Highlights of the Fourth Quarter of
2018:
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP), a
Capesize dry bulk shipping company, announced today its financial
results for the fourth quarter and twelve months ended December 31,
2018.
For the quarter ended December 31, 2018, the
Company generated net revenues of $27 million, an 11% increase
compared to the fourth quarter of 2017. Adjusted EBITDA for the
quarter was $6.3 million, a 19% decrease compared to EBITDA of
$7.8 million in the same period of 2017. Adjusted net loss for the
fourth quarter was $2.8 million compared to net loss of $0.1
million in the fourth quarter of 2017. The daily Time Charter
Equivalent (TCE)1 of the fleet for the fourth quarter of 2018 was
$15,312, compared to $15,378 in the fourth quarter of 2017. The
average daily OPEX of the fleet for the quarter was $5,557, up by
2% from $5,468 in the respective quarter of 2017.
For the twelve months ended December 31, 2018,
net revenues were $91.5 million, increased by 22% compared to the
same period of 2017. Adjusted EBITDA for the period was $22.9
million, a 63% increase compared to $14.1 million in 2017. Adjusted
net loss for the twelve months of 2018 was $13.8 million compared
to an adjusted net loss of $14.6 million for the same period of
2017. The daily TCE of the fleet for the twelve months of 2018
stood at $13,156, representing a 27% increase from $10,395 in 2017.
Average daily OPEX of the fleet for the period was $5,198,
representing a 4% increase from $4,985 in the respective period of
2017.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“During the fourth quarter of 2018, the Company
generated net revenues of $27 million, an increase of 11% from the
same quarter of 2017 and a marginal sequential improvement from the
$26.4 million recorded in third quarter 2018. Our average Capesize
TCE for the fourth quarter of 2018 was $17,250 per day exceeding by
approximately 9% the respective performance of the Baltic Exchange
Capesize Index (“BCI”) which averaged $15,876 in the same
period.
“During the full year of 2018, the earnings of
our fleet benefited from the stronger Capesize market of the second
half of the year. Namely, the daily TCE of our fleet increased by
27% compared to the previous year having a significant impact on
Adjusted EBITDA which increased by 63% year-over-year.
We also entered into innovative commercial
agreements for the installation of exhaust gas cleaning systems
(“scrubbers”) on five of our Capesizes that are expected to be
completed in Q3 and Q4 of this year. Upon completion, the vessels
will commence index-linked period employment with three leading
dry-bulk charterers ranging in duration between three and five
years. The total investment, to be covered by the charterers, is
expected to exceed $12.5 million, including equipment and
installation costs. We believe that this approach towards the new
regulations is the most prudent, since we avoid the installation
costs and other uncertainties of the fuel markets.
Moreover, we refinanced the M/V Championship
through a leasing agreement with Cargill International SA, which
released approximately $7.2 million of liquidity for the Company.
The vessel was chartered back to us on a bareboat basis and
subsequently entered into a five-year time charter with Cargill at
a rate which is linked to the average of the 5- T/C routes of the
BCI. As part of the transaction, the Company issued 1,800,000
common shares to Cargill.
Overall, in 2018 we successfully concluded the
debt refinancing of approximately $48 million with new loan
facilities or sale and leasebacks exceeding $70 million. As a
result, we reduced the average interest cost of the underlying
loans by 2.25% and extended the respective maturities by an average
of 4.5 years. Moreover, we further expanded our lending
relationships with prominent financial institutions in Asia and in
the U.S.
Finally, consistent with our strategy to focus
on the Capesize sector, which we believe to have the most positive
fundamentals in dry bulk shipping, we became the only pure-play
Capesize company listed in the US capital markets. This is a result
of the sale of our two Supramax vessels which was completed in
November 2018. The divestment from the Supramax asset class was
well-timed considering the subsequent decline in the fair market
value of these vessels and the decrease in their earnings. In
addition, we expanded our Capesize fleet by acquiring the
Korean-built Capesize M/V Fellowship.
“In the first quarter of 2019, our main focus
has been on preserving liquidity in order to address the temporary
market slowdown. In this context, we have concluded a $4.5 million
facility with a major European bank, which is an existing lender of
the Company. We intend to use the proceeds for general corporate
purposes including to partly pre-fund our scrubber capital
expenditure program for 2019. The CAPEX related to the scrubbers
including equipment acquisition, installation and any off hire,
will be reimbursed in full by the respective charterer following
the delivery of the vessels to the agreed period charters starting
in third quarter 2019. At the same time, we have reached
agreements with various lenders of the Company, subject to definite
documentation, for the deferral of $3.3 million in principal
payments within 2019 to the balloons of the respective
facilities.
