,988 |
|
14,805 |
Adjusted earnings per common share, basic |
0.18 |
0.41 |
0.16 |
|
0.86 |
Adjusted earnings per common share, diluted |
0.18 |
0.40 |
0.16 |
|
0.83 |
Weighted average number of common shares outstanding, basic |
18,460,963 |
17,255,924 |
18,196,521 |
|
17,243,721 |
Weighted average number of common shares outstanding, diluted |
18,460,963 |
17,736,828 |
18,196,521 |
|
17,807,487 |
To derive Adjusted Net Income/(Loss) and
Adjusted Earnings/(Loss) Per Share, both non-GAAP financial
measures, 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 2023 |
|
Q2 2022 |
|
6M 2023 |
|
6M 2022 |
|
Interest and finance costs |
(5,058 |
) |
(3,178 |
) |
(10,395 |
) |
(6,172 |
) |
Add: Interest income |
121 |
|
10 |
|
192 |
|
22 |
|
Add: Amortization of deferred finance charges and other
discounts |
450 |
|
617 |
|
1,474 |
|
1,275 |
|
Cash interest and finance costs |
(4,487 |
) |
(2,551 |
) |
(8,729 |
) |
(4,875 |
) |
Third Quarter 2023 TCE Rate Guidance:
As of the date hereof, approximately 53% of the
Company fleet’s expected operating days in the third quarter of
2023 have been fixed at an estimated TCE rate of approximately
$16.710. Assuming that for the remaining operating days of our
index-linked time charters, the respective vessels’ TCE rate will
be equal to the average Forward Freight Agreement (“FFA”) rate of
$14,930 per day (based on the FFA curve as of July 27, 2023), our
estimated TCE rate for the third quarter of 2023 will be
approximately $16,1005. The following table provides the breakdown
of index-linked charters and fixed-rate charters in the second
quarter of 2023:
|
Operating Days |
TCE |
TCE - fixed rate (index-linked conversion) |
368 |
$20,558 |
TCE - fixed rate |
0 |
N/A |
TCE – index-linked |
1,104 |
$14,613 |
Total / Average |
1,472 |
$16,100 |
_____________________5 This guidance is based on
certain assumptions and there can be no assurance that these TCE
rate 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 rate realized will vary with the
underlying index, and for the purposes of this guidance, the TCE
rate assumed for the remaining operating days of the quarter for an
index-linked T/C is equal to the average FFA rate of $14,930 based
on the curve of July 27, 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
rate will be reduced accordingly.
Second Quarter and Recent Developments:
Dividend Distribution for Q1 2023 and
Declaration of Q2 2023 Dividend
On July 6, 2023, the Company paid the previously
announced quarterly dividend of $0.025 per common share, for the
first quarter of 2023, to all shareholders of record as of June 22,
2023.
On August 1, 2023, the Company also declared a
cash dividend of $0.025 per common share for the second quarter of
2023 payable on or about October 6, 2023 to all shareholders of
record as of September 22, 2023.
Buyback of Common Shares
During the second quarter of 2023, the Company
repurchased 362,161 common shares in open market transactions at an
average price of $4.35 per share for an aggregate consideration of
$1.6 million pursuant to the $5.0 million share repurchase program
commenced in October 2021, as extended to date. All the
abovementioned shares were cancelled and removed from our share
capital as of the date of this release. As of July 31, 2023, the
Company has 19,648,956 common shares issued and outstanding.
Vessel Transactions and Commercial
Updates
M/V Cape Eternity tbr Titanship -
Bareboat Agreement for a Newcastlemax bulk carrier and time charter
agreement
On May 9, 2023, the Company entered a 12-month
bareboat charter agreement with an unaffiliated third party in
Japan for a 2011-built Newcastlemax dry bulk vessel of 207,855 dwt
built at Nantong COSCO KHI Ship Engineering Co Ltd (NACKS) which
will be renamed Titanship. Pursuant to the terms of the bareboat
charter, Seanergy has advanced a down payment of $3.5 million upon
signing of the agreement and will pay an additional $3.5 million on
delivery of the vessel to the Company, as well as a daily bareboat
rate of $9,000 over the charter period. Delivery is estimated to
take place between August and December 2023, while at the end of
the 12-month bareboat period Seanergy has an option to purchase the
vessel for $20.2 million.
