Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”)
(NASDAQ: SHIP) announced today its financial results for the fourth
quarter and twelve months ended December 31, 2020.
For the quarter ended December 31, 2020, the
Company generated net revenues of $21.3 million, representing a
23.3% decrease compared to the corresponding quarter of 2019. The
time charter equivalent rate (“TCE”)1 earned during the fourth
quarter of 2020 was $16,511, decreased by 28% from $22,935 in the
fourth quarter of 2019, which is mainly attributable to the
decrease of the Baltic Capesize Index (“BCI”) in the corresponding
quarters. The Company recorded a net loss of $2.3 million compared
to net income of $3.1 million in the same quarter of 2019, which
includes one-off cash and non-cash charges amounting to $1.6
million associated with the financial restructuring of the
Company.
For the twelve-month period ended December 31,
2020, net revenues amounted to $63.3 million, a 27% decrease
compared to $86.5 million in the same period in 2019. The TCE
earned during 2020 was $11,950, representing a 19% decrease when
compared to a TCE of $14,694 in 2019 which compares favorably with
the year-on-year percentage decrease in the 5-time charter (“T/C”)
route average of the BCI of 27.5%. The average daily vessel
operating expenses (“OPEX”) of the fleet for the twelve-month
period of 2020 was $5,709, marking a 10% increase when compared
with the respective figure for 2019 of $5,172.
Cash and cash-equivalents, restricted cash and
term deposits, as of December 31, 2020 stood at $23.7 million,
compared to $14.6 million as of December 31, 2019. Shareholders’
equity at the end of the fourth quarter of 2020 was $95.7 million,
compared to $29.9 million at the end of the fourth quarter of
2019.
First Quarter 2021 TCE
Guidance:
As of the date hereof, approximately 98% of our
fleet operating days in the first quarter of 2021 have been fixed
at a TCE of approximately $16,0002, or 89% higher compared to the
$8,481 TCE recorded in the first quarter of 2020.
____________________1 Earnings Before Interest,
Taxes, Depreciation and Amortization ("EBITDA") and Time Charter
Equivalent rate (“TCE”) are non-GAAP measures. Please see the
reconciliation below of EBITDA to Net Income/ (Loss) and TCE 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. 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:
“We are very pleased that Seanergy has
successfully turned the corner of a very challenging year in 2020
and has emerged as a stronger enterprise for the years to come.
From a historical perspective, our results for the fourth quarter
of 2020 were affected by a short-lived softening of the market, as
well as by one-off cash and non-cash charges associated with our
successful financial restructuring.
Overall, 2020 was marked by the severe
consequences of the outbreak of the COVID-19 pandemic. The
resulting volatility in day-rates reflected οn the earnings of our
fleet, especially in the first half of the year. Our average TCE
for Q4 was $16,511 per day, largely in line with the respective
performance of the BCI which averaged $16,944 per day in the same
period. However, due to the weakness of the first half, our daily
TCE for 2020 stood at $11,950, decreasing by 19% compared to the
previous year. This had a proportional effect on our EBITDA which
decreased by 17% year-over-year, from $23.8 million for 2019 to
$19.9 million for 2020.
During this highly challenging market
environment, we took decisive steps to successfully execute on our
strategic plan to position Seanergy for the long-term. We have
grown our fleet with well-timed acquisitions of high-quality
vessels, while seizing the opportunity to overhaul our balance
sheet, providing the Company with a solid financial footing going
forward.
In light of the volatile market conditions, we
took swift actions to strengthen our liquidity. These actions
facilitated the successful restructuring of $179 million of our
debt, including our junior loans and convertible notes. As part of
this restructuring, loan maturities due in 2020 were extended by
two to four years at improved terms, providing Seanergy with a
clean runway and financial flexibility. In addition, the
refinancing of two of our vessels at a discount, in combination
with our accelerated debt repayments, have resulted in an
impressive $37.6 million year-over-year reduction in our overall
debt.
Furthermore, within the third quarter of 2020
and while market conditions were improving, we took delivery of the
M/V Goodship, a 2005-built Japanese unit, which we agreed to
acquire earlier in the year at what has proven to be a historically
low price. We also completed a sixth scrubber installation on the
M/V Knightship in cooperation with Glencore, the charterer of the
vessel, who compensated the Company for 100% of the scrubber
investment.
