Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”)
(NASDAQ: SHIP), announced today its financial results for the third
quarter and nine months ended September 30, 2022. The Company also
declared a quarterly dividend of $0.025 per share for the third
quarter of 2022.
For the quarter ended September 30, 2022, the
Company generated Net Revenues of $34.0 million, compared to $48.2
million in the third quarter of 2021. Adjusted EBITDA for the
quarter was $19.0 million, compared to $32.2 million in the same
period of 2021. Net Income and Adjusted Net Income for the quarter
were $7.1 million and $7.6 million, respectively, compared to Net
Income of $20.1 million and Adjusted Net Income of $22.8 million in
the third quarter of 2021. The daily Time Charter Equivalent
(“TCE”2 ) of the fleet for the third quarter of 2022 was $20,614,
compared to $30,764 in the same period of 2021.
For the nine-month period ended September 30,
2022, Net Revenues were $96.5 million, compared to $96.4 million in
same period of 2021. Adjusted EBITDA for the first nine months of
2022 was $53.1 million, compared to $51.4 million in the same
period of 2021. The daily TCE of the fleet for the first nine
months of 2022 was $20,996, compared to $23,449 in the first nine
months of 2021. The average daily OPEX was $6,875, compared to
$5,806 of the respective period of 2021.
Cash, cash-equivalents and restricted cash, as
of September 30, 2022, stood at $25.6 million. Shareholders’ equity
at the end of the third quarter was $225.5 million. Long-term debt
(senior loans, convertible note and other financial liabilities)
net of deferred charges stood at $243.5 million, while the book
value of our fleet stood at $436.1 million.
________________________1 Adjusted EPS, Adjusted
Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures.
Please see the reconciliation below of Adjusted EPS, Adjusted Net
Income, EBITDA and Adjusted EBITDA to net income, the most directly
comparable U.S. GAAP measure.2 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:
“We are pleased to report another profitable
quarter for Seanergy, despite the challenging macroeconomic and
market conditions. Our Board of Directors has approved a cash
dividend of $0.025 per share, consistent with our dividend policy
and strategy of rewarding shareholders. Over the last four
quarters, total cash dividend distributions have been approximately
$22.5 million or $0.125 per share, which implies a 25% yield based
on our closing price on November 29, 2022. Together with the
successful execution of our two previous repurchase plans, we have
deployed approximately $49.2 million to securities buybacks and
cash dividends since Q4 2021.
“Regarding our financial performance in the
third quarter, we have achieved TCE Revenues of $32.1 million,
resulting in a daily TCE of $20,614. This represents a 51% premium
to the average Baltic Capesize Index (“BCI”) earnings during the
same period. For the first nine months of 2022 our daily TCE was
$20,996, comparing favorably to the average daily BCI of $16,580.
For Q1 2023, we also expect significant premium, compared to the
relevant quoted forward freight agreements (“FFAs”), as we analyze
further in this release. The decision to focus on acquiring premium
quality vessels in combination with our commercial strategy and
proactive freight hedging activities, have so far been able to
mitigate the effects of a slowing dry bulk market. Adjusted EBITDA
in the third quarter and nine months of 2022 amounted to $19.0
million and $53.1 million, respectively, while Net Income for the
quarter and nine-month period was approximately $7.1 million and
$16.7 million, respectively.
“Concerning our commercial developments, four of
our vessels secured new time charter (“T/C”) employment or extended
their existing agreements since our last update. The time charters
are index-linked and all of them were concluded at premiums over
the BCI. In addition, we managed to improve the scrubber profit
sharing scheme for the scrubber-fitted vessels that were due for
renewal. Within the next two quarters several of our
scrubber-fitted vessels will start earning a considerably higher
share of the scrubber premium, further strengthening our
operational revenues.
“On the ESG and energy efficiency front, during
the quarter we continued the installation of energy saving devices
on an additional vessel. Similar to the rest of our fleet, these
improvements will ensure the marketability of this vessel well into
the future by keeping pace with the high environmental demands of
first-class charterers. We have also continued the biofuel trials
with two major clients and are in process of evaluating similar
prospects with more of our close charterers.