“In the beginning of 2019 we have experienced a
sharp drop in the market that was driven primarily by the supply
disruption caused by the Brumadinho dam disaster in Brazil. The
main drivers of the market in 2019 are expected to be the Chinese
government policies and trade relations, the availability of
long-haul iron ore cargoes from Brazil, the disruptions caused by
the upcoming implementation of IMO 2020 regulations and fleet
growth prospects. It appears that the U.S. and China are moving
closer to a temporary agreement on trade, and we expect that the
situation in Brazil will normalize within the second quarter.
“We remain optimistic about the Capesize market
in 2019 and 2020, despite the recent temporary market slowdown. The
drastic reduction of new vessel deliveries in combination with the
fleet disruptions from the implementation of the new environmental
rules as well as the anticipated installation of scrubbers,
especially in bigger vessels such as Capesizes, are expected to
lead to a significant tonnage supply contraction and in turn, to
higher charter rates in the second half of 2019.”
Company Fleet:
Vessel Name |
Vessel Class |
Capacity(in dwt) |
Year Built |
Yard |
Employment |
Fellowship |
Capesize |
179,701 |
2010 |
Daewoo |
Spot |
Championship (1) |
Capesize |
179,238 |
2011 |
Sungdong |
T/C Index Linked (2) |
Partnership |
Capesize |
179,213 |
2012 |
Hyundai |
T/C Index Linked (3) |
Knightship (4) |
Capesize |
178,978 |
2010 |
Hyundai |
Spot |
Lordship |
Capesize |
178,838 |
2010 |
Hyundai |
T/C Index Linked (5) |
Gloriuship |
Capesize |
171,314 |
2004 |
Hyundai |
Spot |
Leadership |
Capesize |
171,199 |
2001 |
Koyo – Imabari |
Spot |
Geniuship |
Capesize |
170,058 |
2010 |
Sungdong |
Spot |
Premiership |
Capesize |
170,024 |
2010 |
Sungdong |
Spot |
Squireship |
Capesize |
170,018 |
2010 |
Sungdong |
Spot |
Total /
Average |
|
1,748,581 |
10.0 years |
|
|
(1) 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.
(2) Chartered by the major commodity
trading company that leased back the M/V Championship to the
Company. The daily charter hire is calculated at an index linked
rate based on the average of the 5 T/C routes of the BCI. In
addition, the time charter provides Seanergy with the option to
convert the index linked rate to a fixed rate for a period of
between three and 12 months, based on the prevailing Capesize
forward freight agreement rate for the selected period. The vessel
was delivered to the charterer on November 7, 2018 for a period of
employment of 60 months, with an additional period of 18 months at
charterer’s option.
(3) Chartered by a major European utility
and energy company and was delivered to the charterer on December
7, 2018 in direct continuation of the vessel's previous time
charter, for a period of about five months to about eight months.
The daily charter hire is calculated at an index linked rate based
on the average of the 5 T/C routes of the BCI. In addition, the
time charter provides the Company with the option to convert the
index linked rate to a fixed rate for a period of between three and
12 months, based on the prevailing Capesize forward freight
agreement rate for the selected period.
(4) Sold to and leased back on a bareboat
basis from a major Chinese leasing institution on June 29, 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.
(5) Chartered by a major European
charterer. The daily charter hire is calculated at an index linked
rate based on the average of the 5 T/C routes of the BCI. In
addition, the time charter provides Seanergy with the option to
convert the index linked rate to a fixed rate for a period of
between three and 12 months, based on the prevailing Capesize
forward freight agreement rate for the selected period. The vessel
was delivered to the charterer on June 28, 2017 for a period of
about 18 months to about 22 months.
Fleet Data:
|
Q4 2018 |
|
Q4 2017 |
|
FY 2018 |
|
FY 2017 |
|
Ownership days (1) |
|
928 |
|
|
1,012 |
|
|
3,931 |
|
|
3,864 |
|
Available days (2) |
|
924 |
|
|
1,012 |
|
|
3,918 |
|
|
3,851 |
|
Operating days (3) |
|
914 |
|
|
1,003 |
|
|
3,902 |
|
|
3,837 |
|
Fleet utilization (4) |
|
98.5 |
% |
|
99.1 |
% |
|
99.3 |
% |
|
99.3 |
% |
TCE rate (5) |
$15,312 |
|
$15,378 |
|
$13,156 |
|
$10,395 |
|
Daily Vessel Operating Expenses (6) |
$5,557 |
|
$5,468 |
|
$5,198 |
|
$4,985 |
|
(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 the vessels
are off-hire due to drydockings, special and intermediate surveys,
or days when the vessels are in lay-up. The shipping industry uses
available days to measure the number of ownership days in a period
during which the vessels should be capable of generating revenues.
