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, 2020.
For the quarter ended September 30, 2020, the
Company generated net revenues after voyage expenses of $15.8
million, compared to $15.9 million in the corresponding quarter of
2019. This compares favorably with the 29% decrease in the average
Capesize spot earning s in the third quarter of 2020 versus the
same quarter of 2019. Accordingly, the average Time Charter
Equivalent (“TCE”)1 earned by the fleet during the third quarter of
2020 was $16,219 per vessel per day, a decrease of 19% from $20,143
in the third quarter of 2019. Seanergy recorded net income of $3.6
million in the third quarter, compared to net income of $0.7
million in the same quarter of 2019. Basic net income per share for
the third quarter of 2020 was $0.08. During the quarter, the
Company recognized a $5.2 million gain from the refinancing of a
loan facility at a discount through a new loan facility provided by
a third-party lender.
For the nine-month period ended September 30,
2020 net revenues after voyage expenses amounted to $28.1 million,
an 8.5% decrease compared to $30.7 million in the same period of
2019. The TCE earned during the first nine months of 2020 was
$10,267, representing a 14% decrease from $12,004 in the same
period of 2019, on the back of the historically low earnings
environment of the first half of 2020.
Cash and cash-equivalents, including restricted
cash, as of September 30, 2020 stood at $33.8 million, increased
from $14.6 million as of December 31, 2019. Shareholders’ equity at
the end of the third quarter of 2020 was $86.5 million compared to
$29.9 million at the end of 2019. Third party vessel-secured debt
was $160.1 million at the end of the third quarter of 2020 as
compared to $183.1 million as of December 31, 2019.
__________________1 EBITDA and TCE rate are
non-GAAP measures. Please see the reconciliation below of EBITDA to
net loss and TCE rate to net revenues from vessels, in each case
the most directly comparable U.S. GAAP measure.
Stamatis Tsantanis, the
Company’s Chairman and Chief Executive Officer,
stated:
“We are very pleased to see the third quarter of
2020 turning profitable for Seanergy following one of the worst
six-month periods in recent history of our market. The Capesize
daily rates improved significantly compared to the historically low
first half of the year and that was reflected in the operating
performance of our fleet. Our TCE for the third quarter was
$16,219, improved by 132% from $6,985 in the first six months of
2020. The main factors behind the recent rate improvement were the
increased demand for iron ore in China and the continued recovery
in Brazilian exports. Our commercial performance in the fourth
quarter tracks the BCI index which has averaged at approximately
$20,500 quarter-to-date.
Despite the global short-term uncertainties, we
expect this positive trend to continue in the long run, given the
increasing demand of commodities combined with the lowest Capesize
newbuilding orderbook of the last 15 years. Seanergy is the only
pure-play Capesize company publicly listed in the US and is
well-positioned to capitalize on positive market fundamentals. Our
balanced commercial approach between index-linked time-charters and
spot market exposure and our improved balance sheet offer a strong
competitive advantage.
The COVID-19 global pandemic has affected the
shipping industry and the seafarers onboard our vessels as port
restrictions imposed globally have posed challenges on the timing
and efficacy of crew changes. Through our meticulous planning we
have been able to source solutions for our crew members despite the
global travel restrictions. Our focus continues to be to safeguard
the well-being of our onshore employees and crew members, avoid
disruptions in the day-to-day vessel operations and service our
clients efficiently.
In light of volatile market conditions, we took
actions during the first nine months of 2020 to preserve our
liquidity and strengthen our balance sheet. As a result of these
actions, vessel-secured debt has seen an impressive reduction of
$23 million since the end of 2019, while our trade credit position
has improved by approximately $11.2 million in the same period.
Further to the normal amortization of our senior facilities which
was met in full, the reduction in our third-party debt was
supported by the refinancing of two vessels at a discount, which
resulted in a $5.2 million gain. We remain in discussions with our
lenders regarding our loan facilities expiring in 2020, and have
received positive feedback from our senior lenders to date, as
described further in this release.
Furthermore, within the third quarter of 2020,
we have taken delivery of our eleventh Capesize vessel, a 2005
built Japanese unit, which we agreed to acquire in the second
quarter of the year at what we believe to be a historical low
price. Despite the challenges faced globally in shipping, the
delivery was concluded successfully during a rising market.
Concluding, despite the challenging operating
environment imposed by the evolving pandemic, we have managed to
strongly position Seanergy in a prominent position for what we
believe will be a strong market rebound in the post COVID-19 era.
