Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP)
announced today its financial results for the second quarter and
six months ended June 30, 2020.
For the quarter ended June 30, 2020, the Company
generated net revenues after voyage expenses of $4.7 million, a 41%
decrease compared to the second quarter of 2019. The daily TCE of
the fleet for the second quarter of 2020 was $5,424, down 40% from
$9,104 in the second quarter of 2019 mainly due to the timing of
the spot voyage fixtures in the second quarter of 2020 and the
better market conditions in the second quarter of the previous
year. The average daily per vessel OPEX of the fleet for the
quarter was $5,140, largely in-line with the $5,015 incurred in the
second quarter of 2019. Cash interest and finance costs for
the second quarter of 2020 was $4.0 million compared to $3.8
million for the same period in 2019 (see table further below).
For the six-month period ended June 30, 2020,
net revenues after voyage expenses were $12.3 million, decreased by
17% when compared to $14.8 million in same period of 2019. EBITDA
for the first six months of 2020 was negative $1.1 million,
compared to EBITDA of $2.1 million in the same period of 2019, a
decrease driven by the reduction in net revenues after voyage
expenses. The daily TCE of the fleet for the first six months of
2020 was $6,985 per ship per day, compared to $8,368 in the first
six months of 2019. The average daily OPEX of the fleet was $5,353,
reflecting a 9% increase against the respective period of 2019
mainly on the back of the increase noted in the OPEX figure for the
first quarter of 2020 which was due to the timing of various
related expenses. General and Administrative expenses in the first
six months of 2020 stood at $3.1 million, in line with the $3.2
million recorded in the respective period in 2019.
As of June 30, 2020, cash and cash equivalents
including restricted cash stood at $30.4 million, marking an 109%
improvement against December 31, 2019. Shareholders’ equity as of
June 30, 2020 was $58 million, increased by 94% compared to $29.9
million as of December 31, 2019.
Third Quarter 2020 TCE
Guidance:
Since the beginning of the third quarter of
2020, 88% of our available days (fleet ownership days less off-hire
days due to surveys) have been fixed, at a daily TCE of
approximately $22,4142 per ship per day, marking an increase of
221% as compared to the fleet average TCE rate of $6,985 in the
first six months of 2020. During this period, 30% of our fleet is
employed under voyage charters and 70% under Index-linked Time
Charters.
For the vessels being operated under voyage
charters, spot estimates are provided using the load-to-discharge
method of accounting. Load-to-discharge accounting recognizes
revenues over fewer days as opposed to the discharge-to-discharge
method of accounting used prior to 2018, resulting in higher rates
for these days and only voyage expenses being recorded in the
ballast days. 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.
Stamatis Tsantanis, the Company’s
Chairman and Chief Executive Officer, stated:
“As mentioned in our recent releases, the first
half of 2020 was one of the most challenging periods in the history
of dry bulk shipping. Our results for the second quarter and first
six months of 2020 were materially affected by the depressed
earnings environment due to a combination of events that impacted
negatively the Capesize market. In the beginning of the year, the
outbreak of the COVID-19 pandemic in Asia and the subsequent
slowdown of Chinese industrial production had a detrimental effect
on the demand for iron ore imports. Going into the second quarter
and while the Chinese economy started to recover, the severe
weather effects in Brazil handicapped Vale’s iron ore production
capacity. As a result, exports reduced by 10% year-over-year, and
consequently, the daily TCE of the Baltic Capesize Index (‘BCI’),
on May 14, 2020 reached $1,992, the lowest point after the all-time
lows in 2016.
During this challenging period, we acted to
enhance our liquidity and further strengthen our balance sheet by
raising equity from our shareholders to reduce our debt levels and
capitalize on market opportunities. In May 2020, we successfully
completed a series of equity capital raising transactions, with
total net proceeds of approximately $47 million.
Furthermore, we concluded the refinancing of one
of our loan facilities, which was maturing in July 2020, by
settling the $29.1 million outstanding for $23.5 million instead.