“On the financing front, we continue our balance
sheet optimization initiatives, having concluded $108.3 million in
new financings and refinancing in 2022 to-date. In October, we
closed a $28.0 million loan facility with a major European lender
to refinance the $23.6 million indebtedness secured by two of our
vessels on improved pricing terms. Following this refinancing, we
have successfully addressed all remaining loan maturities for the
current year, while ensuring sufficient liquidity that will allow
us to mitigate a softer market environment and to evaluate
opportunities to expand and renew our fleet.
“With dry bulk fleet growth at the lowest levels
on record, we remain confident in the long-term prospects of the
market and are constantly evaluating our options with respect to
returning capital to shareholders and accretive vessel
acquisitions.”
Company
Fleet:
Vessel Name |
Capacity(DWT) |
YearBuilt |
Yard |
ScrubberFitted |
EmploymentType |
FFAconversionoption(1) |
MinimumT/Cexpiration |
MaximumT/Cexpiration(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 |
10/2023 |
01/2024 |
Cargill |
Championship |
179,238 |
2011 |
Sungdong SB |
Yes |
T/C Index Linked |
Yes |
11/2023 |
11/2023 |
Cargill |
Flagship |
176,387 |
2013 |
Mitsui |
- |
T/C Index Linked |
Yes |
05/2026 |
05/2026 |
Cargill |
Patriotship |
181,709 |
2010 |
Imabari |
Yes |
T/C Index Linked |
Yes |
11/2023 |
05/2024 |
Glencore |
Knightship |
178,978 |
2010 |
Hyundai |
Yes |
T/C Index Linked |
Yes |
05/2023 |
11/2023 |
Glencore |
Premiership |
170,024 |
2010 |
Sungdong SB |
Yes |
T/C Index Linked |
Yes |
11/2022 |
05/2023 |
Glencore |
Squireship |
170,018 |
2010 |
Sungdong SB |
Yes |
T/C Index Linked |
- |
12/2022 |
06/2023 |
Glencore |
Dukeship |
181,453 |
2010 |
Sasebo |
- |
T/C Index Linked |
Yes |
01/2023 |
06/2023 |
NYK |
Hellasship |
181,325 |
2012 |
Imabari |
- |
T/C Index Linked |
Yes |
12/2023 |
04/2024 |
NYK |
Honorship |
180,242 |
2010 |
Imabari |
- |
T/C Index Linked |
Yes |
02/2024 |
06/2024 |
NYK |
Geniuship |
170,057 |
2010 |
Sungdong SB |
- |
T/C Index Linked |
Yes |
01/2023 |
05/2023 |
NYK |
Friendship |
176,952 |
2009 |
Namura |
- |
T/C Index Linked |
Yes |
12/2023 |
03/2024 |
NYK |
Goodship |
177,536 |
2005 |
Mitsui |
- |
T/C Index Linked |
Yes |
06/2023 |
12/2023 |
Olam |
Tradership |
176,925 |
2006 |
Namura |
- |
T/C Index Linked |
Yes |
06/2023 |
10/2023 |
Oldendorff |
Partnership |
179,213 |
2012 |
Hyundai |
Yes |
T/C Index Linked |
Yes |
10/2022 |
11/2023 |
Uniper |
Lordship |
178,838 |
2010 |
Hyundai |
Yes |
T/C Index Linked |
Yes |
08/2023 |
10/2023 |
Uniper |
Total / Average age |
3,020,012 |
12.5 |
- |
- |
- |
- |
- |
- |
- |
(1) The Company has the option to convert
the index-linked rate to a fixed one for a period ranging between 1
and 12 months, based on the prevailing Capesize FFA Rate for the
selected period.
(2) The latest redelivery date does not
include any additional optional period.