Our strategic targets of sustainable growth and capital structure
improvement, as means to achieve improved returns for our
shareholders, continue to be in the foreground of all our
initiatives.”
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Company
Fleet: |
Vessel Name |
Vessel SizeClass |
Capacity(DWT) |
Year Built |
Yard |
ScrubberFitted |
Employment Type |
Minimum T/Cduration |
Partnership |
Capesize |
179,213 |
2012 |
Hyundai |
Yes |
T/C Index Linked (1) |
3 years |
Championship (2) |
Capesize |
179,238 |
2011 |
Sungdong |
Yes |
T/C Index Linked (3) |
5 years |
Lordship |
Capesize |
178,838 |
2010 |
Hyundai |
Yes |
T/C Index Linked (4) |
3 years |
Premiership |
Capesize |
170,024 |
2010 |
Sungdong |
Yes |
T/C Index Linked (5) |
3 years |
Squireship |
Capesize |
170,018 |
2010 |
Sungdong |
Yes |
T/C Index Linked (6) |
3 years |
Knightship (7) |
Capesize |
178,978 |
2010 |
Hyundai |
Yes |
T/C Index Linked (8) |
3 years |
Gloriuship |
Capesize |
171,314 |
2004 |
Hyundai |
No |
T/C Index Linked (9) |
10 months |
Fellowship |
Capesize |
179,701 |
2010 |
Daewoo |
No |
Voyage/Spot |
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Geniuship |
Capesize |
170,058 |
2010 |
Sungdong |
No |
Voyage/Spot |
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Leadership |
Capesize |
171,199 |
2001 |
Koyo – Imabari |
No |
Voyage/Spot |
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Goodship |
Capesize |
177,536 |
2005 |
Mitsui Engineering |
No |
Voyage/Spot |
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Total |
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1,926,117 |
12
years |
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(1) |
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Chartered by a major European utility and energy company and
delivered to the charterer on September 11, 2019 for a period of
minimum 33 to maximum 37 months with an optional period of about 11
to maximum 13 months. The daily charter hire is based on the BCI.
In addition, the Company has the option to convert to a fixed rate
for a period of between 3 and 12 months, based on the prevailing
Capesize Forward Freight Agreement Rate (“FFA”) for the selected
period. |
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(2) |
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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. |
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(3) |
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Chartered by Cargill from November 7, 2018 for a period of 60
months, with an additional period of 24 to 27 months at charterer’s
option. The daily charter hire is based on the BCI plus a gross
daily scrubber premium of $1,740. In addition, the Company has the
option to convert to a fixed rate for a period of between 3 and 12
months, based on the prevailing Capesize FFA for the selected
period. |
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(4) |
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Chartered by a major European utility and energy company and
delivered on August 4, 2019 for a period of minimum 33 to maximum
37 months with an optional period of about 11 to maximum 13 months.
The daily charter hire is based on the BCI plus a net daily
scrubber premium of $3,735 until May 2021. In addition, the Company
has the option to convert to a fixed rate for a period of between 3
and 12 months, based on the prevailing Capesize FFA for the
selected period. The Company has exercised such option for the
2-month period of September – October 2020 converting the floating
rate to a fixed daily gross rate of $22,000. |
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(5) |
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Chartered by Glencore and was delivered to the charterer on
November 29, 2019 for a period of minimum 36 to maximum 42 months
with two optional periods of minimum 11 to maximum 13 months. The
daily charter hire is based on the BCI plus a net daily scrubber
premium of $2,055. |
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(6) |
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Chartered by Glencore and was delivered to the charterer on
December 19, 2019 for a period of minimum 36 to maximum 42 months
with two optional periods of minimum 11 to maximum 13 months. The
daily charter hire is based on the BCI plus a net daily scrubber
premium of $2,055. |
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(7) |
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Sold to and leased back on a bareboat basis from a major Chinese
leasing institution on June 28, 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. |
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(8) |
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Chartered by Glencore and delivered to the charterer on May 15,
2020 for a period of about 36 to about 42 months with two optional
periods of minimum 11 to maximum 13 months. The daily charter hire
is based on the BCI. |
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(9) |
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Chartered by a dry bulk charter operator and was delivered to the
charterer on April 23, 2020 for a period of minimum 10 to maximum
14 months. The daily charter hire is based on the BCI. In addition,
the Company has the option to convert to a fixed rate for a period
of between 3 and 12 months, based on the prevailing Capesize FFA
for the selected period. |
Fleet
Data: |
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(U.S. Dollars in
thousands) |
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Q3 2020 |
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Q3 2019 |
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9M 2020 |
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9M 2019 |
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Ownership days (1) |
975 |
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920 |
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2,795 |
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2,730 |
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Operating days (2) |
973 |
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790 |
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2,737 |
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2,558 |
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Fleet utilization (3) |
99.8% |
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85.9% |
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97.9% |
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93.7% |
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TCE rate (4) |
$16,219 |
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$20,143 |
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$10,267 |
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$12,004 |
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Daily Vessel Operating Expenses (5) |
$5,984 |
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$5,247 |
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$5,573 |
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$5,032 |
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(1) |
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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. |
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(2) |
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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
any reason, including dry-dockings, special and intermediate
surveys, lay-up days and unforeseen circumstances. Operating days
include the days that our vessels are in ballast voyages without
having finalized agreements for their next employment. |
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(3) |
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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. |
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(4) |
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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. |
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(In thousands of U.S.