Upon delivery, the M/V Titanship will commence a
time charter agreement with a European charterer for a period of
minimum 11 to about 14 months at a daily charter hire based on a
significant premium over the BCI. In addition, the time charter
provides the Company with the option to convert the variable
charter hire to a fixed rate for a period between 2 and 12 months
priced at the prevailing Capesize FFA rate for the selected
period.
M/V Championship - New time charter
agreement
On April 24, 2023, the M/V Championship
commenced employment under a new time charter agreement at an index
linked rate, at a premium over the BCI, with the same charterer.
The new time charter has 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 Partnership - Time charter
extension
On June 15, 2023, the charterer of the M/V
Partnership agreed to exercise the second optional period extending
the time charter for a duration of about 11 months to a maximum of
13 months. The extension period will commence after the end of the
first optional period which is expected between August and November
2023. For the extended period, the fuel profit share of the Company
is increased, while all other terms of the time charter remain the
same.
M/V Lordship - Time charter
extension
On June 27, 2023, the charterer of the M/V
Lordship agreed to extend the time charter agreement in direct
continuation from the previous agreement. The new time charter will
commence on October 1, 2023 for a duration until August 1, 2024 or
September 30, 2024. For the extended period, the fuel profit share
of the Company is increased, while all other terms of the time
charter remain the same.
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 the 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, while approximately $6.6 million of additional
liquidity was released to the Company through the refinancing. The
charterhire principal amortizes over 53 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
20 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 April 6, 2023, the Company sold and chartered
back the M/V Knightship on a bareboat basis for a six-year period,
refinancing a previous sale and leaseback agreement with AVIC. 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 charterhire principal 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,
while approximately $8.5 million of additional liquidity was
released to the Company through the refinancing. The charterhire
principal amortizes over 72 consecutive monthly installments,
averaging approximately $0.3 million each.
Conference
Call:
The Company’s management will host a conference
call to discuss financial results on Wednesday, August 2, 2023 at
10:00 a.m. Eastern Time.
Audio Webcast and Earnings
Presentation:
There will be a live, and then archived, webcast
of the conference call available and accompanying presentation
available through the Company’s website. To access the presentation
and 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
Seanergy’s 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, 2023 |
|
|
December 31, 2022* |
ASSETS |
|
|
|
|
|
Cash and cash equivalents and restricted cash |
|
22,452 |
|
|
32,477 |
Vessels, net and Vessels held for sale |
|
422,611 |
|
|
462,385 |
Other assets |
|
21,721 |
|
|
18,738 |
TOTAL
ASSETS |
|
466,784 |
|
|
513,600 |
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Long-term debt and other financial liabilities |
|
228,425 |
|
|
244,866 |
Convertible notes |
|
2,991 |
|
|
10,833 |
Other liabilities |
|
14,462 |
|
|
36,202 |
Stockholders’ equity |
|
220,906 |
|
|
221,699 |
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
466,784 |
|
|
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 endedJune 30, |
|
Six months endedJune 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
|
2022 |
|
Vessel revenue, net |
|
27,646 |
|
32,847 |
|
45,030 |
|
|
62,513 |
|
Fees from related parties |
|
682 |
|
- |
|
1,324 |
|
|
- |
|
Revenue,
net |
|
28,328 |