Moving into 2021, the Capesize market has taken
a strong upward turn, which we expect to be sustainable in the next
years. The BCI has averaged in excess of $16,000 per day
year-to-date, in a trend that is defying the seasonality patterns
of the last 7 years, indicating potentially strong forward
momentum. We believe the outlook for the next two years is very
strong, supported by solid demand driven by a considerable growth
in infrastructure projects in the post-COVID era. Vessel supply
fundamentals are also very favorable with the lowest vessel
orderbook of the last 17 years, as amplified by the catalytic
effect of the upcoming environmental regulations.
Supported by the strong performance of the
Capesize market, in the first quarter of 2021 so far, we
successfully implemented our strategic plan to grow our fleet’s
carrying capacity by 28%, while drastically deleveraging our
balance sheet. In the beginning of the year, we regained compliance
with Nasdaq’s minimum bid price requirement organically, without
reverting to a reverse stock split. Subsequently, we completed a
$75.0 million common equity offering priced at-the-market under
Nasdaq rules, with strong institutional demand and in a solid
valuation environment. The proceeds facilitated $33.6 million in
additional debt repayments as well as the acquisition of three
high-quality Japanese-built vessels.
These newly acquired vessels, M/Vs Tradership,
Flagship and Patriotship, are expected to be delivered to us within
the second quarter of the year, in what we expect to be a further
improved market environment, increasing our fleet to 14 units.
Moreover, we have committed two additional vessels in long term
index-linked time-charters with leading miners and dry bulk
operators, commencing in the second quarter of the year, ensuring
that our fleet will timely capitalize on the improving market
conditions.
Relating to the implementation of our ESG
agenda, we are one of the first publicly listed companies to
complete the evaluation of our fleet for compliance with the
upcoming Energy Efficiency Existing Ship Index (“EEXI”) regulation
for greenhouse gas emissions. We were pleased with the outcome of
the evaluation which revealed no significant impact on, or expenses
for, our fleet to comply with such regulations. On the same front,
we joined the “Neptune Declaration on Seafarer Wellbeing and Crew
Change,” a maritime industry initiative focusing on, among other
things, facilitating crew changes during the pandemic and ongoing
port restrictions. This matter has been brought out as the most
important social aspect of the pandemic in our industry.
Concluding, over the last 15 months, we have
managed to successfully navigate Seanergy through the challenging
operating environment of 2020, implementing a number of strategic
initiatives with positive transformational effect on our Company.
We strengthened our equity base, reduced our debt and enhanced our
liquidity while at the same time achieved greater scale and
broadened our revenue generating capacity with the acquisition of
high-quality vessels. Seanergy is today in what we believe to be an
optimal financial position allowing the Company to better
capitalize on improving market conditions with the goal of creating
substantial value for our investors.”
Company Fleet:
Vessel Name |
Vessel SizeClass |
Capacity(DWT) |
Year Built |
Yard |
ScrubberFitted |
Employment Type |
MinimumT/Cduration |
Partnership |
Capesize |
179,213 |
2012 |
Hyundai |
Yes |
T/C Index Linked (1) |
3 years |
Championship |
Capesize |
179,238 |
2011 |
Sungdong |
Yes |
T/C Index Linked (2) |
5 years |
Lordship |
Capesize |
178,838 |
2010 |
Hyundai |
Yes |
T/C Index Linked (3) |
3 years |
Premiership |
Capesize |
170,024 |
2010 |
Sungdong |
Yes |
T/C Index Linked (4) |
3 years |
Squireship |
Capesize |
170,018 |
2010 |
Sungdong |
Yes |
T/C Index Linked (5) |
3 years |
Knightship |
Capesize |
178,978 |
2010 |
Hyundai |
Yes |
T/C Index Linked (6) |
3 years |
Gloriuship |
Capesize |
171,314 |
2004 |
Hyundai |
No |
T/C Index Linked (7) |
13 months |
Fellowship |
Capesize |
