Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
(NASDAQ: SHIPW) announced today its operating results for the
second quarter and six months ended June 30, 2010.
Second Quarter 2010 Financial Highlights:
Net Revenues of $22.6 million
Adjusted EBITDA of $11.7 million
Operating Income of $4.0 million
Six Months 2010 Financial Highlights:
Net Revenues of $40.8 million
Adjusted EBITDA of $23.6 million
Operating Income of $9.2 million
Dale Ploughman, the Company's Chief Executive Officer, stated:
"The second quarter of 2010 was another milestone in the
development of our Company. Without, in our opinion, sacrificing
the strength of our balance sheet, we concluded another
transformational transaction with the acquisition of a controlling
interest in Maritime Capital Shipping Limited ('MCS'). We expanded
our controlled fleet to a total of 20 dry bulk vessels and
decreased its average age from 14.5 years to 12.8 years. In
addition, we enhanced our fleet's operational versatility, as we
increased our presence in all dry bulk vessel classes. Furthermore,
as a result of the acquisition of MCS, our fleet now has a more
balanced charter portfolio which we believe will enable us to
benefit both from secured cash flows from period employment and
from the market upside with some of our vessels opening for
re-chartering. MCS EBITDA contribution to the Company in the second
quarter of 2010 was $4.6 million. The projected MCS EBITDA
contribution to the Company for the remainder of 2010 and 2011 is
estimated to be $22.2 million and $32.5 million.
"Our results during the second quarter of 2010 reflected the
volatile market environment. Our TCE rates were 67% lower compared
to the same period of last year and we incurred higher finance
costs resulting from our expanded fleet, as well as from losses
related to interest rate swap agreements. At the same time, we
achieved fleet utilization excluding scheduled drydocking off-hire
days of 99.5% for the second quarter of 2010.
"The Baltic Dry Index has shown signs of life after a historic
35 consecutive day drop which was the result of a combination of
new fleet deliveries and China importing less iron ore. We also
believe the slowdown was seasonal as less demand for coal and iron
ore is normal during the summer months. The upcoming harvest season
in the northern hemisphere coupled with Russia cancelling all grain
export is expected to help rates improve from current levels.
Additionally, as stock piles of iron ore decrease in China, we
expect demand for the commodity to increase, as the country
continues its pace of robust growth. Coal, the other major
commodity in the dry bulk sector, should also see its demand grow
as we enter winter months.
"In the short period of just two years as an operating company
we have more than tripled our controlled fleet from six to 20
vessels and quadrupled our cargo-carrying capacity. We will
continue to work to build Seanergy into a leading player in the
global shipping industry with what we feel are prudent, well-timed
and accretive acquisitions. As a first step, we expect to explore
ways to acquire the minority shares of MCS and BET, thereby
bringing the full impact of their revenue and profit generation
capacity to Seanergy. We believe Seanergy is one of the most
undervalued companies amongst our peers and we will continue to
make every effort to increase Seanergy's shareholder value."
Christina Anagnostara, the Company's Chief Financial Officer,
stated: "Our results for the second quarter 2010 correspond to a
daily TCE, or time charter equivalent rate, of $17,276.
"As of June 30, 2010 and following the MCS acquisition, our
total assets are $727.9 million and our total debt is $421.6
million. As of June 30, 2010 our cash reserves were $81.1 million,
reflecting $16.4 million in cash generated from operations. Our
significant cash position enables us to meet remaining debt
repayments and anticipated capital expenditures in 2010.
"The Company now operates a fleet of 20 vessels with secured
period employment of 93% for 2010, 59% for 2011, 27% for 2012 and
19% for 2013 providing us with significant cash flow
visibility.
"On June 2, 2010, we entered into an agreement with Marfin Bank
and extended the waiver on our market value to loan covenant from
January 1, 2011 through January 3, 2012, thereby enhancing our
financial and operational flexibility."
Second Quarter 2010 Financial Results
Net Revenues for the second quarter of 2010 slightly increased
to $22.6 million from $22.1 million in the same quarter in
2009.