Fleet Data:(U.S. Dollars in thousands)
|
Q3 2022 |
|
Q3 2021 |
|
9M 2022 |
|
9M 2021 |
|
Ownership days (1) |
1,569 |
|
1,477 |
|
4,650 |
|
3,632 |
|
Operating days (2) |
1,557 |
|
1,439 |
|
4,380 |
|
3,494 |
|
Fleet utilization (3) |
99.2% |
|
97.4% |
|
94.2% |
|
96.2% |
|
TCE rate (4) |
20,614 |
|
$30,764 |
|
20,996 |
|
$23,449 |
|
Daily Vessel Operating Expenses (5) |
7,593 |
|
$5,865 |
|
6,875 |
|
$5,806 |
|
(1) Ownership days are the total number of
calendar days in a period during which the vessels in a fleet have
been owned or chartered in. Ownership days are an indicator of the
size of the Company’s fleet over a period and affect both the
amount of revenues and the amount of expenses that the Company
recorded during a period.
(2) Operating days are the number of
available days in a period less the aggregate number of days that
the vessels are off-hire due to unforeseen circumstances. Operating
days includes the days that our vessels are in ballast voyages
without having finalized agreements for their next employment.
(3) Fleet utilization is the percentage of
time that the vessels are generating revenue and is determined by
dividing operating days by ownership days for the relevant
period.
(4) TCE rate is defined as the Company’s
net revenue less voyage expenses during a period divided by the
number of the Company’s operating days during the period. Voyage
expenses include port charges, bunker (fuel oil and diesel oil)
expenses, canal charges and other commissions. The Company includes
the TCE rate, a non-GAAP measure, as it believes it provides
additional meaningful information in conjunction with net revenues
from vessels, the most directly comparable U.S. GAAP measure, and
because it assists the Company’s management in making decisions
regarding the deployment and use of our vessels and because the
Company believes that it provides useful information to investors
regarding our financial performance. The Company’s calculation
of TCE rate may not be comparable to that reported by other
companies. The following table reconciles the Company’s net
revenues from vessels to the TCE rate.
(In thousands of U.S. Dollars, except operating days and TCE
rate)
|
Q3 2022 |
Q3 2021 |
9M 2022 |
9M 2021 |
|
Vessel revenue, net |
32,963 |
48,179 |
95,476 |
96,409 |
|
Less: Voyage expenses |
867 |
3,910 |
3,513 |
14,477 |
|
Time charter equivalent revenues |
32,096 |
44,269 |
91,963 |
81,932 |
|
Operating days |
1,557 |
1,439 |
4,380 |
3,494 |
|
TCE rate |
$20,614 |
$30,764 |
20,996 |
$23,449 |
|
(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)
|
Q3 2022 |
Q3 2021 |
9M 2022 |
9M 2021 |
|
Vessel operating expenses |
12,201 |
10,042 |
32,642 |
24,470 |
|
Less: Pre-delivery expenses |
287 |
1,379 |
671 |
3,381 |
|
Vessel operating expenses before
pre-delivery expenses |
11,914 |
8,663 |
31,971 |
21,089 |
|
Ownership days |
1,569 |
1,477 |
4,650 |
3,632 |
|
Daily Vessel Operating
Expenses |
$7,593 |
$5,865 |
$6,875 |
$5,806 |
|
Net Income to EBITDA and Adjusted EBITDA
Reconciliation:(In thousands of U.S. Dollars)
|
Q3 2022 |
Q3 2021 |
9M 2022 |
9M 2021 |
Net income |
7,140 |
20,064 |
16,746 |
20,704 |
Add: Net interest and finance cost |
3,933 |
4,560 |
9,946 |
12,867 |
Add: Depreciation and amortization |
7,497 |
5,490 |
20,796 |
13,827 |
Add: Taxes |
- |
- |
(28) |
- |
EBITDA |
18,570 |
30,114 |
47,460 |
47,398 |
Add: Stock based compensation |
2,920 |
2,773 |
6,762 |
4,704 |
Add: Loss on extinguishment of debt |
- |
- |
1,285 |
- |
Add: Loss on forward freight agreements, net |
335 |
- |
407 |
- |
Less: Gain on sale of vessel |
- |
716 |
- |
716 |
Less: Gain on spin-off |
2,800 |
- |
2,800 |
- |
Adjusted EBITDA |
19,025 |
32,171 |
53,114 |
51,386 |
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 spin-off and 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 Net Income Per Share(In thousands of U.S.