This settlement is expected to result in a $5.6 million gain and an
equivalent equity accretion that will be recorded in our financial
results for the third quarter of 2020. At the same time, we are
making good progress in our discussions with our lenders regarding
the remaining loan facilities expiring in 2020 with the objective
of extending the maturities and improving the financing terms of
these loan facilities.
In addition, among the accretive transactions
that we concluded in this period, we acquired one Capesize vessel
at a historically low price, utilizing part of the equity capital
raising proceeds. The vessel will be delivered to us imminently.
Based on the Capesize forward freight contracts for the remainder
of 2020 trading at about $20,474 per day, the incremental TCE
revenue from this vessel alone may exceed $2.9 million by the end
of the year.
While the effect of the above transactions will
be fully reflected in our September 30, 2020 results, the current
picture represents a significant improvement, with cash reserves of
$30.4 million compared to $14.6 million as of December 31, 2019,
and stockholders’ equity of $58 million, which stands at the
highest levels recorded since the Company’s re-launching in
2015.
Regarding current market conditions, we are very
pleased to see a significant reversal of the negative factors of
the first half into a full-blown recovery. Following the
improvement in the weather conditions in Brazil, Vale has ramped up
its production, which in combination with the robust demand for
cargo from China, has seen the daily TCE of the BCI surging from
its May lows of $1,992 to a 10-month high of $33,760 in July.
Our daily TCE for the third quarter, based on
88% of our available days, stands at $22,414, which is 221% higher
than our 1H TCE.
Looking ahead, we are confident that the stable
demand from China, the COVID-19 economic stimulus relief and the
ramp up of the Brazilian exports, in-line with Vale’s recently
reiterated production guidance, will contribute towards what we
believe will be a sustainably healthy market for the rest of 2020
and in 2021.
Seanergy was well positioned to capture the
upturn, based on index-linked employment for the majority of our
fleet. In addition, we will continue to pursue opportunities that
will serve our strategic targets of sustainable growth and capital
structure improvement in the near future.”
Company Fleet:
Vessel Name |
Vessel Size Class |
Capacity (DWT) |
Year Built |
Yard |
Scrubber Fitted |
Employment Type |
Minimum T/C duration |
Partnership |
Capesize |
179,213 |
2012 |
Hyundai |
Yes |
T/C Index Linked (1) |
3 years |
Championship (2) |
Capesize |
179,238 |
2011 |
Sungdong |
Yes |
T/C Index Linked (3) |
5 years |
Lordship |
Capesize |
178,838 |
2010 |
Hyundai |
Yes |
T/C Index Linked (4) |
3 years |
Premiership |
Capesize |
170,024 |
2010 |
Sungdong |
Yes |
T/C Index Linked (5) |
3 years |
Squireship |
Capesize |
170,018 |
2010 |
Sungdong |
Yes |
T/C Index Linked (6) |
3 years |
Knightship (7) |
Capesize |
178,978 |
2010 |
Hyundai |
Yes |
T/C Index Linked (8) |
3 years |
Gloriuship |
Capesize |
171,314 |
2004 |
Hyundai |
No |
T/C Index Linked (9) |
10 months |
Fellowship |
Capesize |
179,701 |
2010 |
Daewoo |
No |
Voyage/Spot |
|
Geniuship |
Capesize |
170,058 |
2010 |
Sungdong |
No |
Voyage/Spot |
|
Leadership |
Capesize |
171,199 |
2001 |
Koyo – Imabari |
No |
Voyage/Spot |
|
Goodship (10) |
Capesize |
177,536 |
2005 |
Mitsui Engineering |
No |
Voyage/Spot |