The Company operated a fleet of 15.1 vessels on average during
the second quarter of 2010, earning a TCE rate of $17,276 as
compared to an average of 6 vessels and TCE rate of $52,292 during
the second quarter of 2009. For continuing operations the decreased
TCE results from lower market imposed time charter rates earned by
our vessels whose original charters expired during the third
quarter of 2009. MCS contributed $6.0 million into Seanergy's
revenue for the second quarter of 2010. MCS acquisition was
concluded at the end of May 2010; however it is consolidated as of
May 21, 2010 as the transaction was between two entities under
common control.
EBITDA was $10.2 million for the second quarter of 2010 as
compared to $16.3 million in the same quarter in 2009 due to lower
income received during the period, higher vessel operating expenses
due to increased owned fleet and loss on interest rate swap
agreements. Adjusted EBITDA which excludes losses on interest rate
swap agreements was $11.7 million for the second quarter of
2010.
Operating income amounted to $4.0 million for the three months
ended June 30, 2010, as compared to an Operating income of $8.6
million for the same quarter in 2009 due to higher operating
expenses from the addition of vessels to our fleet.
Net Loss was $1.5 million, or $0.03 per basic and diluted share
for the three months ended June 30, 2010, as compared to Net Income
of $7.2 million, or $0.32 per basic and $0.30 per diluted share,
for the same quarter in 2009, based on weighted average common
shares outstanding of 60,200,170 basic and diluted for 2010,
22,361,227, basic, and 24,621,227 diluted, for 2009.
The decrease in Net Income is primarily the result of a 67%
decrease in TCE to $17,276 per day for the three months ended June
30, 2010 compared to $52,292 per day in the prior period, as well
as a $1.7 million increase in interest expense from $1.5 million to
$3.2 million in the respective period and losses of $1.5 million
relating to interest rate swap agreements associated with the BET
and MCS debt facilities as compared to nil in the prior period.
Six Months 2010 Financial Results
Net Revenues for the first half of 2010 were $40.8 million
compared $48.3 million in the same period in 2009. For continuing
operations the decrease in revenues is mainly attributable to lower
TCE rates earned by our vessels as a result of lower market imposed
time charter rates whose original charters expired during the third
quarter of 2009 as compared to the same period in 2009. Seanergy's
revenues for the first half of the year incorporate MCS as of May
21, 2010.
The Company operated a fleet of 13 vessels on average during the
first half of 2010, earning a TCE rate of $17,729 as compared to an
average of 6 vessels and TCE rate of $51,982 during the same period
of 2009.
EBITDA was $20.9 million for the first half of 2010 as compared
to $37.6 million in the same period in 2009 due to lower income
received during the period and loss on interest rate swap
agreements. Adjusted EBITDA which excludes loss on interest rate
swap agreements was $23.6 million for the first half of 2010.
Operating Income amounted to $9.2 million for the six months
ended June 30, 2010, as compared to an Operating Income of $22.2
million for the same period in 2009.
Net Loss was $1.4 million, or $0.03 per basic and diluted share
for the period ended June 30, 2010, as compared to Net Income of
$19.3 million, or $0.86 per basic and $0.80 per diluted share, for
the same period in 2009, based on weighted average common shares
outstanding of 54,803,982 basic and diluted for 2010 and
22,361,227, and 24,621,227 basic and diluted for 2009
respectively.
The decrease in Net Income is primarily the result of a 66%
decrease in TCE to $17,729 per day for the six months ended June
30, 2010 compared to $51,982 per day in the prior period, as well
as a $2.3 million increase in interest expense from $3.1 million to
$5.4 million in the respective period and losses of $2.8 million
relating to interest rate swap agreements associated with the BET
and MCS debt facilities as compared to nil in the prior period.
Conference Call Details:
The Company's management team will host a conference call to
discuss the financial results today, Monday, August 9, 2010 at
10:00 A.M. EDT.
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1(866) 819-7111 (from
the US), 0(800) 953-0329 (from the UK) or + (44) (0) 1452 542 301
(from outside the US). Please quote "Seanergy."
A replay of the conference call will be available until August
16, 2010. The United States replay number is 1(866) 247-4222; from
the UK 0(800) 953-1533; the standard international replay number is
(+44) (0) 1452 550 000 and the access code required for the replay
is: 2094507#.
Slides and Audio Webcast:
There will also be a simultaneous live webcast over the
Internet, through the Company's website (www.seanergymaritime.com).
