Seanergy Maritime Holdings Corp. Announces Fleet Commercial Guidance and Other Shareholder Updates
September 24 2020 - 9:00AM
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (“Seanergy” or the
“Company”) announced today its third quarter 2020 commercial
guidance and update on the purchase of shares by its Chairman and
CEO.
Fleet commercial update and Third
Quarter 2020 TCE Guidance
As of today, approximately 94% of our fleet
operating days in the third quarter have been fixed at a time
charter equivalent (“TCE”) of approximately $16,3001 per ship per
day, which is calculated on a load-to-discharge method of
accounting2.
This follows (i) the improved earnings
environment in the third quarter of 2020 when compared to the first
half of the year, (ii) the fixtures of spot voyages for our four
vessels that are not employed on index-linked time charters through
various dates in September and (iii) management’s decision to
exercise the option to convert the floating rate under the
index-linked charter of the M/V Lordship to a fixed gross rate of
$22,000 per day for a 2-month period.
Fleet Employment Profile:
Vessel Name |
Vessel Class |
Capacity (DWT) |
Year Built |
Yard |
Employment |
Charterer |
Earliest Expiration |
Fixed Rate Option |
Partnership |
Capesize |
179,213 |
2012 |
Hyundai |
T/C Index Linked |
A European utilities company |
June 2022 |
Yes |
Championship |
Capesize |
179,238 |
2011 |
Sungdong |
T/C Index Linked |
Cargill |
November 2023 |
Yes |
Lordship |
Capesize |
178,838 |
2010 |
Hyundai |
T/C Index Linked |
A European utilities company |
May 2022 |
Yes |
Premiership |
Capesize |
170,024 |
2010 |
Sungdong |
T/C Index Linked |
Glencore |
November 2022 |
n/a |
Squireship |
Capesize |
170,018 |
2010 |
Sungdong |
T/C Index Linked |
Glencore |
December 2022 |
n/a |
Knightship |
Capesize |
178,978 |
2010 |
Hyundai |
T/C Index Linked |
Glencore |
May 2023 |
n/a |
Gloriuship |
Capesize |
171,314 |
2004 |
Hyundai |
T/C Index Linked |
A Far Eastern dry bulk operator |
February 2021 |
Yes |
Fellowship |
Capesize |
179,701 |
2010 |
Daewoo |
Voyage Charter |
An international trading company |
Q4 2020 |
n/a |
Geniuship |
Capesize |
170,058 |
2010 |
Sungdong |
Voyage Charter |
An international trading company |
Q4-2020 |
n/a |
Goodship |
Capesize |
177,536 |
2005 |
Mitsui |
Voyage Charter |
A mining company |
Q4-2020 |
n/a |
Leadership |
Capesize |
171,199 |
2001 |
Koyo |
Voyage Charter |
An international trading company |
Q4-2020 |
n/a |
Total |
|
1,926,117 |
11.5 |
|
|
|
|
|
Update on Stock Purchases by the
CEO
As of today, the Company’s Chairman and Chief
Executive Officer, Mr. Stamatis Tsantanis, has purchased 200,000 of
Seanergy’s common shares in accordance with the previously
announced plan for open-market purchases by Mr. Tsantanis. Further
purchases will be announced in subsequent updates.
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 fleet of
11 Capesize vessels with an average age of about 11.5 years and
aggregate cargo carrying capacity of approximately 1,926,117 dwt.
The Company is incorporated in the Marshall Islands and has
executive offices in Athens, Greece. The Company's common shares
trade on the Nasdaq Capital Market under the symbol "SHIP", its
Class A warrants under "SHIPW" and its Class B warrants under
“SHIPZ”.
Please visit our company website at:
www.seanergymaritime.com.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks and are based upon
a number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the Company's operating
or financial results; the Company's 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 the Registration Statement and 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. Daniela Guerrero 230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
1 For vessels on index-linked T/Cs, the TCE assumed for the
remaining operating days is equal to the FFA rate for the
respective period.
2 Spot estimates are provided using the load-to-discharge method
of accounting. Load-to-discharge accounting recognizes revenues
over fewer days as opposed to the discharge-to-discharge method of
accounting used prior to 2018, resulting in higher rates for these
days and only voyage expenses being recorded in the ballast days.
Over the duration of the voyage (discharge-to-discharge) there is
no difference in the total revenues and costs to be recognized. The
rates quoted are for days currently contracted. Increased ballast
days at the end of the quarter will reduce the additional revenues
that can be booked based on the accounting cut-offs and therefore
the resulting TCE will be reduced accordingly.
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