Dollars, except operating days and TCE rate) |
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Q3 2020 |
Q3 2019 |
9M 2020 |
9M 2019 |
Net revenues
from vessels |
19,651 |
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23,959 |
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42,032 |
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58,730 |
Less: Voyage expenses |
3,870 |
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8,046 |
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13,930 |
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28,023 |
Net operating revenues |
15,781 |
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15,913 |
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28,102 |
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30,707 |
Operating days |
973 |
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790 |
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2,737 |
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2,558 |
TCE rate |
$16,219 |
$20,143 |
$10,267 |
$12,004 |
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(5) |
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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. |
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(In thousands of U.S. Dollars, except ownership
days and Daily Vessel Operating Expenses)
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Q3 2020 |
Q3 2019 |
9M 2020 |
9M 2019 |
Vessel
operating expenses |
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6,399 |
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4,827 |
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16,141 |
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13,842 |
Less: Pre-delivery expenses |
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565 |
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- |
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565 |
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104 |
Vessel operating expenses before pre-delivery expenses |
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5,834 |
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4,827 |
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15,576 |
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13,738 |
Ownership days |
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975 |
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920 |
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2,795 |
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2,730 |
Daily Vessel Operating
Expenses |
$5,984 |
$5,247 |
$5,573 |
$5,032 |
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Net Income / (Loss) to EBITDA
Reconciliation:(In thousands of U.S. Dollars)
|
Q3 2020 |
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Q3 2019 |
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9M 2020 |
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9M 2019 |
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Net income / (loss) |
3,592 |
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747 |
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(16,037 |
) |
(14,796 |
) |
Add: Net interest and finance cost |
5,296 |
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6,097 |
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16,540 |
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18,009 |
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Add: Depreciation and amortization |
3,835 |
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2,990 |
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11,143 |
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8,662 |
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Add: Taxes |
- |
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(27 |
) |
- |
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32 |
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EBITDA |
12,723 |
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9,807 |
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11,646 |
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11,907 |
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Less: Gain on debt refinancing |
(5,150 |
) |
- |
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(5,150 |
) |
- |
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Adjusted EBITDA |
7,573 |
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9,807 |
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6,496 |
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11,907 |
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Earnings Before Interest, Taxes, Depreciation
and Amortization ("EBITDA") represents the sum of net income /
(loss), interest and finance costs, interest income, depreciation
and amortization and, if any, income taxes during a period. EBITDA
is not a recognized measurement under U.S. GAAP. Adjusted EBITDA
represents EBITDA adjusted to exclude the non-recurring gain on
debt refinancing, which the Company believes is 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. 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.