Participants desiring to view the live webcast should register on
the website approximately 10 minutes prior to the start of the
webcast.
Fleet Profile as of August 9, 2010
Charter
Vessel Capacity Year Expiry
Vessel Name Class (DWT) Built Charter Rate ($) (latest)
--------- --------- --------- ------------------ ----------
M/V Bremen Max Panamax 73,503 1993 15,500 Sept. 2010
--------- --------- --------- ------------------ ----------
M/V Hamburg Max Panamax 72,338 1994 15,500 Sept. 2010
--------- --------- --------- ------------------ ----------
M/V Davakis G. Supramax 54,051 2008 21,000 Jan. 2011
--------- --------- --------- ------------------ ----------
M/V Delos
Ranger Supramax 54,051 2008 20,000 Mar. 2011
--------- --------- --------- ------------------ ----------
M/V African
Zebra (1) Handymax 38,623 1985 7,500 Sep. 2011
--------- --------- --------- ------------------ ----------
M/V African
Oryx (1) Handysize 24,110 1997 7,000 Sep. 2011
--------- --------- --------- ------------------ ----------
M/V BET
Commander Capesize 149,507 1991 24,000 Dec. 2011
--------- --------- --------- ------------------ ----------
M/V BET Fighter Capesize 173,149 1992 25,000 Sep. 2011
--------- --------- --------- ------------------ ----------
M/V BET Prince Capesize 163,554 1995 25,000 Jan. 2012
--------- --------- --------- ------------------ ----------
M/V BET Scouter Capesize 171,175 1995 26,000 Oct. 2011
--------- --------- --------- ------------------ ----------
M/V BET
Intruder Panamax 69,235 1993 15,500 Sep. 2011
--------- --------- --------- ------------------ ----------
BHSI increased by
M/V Fiesta Handysize 29,519 1997 100.63% minus Opex Nov. 2013
--------- --------- --------- ------------------ ----------
M/V Pacific BHSI increased by
Fantasy Handysize 29,538 1996 100.63% minus Opex Jan. 2014
--------- --------- --------- ------------------ ----------
M/V Pacific BHSI increased by
Fighter Handysize 29,538 1998 100.63% minus Opex Nov. 2013
--------- --------- --------- ------------------ ----------
M/V Clipper BHSI increased by
Freeway Handysize 29,538 1998 100.63% minus Opex Feb. 2014
--------- --------- --------- ------------------ ----------
M/V African Joy Handysize 26,482 1996 13,250 Aug. 2010
--------- --------- --------- ------------------ ----------
M/V African
Glory Handysize 24,252 1998 14,500 Dec. 2010
--------- --------- --------- ------------------ ----------
M/V Asian Grace Handysize 20,412 1999 13,500 Oct. 2010
--------- --------- --------- ------------------ ----------
M/V Clipper
Glory Handysize 29,982 2007 25,000 Aug. 2012
--------- --------- --------- ------------------ ----------
M/V Clipper
Grace Handysize 29,987 2007 25,000 Aug. 2012
--------- --------- --------- ------------------ ----------
Total 1,292,544 12.8 yrs
--------- --------- --------- ------------------ ----------
(1) Represents gross floor charter rates excluding a 50%
adjusted profit share distributed equally between owners and
charterers calculated on the average spot Time Charter Routes
quoted on the Baltic Supramax Index for a period of 22 to 25
months.
Fleet Data:
Six Six Three Three
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
--------- --------- --------- ---------
Fleet Data
--------- --------- --------- ---------
Average number of vessels (1) 13.0 6.0 15.1 6.0
--------- --------- --------- ---------
Ownership days (2) 2,360 1,086 1,370 546
--------- --------- --------- ---------
Available days (3) 2,258 916 1,273 417
--------- --------- --------- ---------
Operating days (4) 2,247 909 1,266 411
--------- --------- --------- ---------
Fleet utilization (5) 95.2% 83.7% 92.4% 75.3%
--------- --------- --------- ---------
Fleet utilization excluding
drydocking off hire days (6) 99.5% 99.2% 99.5% 98.6%
--------- --------- --------- ---------
Average Daily Results
--------- --------- --------- ---------
TCE rate (7) 17,729 51,982 17,276 52,292
--------- --------- --------- ---------
Vessel operating expenses (8) 5,123 5,360 5,457 5,513
--------- --------- --------- ---------
Management fee (9) 521 568 457 577
--------- --------- --------- ---------
Total vessel operating
expenses (10) 5,644 5,928 5,914 6,090
--------- --------- --------- ---------
(1) Average number of vessels is the number of vessels that
constituted the Company's fleet for the relevant period, as
measured by the sum of the number of days each vessel was a part of
the Company's fleet during the relevant period divided by the
number of calendar days in the relevant period.
