Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”)
(NASDAQ: SHIP), announced today its financial results for the first
quarter ended March 31, 2022 and declared a quarterly dividend of
$0.025 per share.
For the quarter ended March 31, 2022, the
Company generated net revenues of $29.7 million, a 46% increase
compared to the first quarter of 2021. Adjusted EBITDA for the
quarter was $16.8 million, compared to $7.9 million in the same
period of 2021. Net Income and Adjusted Net Income for the quarter
were $3.7 million and $7.7 million respectively, compared to a Net
Loss of $1.3 million and Adjusted Net Income of $0.1 million in the
first quarter of 2021. The daily Time Charter Equivalent rate (“TCE
rate”)2 of the fleet for the first quarter of 2022 was $19,357,
marking a 19% increase compared to $16,219 for the same period of
2021.
Cash and cash-equivalents, restricted cash, term
deposits, as of March 31, 2022, stood at $38.9 million, compared to
$47.1 million as of December 31, 2021. Shareholders’ equity at the
end of the first quarter was $231.0 million, compared to $244.5
million on December 31, 2021, with the decrease mainly attributed
to the adoption of a new accounting standard on the Company’s
remaining convertible note. Long-term debt (senior loans,
convertible note and other financial liabilities) net of deferred
charges stood at $221.8 million as of March 31, 2022, while the
book value of our fleet as of the same date stood at $420.6
million.
_____________1 Adjusted EPS, Adjusted Net
Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please
see the reconciliation below of Adjusted EPS, Adjusted Net Income,
EBITDA and adjusted EBITDA to net income, the most directly
comparable U.S. GAAP measure.2 TCE rate is a non-GAAP measure.
Please see the reconciliation below of TCE rate to net revenues
from vessels, the most directly comparable U.S. GAAP measure.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“Seanergy reported its strongest ever first
quarter of a year, despite seasonally weaker day-rates. Our
adjusted net income was $7.7 million and we recorded adjusted
EBITDA of $16.8 million. In Q1 2022, our fleet TCE was $19,357, 31%
higher than the average of the Baltic Capesize Index (“BCI”). This
is attributed to our successful hedging strategy of proactively
converting part of our fleet’s index-linked rates to fixed in
previous periods. Our estimated TCE for the first quarter of 2022
is $24,570 which reflects the strengthening freight environment. On
the back of our Company’s continuing solid financial performance,
we are declaring a quarterly dividend of $0.025 per share for Q1
2022 which represents 58% of our adjusted net profit for the
period. Over the last two quarters, we have distributed $0.075 per
share to our shareholders.
“In addition, within the first quarter of 2022,
we repurchased $10 million of our outstanding convertibles,
bringing the total repurchases of shares and equity-linked
instruments (convertible notes and warrants) to $26.7 million
within the last 6 months. Including the dividends paid so far, in
the first quarter only, a total of $18.9 million of the Company’s
cash was allocated to rewarding our shareholders through dividends
and these repurchases.
“Concerning our fleet commercial and technical
developments, in 2022 to date, we have continued our ambitious
upgrade schedule aiming to fully comply with the upcoming
environmental regulations without compromising on the
competitiveness of our vessels. We have successfully completed
installations of ballast water treatment systems (“BWTS”) on 100%
of our fleet and have moreover upgraded three vessels by installing
Energy Saving Devices (“ESDs”), concurrently with the scheduled
dry-dockings. In most cases, these projects were performed in
cooperation with the underlying charterers and are accompanied by
agreements to adjust the index-linked rate upwards to reflect the
improved performance of the underlying vessel. The period of the
respective time-charter is extended to reflect the payback period
of our investments. At the same time, we are progressing on
additional biofuel trials in cooperation with our prominent
charterers. I strongly believe that these initiatives not only
contribute to the optimal commercial positioning of our fleet, but
also form a decisive step towards reducing our vessels’ carbon
footprint.
“My view on the Capesize market outlook
continues to be very optimistic, backed by the strongest supply and
demand fundamentals of the recent years. The record-low orderbook
remains at 6% of the active fleet, while Capesize demand is further
fueled by the global energy supply shortages, the geopolitical
developments, as well as the infrastructure projects that are under
development from East to West. The new environmental regulations
are expected to further restrain effective vessel supply on the
back of the slowing down of the global fleet, underscoring the
importance of the energy efficiency improvements achieved on our
vessels. Having successfully demonstrated our significant operating
leverage, Seanergy is well positioned to capitalise on the
strengthening freight market in the second half of the year.
“Aiming towards developing our Company in a
sustainable manner, we will continue to monitor the markets for
attractive opportunities and at the same time reward our committed
stakeholders, balancing capital allocation between growth,
commercial competitiveness and shareholder returns.”