|
(1) |
Chartered by a
major European utility and energy company and delivered to the
charterer on September 11, 2019 for a period of minimum 33 to
maximum 37 months with an optional period of 11-13 months. The
daily charter hire is based on the BCI. In addition, the Company
has the option to convert to a fixed rate for a period of between 3
and 12 months, based on the prevailing Capesize Forward Freight
Agreement Rate (“FFA”) for the selected period. |
|
|
(2) |
Sold to and leased back on a bareboat basis from a major
commodity trading company on November 7, 2018 for a five-year
period. We have a purchase obligation at the end of the five-year
period and we further have the option to repurchase the vessel at
any time. |
|
|
(3) |
Chartered by Cargill from November 7, 2018 for a period of 60
months, with an additional period of 24 to 27 months at charterer’s
option. The daily charter hire is based on the BCI plus a gross
daily scrubber premium of $1,740. In addition, the Company has the
option to convert to a fixed rate for a period of between three and
12 months, based on the prevailing Capesize FFA for the selected
period. |
|
|
(4) |
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 11-13 months. The daily
charter hire is based on the BCI plus a net daily scrubber premium
of $3,735 until May 2021. In addition, the Company has the option
to convert to a fixed rate for a period of between three and 12
months, based on the prevailing Capesize FFA for the selected
period. |
|
|
(5) |
Chartered by Glencore and was delivered to the charterer on
November 29, 2019 for a period of minimum 36 to maximum 42 months
with two optional periods of about 11 to maximum 13 months. The
daily charter hire is based on the BCI plus a gross daily scrubber
premium of $2,163. |
|
|
(6) |
Chartered by Glencore and was delivered to the charterer on
December 19, 2019 for a period of minimum 36 to maximum 42 months
with two optional periods of about 11 to maximum 13 months. The
daily charter hire is based on the BCI plus a gross daily scrubber
premium of $2,163. |
|
|
(7) |
Sold to and leased back on a bareboat basis from a major
Chinese leasing institution on June 28, 2018 for an eight-year
period. We have a purchase obligation at the end of the eight-year
period and we further have the option to repurchase the vessel at
any time following the second anniversary of the delivery under the
bareboat charter. |
|
|
(8) |
Chartered by Glencore and delivered to the charterer on May 15,
2020 for a period of minimum 36 to maximum 42 months with two
optional periods of about 11 to maximum 13 months. The daily
charter hire is based on the BCI. |
|
|
(9) |
Chartered by a dry bulk charter operator and was delivered to
the charterer on April 23, 2020 for a period of about 10 to about
14 months. The daily charter hire is based on the BCI. |
|
|
(10) |
Expected Delivery to Seanergy
in August 2020. |
|
|
Fleet Data:
(U.S. Dollars in thousands)
|
Q2 2020 |
|
Q2 2019 |
|
6M 2020 |
|
6M 2019 |
|
Ownership days (1) |
910 |
|
910 |
|
1,820 |
|
1,810 |
|
Available days (2) |
866 |
|
885 |
|
1,768 |
|
1,774 |
|
Operating days (3) |
863 |
|
883 |
|
1,764 |
|
1,768 |
|
Fleet utilization (4) |
94.8% |
|
97.0% |
|
96.9% |
|
97.7% |
|
TCE rate (5) |
$5,424 |
|
$9,104 |
|
$6,985 |
|
$8,368 |
|
Daily Vessel Operating Expenses (6) |
$5,140 |
|
$5,015 |
|
$5,353 |
|
$4,923 |
|
(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) |
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.