(2) Ownership days are the total number of days in a period
during which the vessels in a fleet have been owned. 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.
(3) Available days are the number of ownership days less the
aggregate number of days that vessels are off-hire due to major
repairs, dry dockings or special or intermediate surveys. The
shipping industry uses available days to measure the number of
ownership days in a period during which vessels should be capable
of generating revenues.
During the six months ended June 30, 2010, the Company incurred
102 off hire days for vessel scheduled drydocking.
During the three months ended June 30, 2010, the Company
incurred 97 off hire days for vessel scheduled drydocking.
(4) Operating days are the number of available days in a period
less the aggregate number of days that vessels are off-hire due to
any reason, including unforeseen circumstances. The shipping
industry uses operating days to measure the aggregate number of
days in a period during which vessels actually generate
revenues.
(5) Fleet utilization is the percentage of time that our vessels
were generating revenue, and is determined by dividing operating
days by ownership days for the relevant period.
(6) Fleet utilization excluding drydocking off hire days is
calculated by dividing the number of the fleet's operating days
during a period by the number of available days during that period.
The shipping industry uses fleet utilization excluding drydocking
off hire days to measure a Company's efficiency in finding suitable
employment for its vessels and excluding the amount of days that
its vessels are off-hire for reasons such as scheduled repairs,
vessel upgrades, or dry dockings or special or intermediate
surveys.
(7) TCE rates are defined as our net revenues less voyage
expenses during a period divided by the number of our operating
days during the period, which is consistent with industry
standards. Voyage expenses include port charges, bunker (fuel oil
and diesel oil) expenses, canal charges and other commissions.
(In thousands of US Dollars, except operating days and daily
time charter equivalent rate)
Six Months Ended Three Months Ended
June 30, June 30,
--------------------- ---------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
Net revenues from vessels 40,821 48,309 22,612 22,067
Voyage expenses 984 1,057 741 575
Net operating revenues 39,837 47,252 21,871 21,492
========== ========== ========== ==========
Operating days 2,247 909 1,266 411
Daily time charter equivalent
rate 17,729 51,982 17,276 52,292
(8) Average daily vessel operating expenses, which include crew
costs, provisions, deck and engine stores, lubricating oil,
insurance, maintenance and repairs, are calculated by dividing
vessel operating expenses by ownership days for the relevant time
periods:
(In thousands of US Dollars, except ownership days and daily
vessel operating expenses)
Six Months Ended Three Months Ended
June 30, June 30,
--------------------- ---------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
Operating expenses 12,090 5,821 7,476 3,010
Ownership days 2,360 1,086 1,370 546
Daily vessel operating expenses 5,123 5,360 5,457 5,513
(9) Daily management fees are calculated by dividing total
management fees by ownership days for the relevant time period.
(10) Total vessel operating expenses or TVOE is a measurement of
total expenses associated with operating the vessels. TVOE is the
sum of vessel operating expenses and management fees. Daily TVOE is
calculated by dividing TVOE by fleet ownership days for the
relevant time period.
Recent Developments:
Acquisition of 51% ownership interest in MCS
On May 28, 2010, after entering into a share purchase agreement
with Maritime Capital Shipping (Holdings) Limited ("Maritime
Capital"), the Company completed the final documentation for the
acquisition of a 51% ownership interest in MCS for a consideration
of $33.0 million. The consideration was paid to Maritime Capital
from the proceeds of the Company's recent equity offering completed
in February 2010 and from the Company's cash reserves. Maritime
Capital has retained a 49% ownership interest in MCS. As a result
of the acquisition, the size of the Company's fleet increased from
11 to 20 dry bulk vessels, consisting of four Capesize, three
Panamax, two Supramax, one Handymax and 10 Handysize dry bulk
carriers, with a combined cargo-carrying capacity of approximately
1,292,544 dwt and an average fleet age of 12.8 years.