179,701 |
2010 |
Daewoo |
No |
T/C Index Linked (8) |
1 year |
Geniuship |
Capesize |
170,058 |
2010 |
Sungdong |
No |
T/C Index Linked (9) |
10 months |
Leadership |
Capesize |
171,199 |
2001 |
Koyo – Imabari |
No |
Voyage/Spot |
|
Goodship |
Capesize |
177,536 |
2005 |
Mitsui Engineering |
No |
Voyage/Spot |
|
Tradership (10) |
Capesize |
176,925 |
2006 |
Japanese Shipyard |
No |
N/A |
|
Flagship (11) |
Capesize |
176,387 |
2013 |
Japanese Shipyard |
No |
N/A |
|
Patriotship (12) |
Capesize |
181,709 |
2010 |
Japanese Shipyard |
Yes |
N/A |
|
(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 about 11
to maximum 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) |
|
Chartered by Cargill. The vessel was delivered to the charterer on
November 7, 2018 for a period of employment of 60 months, with an
additional period of about 24 to about 27 months at the charterer’s
option. The daily charter hire is based on the BCI plus a net daily
scrubber premium of $1,740. In addition, the time charter provides
the option to convert the index linked rate to a fixed rate for a
period of between 3 and 12 months based on the Capesize FFA for the
selected period. |
|
|
|
(3) |
|
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. |
|
|
|
(4) |
|
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 minimum 11 to maximum 13 months. The
daily charter hire is based on the BCI plus a net daily scrubber
premium of $2,055. |
|
|
|
(5) |
|
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 minimum 11 to maximum 13 months. The
daily charter hire is based on the BCI plus a net daily scrubber
premium of $2,055. |
|
|
|
(6) |
|
Chartered by Glencore and delivered to the charterer on May 15,
2020 for a period of about 36 to about 42 months with two optional
periods of minimum 11 to maximum 13 months. The daily charter hire
is based on the BCI. |
|
|
|
(7) |
|
Chartered by Pacbulk Shipping and delivered to the charterer on
April 23, 2020 initially for a period of about 10 to about 14
months. Upon expiration of the current T/C period, in June 2021,
the vessel will commence the second extension period up to minimum
January 1, 2022 to maximum April 30, 2022. The daily charter hire
is based on the BCI. In addition, the Company has the option to
convert to a fixed rate, based on the prevailing Capesize FFA for
the selected period. |
|
|
|
(8) |
|
Chartered by Anglo American, a leading global mining company, and
expected to be delivered to the charterer on towards the beginning
of June 2021 for a period of minimum 12 to maximum 15 months from
the delivery date. 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 minimum three and maximum 12 months, based on the
prevailing Capesize FFA for the selected period. |
|
|
|
(9) |
|
Chartered by Pacbulk Shipping and expected to be delivered to the
charterer towards the end of March 2021 for a period of about 10 to
about 14 months from the delivery date. The daily charter hire is
based on the BCI. In addition, the Company has the option to
convert to a fixed rate based on the prevailing Capesize FFA for
the selected period. |
|
|
|
(10) |
|
Expected delivery in June 2021. |
|
|
|
(11) |
|
Expected delivery in April 2021. |
|
|
|
(12) |
|
Expected delivery in May 2021. |
|
|
|
Fleet Data:
(U.S. Dollars in thousands)
|
Q4 2020 |
|
Q4 2019 |
|
FY 2020 |
|
FY 2019 |
|
Ownership days (1) |
1,012 |
|
920 |
|
3,807 |
|
3,650 |
|
Available days (2) |
1,012 |
|
838 |
|
3,755 |
|
3,417 |
|
Operating days (3) |
1,010 |
|
835 |
|
3,747 |
|
3,393 |
|
Fleet utilization (4) |
99.8% |
|
90.8% |
|
98.4% |
|
93.0% |
|
TCE (5) |
$16,511 |
|
$22,935 |
|
$11,950 |
|
$14,694 |
|
Daily Vessel Operating Expenses (6) |
$6,087 |
|
$5,584 |
|
$5,709 |
|
$5,172 |
|
(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
under sale and lease back transactions. |
|
|
|
(2) |
|
Available days are the number of ownership days less the aggregate
number of days that the vessels are off-hire due to dry-dockings,
special and intermediate surveys, or lay-up days. |
|
|
|
(3) |
|
Operating days are the number of available days in a period less