The shipping industry uses available days to measure the aggregate
number of days in a period during which vessels are available to
generate revenues. |
|
|
(3) |
Operating days are the number of ownership days in a period
less the aggregate number of days that the vessels are off-hire due
to any reason, including dry-dockings, special and intermediate
surveys, lay-up days and unforeseen circumstances. Operating days
also includes the days that our vessels are in ballast voyages
without having finalized agreements for their next employment. |
|
|
(4) |
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. |
|
|
(5) |
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 the Company’s vessels and in evaluating their 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 2020 |
Q2 2019 |
6M 2020 |
6M 2019 |
Net revenues from vessels |
9,042 |
|
18,758 |
|
22,381 |
|
34,771 |
Less: Voyage
expenses |
4,361 |
|
10,719 |
|
10,060 |
|
19,977 |
Net
operating revenues |
4,681 |
|
8,039 |
|
12,321 |
|
14,794 |
Operating
days |
863 |
|
883 |
|
1,764 |
|
1,768 |
TCE
rate |
$5,424 |
|
$9,104 |
|
$6,985 |
|
$8,368 |
(6) |
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 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 2020 |
Q2 2019 |
6M 2020 |
6M 2019 |
Vessel operating expenses |
4,677 |
|
4,593 |
|
9,742 |
|
9,015 |
Less: Pre-delivery expenses |
- |
|
29 |
|
- |
|
104 |
Vessel operating expenses before pre-delivery expenses |
4,677 |
|
4,564 |
|
9,742 |
|
8,911 |
Ownership days |
910 |
|
910 |
|
1,820 |
|
1,810 |
Daily Vessel Operating Expenses |
$5,140 |
|
$5,015 |
|
$5,353 |
|
$4,923 |
|
|
|
|
|
|
|
|
Net Loss to EBITDA Reconciliation:(In thousands
of U.S. Dollars)
|
Q2 2020 |
|
Q2 2019 |
|
6M 2020 |
|
6M 2019 |
|
Net loss |
(11,286) |
|
(6,900) |
|
(19,629) |
|
(15,543) |
|
Add: Net interest and finance cost |
5,556 |
|
5,676 |
|
11,244 |
|
11,912 |
|
Add: Depreciation and amortization |
3,674 |
|
2,838 |
|
7,308 |
|
5,672 |
|
Add: Taxes |
- |
|
59 |
|
- |
|
59 |
|
EBITDA |
(2,056 |
) |
1,673 |
|
(1,077 |
) |
2,100 |
|
Earnings Before Interest, Taxes, Depreciation
and Amortization ("EBITDA") represents the sum of net income /
(loss), interest and finance costs, interest income, depreciation
and amortization and, if any, income taxes during a period. EBITDA
is not a recognized measurement under U.S. GAAP.
EBITDA is presented as we believe that this
measure is useful to investors as a widely used means of evaluating
operating profitability. EBITDA as presented here may not be
comparable to similarly titled measures presented by other
companies. This non-GAAP measure should not be considered in
isolation from, as a substitute for, or superior to, financial
measures prepared in accordance with U.S. GAAP.
Interest and Finance Costs to Cash Interest and Finance
Costs Reconciliation:
(In thousands of U.S. Dollars)
|
Q2 2020 |
|
Q2 2019 |
|
6M 2020 |
|
6M 2019 |
|
Interest and finance costs, net |
(5,556) |
|
(5,676) |
|
(11,244) |
|
(11,912) |
|
Add: Amortization of deferred finance charges |
177 |
|
237 |
|
349 |
|
605 |
|
Add: Amortization of convertible note beneficial conversion
feature |
1,279 |
|
800 |
|
2,416 |
|
1,785 |
|
Add: Amortization of other deferred charges |
149 |
|
886 |
|
302 |
|
995 |
|
Add: Cash interest waived - related party |
- |
|
- |
|
- |
|
1,164 |
|
Cash interest and finance
costs |
(3,951 |
) |
(3,753 |
) |
(8,177 |
) |
(7,363 |
) |
Second Quarter and Recent Developments:
Delivery of the M/V Knightship under the
Glencore T/C
In May 2020, the M/V Knightship was delivered to
ST Shipping and Transport Pte. Ltd., (“ST Shipping”), a fully owned
subsidiary of Glencore plc. under the previously announced
time-charter. The employment contract commenced immediately
following completion of the scrubber installation on the vessel and
extends for a period of 36 to 42 months. The daily hire of the T/C
is based on the 5 T/C routes of the BCI. In addition to the daily
hire, the Company is entitled to receive revenue under a
profit-sharing agreement which is triggered above a certain spread
between the price of High and Low Sulphur Fuel Oil throughout the
term of the charter. The charterer has compensated Seanergy for
100% of the scrubber investment, including equipment and
installation cost as well as for the associated off-hire days.