Estimated Drydocking and Maintenance Schedule
The BET Scouter's scheduled drydocking, which commenced on March
26, 2010, was completed on May 17, 2010. The total cost of the BET
Scouter's drydocking amounted to $1.5 million. On May 14, 2010, the
BET Prince commenced its scheduled drydocking, which was completed
on June 28, 2010. The cost of the BET Prince's drydocking amounted
to $1.0 million.
Other Matters
On July 22, 2010 the Company announced the results of the annual
meeting of its shareholders held on Wednesday, July 21, 2010 at the
Company's executive offices. At the meeting the following proposals
were approved and adopted: 1) the re-election of Messrs. Elias
Culucundis, Dimitrios Panagiotopoulos, Dimitrios Anagnostopoulos
and George Taniskidis, as Class A Directors to serve until the 2013
Annual Meeting of Shareholders, 2) the amendment of the Company's
Amended and Restated Articles of Incorporation to increase the
number of authorized shares of common stock, par value $0.0001 per
share from 200,000,000 to 500,000,000 shares and 3) the appointment
of PricewaterhouseCoopers S.A. as the Company's Independent
Registered Public Accounting Firm for the Fiscal Year ending
December 31, 2010. Mr. George Koutsolioutsos, Chairman and member
of the Board of Directors, has resigned from his position as the
Chairman and Director. Following the annual meeting of its
shareholders, the Board of Directors thanked Mr. Koutsolioutsos for
his contribution to Seanergy and appointed Mr. Dale Ploughman, CEO
and Director, as the Chairman of the Board. Seanergy's Board now
consists of nine members.
On June 2, 2010, the Company executed an addendum no. 3 to the
Company's loan agreement with Marfin Bank and extended the waiver
on the Company's market value to loan covenant from January 1, 2011
through January 3, 2012. In connection with the addendum and
extension of the waiver, Marfin made certain changes to the loan
agreement including increasing the interest payable during the
waiver period from LIBOR plus 3.00% to LIBOR plus 3.50% in respect
of the term loan and from LIBOR plus 3.50% to LIBOR plus 4.00% in
respect of the revolving facility and accelerating the due dates of
certain of the Company's principal installments.
On May 20, 2010, the voting agreement expired between certain of
the Company's shareholders who are affiliated with members of the
Restis family and Seanergy Maritime's founding shareholders, (Mr.
Georgios Koutsolioutsos, the former Chairman of the Company's Board
of Directors, and Mr. Alexios Komninos and Mr. Ioannis
Tsigkounakis, two of the Company's former Directors). On May 20,
2010, Mr. Komninos resigned from his position as a member of the
Company's Board of Directors following the expiration of the voting
agreement and due to other professional engagements he has
undertaken.
Seanergy Maritime Holdings Corp.
Reconciliation of Net Income to Adjusted EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Three Three
Six Months Six Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
--------- ---------- --------- ----------
Net income / (loss)
attributable to Seanergy
Maritime Holdings (1,409) 19,283 (1,519) 7,167
--------- ---------- --------- ----------
Plus: Net income attributable
to the noncontrolling interest 2,740 0 951 0
--------- ---------- --------- ----------
Plus: Interest and finance
costs, net (including interest
income) 5,131 2,875 3,009 1,411
--------- ---------- --------- ----------
Plus: Income taxes 31 - 31 -
--------- ---------- --------- ----------
Plus: Depreciation and
amortization 14,384 15,439 7,719 7,767
--------- ---------- --------- ----------
EBITDA 20,877 37,597 10,191 16,345
--------- ---------- --------- ----------
Plus: Loss on interest rate
swaps 2,761 - 1,468 -
--------- ---------- --------- ----------
Adjusted EBITDA 23,638 37,597 11,659 16,345
--------- ---------- --------- ----------
Seanergy Maritime Holdings Corp.