|
32,847 |
|
46,354 |
|
|
62,513 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
(651 |
) |
(1,667 |
) |
(1,308 |
) |
|
(2,646 |
) |
Vessel operating expenses |
|
(10,176 |
) |
(10,529 |
) |
(21,089 |
) |
|
(20,441 |
) |
Management fees |
|
(145 |
) |
(377 |
) |
(374 |
) |
|
(753 |
) |
General and administrative expenses |
|
(4,776 |
) |
(4,205 |
) |
(10,681 |
) |
|
(8,520 |
) |
Depreciation and amortization |
|
(7,103 |
) |
(7,034 |
) |
(14,180 |
) |
|
(13,299 |
) |
Loss on forward freight agreements, net |
|
(94 |
) |
(36 |
) |
(144 |
) |
|
(72 |
) |
Gain on sale of vessels, net |
|
- |
|
- |
|
8,094 |
|
|
- |
|
Operating
income |
|
5,383 |
|
8,999 |
|
6,672 |
|
|
16,782 |
|
Other income /
(expenses): |
|
|
|
|
|
|
|
|
|
|
Interest and finance costs |
|
(5,058 |
) |
(3,178 |
) |
(10,395 |
) |
|
(6,172 |
) |
Loss on extinguishment of debt |
|
(430 |
) |
(6 |
) |
(540 |
) |
|
(1,285 |
) |
Interest and other income |
|
806 |
|
15 |
|
882 |
|
|
159 |
|
Other, net |
|
(23 |
) |
105 |
|
(126 |
) |
|
122 |
|
Total other expenses,
net: |
|
(4,705 |
) |
(3,064 |
) |
(10,179 |
) |
|
(7,176 |
) |
Net income /
(loss) |
|
678 |
|
5,935 |
|
(3,507 |
) |
|
9,606 |
|
Net income / (loss)
attributable to common shareholders |
|
626 |
|
5,935 |
|
(3,583 |
) |
|
9,606 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income / (loss)
per common share, basic |
|
0.03 |
|
0.34 |
|
(0.20 |
) |
|
0.56 |
|
Net income / (loss)
per common share, diluted |
|
0.03 |
|
0.33 |
|
(0.20 |
) |
|
0.54 |
|
Weighted average number of
common shares outstanding, basic |
|
18,460,963 |
|
17,255,924 |
|
18,196,521 |
|
|
17,243,721 |
|
Weighted average number of
common shares outstanding, diluted |
|
18,460,963 |
|
17,736,828 |
|
18,196,521 |
|
|
17,807,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2023 |
|
2022 |
|
Net cash provided by
operating activities |
|
1,604 |
|
18,939 |
|
|
|
|
|
|
|
Proceeds from sale of assets |
|
23,910 |
|
- |
|
Vessels acquisitions and improvements |
|
(134 |
) |
(37,246 |
) |
Term deposits |
|
- |
|
1,500 |
|
Finance lease prepayment |
|
(3,500 |
) |
|
|
Deposits assets, non-current |
|
1,325 |
|
- |
|
Other fixed assets, net |
|
(176 |
) |
(69 |
) |
Net cash provided by /
(used in) investing activities |
|
21,425 |
|
(35,815 |
) |
|
|
|
|
|
|
Proceeds from long-term debt and other financial liabilities |
|
53,750 |
|
80,300 |
|
Repayments of long-term debt and other financial liabilities |
|
(70,868 |
) |
(47,910 |
) |
Repayments of convertible notes |
|
(8,000 |
) |
(10,000 |
) |
Payments of financing and stock issuance costs |
|
(1,282 |
) |
(937 |
) |
Payments for repurchase of common stock |
|
(1,583 |
) |
- |
|
Dividend payments |
|
(5,048 |
) |
(8,916 |
) |
Payments for fractional shares of reverse stock split |
|
(23 |
) |
- |
|
Proceeds from issuance of common stock and warrants, net of
underwriters fees and commissions |
|
- |
|
70 |
|
Net cash (used in) /
provided by financing activities |
|
(33,054 |
) |
12,607 |
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW
INFORMATION |
|
|
|
|
|
Cash paid during the period for interest |
|
8,899 |
|
4,798 |
|
|
|
|
|
|
|
Noncash investing
activities |
|
|
|
|
|
Vessels acquisitions and improvements |
|
- |
|
3,518 |
|
|
|
|
|
|
|
Noncash financing
activities |
|
|
|
|
|
Dividends declared but not paid |
|
491 |
|
4,460 |
|
|
|
|
|
|
|
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 12.4
years and an aggregate cargo carrying capacity of approximately
2,846,965 dwt. Upon delivery of the M/V Titanship, the Company's
operating fleet will consist of 17 vessels (1 Newcastlemax and 16
Capesize), with an aggregate cargo carrying capacity of 3,054,820
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 pandemics
(including COVID-19), including 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
Seanergy Maritime (NASDAQ:SHIPZ)
Historical Stock Chart
From May 2024 to Jun 2024
Seanergy Maritime (NASDAQ:SHIPZ)
Historical Stock Chart
From Jun 2023 to Jun 2024