Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP),
announced today its financial results for the first quarter ended
March 31, 2021.
For the quarter ended March 31, 2021, the
Company generated net revenues of $20.4 million, a 53% increase
compared to the first quarter of 2020. Adjusted EBITDA for the
quarter was approximately $7.9 million, increased by 483% from $1.4
million in the same period of 2020. Net loss for the first quarter
was $1.3 million compared to net loss of $8.3 million in the first
quarter of 2020.
The daily Time Charter Equivalent (“TCE”)1 of
the fleet for the first quarter of 2021 was $16,219, marking a 91%
increase when compared to the respective figure for the first
quarter of 2020 of $8,481. The average daily OPEX of the fleet for
the quarter was $5,605, in line with the $5,566 figure of the
respective quarter of 2020.
Cash and cash-equivalents, restricted cash and
term deposits as of March 31, 2021 stood at $58.1 million, compared
to $23.7 million as of December 31, 2020. Shareholders’ equity at
the end of the first quarter was $188.1 million, almost double
shareholders’ equity of $95.7 million as of December 31, 2020,
while long-term debt (senior and junior loans and financial leases)
stood at $131.5 million as of March 31, 2021, reduced by 22.5% from
$169.8 million as of the end of 2020.
___________________1 Earnings Before Interest,
Taxes, Depreciation and Amortization ("EBITDA"), Adjusted EBITDA
and Time Charter Equivalent rate (“TCE”) are non-GAAP measures.
Please see the reconciliation below of EBITDA and Adjusted EBITDA
to Net Income/(Loss) and TCE to Net revenues from vessels, in each
case the most directly comparable U.S. GAAP measure.2 Includes cash
and cash-equivalents, restricted cash and term deposits.3 Net of
deferred finance costs.
Second Quarter 2021 TCE
Guidance:
As of the date hereof, approximately 95.7% of
the Company’s fleet operating days in the second quarter of 2021
have been fixed at a TCE of approximately $22,4004, or 313% higher
than the $5,424 TCE recorded in the second quarter of 2020. Our TCE
guidance for the second quarter of 2021 includes certain
conversions (5 vessels) of index-linked charters to fixed for the
3-month period ending on June 30, 2021 which were concluded in the
fourth quarter of 2020 as part of our freight hedging strategy. The
following table provides the break-down:
|
Operating Days |
TCE |
TCE - fixed rate (FFA conversion) |
455.0 |
$14,656 |
TCE - index linked / spot |
598.4 |
$28,270 |
Total / Average |
1,053.4 |
$22,390 |
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“Since the beginning of 2021, the Capesize
market has been increasing steadily to multi-year highs. During the
first quarter of the year, we successfully concluded a number of
transformative transactions that are further shaping Seanergy’s
future as a prominent shipping enterprise.
Concerning our results for the first quarter of
2021, our daily TCE stood at about $16,219, marking an increase of
91% compared to the TCE of the first quarter of 2020. Net revenues
were $20.4 million, increased by 53% from the first quarter of
2020, while adjusted EBITDA increased by about 483% attesting to
our significant operating leverage. Net result for the quarter was
a loss of $1.32 million, which includes significant non-cash
amortization charges of financing expenses associated with our
loans and convertible notes and other non-cash items of
approximately $2.8 million.
Our strategic initiatives in 2021 have been
aimed at (i) growing our fleet at an opportune time in a rising
market environment, (ii) further strengthening our balance sheet,
(iii) further reducing our cost base and specifically our interest
expenses, and (iv) positioning commercially our existing and newly
acquired vessels to benefit from the improving market
conditions.
More specifically, we agreed to acquire five
high quality Japanese Capesize vessels of an average age of
approximately 10 years, with a total investment of $134.3 million
and prompt deliveries. Our new acquisitions are funded with cash at
hand and low-levered loan facilities. On a fully delivered basis,
our fleet will increase by approximately 50% to 2.8 million DWT of
cargo carrying capacity.
In addition, we have delevered our balance sheet
considerably through the early retirement of higher-cost senior and
junior facilities. In Q1 2021 we have reduced our debt levels by
$38.8 million.
On the commercial front, we have entered into
four new period chartering agreements with prominent Capesize
charterers. Firstly, we expanded our business relationship with
Cargill with a five-year period chartering agreement for the M/V
Flagship, which also entails an important environmental angle since
the charterer will fund the installation of certain energy-saving
devices onboard the vessel. In addition, we initiated period
agreements with prominent names like Anglo American and NYK Line,
successfully expanding our client base.