During the three months ended December 31, 2018 and 2017, the
Company incurred four and zero off-hire days for vessel dry
dockings, respectively. During the twelve months ended December 31,
2018 and 2017, the Company incurred 13 and 13 off-hire days for
vessel drydockings, respectively.
(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. The
shipping industry uses operating days to measure the aggregate
number of days in a period during which vessels actually could
generate revenues. During the three months ended December 31, 2018
and 2017, the Company incurred 10 and nine off-hire days due to
unforeseen circumstances, respectively. During the twelve months
ended December 30, 2018 and 2017, the Company incurred 16 and 14
off-hire days due to unforeseen circumstances, respectively.
(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) Time Charter Equivalent (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)
|
Q4 2018 |
Q4 2017 |
FY 2018 |
FY 2017 |
Net revenues from
vessels |
26,
991 |
24,289 |
91,520 |
74,834 |
Less: Voyage
expenses |
12,
996 |
8,865 |
40,184 |
34,949 |
Net operating
revenues |
13,995 |
15,424 |
51,336 |
39,885 |
Operating days |
914 |
1,003 |
3,902 |
3,837 |
TCE rate |
15,312 |
15,378 |
13,156 |
10,395 |
(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 2018 |
Q4 2017 |
FY 2018 |
FY 2017 |
Vessel operating
expenses |
5,466 |
5,549 |
20,742 |
19,598 |
Less: Pre-delivery
expenses |
309 |
15 |
309 |
337 |
Vessel operating
expenses before pre-delivery expenses |
5,157 |
5,534 |
20,433 |
19,261 |
Ownership days |
928 |
1,012 |
3,931 |
3,864 |
Daily Vessel Operating
Expenses |
5,557 |
5,468 |
5,198 |
4,985 |
Net Loss to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q4 2018 |
|
Q4 2017 |
|
FY 2018 |
|
FY 2017 |
|
Net loss |
(3,186 |
) |
(116 |
) |
(21,058 |
) |
(3,235 |
) |
Add: Net interest and finance cost |
6,353 |
|
4,921 |
|
25,213 |
|
17,352 |
|
Add: Taxes |
27 |
|
(22 |
) |
16 |
|
- |
|
Add: Depreciation and amortization |
2,721 |
|
3,004 |
|
11,510 |
|
11,388 |
|
EBITDA |
5,915 |
|
7,787 |
|
15,681 |
|
25,505 |
|
Add: Impairment loss |
389 |
|
- |
|
7,267 |
|
- |
|
Less: Gain on Debt Refinancing |
- |
|
- |
|
- |
|
11,392 |
|
Adjusted EBITDA |
6,304 |
|
7,787 |
|
22,948 |
|
14,113 |
|
Earnings Before Interest, Taxes, Depreciation
and Amortization ("EBITDA") represents the sum of net (loss),
interest and finance costs, interest income, depreciation and
amortization and, if any, income taxes during a period. EBITDA
adjusted EBITDA and adjusted Net Loss are not recognized
measurements under U.S. GAAP. Adjusted EBITDA represents EBITDA
adjusted to exclude the gain on debt refinancing and impairment
charges, which the Company believes are not indicative of the
ongoing performance of its core operations. Adjusted Net Loss
represents Net Loss adjusted to exclude the gain on debt
refinancing and impairment losses charges.
EBITDA, adjusted EBITDA and adjusted Net Loss
are presented as we believe that these measures are useful to
investors as a widely used means of evaluating operating
profitability. EBITDA, adjusted EBITDA and adjusted Net Loss as
presented here may not be comparable to similarly titled measures
presented by other companies. These 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.
Net Loss to Adjusted Net Loss
Reconciliation:
(In thousands of U.S. Dollars)
|
Q4 2018 |
|
Q4 2017 |
|
FY 2018 |
|
FY 2017 |
|
Net loss |
(3,186 |
) |
(116 |
) |
(21,058 |
) |
(3,235 |
) |
Add: Impairment loss |
389 |
|
- |
|
7,267 |
|
- |
|
Less: Gain on debt refinancing |
- |
|
- |
|
- |
|
11,392 |
|
Adjusted loss |
(2,797 |
) |
(116 |
) |
(13,791 |
) |
(14,627 |
) |
Fourth Quarter and Recent Developments:
New Loan Facility
The Company has successfully concluded a $4.5
million top-up tranche on an existing loan facility with a major
European bank, to be used for general corporate purposes including
to partly pre-fund the installation cost of scrubbers on two of the
Company’s vessels. The top-up tranche will bear the same interest
as the existing loan. In addition, the lender has agreed to extend
the maturity date of the original facility by 6 months to coincide
with that of the top-up tranche. Following delivery of the two
vessels under agreed long-term time charters which is expected
during the second half of 2019, the charterers have agreed to
reimburse the Company for the total costs incurred for the
installation.