the aggregate number of days that the vessels are off-hire due to
unforeseen circumstances. Operating days includes the days that our
vessels are in ballast voyages without having finalized agreements
for their next employment. |
|
|
|
(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 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, 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 may not be
comparable to that reported by other companies. The following table
reconciles the Company’s net revenues from vessels to the TCE. |
|
|
|
|
|
|
(In thousands of U.S. Dollars, except
operating days and TCE)
|
Q4 2020 |
|
Q4 2019 |
|
FY 2020 |
|
FY 2019 |
Net revenues from vessels |
21,313 |
|
27,769 |
|
63,345 |
|
86,499 |
Less: Voyage expenses |
4,637 |
|
8,618 |
|
18,567 |
|
36,641 |
Net operating revenues |
16,676 |
|
19,151 |
|
44,778 |
|
49,858 |
Operating days |
1,010 |
|
835 |
|
3,747 |
|
3,393 |
TCE |
16,511 |
|
22,935 |
|
11,950 |
|
14,694 |
(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)
|
Q4 2020 |
Q4 2019 |
FY 2020 |
FY 2019 |
Vessel operating expenses |
6,206 |
5,137 |
22,347 |
18,980 |
Less: Pre-delivery
expenses |
46 |
- |
611 |
104 |
Vessel operating expenses
before pre-delivery expenses |
6,160 |
5,137 |
21,736 |
18,876 |
Ownership days |
1,012 |
920 |
3,807 |
3,650 |
Daily Vessel Operating
Expenses |
6,087 |
5,584 |
5,709 |
5,172 |
|
|
|
|
|
Net Income / (Loss) to EBITDA
Reconciliation:(In thousands of U.S. Dollars)
|
Q4 2020 |
|
Q4 2019 |
|
FY 2020 |
|
FY 2019 |
|
Net (loss) / income |
(2,319 |
) |
3,098 |
|
(18,356 |
) |
(11,698 |
) |
Add: Net interest and finance cost |
6,677 |
|
5,623 |
|
23,217 |
|
23,632 |
|
Add: Depreciation and amortization |
3,897 |
|
3,199 |
|
15,040 |
|
11,860 |
|
Add: Taxes |
- |
|
22 |
|
- |
|
54 |
|
EBITDA |
8,255 |
|
11,942 |
|
19,901 |
|
23,848 |
|
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 the Company believes that
these measures are 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. 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.
Interest and Finance Costs to Cash Interest and Finance
Costs Reconciliation:
(In thousands of U.S. Dollars)
|
Q4 2020 |
|
Q4 2019 |
|
FY 2020 |
|
FY 2019 |
|
Interest and finance costs, net |
(6,677 |
) |
(5,623 |
) |
(23,217 |
) |
(23,632 |
) |
Add: Amortization of deferred finance charges |
219 |
|
104 |
|
757 |
|
978 |
|
Add: Amortization of convertible note beneficial conversion
feature |
1,645 |
|
1,021 |
|
5,518 |
|
3,713 |
|
Add: Amortization of other deferred charges |
120 |
|
1,455 |
|
550 |
|
3,907 |
|
Add: Cash interest waived - related party |
- |
|
- |
|
- |
|
1,164 |
|
Add: Fair value of units – related party(one-off expenses relating
to the financial restructuring) |
596 |
|
- |
|
596 |
|
- |
|
Cash interest and finance costs |
(4,097 |
) |
(3,043 |
) |
(15,796 |
) |
(13,870 |
) |
Add: Restructuring expenses |
1,012 |
|
- |
|
1,012 |
|
- |
|
Cash interest and finance costs, net of restructuring
expenses |
(3,085 |
) |
(3,043 |
) |
(14,784 |
) |
(13,870 |
) |
Fourth Quarter and Recent Developments:
Compliance with Nasdaq Minimum Bid Price
Requirement
On February 11, 2021, 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.
$179 million Financial
Restructuring
Jelco Loans and Notes Extensions &
Amendments
On December 30, 2020, the Company entered into
definitive documentation with Jelco Delta Holding Corp. (“Jelco”),
the Company’s sole junior creditor, concerning $27.2 million of
maturities falling due in 2020 and the settlement of accrued and
unpaid interest through December 31, 2020. Pursuant to this
agreement, $6.5 million of principal indebtedness under one of the
Jelco loans was repaid on December 31, 2020, while all other
maturities were extended to December 2024. In connection with the
restructuring, the Company agreed to certain mandatory prepayment
obligations, pursuant to which $12.0 million of principal under the
Jelco loans was prepaid in the first quarter of 2021. In addition,
Jelco has agreed to the reduction of the applicable interest rate
across all Jelco loans and notes to a fixed rate of 5.5%.