Reconciliation of Net Cash Provided by Operating Activities to Adjusted
EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Six Six Three Three
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
--------- --------- --------- ---------
Net cash flow provided by
operating activities 16,389 34,500 9,039 14,284
--------- --------- --------- ---------
Changes in operating assets and
liabilities 468 (1,635) (1,464) (1,408)
--------- --------- --------- ---------
Fair value of contracts 160 - 80 -
--------- --------- --------- ---------
Change in fair value of
financial instruments (1,968) - (1,308) -
--------- --------- --------- ---------
Payments for dry-docking 920 2,245 920 2,231
--------- --------- --------- ---------
Amortization and write-off of
deferred charges (254) (388) (116) (173)
--------- --------- --------- ---------
Interest and finance costs, net
(includes interest income) 5,131 2,875 3,009 1,411
--------- --------- --------- ---------
Income taxes 31 - 31 -
--------- --------- --------- ---------
EBITDA 20,877 37,597 10,191 16,345
--------- --------- --------- ---------
Plus: Loss on interest rate
swaps 2,761 - 1,468 -
--------- --------- --------- ---------
Adjusted EBITDA 23,638 37,597 11,659 16,345
--------- --------- --------- ---------
EBITDA consists of earnings before interest and finance cost,
taxes, depreciation and amortization. Adjusted EBITDA consists of
earnings per share before interest and finance cost, taxes,
depreciation and amortization and gain or losses on interest rate
swaps. EBITDA and adjusted EBITDA is not a measurement of financial
performance under accounting principles generally accepted in the
United States of America, and does not represent cash flow from
operations. EBITDA and adjusted EBITDA are presented solely as
supplemental disclosures because management believes that they are
common measures of operating performance in the shipping
industry.
Seanergy Maritime Holdings Corp.
Condensed Consolidated Balance Sheets
June 30, 2010 (unaudited) and December 31, 2009
(In thousands of US Dollars, except for share and per share data,
unless otherwise stated)
June 30,
2010 December 31,
(unaudited) 2009
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents 70,898 63,607
Restricted cash 10,196 -
Accounts receivable trade, net 875 495
Due from related parties 2,045 265
Inventories 1,429 1,126
Prepaid insurance expenses 558 623
Prepaid expenses and other current assets -
related parties 66 58
Insurance claims 467 1,260
Other current assets 714 39
----------- -----------
Total current assets 87,248 67,473
----------- -----------
Fixed assets:
Vessels, net 613,776 444,820
Office equipment, net 39 20
----------- -----------
Total fixed assets 613,815 444,840
----------- -----------
Other assets
Goodwill 17,275 17,275
Deferred charges 9,343 8,684
Other non-current assets 180 180
----------- -----------
TOTAL ASSETS 727,861 538,452
=========== ===========
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt 48,585 33,206
Trade accounts and other payables 3,290 990
Due to underwriters - 19
Accrued expenses 3,879 1,719
Accrued interest 924 1,508
Financial instruments 6,288 3,556
Deferred revenue - related party 886 894
Deferred revenue 1,961 246
----------- -----------
Total current liabilities 65,813 42,138
----------- -----------
Long-term debt, net of current portion 372,997 267,360
Financial instruments, net of current portion 4,271 1,550
Below market acquired time charters 425 585
----------- -----------
Total liabilities 443,506 311,633
----------- -----------
Commitments and contingencies - -
EQUITY
Seanergy shareholder's equity
Preferred stock, $0.0001 par value; 1,000,000
shares authorized; none issued - -
Common stock, $0.0001 par value; 200,000,000
authorized shares as at June 30, 2010 and
December 31, 2009, respectively; 60,200,170
and 33,255,170 shares, issued and outstanding
as at June 30, 2010 and December 31, 2009,
respectively 6 3
Additional paid-in capital 239,701 213,232
Accumulated deficit (6,155) (4,746)
----------- -----------
Total Seanergy shareholders' equity 233,552 208,489
----------- -----------
Noncontrolling interest 50,803 18,330
----------- -----------
Total equity 284,355 226,819
----------- -----------
TOTAL LIABILITIES AND EQUITY 727,861 538,452
=========== ===========
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Income
For the three and six months ended June 30, 2010 and 2009