Scrubber Installations
Within the fourth quarter of 2018 and the first
quarter of 2019, the first installments towards the previously
announced commercial agreements for the equipment and installation
costs of scrubbers were paid for three and two vessels,
respectively. The underlying amounts were fully covered by the
vessels’ respective charterers and the new top-up facility.
Following these payments, construction of all scrubber systems to
be installed onboard five of our vessels has commenced. At the same
time, we have progressed with the preparatory work, engineering and
3D scanning on all five vessels. Installations will commence from
April 2019 onwards and are expected to be finalized by October
2019.
Jelco Loan Amendments
In January 2019, the Company and Jelco Delta
Holding Corp. (“Jelco”), an entity affiliated with our major
shareholder, entered into a supplemental letter with regards to the
April 10, 2018 loan facility in order to extend the final repayment
date from January 31, 2019 to April 1, 2019. As of the date of this
press release, the amount outstanding under the facility is $2.0
million.
In February 2019, the Company amended and
restated the October 4, 2016 loan facility with Jelco in order to
(i) extend the final repayment date from January 28, 2019 to June
30, 2020 and (ii) record additional second priority securities over
the M/V Partnership. As of the date of this press release, the
amount outstanding under the facility is $5.9 million.
In February 2019, the Company entered into a
supplemental agreement to the May 24, 2017 loan facility with Jelco
in order to (i) extend the final repayment date from May 24, 2019
to December 30, 2020 and (ii) record additional second priority
securities over the M/V Partnership. As of the date of this press
release, the amount outstanding under the facility is $11.45
million.
Overall, the Company deferred and extended
$17.35 million of payments to Jelco.
Jelco Convertible Note
Amendment
In February 2019, the Company amended the
September 27, 2017 convertible note issued to Jelco, in order
to (i) extend the maturity date from 27 September, 2021 to December
31, 2022, (ii) amend the repayment schedule for the aggregate
outstanding principal amount to be payable in a bullet instalment
on the maturity date, (iii) provide the Company with an option for
early prepayment in shares of the Company’s common stock and (iv)
record new second priority securities over the M/V
Partnership. As of the date of this press release, the amount
outstanding under the note is $13.75 million.
Reverse Stock Split
The Company announced today that the Company’s
Board of Directors (the “Board”) has determined to effect a
1-for-15 reverse split of the Company’s common stock. At the annual
meeting of the shareholders of the Company held on September 27,
2017, the Company’s shareholders approved the reverse stock split
by a ratio of not less than 1-for-2 and not more than 1-for-15 and
granted the Board the authority to determine the exact split ratio
and proceed with the reverse stock split. The Board approved the
reverse stock split on February 26, 2019.
The reverse stock split will be effective, and
the common stock will begin trading on a split-adjusted basis on
the NASDAQ Capital Market at the opening of trading on March 20,
2019. When the reverse stock split becomes effective, every fifteen
shares of the Company’s issued and outstanding common stock will be
automatically combined into one issued and outstanding share of
common stock without any change in the par value per share or the
total number of authorized shares. This will reduce the number of
outstanding shares of the Company’s common stock from 42,153,348
shares to approximately 2,810,223 shares. The exercise price
of the Company’s outstanding class A warrants will adjust
accordingly.
No fractional shares will be issued in
connection with the reverse stock split. Shareholders who would
otherwise hold a fractional share of the Company’s common stock
will receive a cash payment in lieu of such fractional share.
Shareholders with shares held in book-entry form
or through a bank, broker, or other nominee are not required to
take any action and will see the impact of the reverse stock split
reflected in their accounts on or after March 20, 2019. Such
beneficial holders may contact their bank, broker, or nominee for
more information. Shareholders with shares held in
certificated form will receive instructions from the exchange
agent, Continental Stock Transfer & Trust Company, as to how to
exchange existing share certificates for new certificates
representing the post-reverse split shares.
Additional information about the reverse stock
split can be found in the Company’s proxy statement furnished to
the Securities and Exchange Commission on August 18, 2017, a copy
of which is available at www.sec.gov.
Conference Call
As previously announced, today, Tuesday, March
19, 2019 at 9:00 a.m. Eastern Time, the Company’s management will
host a conference call to present the financial results.