As a result, the majority of our operating fleet
will continue to be employed under index-linked time-charters. This
will have a direct reflection on our revenue stream which is
expected to strengthen considerably in the remainder of the
year.
Regarding our market, in the first months of
2021 we are experiencing a steady and sustainable market increase,
compared to the seasonality patterns of the previous years. In the
second quarter of 2021 so far, Capesize rates have ranged between
$20,000 and $45,000 per day, levels not seen for over a decade. The
booming commodities cycle in combination with the most favorable
vessel-supply fundamentals of the Capesize sector in some time, and
the 17-year low vessel orderbook, point towards a strong Capesize
market for the years to come.
Finally, I wish to note that we expect that our
recent corporate developments in combination with the strong trend
in our market, will reflect very positively on our earnings and
free cash flow generation for the remainder of the year and
consequently shareholders’ value. I strongly believe that Seanergy
is in an optimal position to better capitalize on the strong market
fundamentals. We remain committed to delivering additional value to
our shareholders.”
___________________4 TCE estimates include
certain floating (index) to fixed rate conversions concluded in
previous periods. 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. 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.
Company Fleet following vessels’
deliveries:
Vessel Name |
Vessel SizeClass |
Capacity(DWT) |
Year Built |
Yard |
ScrubberFitted |
Employment Type |
MinimumT/Cduration |
Partnership |
Capesize |
179,213 |
2012 |
Hyundai |
Yes |
T/C Index Linked (1) |
3 years |
Championship |
Capesize |
179,238 |
2011 |
Sungdong |
Yes |
T/C Index Linked (2) |
5 years |
Lordship |
Capesize |
178,838 |
2010 |
Hyundai |
Yes |
T/C Index Linked (3) |
3 years |
Premiership |
Capesize |
170,024 |
2010 |
Sungdong |
Yes |
T/C Index Linked (4) |
3 years |
Squireship |
Capesize |
170,018 |
2010 |
Sungdong |
Yes |
T/C Index Linked (5) |
3 years |
Knightship |
Capesize |
178,978 |
2010 |
Hyundai |
Yes |
T/C Index Linked (6) |
3 years |
Gloriuship |
Capesize |
171,314 |
2004 |
Hyundai |
No |
T/C Index Linked (7) |
10 months |
Fellowship |
Capesize |
179,701 |
2010 |
Daewoo |
No |
T/C Index Linked (8) |
1 year |
Geniuship |
Capesize |
170,058 |
2010 |
Sungdong |
No |
T/C Index Linked (9) |
11 months |
Hellasship |
Capesize |
181,325 |
2012 |
Imabari |
No |
T/C Index Linked (10) |
1 year |
Flagship |
Capesize |
176,387 |
2013 |
Mitsui Engineering |
No |
T/C Index Linked (11) |
5 years |
Leadership |
Capesize |
171,199 |
2001 |
Koyo – Imabari |
No |
Voyage/Spot |
|
Goodship |
Capesize |
177,536 |
2005 |
Mitsui Engineering |
No |
Voyage/Spot |
|
Tradership (12) |
Capesize |
176,925 |
2006 |
Japanese Shipyard |
No |
N/A |
|
Patriotship (12) |
Capesize |
181,709 |
2010 |
Japanese Shipyard |
Yes |
T/C Fixed Rate(14) |
1 year |
Worldship (13) |
Capesize |
181,415 |
2012 |
Japanese Shipyard |
Yes |
N/A |
|
Total / Average age |
2,823,878 |
11.8 |
|
|
|
|
(1) |
|
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. |
|
|
|
(2) |
|
Chartered by Cargill. The vessel was delivered to the charterer on
November 7, 2018 for a period of employment of 60 months, with an
additional period of about 24 to about 27 months at the charterer’s
option. The daily charter hire is based on the BCI plus a net daily
scrubber premium of $1,740. In addition, the time charter provides
the option to convert the index linked rate to a fixed rate for a
period of between 3 and 12 months based on the Capesize FFA for the
selected period. |
|
|
|
(3) |
|
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 11-13 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 three and 12
months, based on the prevailing Capesize FFA for the selected
period. |
|
|
|
(4) |
|
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. |
|
|
|
(5) |
|
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. |
|
|
|
(6) |
|
Chartered by Glencore and was 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. |
|
|
|
(7) |
|
Chartered by Pacbulk Shipping and delivered to the charterer on
April 23, 2020 initially for a period of about 10 to about 14
months. Upon expiration of the current T/C period, in June 2021,