Dollars, except for share and per share data)
|
Q3 2022 |
Q3 2021 |
9M 2022 |
9M 2021 |
Net income |
7,140 |
20,064 |
16,746 |
20,704 |
Add: Stock based compensation |
2,920 |
2,773 |
6,762 |
4,704 |
Add: Loss on extinguishment of debt |
- |
- |
1,285 |
- |
Add: Loss on forward freight agreements, net |
335 |
- |
407 |
- |
Less: Gain on spin-off |
2,800 |
- |
2,800 |
- |
Adjusted net income |
7,595 |
22,837 |
22,400 |
25,408 |
Adjusted net income per common share, basic |
0.04 |
0.14 |
0.13 |
0.17 |
Adjusted net income per common share, diluted |
0.04 |
0.11 |
0.13 |
0.14 |
Weighted average number of common shares outstanding, basic |
175,706,704 |
166,710,006 |
173,539,018 |
147,403,541 |
Weighted average number of common shares outstanding, diluted |
179,089,861 |
205,974,543 |
178,425,181 |
186,370,709 |
To derive Adjusted Net Income/(Loss) and
Adjusted Earnings/(Loss) Per Share from Net Income/(Loss), we
exclude non-cash items, as provided in the table above. We believe
that Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per
Share assist our management and investors by increasing the
comparability of our performance from period to period since each
such measure eliminates the effects of such non-cash items as
gain/(loss) on extinguishment of debt and other items which may
vary from year to year, for reasons unrelated to overall operating
performance. In addition, we believe that the presentation of the
respective measure provides investors with supplemental data
relating to our results of operations, and therefore, with a more
complete understanding of factors affecting our business than with
GAAP measures alone. Our method of computing Adjusted Net
Income/(Loss) and Adjusted Earnings/(Loss) Per Share may not
necessarily be comparable to other similarly titled captions of
other companies due to differences in methods of calculation.
Interest and Finance Costs to Cash
Interest and Finance Costs Reconciliation:(In thousands of
U.S. Dollars)
|
Q3 2022 |
Q3 2021 |
9M 2022 |
9M 2021 |
Interest and finance costs, net |
(3,933) |
(4,560) |
(9,946) |
(12,867) |
Add: Amortization of deferred finance charges and other
discounts |
641 |
816 |
1,916 |
2,692 |
Add: Amortization of convertible note beneficial conversion
feature |
- |
772 |
- |
2,010 |
Cash interest and finance costs |
(3,292) |
(2,972) |
(8,030) |
(8,165) |
Fourth Quarter 2022 TCE Guidance:
As of the date hereof, approximately 72% of the
Company fleet’s expected operating days in the fourth quarter of
2022 have been fixed at an estimated TCE of approximately $18,500.
Assuming that for the remaining operating days of our index-linked
T/Cs, the respective vessels’ TCE will be equal to the average
Forward Freight Agreement (“FFA”) rate of $11,500 per day (based on
the FFA curve of November 28, 2022), our estimated TCE for the
third quarter of 2022 will be approximately $16,3003. Our TCE
guidance for the fourth quarter of 2022 includes a conversion of
index-linked charter to fixed, which was concluded in Q2 2022 as
part of our freight hedging strategy. The following table provides
the break-down:
|
Operating Days |
TCE |
TCE - fixed rate (index-linked conversion) |
92 |
29,414 |
TCE - fixed rate |
49 |
29,183 |
TCE – index-linked unhedged |
1,403 |
14,989 |
Total / Average |
1,544 |
16,302 |
________________________3 This guidance is based on certain
assumptions and there can be no assurance that these TCE estimates,
or projected utilization will be realized. TCE estimates include
certain floating (index) to fixed rate conversions concluded in
previous periods. For vessels on index-linked T/Cs, the TCE
realized will vary with the underlying index, and for the purposes
of this guidance, the TCE assumed for the remaining operating days
of the quarter for an index-linked T/C is equal to the average FFA
rate of $11,500. Spot estimates are provided using the
load-to-discharge method of accounting. Over the duration of the
voyage (discharge-to-discharge) there is no difference in the total
revenues and costs to be recognized. The rates quoted are for days
currently contracted. Increased ballast days at the end of the
quarter will reduce the additional revenues that can be booked
based on the accounting cut-offs and therefore the resulting TCE
will be reduced accordingly.