Interest and Finance Costs to Cash Interest and
Finance Costs Reconciliation:
(In thousands of U.S. Dollars)
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Q3 2020 |
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Q3 2019 |
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9M 2020 |
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9M 2019 |
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Interest and finance costs, net |
(5,296 |
) |
(6,097 |
) |
(16,540 |
) |
(18,009 |
) |
Add: Amortization of deferred finance charges |
189 |
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270 |
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538 |
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874 |
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Add: Amortization of convertible note beneficial conversion
feature |
1,457 |
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907 |
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3,873 |
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2,693 |
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Add: Amortization of other deferred charges |
129 |
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1,457 |
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430 |
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2,452 |
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Add: Cash interest waived - related party |
- |
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- |
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- |
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1,164 |
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Cash interest and finance
costs |
(3,521 |
) |
(3,463 |
) |
(11,699 |
) |
(10,826 |
) |
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Third Quarter and Recent
Developments:
Capesize Vessel
Delivery
In August 2020, the Company took delivery of the
M/V Goodship, a 2005, Japanese built Capesize vessel, acquired in
May 2020 from an unaffiliated third party for a gross purchase
price of $11.4 million. The acquisition was funded with cash on
hand, as sourced through its equity capital raising activities in
2020.
Refinancing with Material
Gain
In July 2020, the Company completed a
refinancing transaction of a loan facility secured by the M/V
Gloriuship and M/V Geniuship, that was originally entered into in
September 2015, at a discount. As a result of this refinancing the
Company recognized a $5.2 million gain.
The new loan of $22.5 million was provided by
certain nominees of EnTrust Global as lenders for the purpose of
partly refinancing the settlement amount of $23.5 million under the
loan facility originally entered into in September 2015. The new
facility was fully drawn on July 16, 2020.
Underwritten Public Offering and
Update on Number of Shares Issued and
Outstanding
On August 20, 2020, Seanergy completed an
underwritten public offering of units consisting of (i) one common
share (or one pre-funded warrant in lieu of one common share) and
(ii) one Class E warrant to purchase one common share. The gross
proceeds of the offering, including the subsequent partial exercise
of the overallotment option granted to the underwriters, were
approximately $26.8 million, resulting in net proceeds of
approximately $24.9 million, after deducting underwriting discounts
and commissions and offering expenses payable by Seanergy.
All pre-funded warrants issued in the offering
have been fully exercised and therefore there are no pre-funded
warrants outstanding as of the date of this release.
As of November 17, 2020, the Company has
68,314,985 shares of common stock issued and outstanding.
Update on Bank Debt and
Related-Party Financings
In recent months, the Company has engaged in
productive discussions with UniCredit Bank AG (“UniCredit”) and
Amsterdam Trade Bank N.V. (“ATB”) to extend the maturity of the
UniCredit facility, which currently expires in December 2020, and
to relax certain financial covenants and reduce principal
installments. On September 29, 2020, Seanergy received approvals
from UniCredit and ATB concerning such terms.
The Company has also been engaged in extensive
parallel discussions with Jelco Delta Holding Corp. (“Jelco”), a
related-party entity, to agree on a comprehensive restructuring of
its various subordinated or unsecured debt instruments, including
the settlement of accrued and unpaid interest for the first nine
months of the year. In the context of these discussions, Jelco had
waived the Company’s obligations, including payment obligations
upon maturity of two loan facilities with original maturity dates
of June 30, 2020 and September 27, 2020, and interest payment
obligations totaling approximately $16.0 million, for a period
which expired on November 13, 2020.
Although discussions are ongoing, the Company
has not been able to reach a mutual agreement with Jelco to date.
Upon the expiration of the waiver period on November 13, 2020, the
aforementioned obligations became due and payable. This related
party debt event has triggered cross-default provisions in the
Company’s remaining credit facilities and sale and leaseback
agreements. However, the Company is in active dialogue with its
senior lenders and does not expect that they will pursue any
remedies while discussions are ongoing and as the Company continues
making installment payments on all its senior loan facilities
timely and in full. In contrast with the Company’s senior loans,
which are secured by its vessels, the Jelco facilities do not
represent senior secured obligations of the Company and have
limited remedy rights. The Company intends to continue engaging
with its senior lenders and with Jelco seeking a solution
acceptable to all parties which will be to the best interest of the
Company and its shareholders.
Update on Stock Purchases by the
CEO
As of today, the Company’s Chairman and Chief
Executive Officer, Mr. Stamatis Tsantanis, has purchased 300,000 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.
Annual General Meeting of
Shareholders
The 2020 Annual Meeting of Shareholders was held
on November 16, 2020. At the meeting, the following proposals were
approved and adopted:
- the election of Ms. Christina Anagnostara, as a Class B
Director to serve until the 2023 Annual Meeting of Shareholders;
and
- the ratification of the appointment of Ernst & Young
(Hellas) Certified Auditors-Accountants S.A. as the Company's
independent auditors for the fiscal year ending December 31,
2020.