the vessel will commence the second extension period up to minimum
January 1, 2022 to maximum April 30, 2022. The daily charter hire
is based on the BCI. In addition, the Company has the option to
convert to a fixed rate, based on the prevailing Capesize FFA for
the selected period. |
|
|
|
(8) |
|
Chartered by Anglo American, a leading global mining company, and
expected to be delivered to the charterer towards the beginning of
June 2021 for a period of minimum 12 to maximum 15 months from the
delivery date. 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 minimum three and maximum 12 months, based on the
prevailing Capesize FFA for the selected period. |
|
|
|
(9) |
|
Chartered by Pacbulk Shipping and was delivered to the charterer on
March 22, 2021 for a period of about 11 to about 14 months from the
delivery date. The daily charter hire is based on the BCI. In
addition, the Company has the option to convert to a fixed rate
based on the prevailing Capesize FFA for the selected period. |
|
|
|
(10) |
|
Chartered by NYK Line and was delivered to the charterer on May 10,
2021 for a period of minimum 11 to maximum 15 months. The daily
charter hire is based at a premium over the BCI. |
|
|
|
(11) |
|
Chartered by Cargill. The vessel was delivered to the charterer on
May 10, 2021 for a period of 60 months. The daily charter hire is
based at a premium over the BCI minus $1,325 per day. In addition,
the time charter provides the option to convert the index linked
rate to a fixed rate for a period of minimum 3 to maximum 12 months
based on the Capesize FFA for the selected period. |
|
|
|
(12) |
|
Deliveries expected by mid-June 2021. |
|
|
|
(13) |
|
Delivery expected within Q3 2021. |
|
|
|
(14) |
|
Chartered by European cargo operator at a rate of $31,000 / day for
a period of minimum 12 to maximum 18 months. |
|
|
|
Fleet Data:
|
Q1 2021 |
|
Q1 2020 |
|
Ownership days (1) |
990 |
|
910 |
|
Operating days (2) |
932 |
|
901 |
|
Fleet utilization (3) |
94.1% |
|
99.0% |
|
TCE rate (4) |
$16,219 |
|
$8,481 |
|
Daily Vessel Operating Expenses (5) |
$5,605 |
|
$5,566 |
|
(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) |
|
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. |
|
|
|
(3) |
|
Fleet utilization is the percentage of time that the vessels are
generating revenue and is determined by dividing operating days by
ownership days for the relevant period. |
|
|
|
(4) |
|
TCE rate is defined as the Company’s net revenue less voyage
expenses during a period divided by the number of the Company’s
operating days during the period. Voyage expenses include port
charges, bunker (fuel oil and diesel oil) expenses, canal charges
and other commissions. The Company includes the TCE rate, a
non-GAAP measure, as it believes it provides additional meaningful
information in conjunction with net revenues from vessels, the most
directly comparable U.S. GAAP measure, and because it assists the
Company’s management in making decisions regarding the deployment
and use of 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)
|
Q1 2021 |
Q1 2020 |
Net revenues from vessels |
20,398 |
|
13,339 |
Less: Voyage expenses |
5,282 |
|
5,699 |
Net operating revenues |
15,116 |
|
7,640 |
Operating days |
932 |
|
901 |
TCE rate |
$16,219 |
$8,481 |
(5) |
|
Vessel operating expenses include crew costs, provisions, deck and
engine stores, lubricants, insurance, maintenance and repairs.
Daily Vessel Operating Expenses are calculated by dividing vessel
operating expenses 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)
|
Q1 2021 |
Q1 2020 |
Vessel operating expenses |
5,549 |
|
5,065 |
Ownership days |
990 |
|
910 |
Daily Vessel Operating
Expenses |
$5,605 |
$5,566 |
|
|
|
Net Loss to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q1 2021 |
|
Q1 2020 |
|
Net loss |
(1,321 |
) |
(8,343 |
) |
Add: Net interest and finance cost |
4,030 |
|
5,688 |
|
Add: Depreciation and amortization |
3,817 |
|
3,634 |
|
EBITDA |
6,526 |
|
979 |
|
Add: stock based compensation |
1,403 |
|
382 |
|
Adjusted EBITDA |
7,929 |
|
1,361 |
|
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 is
not a recognized measurement under U.S. GAAP. Adjusted EBITDA
represents EBITDA adjusted to exclude stock based compensation,
which the Company believes is not indicative of the ongoing
performance of its core operations.