Conference Call Details
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: 1
(877) 553-9962 (US Toll Free Dial In), 0(808) 238- 0669 (UK Toll
Free Dial In) or +44 (0) 2071 928592 (Standard International Dial
In). Please quote “Seanergy” to the operator.A telephonic replay of
the conference call will be available until March 26, 2019, by
dialing 1(866) 331-1332 (US Toll Free Dial In), 0(808) 238-0667 (UK
Toll Free Dial In) or +44 (0) 3333 009785 (Standard International
Dial In). Access Code: 2094507#.Audio Webcast
There will also be a simultaneous live webcast
over the Internet, through the Seanergy website
(www.seanergymaritime.com). Participants to the live webcast should
register on the website approximately 10 minutes prior to the start
of the webcast.
Seanergy Maritime Holdings
Corp.Unaudited Condensed Consolidated Balance Sheets(In
thousands of U.S. Dollars)
|
|
December 31,2018 |
|
|
December 31,2017* |
|
ASSETS |
|
|
|
|
|
|
Cash and
restricted cash |
|
7,444 |
|
|
11,039 |
|
Vessels |
|
243,214 |
|
|
254,730 |
|
Other
assets |
|
17,222 |
|
|
9,936 |
|
TOTAL
ASSETS |
|
267,880 |
|
|
275,705 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Bank debt
and other financial liabilities |
|
196,698 |
|
|
195,021 |
|
Convertible notes |
|
11,124 |
|
|
6,785 |
|
Due to
related parties |
|
19,349 |
|
|
17,342 |
|
Other
liabilities |
|
19,406 |
|
|
15,244 |
|
Stockholders’ equity |
|
21,303 |
|
|
41,313 |
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
267,880 |
|
|
275,705 |
|
*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, |
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
|
2017 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Vessel
revenue, net |
|
26,991 |
|
24,289 |
|
91,520 |
|
|
74,834 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Voyage
expenses |
|
(12,996 |
) |
(8,865 |
) |
(40,184 |
) |
|
(34,949 |
) |
|
Vessel
operating expenses |
|
(5,466 |
) |
(5,549 |
) |
(20,742 |
) |
|
(19,598 |
) |
|
Management fees |
|
(250 |
) |
(264 |
) |
(1,042 |
) |
|
(1,016 |
) |
|
General
and administrative expenses |
|
(1,953 |
) |
(1,783 |
) |
(6,500 |
) |
|
(5,081 |
) |
|
Depreciation and amortization |
|
(2,721 |
) |
(3,004 |
) |
(11,510 |
) |
|
(11,388 |
) |
|
Impairment loss |
|
(389 |
) |
- |
|
(7,267 |
) |
|
- |
|
|
Operating
income |
|
3, 216 |
|
4,824 |
|
4, 275 |
|
|
2,802 |
|
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Interest
and finance costs |
|
(6,427 |
) |
(4,959 |
) |
(25,296 |
) |
|
(17,399 |
) |
|
Gain on
debt refinancing |
|
- |
|
- |
|
- |
|
|
11,392 |
|
|
Other,
net |
|
25 |
|
19 |
|
(37 |
) |
|
(30 |
) |
|
Total other
expenses, net: |
|
(6,402 |
) |
(4,940 |
) |
(25,333 |
) |
|
(6,037 |
) |
|
Net
loss |
|
(3,186 |
) |
(116 |
) |
(21,058 |
) |
|
(3,235 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
common share, basic |
|
(0.08 |
) |
0.00 |
|
(0.56 |
) |
|
(0.09 |
) |
|
Weighted
average number of common shares outstanding, basic |
|
39,456,294 |
|
36,601,746 |
|
37,606,454 |
|
|
35,845,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 10 Capesize vessels, with a cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of about 10
years.
The Company is incorporated in the Marshall
Islands with 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" and class A warrants under
"SHIPW".
Please visit our company website at:
www.seanergymaritime.com
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks and are based upon
a number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the Company's operating
or financial results; the Company's liquidity, including its
ability to service its indebtedness; competitive factors in the
market in which the Company operates; shipping industry trends,
including charter rates, vessel values and factors affecting vessel
supply and demand; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or
contraction, and expected capital spending or operating expenses;
risks associated with operations outside the United States; 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, adjusted EBITDA, adjusted net loss and Time Charter
Equivalent (“TCE”) rate are non-GAAP measures. Please see the
reconciliation below of Net Loss/Income to EBITDA and Adjusted
EBITDA, Net Loss to Adjusted Net Loss and Net revenues from vessels
to TCE rate, in each case the most directly comparable U.S. GAAP
measure.
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