Public offering and Registered direct
offerings
Between April 1, 2020 and May 7, 2020, Seanergy
undertook a series of equity raisings beginning with an
underwritten public offering and followed by four registered direct
offerings of common shares and concurrent private placements of
warrants majority of which was exercised within the second quarter
of the year. The aggregate gross proceeds from the offerings and
the subsequent warrant exercises amounted to $51 million.
Capesize vessel acquisition with prompt
delivery
In May 2020, the Company agreed to acquire a
Japanese 2005-built Capesize vessel from an unaffiliated third
party, for a gross purchase price of $11.4 million. The vessel will
be renamed M/V Goodship and shall be delivered to the Company
within August. Following delivery of the new vessel, the size of
the Company’s fleet will increase to 11 Capesize vessels with an
aggregate cargo capacity of approximately 1,926,117 dwt. The
Company will fund the gross purchase price of $11.4 million with
cash on hand, as sourced through its equity capital raisings
activities discussed above.
Settlement agreement with a lender
resulting in a gain of $5.6 Million
In June 2020, Seanergy entered into a settlement
agreement with one of its lenders concerning the facility secured
by two of the Company’s Capesize vessels, M/V Gloriuship and M/V
Geniuship. Under the terms of the settlement agreement, the $29.1
million outstanding balance under the facility was settled for
$23.5 million in July 2020 and all securities pertaining to the
subject facility were irrevocably and unconditionally released. The
settlement amount of $23.5 million was funded by a senior loan
facility of $22.5 million concluded within July 2020 with nominees
of EnTrust Global as lenders and by cash on hand.
New EnTrust Loan Facility
In July 2020, the Company entered into a $22.5
million loan agreement with certain nominees of EnTrust Global as
lenders for the purpose of partly refinancing the settlement amount
of $23.5 million under the loan facility secured by the M/V
Gloriuship and M/V Geniuship entered into in September 2015. The
facility was fully drawn on July 16, 2020 and is secured by the M/V
Gloriuship and M/V Geniuship and cross-collateralized with an
existing loan facility entered into in June 2018 for the M/V
Lordship.
Regained Nasdaq minimum bid price
requirement compliance
In July 2020, the Nasdaq Stock Market confirmed
that the Company has regained compliance with Nasdaq Listing Rule
5550(a)(2), concerning the minimum bid price of the Company’s
common stock. The closing bid price of the Company’s common stock
has been greater than $1.00 for 10 consecutive business days, from
June 30, 2020 to July 14, 2020.
Listing of the Class D Warrants and Update on Number of
Shares Outstanding
As of August 5, 2020, the Company has 273,046
reserved shares under the 4,368,750 outstanding Class D warrants,
out of the 40,583,500 Class D warrants issued in the underwritten
public offering in April 2020. The Company has applied to list the
outstanding Class D warrants with Nasdaq Capital Market under the
ticker "SHIPL". As part of this listing application the Company has
undertaken, subject to obtaining the listing, to not further reduce
the exercise price of the Class D Warrants.
The private warrants issued in private
placements in the second quarter of 2020 have been fully
exercised.
As of August 5, 2020, the Company had 30,018,557
common shares issued and outstanding. Assuming the exercise of all
outstanding Class D warrants, the Company’s common shares
outstanding will be 30,291,603.
|
|
Seanergy Maritime Holdings Corp.Unaudited
Condensed Consolidated Balance Sheets(In thousands of U.S.