EBITDA and adjusted EBIDTA 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)
|
Q1 2021 |
|
Q1 2020 |
|
Interest and finance costs, net |
(4,030 |
) |
(5,688 |
) |
Add: Amortization of deferred finance charges and other
discounts |
808 |
|
325 |
|
Add: Amortization of convertible note beneficial conversion
feature |
558 |
|
1,136 |
|
Cash interest and finance costs |
(2,664 |
) |
(4,227 |
) |
First Quarter and Recent Developments:
$73.5 million Financial Transactions
Alpha Bank S.A.
On May 20, 2021, the Company entered into a
$37.45 million credit facility to (i) refinance the existing
facilities of $25.5 million secured by the M/V Leadership and the
M/V Squireship and (ii) finance the previously unencumbered M/V
Lordship. The earliest maturity date of the facility will be in
December 2024 and the interest rate is 3.5% plus LIBOR per annum.
The Company has achieved net capital release of $12 million through
this refinancing transaction and the extension of the maturity of
the existing loans secured by the M/Vs Squireship and Leadership by
two years.
Aegean Baltic Bank S.A. (“AB Bank”)
On April 22, 2021, the Company entered into a
credit facility for an amount of $15.5 million secured by the M/V
Goodship and the M/V Tradership. The facility has a term of 4.5
years, with latest maturity date falling on December 30, 2025 and
bears interest of LIBOR plus 4% per annum. The first tranche of
$7.5 million was drawn down on April 26, 2021 and the second
tranche of $8.0 million will be drawn down on the delivery of the
M/V Tradership.
Cargill International S.A.
(“Cargill”)
On May 11, 2021, the Company entered into a sale
and leaseback transaction with Cargill to partially fund the
acquisition cost of the M/V Flagship. The financing amount is $20.5
million at an implied interest rate of approximately 2% all-in,
fixed for five years. The Company has the option to buy back the
vessel at any time during the whole five-year leasing period, at
the end of which it has a purchase obligation of $10.0 million
subject to certain adjustments based on the market price of the
vessel.
In addition, Cargill will fund the equipment and
the installation of certain energy saving devices onboard the M/V
Flagship, aimed to increase the vessel’s energy efficiency, reduce
fuel consumption and subsequently reduce the vessel’s carbon
footprint.
Other Financing Updates
Moreover, the Company is in advanced discussions
for the financing of two of its recent acquisitions, the M/Vs
Hellasship and Patriotship, through a $30.9 million leasing
arrangement at competitive terms.
Fleet Growth and Commercial
Update
M/V Hellasship Delivery and Time Charter
Commencement
In May 2021, the Company took delivery of the
181,325 dwt Capesize bulk carrier, built in 2012 in Japan, which
has been renamed M/V Hellasship. The delivery of the M/V Hellasship
was the first of the five Capesize acquisitions agreed in 2021.
The M/V Hellasship has been fixed on a time
charter with NYK Line, a leading Japanese shipping company and
operator. The T/C commenced on May 10, 2021 and will have a term of
minimum 11 to maximum 15 months. The gross daily rate of the T/C is
based at a premium over the BCI.
M/V Flagship Delivery
and Time Charter Commencement
In May 2021, the Company took delivery of the
176,387 dwt Capesize bulk carrier, built in 2013 in Japan, which
has been renamed M/V Flagship. The M/V Flagship is the second
vessel of the Company’s fleet time-chartered to Cargill.
The daily hire is based on the BCI, while the
Company has the option to convert the index-linked hire to fixed
for a minimum period of three months to a maximum of 12 months
based on the prevailing Capesize FFA curve. The rate is 102% of the
BCI minus $1,325 per day. The term of the T/C has a duration of 5
years from the delivery of the vessel to Cargill, which took place
on May 10, 2021.
M/V Tradership and M/V Patriotship
expected deliveries
In February and March 2021, the Company entered
into agreements to purchase two Japanese Capesize bulk carriers,
which upon their delivery will be renamed M/V Tradership and M/V
Patriotship, respectively. Their deliveries are expected by
mid-June 2021.
The M/V Patriotship has been fixed on a time
charter with a major European cargo operator. The T/C will commence
upon the vessel’s upcoming delivery and will have a term of minimum
12 to maximum 18 months. The gross daily rate is $31,000/day.