(In thousands of US Dollars, except for share and per share data,
unless otherwise stated)
Three months ended Six months ended
June 30, June 30,
---------------------- ----------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
Revenues:
Vessel revenue - related
party 10,950 22,633 24,068 49,548
Vessel revenue 12,414 - 18,138 -
Commissions - related
party (372) (566) (826) (1,239)
Commissions (380) - (559) -
---------- ---------- ---------- ----------
Vessel revenue, net 22,612 22,067 40,821 48,309
Expenses:
Direct voyage expenses (530) (292) (535) (438)
Vessel operating
expenses (7,476) (3,010) (12,090) (5,821)
Voyage expenses - related
party (211) (283) (449) (619)
Management fees (58) - (58) -
Management fees - related
party (568) (315) (1,171) (617)
General and administration
expenses (1,886) (1,617) (2,622) (2,807)
General and administration
expenses - related party (166) (150) (348) (355)
Amortization of deferred
dry-docking costs (769) (9) (1,467) (9)
Depreciation (6,950) (7,758) (12,917) (15,430)
---------- ---------- ---------- ----------
Operating income 3,998 8,633 9,164 22,213
Other income (expense),
net:
Interest and finance
costs (3,156) (1,354) (5,412) (2,819)
Interest and finance
costs - shareholders - (172) - (312)
Interest income 147 116 281 256
Loss on financial
instruments (1,468) - (2,761) -
Foreign currency exchange
(loss)/gain, net (58) (56) 90 (55)
---------- ---------- ---------- ----------
(4,535) (1,466) (7,802) (2,930)
---------- ---------- ---------- ----------
Net (loss)/income before
taxes (537) 7,167 1,362 19,283
---------- ---------- ---------- ----------
Income taxes (31) - (31) -
---------- ---------- ---------- ----------
Net (loss)/income (568) 7,167 1,331 19,283
---------- ---------- ---------- ----------
Less: Net income
attributable to the
noncontrolling
interest (951) - (2,740) -
---------- ---------- ---------- ----------
Net (loss)/income
attributable to Seanergy
Maritime Holdings Corp.
Shareholders (1,519) 7,167 (1,409) 19,283
========== ========== ========== ==========
Net (loss)/income per
common share
Basic (0.03) 0.32 (0.03) 0.86
========== ========== ========== ==========
Diluted (0.03) 0.30 (0.03) 0.80
========== ========== ========== ==========
Weighted average common
shares outstanding
Basic 60,200,170 22,361,227 54,803,982 22,361,227
========== ========== ========== ==========
Diluted 60,200,170 24,621,227 54,803,982 24,621,227
========== ========== ========== ==========
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Equity
For the six months ended June 30, 2010 and 2009
(In thousands of US Dollars, except for share and per share data,
unless otherwise stated)
Retained Total
Common stock Addi- earnings/ Seanergy
---------------- tional (Accumu- share- Noncontroll-
# of Par paid-in lated holders ing Total
Shares Value capital deficit) equity interest equity
---------- ----- ------- -------- ------- ---------- -------
Balance,
December
31, 2008 22,361,227 2 166,361 (34,798) 131,565 - 131,565
---------- ----- ------- -------- ------- ---------- -------
Net income
for the
six months
ended
June 30,
2009 - - - 19,283 19,283 - 19,283
---------- ----- ------- -------- ------- ---------- -------
Balance,
June 30,
2009 22,361,227 2 166,361 (15,515) 150,848 - 150,848
---------- ----- ------- -------- ------- ---------- -------
Total
Common stock Addi- Seanergy
---------------- tional (Accumu- share- Noncontroll-
# of Par paid-in lated holders ing Total
Shares Value capital deficit) equity interest equity
---------- ----- ------- -------- ------- ---------- -------
Balance,
December
31, 2009 33,255,170 3 213,232 (4,746) 208,489 18,330 226,819
---------- ----- ------- -------- ------- ---------- -------
Issuance of
common
stock 26,945,000 3 28,523 - 28,526 - 28,526
Consolidation
of
subsidiary
acquired - - (2,054) - (2,054) 29,733 27,679
Net (loss)/
income for
the six
months
ended June
30, 2010 - - - (1,409) (1,409) 2,740 1,331
---------- ----- ------- -------- ------- ---------- -------
Balance,
June 30,
2010 60,200,170 6 239,701 (6,155) 233,552 50,803 284,355
---------- ----- ------- -------- ------- ---------- -------
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
For the six months ended June 30, 2010 and 2009
(In thousands of US Dollars, except for share and per share data,
unless otherwise stated)
Six months ended
June 30,
--------------------
2010 2009
--------- ---------