Third Quarter and Recent Developments:
Dividend Distribution for Q2 2022 and
Declaration of Q3 2022 Dividend
On October 11, 2022, the Company paid the
previously announced quarterly dividend of $0.025 per share, for
the second quarter of 2022.
Continuing its quarterly dividend payments, the
Company also declared a cash dividend of $0.025 per share for the
third quarter of 2022 payable on or about January 30, 2023 to the
shareholders of record as of December 28, 2022.
Redemption of the United Maritime Corporation (“United
Maritime”) 6.5% Series C Cumulative Convertible Perpetual Preferred
Shares
On October 17, 2022, the Company received $0.17
million from United Maritime relating to dividend accrued under the
Series C preferred shares from their original issuance date to the
date thereof.
On November 28, 2022, the outstanding 10,000
Series C preferred shares of United Maritime held by the Company
were redeemed by the issuer at a price equal to 105% of the
original issue price for a total cash inflow of $10.6 million,
including all accrued and unpaid dividends up to the redemption
date.
Announcement of the tender offer for the purchase of the
Class E Common Share Purchase Warrants
On November 29, 2022, the Company announced that
it will commence a tender offer to purchase all of its outstanding
Class E warrants to purchase one common share, at a purchase price
of $0.20 per warrant, with a maximum purchase value of $1.7
million. The offer will expire at 05:00 P.M. Eastern Time on
January 10, 2023, unless extended.
Update on Stock Purchases by the
CEO
In the third quarter to date, the Company’s
Chairman and Chief Executive Officer, Mr. Stamatis Tsantanis, has
purchased 49,500 of Seanergy’s common shares.
Commercial Updates
M/V Patriotship
In November 2022, the Company entered into a
time charter agreement with Glencore for the M/V Patriotship. The
T/C commenced on November 19, 2022 and will have a term of about 12
to about 18 months. The gross daily rate of the T/C is based at a
premium over the BCI and at a scrubber profit sharing scheme. In
addition, the T/C provides the option to the owner to convert this
charter party to a fixed rate based on the prevailing BCI FFA
rate.
M/V Worldship
In September 2022, the charterer of the M/V
Worldship agreed to exercise the optional period extending the T/C
for about 12 to about 15 months at a rate based at a premium over
the BCI and at a scrubber profit sharing scheme. In addition, the
T/C provides the option to the owner to convert this charter party
to a fixed rate based on prevailing BCI FFA rate.
M/V Lordship
In August 2022, the charterer of the M/V
Lordship agreed to exercise the optional period extending the T/C
for about 11 to about 13 months which includes an improved scrubber
profit sharing scheme for Seanergy. The rest of the T/C terms
remained the same.
M/V Goodship
In September 2022, the charterer of the M/V
Goodship agreed to exercise the optional period extending the T/C
to minimum June 30, 2023 to maximum December 31, 2023.
Financing Updates
Danish Ship Finance A/SOn
October 10, 2022, the Company entered into a $28.0 million loan
facility to refinance the previous facility of $23.6 million
secured by the M/Vs Premiership and Fellowship. The facility has a
term of five years, while the interest rate is 2.5% plus SOFR per
annum and will amortize through quarterly instalments averaging
approximately $1.2 million with a $4.1 million balloon payment at
maturity.
Conference
Call:
The Company’s management will host a conference
call to discuss financial results on Thursday, December 1, 2022 at
9:00 a.m. Eastern Time.
Slides and Audio
Webcast:
There will be a live, and then archived, webcast
of the conference call and accompanying slides available through
the Company’s website. To listen to the archived audio file, visit
our website, following Webcast & Presentations. Participants to
the live webcast should register on the website approximately 10
minutes prior to the start of the webcast, following this link.
Conference Call
Details:
Participants have the option to register for the
call using the following link. You can use any number from the list
or add your phone number and let the system call you right
away.