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Seanergy Maritime Holdings Corp.Unaudited
Condensed Consolidated Balance Sheets(In thousands of U.S.
Dollars) |
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September 30, 2020 |
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December 31,2019* |
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ASSETS |
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Cash and restricted cash |
|
33,820 |
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|
14,554 |
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Vessels, net |
|
259,964 |
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|
253,781 |
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Other assets |
|
13,851 |
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|
14,216 |
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TOTAL
ASSETS |
|
307,635 |
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|
282,551 |
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LIABILITIES AND
STOCKHOLDERS’ EQUITY |
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Bank debt and other financial liabilities |
|
160,120 |
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|
183,066 |
|
Convertible notes |
|
18,547 |
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|
14,608 |
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Due to related parties |
|
23,334 |
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|
24,237 |
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Other liabilities |
|
19,179 |
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|
30,782 |
|
Stockholders’ equity |
|
86,455 |
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|
29,858 |
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TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
307,635 |
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|
282,551 |
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* Derived from the
audited consolidated financial statements as of the period as of
that date |
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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) |
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Three months endedSeptember 30, |
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Nine months endedSeptember 30, |
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2020 |
|
2019 |
|
2020 |
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2019 |
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Revenues: |
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Vessel revenues |
|
20,352 |
|
24,806 |
|
43,500 |
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|
60,765 |
|
Commissions |
|
(701 |
) |
(847 |
) |
(1,468 |
) |
|
(2,035 |
) |
Vessel revenue,
net |
|
19,651 |
|
23,959 |
|
42,032 |
|
|
58,730 |
|
Expenses: |
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Voyage expenses |
|
(3,870 |
) |
(8,046 |
) |
(13,930 |
) |
|
(28,023 |
) |
Vessel operating expenses |
|
(6,399 |
) |
(4,827 |
) |
(16,141 |
) |
|
(13,842 |
) |
Management fees |
|
(270 |
) |
(248 |
) |
(773 |
) |
|
(742 |
) |
General and administrative expenses |
|
(1,537 |
) |
(1,017 |
) |
(4,682 |
) |
|
(4,191 |
) |
Depreciation and amortization |
|
(3,835 |
) |
(2,990 |
) |
(11,143 |
) |
|
(8,662 |
) |
Operating income /
(loss) |
|
3,740 |
|
6,831 |
|
(4,637 |
) |
|
3,270 |
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
|
Interest and finance costs |
|
(5,296 |
) |
(6,097 |
) |
(16,540 |
) |
|
(18,009 |
) |
Gain on debt refinancing |
|
5,150 |
|
- |
|
5,150 |
|
|
- |
|
Other, net |
|
(2 |
) |
13 |
|
(10 |
) |
|
(57 |
) |
Total other expenses,
net: |
|
(148 |
) |
(6,084 |
) |
(11,400 |
) |
|
(18,066 |
) |
Net income /
(loss) |
|
3,592 |
|
747 |
|
(16,037 |
) |
|
(14,796 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income / (loss)
per common share, basic |
|
0.08 |
|
0.49 |
|
(0.57 |
) |
|
(20.64 |
) |
Weighted average number of
common shares outstanding, basic |
|
46,144,608 |
|
1,526,720 |
|
28,118,984 |
|
|
716,844 |
|
Net income / (loss)
per common share, diluted |
|
0.04 |
|
0.49 |
|
(0.57 |
) |
|
(20.64 |
) |
Weighted average number of
common shares outstanding, diluted |
|
89,041,036 |
|
1,526,720 |
|
28,118,984 |
|
|
716,844 |
|
|
|
|
|
|
|
|
|
|
|
|
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 12 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 ability to continue as a going
concern; the Company’s liquidity, including its ability to service
its indebtedness; competitive factors in the market in which the
Company operates; shipping industry trends, including charter
rates, vessel values and factors affecting vessel supply and
demand; future, pending or recent acquisitions and dispositions,
business strategy, areas of possible expansion or contraction, and
expected capital spending or operating expenses; risks associated
with operations outside the United States; and other factors listed
from time to time in the Company's filings with the SEC, its
most recent annual report on Form 20-F. The Company's filings can
be obtained free of charge on the SEC's website at www.sec.gov.
Except to the extent required by law, the Company expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company's expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based.
For further information please
contact:
Capital Link, Inc. Daniela Guerrero230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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