Cash flows from operating activities:
Net income 1,331 19,283
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 12,917 15,430
Amortization of deferred finance charges 254 388
Amortization of deferred dry-docking costs 1,467 9
Payments for dry-docking (920) (2,245)
Change in fair value of financial instruments 1,968 -
Amortization of acquired time charters (160) -
Changes in operating assets and liabilities:
(Increase) decrease in -
Due from related parties (1,779) 795
Inventories (40) 176
Accounts receivable trade, net (370) (27)
Insurance claims 793 -
Other current assets (103) -
Prepaid insurance expenses 248 389
Prepaid expenses and other current assets -
related parties (8) (20)
Trade accounts and other payables 167 (209)
Due to underwriters (19) (286)
Accrued expenses 915 1,323
Accrued charges on convertible note due to
shareholders - 411
Premium amortization on convertible note due
to shareholders - (181)
Accrued interest (1,087) (54)
Deferred revenue - related party (8) (682)
Deferred revenue 823 -
--------- ---------
Net cash provided by operating activities 16,389 34,500
--------- ---------
Cash flows from investing activities:
Additions to vessels - (6)
Additions to office furniture and equipment (31) (15)
Acquisition of subsidiary, including cash acquired 17,913 -
--------- ---------
Net cash used in investing activities 17,882 (21)
--------- ---------
Cash flows from financing activities:
Deemed distribution upon subsidiary acquisition (2,054)
Net proceeds from issuance of common stock 28,526 -
Repayment of long term debt (45,907) (15,000)
Deferred finance charges (801) -
Increase in restricted cash (6,744) -
--------- ---------
Net cash (used in) financing activities (26,980) (15,000)
--------- ---------
Net increase in cash and cash equivalents 7,291 19,479
Cash and cash equivalents at beginning of period 63,607 27,543
--------- ---------
Cash and cash equivalents at end of period 70,898 47,022
========= =========
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest 4,719 2,501
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp., the successor to Seanergy
Maritime Corp., is a Marshall Islands corporation with its
executive offices in Athens, Greece. The Company is engaged in the
transportation of dry bulk cargoes through the ownership and
operation of dry bulk carriers.
The Company's initial fleet comprised two Panamax, two Supramax,
one Handymax and one Handysize dry bulk carriers that Seanergy
purchased and took delivery of in the third and fourth quarters of
2008 from companies associated with members of the Restis family.
In August 2009, the Company acquired a controlling interest in Bulk
Energy Transport (Holdings) Limited, which owns four Capesize and
one Panamax dry bulk carriers. In May 2010, the Company acquired a
controlling interest in Maritime Capital Shipping Limited, which
owns nine Handysize dry bulk carriers.
The Company's current controlled fleet includes 20 drybulk
carriers (four Capesize, three Panamax, two Supramax and one
Handymax and 10 Handysize vessels) with a total carrying capacity
of approximately 1,292,544 dwt and an average fleet age of 12.8
years.
The Company's common stock and warrants trade on the NASDAQ
Global Market under the symbols "SHIP" and "SHIP.W",
respectively.
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 and the Company's growth strategy and
measures to implement such strategy. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the
Company believes that such expectations will prove to have been
correct, 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 scope and
timing of Securities and Exchange Commission ("SEC") and other
regulatory agency review, competitive factors in the market in
which the Company operates; risks associated with operations
outside the United States; and other factors listed from time to
time in the Company's filings with the SEC. The Company's filings
can be obtained free of charge on the SEC's website at www.sec.gov.
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 Maritime
Holdings Corp. Dale Ploughman Chief Executive Officer Christina
Anagnostara Chief Financial Officer Tel: +30 210 9638461 E-mail:
ir@seanergymaritime.com Investor Relations / Media Capital Link,
Inc. Paul Lampoutis 230 Park Avenue Suite 1536 New York, NY 10169
Tel: (212) 661-7566 E-mail: seanergy@capitallink.com
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