Seanergy Maritime Holdings
Corp.Unaudited Condensed Consolidated Balance Sheets(In
thousands of U.S. Dollars)
|
|
September 30,2022 |
|
|
December 31,2021* |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents,
restricted cash and term deposits |
|
25,567 |
|
|
47,126 |
|
Vessels, net |
|
436,105 |
|
|
426,062 |
|
Other assets |
|
27,576 |
|
|
14,023 |
|
TOTAL
ASSETS |
|
489,248 |
|
|
487,211 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Long-term debt and other
financial liabilities |
|
233,006 |
|
|
215,174 |
|
Convertible notes |
|
10,533 |
|
|
7,573 |
|
Other liabilities |
|
20,256 |
|
|
19,988 |
|
Stockholders’ equity4 |
|
225,453 |
|
|
244,476 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
489,248 |
|
|
487,211 |
|
* Derived from the audited consolidated financial statements as
of the period as of that date
________________________4 On
January 1, 2022, we adopted ASU 2020-06, eliminating the beneficial
conversion feature model in ASC 470-20. The adoption of ASU 2020-06
resulted in an increase of the Convertible notes, a reduction of
the Accumulated deficit and a reduction of Additional paid-in
capital.
Seanergy Maritime Holdings
Corp.Unaudited Condensed Consolidated Statements of
Operations (In thousands of U.S. Dollars, except for share and per
share data, unless otherwise stated)
|
|
Three months endedSeptember 30, |
|
Nine months endedSeptember 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Vessel revenue, net |
|
32,963 |
|
48,179 |
|
95,476 |
|
96,409 |
|
Fees from related parties |
|
1,017 |
|
- |
|
1,017 |
|
- |
|
Revenue,
net |
|
33,980 |
|
48,179 |
|
96,493 |
|
96,409 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
(867 |
) |
(3,910 |
) |
(3,513 |
) |
(14,477 |
) |
Vessel operating expenses |
|
(12,201 |
) |
(10,042 |
) |
(32,642 |
) |
(24,470 |
) |
Management fees |
|
(324 |
) |
(400 |
) |
(1,077 |
) |
(1,029 |
) |
General and administrative expenses |
|
(4,524 |
) |
(4,419 |
) |
(13,044 |
) |
(9,715 |
) |
Depreciation and amortization |
|
(7,497 |
) |
(5,490 |
) |
(20,796 |
) |
(13,827 |
) |
Loss on forward freight agreements, net |
|
(335 |
) |
- |
|
(407 |
) |
- |
|
Gain on sale of vessel |
|
- |
|
716 |
|
- |
|
716 |
|
Operating
income |
|
8,232 |
|
24,634 |
|
25,014 |
|
33,607 |
|
Other income /
(expenses): |
|
|
|
|
|
|
|
|
|
Interest and finance costs, net1 |
|
(3,933 |
) |
(4,560 |
) |
(9,946 |
) |
(12,867 |
) |
Loss on extinguishment of debt |
|
- |
|
- |
|
(1,285 |
) |
- |
|
Gain on spin-off |
|
2,800 |
|
- |
|
2,800 |
|
- |
|
Other, net |
|
41 |
|
(10 |
) |
163 |
|
(36 |
) |
Total other expenses,
net: |
|
(1,092 |
) |
(4,570 |
) |
(8,268 |
) |
(12,903 |
) |
Net
income |
|
7,140 |
|
20,064 |
|
16,746 |
|
20,704 |
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share, basic |
|
0.04 |
|
0.12 |
|
0.10 |
|
0.14 |
|
Net income per common
share, diluted |
|
0.04 |
|
0.10 |
|
0.09 |
|
0.13 |
|
Weighted average number of common shares outstanding, basic |
|
175,706,704 |
|
166,710,006 |
|
173,539,018 |
|
147,403,541 |
|
Weighted average number of common shares outstanding, diluted |
|
179,089,861 |
|
205,974,543 |
|
178,425,181 |
|
186,370,709 |
|
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)
|
|
Nine months endedSeptember 30, |
|
|
|
2022 |
|
2021 |
|
Net cash provided by operating activities |
|
29,040 |
|
42,665 |
|
|
|
|
|
|
|
Vessels acquisitions and improvements |
|
(38,565 |
) |
(161,041 |
) |
Investments |
|
(10,139 |
) |
- |
|
Term deposits |
|
1,500 |
|
600 |
|
Other fixed assets, net |
|
(99 |
) |
(65 |
|
Net cash used in investing activities |
|
(47,303 |
) |
(160,506 |
) |
|
|
|
|
|
|
Proceeds from long-term debt and other financial liabilities |
|
80,300 |
|
148,470 |
|
Repayments of long-term debt and other financial liabilities |
|
(57,769 |
) |
(110,452 |
) |
Repayments of convertible notes |
|
(10,000 |
) |
- |
|
Payments of financing and stock issuance costs |
|
(1,022 |
) |
(2,178 |
) |
Dividends paid |
|
(13,376 |
) |
- |
|
Proceeds from issuance of common stock and warrants, net of