Seanergy and Jelco agreed to the settlement of
all accrued and unpaid interest through December 31, 2020 and other
fees payable to Jelco in an aggregate amount of approximately $5.6
million, through a private placement of units consisting of one
common share (or one pre-funded warrant in lieu of one common
share) and one warrant to purchase one common share. These
securities were issued on January 8, 2021.
UniCredit Bank AG Extension and
Amendments
On February 8, 2021, the Company entered into a
supplemental agreement to the facility with UniCredit Bank AG
secured by two of its vessels, the M/V Fellowship and the M/V
Premiership. Pursuant to the supplemental agreement, (i) the
maturity date of the facility was extended from December 29, 2020
to December 29, 2022, (ii) the quarterly installments were reduced
from $1.55 million to $1.2 million, effective as of the
December 2020 installment, (iii) the applicable margin was
increased from 3.2% to 3.5% with effect from December 29, 2020
until the maturity of the facility and (iv) various financial
covenants and value maintenance provisions were cancelled. The
supplemental agreement became effective on February 9, 2021.
Amsterdam Trade Bank
Amendments
On February 12, 2021, the Company entered into a
supplemental agreement to the facility with Amsterdam Trade Bank
N.V. secured by one of its vessels, the M/V Partnership. Pursuant
to the supplemental agreement, the value maintenance provisions and
certain financial covenants were amended. The supplemental
agreement became effective on February 16, 2021.
Fleet Compliance Evaluation for the
Upcoming Greenhouse Gas Regulation
On February 9, 2021, the Company announced the
completion of the evaluation of the EEXI of its vessels in
preparation for the upcoming Greenhouse Gas Emissions regulations.
In cooperation with one of the leading classification societies,
DNV, Seanergy completed the evaluation of the EEXI for its fleet,
pursuant to the outcome of which it expects that its existing fleet
will remain compliant with applicable greenhouse gas emissions
regulatory requirements until 2030 with no material cost for the
Company.
Registered Direct Offering
On February 19, 2021, the Company completed a
registered direct offering of 44,150,000 of its common shares to
certain unaffiliated institutional investors for aggregate gross
proceeds of approximately $75.0 million. The equity offering was
priced at $1.70 per share.
Capesize Vessel
Acquisitions
In February 2021, the Company entered into an
agreement to acquire a 2006 Japanese-built Capesize vessel from an
unaffiliated third party. The vessel will be renamed M/V Tradership
and is expected to be delivered to the Company in the second
quarter of 2021.
In March 2021, the Company entered into
agreements with unaffiliated third parties to purchase two
additional Capesize vessels. The first vessel was built in 2013 at
a reputable shipyard in Japan, has a cargo-carrying capacity of
approximately 176,000 deadweight tons (“dwt”) and shall be renamed
M/V Flagship. The vessel is expected to be delivered to the Company
by the end of April 2021, subject to the satisfaction of certain
customary closing conditions.
The second vessel was built in 2010 at a
reputable shipyard in Japan, has a cargo-carrying capacity of
approximately 182,000 dwt and shall be renamed M/V Patriotship. The
vessel is expected to be delivered to the Company by the end of May
2021, subject to the satisfaction of certain customary closing
conditions.
The special survey and ballast water treatment
system installation for all three vessels were completed recently
by the current owners and therefore the Company does not anticipate
incurring significant capital expenditure for these vessels at
least for the next two years. Moreover, M/V Patriotship is fitted
with an exhaust gas cleaning system, or scrubber.
The aggregate purchase price for the three
vessels is approximately $72 million and is expected to be funded
with cash on hand or by a combination of cash on hand and proceeds
from new loan facilities. The Company is in discussions with
leading financial institutions to finance part of the acquisition
cost at competitive financing terms, however, there can be no
assurance that the Company will enter into any such financing
arrangements. Following their delivery, the size of the Company’s
fleet will increase to 14 Capesize vessels with an aggregate cargo
capacity of approximately 2.5 million dwt.