Dollars) |
|
|
|
June 30, 2020 |
|
December 31, 2019* |
ASSETS |
|
|
|
|
Cash and restricted cash |
|
30,403 |
|
14,554 |
Vessels and advances for vessels’ acquisitions, net |
|
252,848 |
|
253,781 |
Other assets |
|
12,665 |
|
14,216 |
TOTAL ASSETS |
|
295,916 |
|
282,551 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Bank debt and other financial liabilities |
|
175,557 |
|
183,066 |
Convertible notes |
|
17,068 |
|
14,608 |
Due to related parties |
|
23,311 |
|
24,237 |
Other liabilities |
|
21,957 |
|
30,782 |
Stockholders’ equity |
|
58,023 |
|
29,858 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
295,916 |
|
282,551 |
|
|
|
|
|
* 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, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenue, net |
|
9,042 |
|
|
18,758 |
|
|
22,381 |
|
|
34,771 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
(4,361 |
) |
|
(10,719 |
) |
|
(10,060 |
) |
|
(19,977 |
) |
Vessel operating expenses |
|
(4,677 |
) |
|
(4,593 |
) |
|
(9,742 |
) |
|
(9,015 |
) |
Management fees |
|
(251 |
) |
|
(247 |
) |
|
(503 |
) |
|
(494 |
) |
General and administrative expenses |
|
(1,786 |
) |
|
(1,488 |
) |
|
(3,145 |
) |
|
(3,174 |
) |
Depreciation and amortization |
|
(3,674 |
) |
|
(2,838 |
) |
|
(7,308 |
) |
|
(5,672 |
) |
Operating loss |
|
(5,707 |
) |
|
(1,127 |
) |
|
(8,377 |
) |
|
(3,561 |
) |
Other expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and finance costs, net |
|
(5,556 |
) |
|
(5,676 |
) |
|
(11,244 |
) |
|
(11,912 |
) |
Other, net |
|
(23 |
) |
|
(97 |
) |
|
(8 |
) |
|
(70 |
) |
Total other expenses, net: |
|
(5,579 |
) |
|
(5,773 |
) |
|
(11,252 |
) |
|
(11,982 |
) |
Net loss |
|
(11,286 |
) |
|
(6,900 |
) |
|
(19,629 |
) |
|
(15,543 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share, basic |
|
(0.65 |
) |
|
(15.62 |
) |
|
(2.05 |
) |
|
(50.92 |
) |
Weighted
average number of common shares outstanding, basic |
|
17,478,283 |
|
|
441,752 |
|
|
9,588,854 |
|
|
305,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is the only
pure-play Capesize ship-owner publicly listed in the US. Seanergy
provides marine dry bulk transportation services through a modern
fleet of Capesize vessels. Upon delivery of the latest acquisition
of the Company, Seanergy's operating fleet will consist of 11
Capesize vessels with an average age of 11.5 years and aggregate
cargo carrying capacity of approximately 1,926,117 dwt.
The Company is incorporated in the Marshall
Islands and has executive offices in Athens, Greece and an office
in Hong Kong. The Company's common shares trade on the Nasdaq
Capital Market under the symbol "SHIP", its Class A warrants under
"SHIPW" and its Class B warrants under “SHIPZ”.
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 ability
to continue as a going concern; the Company's operating or
financial results; the Company's liquidity, including its ability
to pay amounts that it owes and obtain additional financing in the
future to fund capital expenditures, acquisitions and other general
corporate activities; 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; 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:Capital Link, Inc.Judit Csepregi230 Park Avenue
Suite 1536New York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
_____________________________________________________________________
1 EBITDA and Time Charter Equivalent (“TCE”)
rate are non-GAAP measures. Please see the reconciliation below of
EBITDA to net loss and TCE rate to net revenues from vessels, in
each case the most directly comparable U.S. GAAP measure.
2 For vessels on index-linked T/Cs, the TCE assumed for the
remaining operating days is equal to the FFA rate for the
respective period, as of August 3, 2020.
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