underwriters fees and commissions |
|
70 |
|
98,232 |
|
Net cash (used in) / provided by financing
activities |
|
(1,797 |
) |
134,072 |
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
|
|
Cash paid during the period for interest |
|
8,283 |
|
8,064 |
|
|
|
|
|
|
|
Noncash investing activities |
|
|
|
|
|
Vessels acquisitions and improvements |
|
2,765 |
|
- |
|
|
|
|
|
|
|
Noncash financing activities |
|
|
|
|
|
Dividends declared but not paid |
|
4,548 |
|
- |
|
Units issued for repayment of subordinated long term-debt |
|
- |
|
3,000 |
|
Repayment of subordinated long term-debt by issuance of units |
|
- |
|
(3,000 |
) |
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is the only
pure-play Capesize ship-owner publicly listed in the U.S. Seanergy
provides marine dry bulk transportation services through a modern
fleet of Capesize vessels. The Company’s operating fleet consists
of 17 Capesize vessels with an average age of approximately 12.5
years and an aggregate cargo carrying capacity of approximately
3,020,012 dwt.
The Company is incorporated in the Marshall
Islands and has executive offices in Glyfada, Greece. The Company's
common shares trade on the Nasdaq Capital Market under the symbol
“SHIP”.
Please visit our company website at:
www.seanergymaritime.com.
Certain Information Regarding the Tender
Offer
The information in this press release describing
the Company’s proposed tender offer is for informational purposes
only and does not constitute an offer to buy or the solicitation of
an offer to sell Seanergy’s securities in the tender offer. The
tender offer will be made only pursuant to the Offer to Purchase
and the related materials that Seanergy will distribute to its
warrantholders, as they may be amended or supplemented.
Warrantholders should read such Offer to Purchase and related
materials carefully and in their entirety because they contain
important information, including the various terms and conditions
of the tender offer. Warrantholders of Seanergy may obtain a free
copy of the Tender Offer Statement on Schedule TO, the Offer to
Purchase and other documents that Seanergy will file with the
Securities and Exchange Commission from the Securities and Exchange
Commission’s website at www.sec.gov. Warrantholders who would like
to obtain a copy of these documents, without charge, or who have
any questions, may direct their inquiries to Morrow Sodali LLC, the
information agent for the tender offer, toll free at 800-662-5200.
Warrantholders are urged to carefully read all of these materials
prior to making any decision with respect to the tender offer.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks and are based upon
a number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the Company's operating
or financial results; the Company's liquidity, including its
ability to service its indebtedness; competitive factors in the
market in which the Company operates; shipping industry trends,
including charter rates, vessel values and factors affecting vessel
supply and demand; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or
contraction, and expected capital spending or operating expenses;
risks associated with operations outside the United States; broader
market impacts arising from war (or threatened war) or
international hostilities, such as between Russia and Ukraine;
risks associated with the length and severity of the ongoing novel
coronavirus (COVID-19) outbreak, including its effects on demand
for dry bulk products and the transportation thereof; and other
factors listed from time to time in the Company's filings with the
SEC, including its most recent annual report on Form 20-F. The
Company's filings can be obtained free of charge on the SEC's
website at www.sec.gov. Except to the extent required by law, the
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact:
Seanergy Investor RelationsTel: +30 213 0181 522E-mail:
ir@seanergy.gr
Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
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