16th
Capesize acquisition and expected delivery
On May 17, 2021, the Company entered into an
agreement to purchase an additional Japanese Capesize bulk carrier
built in 2012. The expected delivery of the vessel is in the third
quarter of 2021. Following her delivery, Seanergy’s fleet will
increase to 16 Capesize vessels with an aggregate cargo capacity of
2,823,878 dwt and an average age of 11.8 years.
Update on Number of Shares Issued and
Outstanding
As of May 25, 2021, the Company has 168,488,240
common shares issued and outstanding. This includes:
- 34,000 shares
issued pursuant to exercises of Class E warrants in the period of
March 31, 2021 to May 24, 2021 for aggregate proceeds of $0.02
million.
- 7,986,913 shares
issued to Jelco Delta Holding Corp. (“Jelco”) upon exercise of
outstanding warrants issued pursuant to the Securities Purchase
Agreement entered into on December 30, 2020 (the “SPA”), for
aggregate proceeds of approximately $5.6 million.
- 4,285,714 shares
issued to Jelco following exercise of its option to convert $3.0
million of indebtedness to units, pursuant to the SPA. The issuance
of shares to Jelco and associated reduction in debt balance took
place in 2Q 2021.
|
Seanergy Maritime Holdings Corp.Unaudited
Condensed Consolidated Balance Sheets(In thousands of U.S.
Dollars) |
|
|
|
March 31,2021 |
|
|
December 31,2020* |
ASSETS |
|
|
|
|
|
Cash and cash equivalents, restricted cash and term deposits |
|
58,050 |
|
|
23,651 |
Vessels and advances for vessels’ acquisitions, net |
|
274,781 |
|
|
256,737 |
Other assets |
|
17,291 |
|
|
14,857 |
TOTAL
ASSETS |
|
350,122 |
|
|
295,245 |
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Long-term debt and other financial liabilities, net of deferred
finance costs |
|
131,483 |
|
|
169,762 |
Convertible notes |
|
15,276 |
|
|
14,516 |
Other liabilities |
|
15,230 |
|
|
15,273 |
Stockholders’ equity |
|
188,133 |
|
|
95,694 |
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
350,122 |
|
|
295,245 |
* 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 endedMarch 31, |
|
|
|
2021 |
|
2020 |
|
Revenues: |
|
|
|
|
|
Vessel revenues |
|
21,156 |
|
13,832 |
|
Commissions |
|
(758 |
) |
(493 |
) |
Vessel revenue,
net |
|
20,398 |
|
13,339 |
|
Expenses: |
|
|
|
|
|
Voyage expenses |
|
(5,282 |
) |
(5,699 |
) |
Vessel operating expenses |
|
(5,549 |
) |
(5,065 |
) |
Management fees |
|
(281 |
) |
(252 |
) |
General and administrative expenses |
|
(2,730 |
) |
(1,359 |
) |
Depreciation and amortization |
|
(3,817 |
) |
(3,634 |
) |
Operating income /
(loss) |
|
2,739 |
|
(2,670 |
) |
Other
expenses: |
|
|
|
|
|
Interest and finance costs |
|
(4,030 |
) |
(5,688 |
) |
Other, net |
|
(30 |
) |
15 |
|
Total other expenses,
net: |
|
(4,060 |
) |
(5,673 |
) |
Net loss |
|
(1,321 |
) |
(8,343 |
) |
|
|
|
|
|
|
Net loss per common
share, basic |
|
(0.01 |
) |
(4.91 |
) |
Weighted average number of
common shares outstanding, basic |
|
114,757,841 |
|
1,699,660 |
|
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 Capesize vessels. On a ‘fully-delivered’ basis, the
Company's fleet will consist of 16 Capesize vessels with an average
age of 11.8 years and aggregate cargo carrying capacity of
2,823,878 dwt.
The Company is incorporated in the Marshall
Islands and has executive offices in Glyfada, Greece. The Company's
common shares trade on the Nasdaq Capital Market under the symbol
“SHIP”, 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; risks
associated with the length and severity of the ongoing novel
coronavirus (COVID-19) outbreak, including its effects on demand
for dry bulk products and the transportation thereof; and other
factors listed from time to time in the Company's filings with the
SEC, including its most recent annual report on Form 20-F. The
Company's filings can be obtained free of charge on the SEC's
website at www.sec.gov. Except to the extent required by law, the
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact:
Seanergy Investor RelationsTel: +30 213 0181 522E-mail:
ir@seanergy.gr
Capital Link, Inc.Daniela Guerrero230 Park Avenue Suite 1536New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
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