Full Prepayment of a Senior Credit
Facility and Two Junior Loan Facilities
On March 5, 2021, the Company fully prepaid the
credit facility with Entrust Global secured by a first priority
mortgage on the M/V Lordship. The outstanding balance of the
facility was $21.6 million, the initial earliest maturity date was
in June 2023, and the average applicable coupon was approximately
10%. The prepayment amount was funded with cash on hand. Following
the prepayment and assuming no refinancing of the M/V Lordship, the
interest savings for the Company are expected to be $1.3 million
for the remaining of 2021 and $1.8 million on average per year for
2022-23. Additionally, annual repayments will be reduced by
approximately $2.5 million on average.
In February 2021, a total of $12.0 million
prepayment has been applied against the full repayment of two
junior/unsecured loans and a partial repayment of a third junior
unsecured loan, pursuant to the mandatory prepayment terms of those
facilities following the closing of the $75 million registered
direct offering and several Class E warrant exercises. The
applicable interest rate of these loans was 5.5%, resulting in
expected annual interest savings of approximately $660,000.
Update on Number of Shares Issued and
Outstanding
As of March 23, 2021, the Company has
155,104,455 common shares issued and outstanding.
|
Seanergy Maritime Holdings Corp.Unaudited
Condensed Consolidated Balance Sheets(In thousands of U.S.
Dollars) |
|
|
|
December 31,2020 |
|
|
December 31,2019* |
ASSETS |
|
|
|
|
|
Cash and cash equivalents, restricted cash and term deposits |
|
23,651 |
|
|
14,554 |
Vessels, net |
|
256,737 |
|
|
253,781 |
Other assets |
|
14,857 |
|
|
14,216 |
TOTAL
ASSETS |
|
295,245 |
|
|
282,551 |
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Long-term debt and other financial liabilities |
|
169,762 |
|
|
207,303 |
Convertible notes |
|
14,516 |
|
|
14,608 |
Other liabilities |
|
15,273 |
|
|
30,782 |
Stockholders’ equity |
|
95,694 |
|
|
29,858 |
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
295,245 |
|
|
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 endedDecember 31, |
|
Twelve months endedDecember 31, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
|
2019* |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
22,182 |
|
28,758 |
|
65,682 |
|
|
89,523 |
|
Commissions |
|
(869 |
) |
(989 |
) |
(2,337 |
) |
|
(3,024 |
) |
Vessel revenue,
net |
|
21,313 |
|
27,769 |
|
63,345 |
|
|
86,499 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
(4,637 |
) |
(8,618 |
) |
(18,567 |
) |
|
(36,641 |
) |
Vessel operating expenses |
|
(6,206 |
) |
(5,137 |
) |
(22,347 |
) |
|
(18,980 |
) |
Management fees |
|
(279 |
) |
(247 |
) |
(1,052 |
) |
|
(989 |
) |
General and administrative expenses |
|
(1,925 |
) |
(1,798 |
) |
(6,607 |
) |
|
(5,989 |
) |
Depreciation and amortization |
|
(3,897 |
) |
(3,199 |
) |
(15,040 |
) |
|
(11,860 |
) |
Operating income /
(loss) |
|
4,369 |
|
8,770 |
|
(268 |
) |
|
12,040 |
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
|
Interest and finance costs, net |
|
(6,677 |
) |
(5,623 |
) |
(23,217 |
) |
|
(23,632 |
) |
Gain on debt refinancing |
|
(6 |
) |
- |
|
5,144 |
|
|
- |
|
Other, net |
|
(5 |
) |
(49 |
) |
(15 |
) |
|
(106 |
) |
Total other expenses,
net: |
|
(6,688 |
) |
(5,672 |
) |
(18,088 |
) |
|
(23,738 |
) |
Net (loss) /
income |
|
(2,319 |
) |
3,098 |
|
(18,356 |
) |
|
(11,698 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) / income
per common share, basic |
|
(0.03 |
) |
1.85 |
|
(0.55 |
) |
|
(12.21 |
) |
Weighted average
number of common shares outstanding, basic |
|
67,904,450 |
|
1,674,709 |
|
33,436,278 |
|
|
958,297 |
|
* Derived from the audited consolidated
financial statements as of the period as of that date
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 new vessels, the
Company's operating fleet will consist of 14 Capesize vessels with
an average age of 12 years and aggregate cargo carrying capacity of
approximately 2,461,138 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", 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 operating
or financial results; the Company's ability to continue as a going
concern; 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; 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, 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. Daniela Guerrero230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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