Company
Fleet:
Vessel Name |
Vessel Class |
Capacity (DWT) |
Year Built |
Yard |
Scrubber Fitted |
Employment Type |
FFA conversion option(18) |
Earliest T/C expiration |
Patriotship |
Capesize |
181,709 |
2010 |
Imabari |
Yes |
T/C – fixed rate(1) |
- |
06/2022 |
Worldship |
Capesize |
181,415 |
2012 |
Koyo - Imabari |
Yes |
T/C – fixed rate(2) |
- |
09/2022 |
Hellasship |
Capesize |
181,325 |
2012 |
Imabari |
- |
T/C Index Linked(3) |
- |
12/2023 |
Fellowship |
Capesize |
179,701 |
2010 |
Daewoo |
- |
T/C Index Linked(4) |
Yes |
06/2024 |
Championship |
Capesize |
179,238 |
2011 |
Sungdong SB |
Yes |
T/C Index Linked(5) |
Yes |
11/2023 |
Partnership |
Capesize |
179,213 |
2012 |
Hyundai |
Yes |
T/C Index Linked(6) |
Yes |
10/2022 |
Knightship |
Capesize |
178,978 |
2010 |
Hyundai |
Yes |
T/C Index Linked(7) |
- |
05/2023 |
Lordship |
Capesize |
178,838 |
2010 |
Hyundai |
Yes |
T/C Index Linked(8) |
Yes |
05/2022 |
Goodship |
Capesize |
177,536 |
2005 |
Mitsui |
- |
T/C Index Linked(9) |
Yes |
08/2022 |
Friendship |
Capesize |
176,952 |
2009 |
Namura |
- |
T/C Index Linked(10) |
- |
12/2023 |
Tradership |
Capesize |
176,925 |
2006 |
Namura |
- |
T/C Index Linked(11) |
Yes |
05/2022 |
Flagship |
Capesize |
176,387 |
2013 |
Mitsui |
- |
T/C Index Linked(12) |
Yes |
05/2026 |
Gloriuship |
Capesize |
171,314 |
2004 |
Hyundai |
- |
T/C Index Linked(13) |
Yes |
12/2022 |
Geniuship |
Capesize |
170,057 |
2010 |
Sungdong SB |
- |
T/C Index Linked(14) |
Yes |
01/2023 |
Premiership |
Capesize |
170,024 |
2010 |
Sungdong SB |
Yes |
T/C Index Linked(15) |
- |
11/2022 |
Squireship |
Capesize |
170,018 |
2010 |
Sungdong SB |
Yes |
T/C Index Linked(16) |
- |
12/2022 |
Dukeship |
Capesize |
181,453 |
2010 |
Sasebo |
- |
T/C Index Linked(17) |
Yes |
12/2022 |
Total / Average age |
|
3,011,083 |
12.3 |
|
|
|
|
|
(1) |
Chartered by a European cargo operator and delivered to the
charterer on June 7, 2021 for a period of about 12 to about 18
months. The daily charter hire is fixed at $31,000. |
|
|
(2) |
Chartered by a U.S. commodity trading company and delivered to
the charterer on September 2, 2021 for a period of about 12 to
about 16 months. The daily charter hire is fixed at $31,750. |
|
|
(3) |
Chartered by NYK and delivered to the charterer on May 10, 2021
for an initial period of minimum 11 to maximum 15 months, which was
further extended until minimum December 2023 to maximum March 2024.
The daily charter hire is based on the BCI. |
|
|
(4) |
Chartered by Anglo American, a leading global mining company,
and delivered to the charterer on June 18, 2021 for a initial
period of minimum 12 to about 15 months, which was further extended
for a period of minimum 20 to about 24 months starting as of
October 2022. The daily charter hire is based on the BCI. |
|
|
(5) |
Chartered by Cargill and delivered to the charterer on November
7, 2018 for a period of employment of 60 months, with an additional
period of about 16 to about 18 months. The daily charter hire is
based on the BCI plus a net daily scrubber premium of $1,740. |
|
|
(6) |
Chartered by a major European utility and energy company and
delivered to the charterer on September 11, 2019 for an initial
period of minimum 33 to maximum 37 months with two optional periods
of about 11 to maximum 13 months. The time-charter (“T/C”) was
extended until October 2022 with two optional periods of about 11
to maximum 13 months. The daily charter hire is based on the
BCI. |
|
|
(7) |
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 11 to 13 months. The daily charter hire is based on the
BCI. |
|
|
(8) |
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. |
|
|
(9) |
Chartered by an international commodities trader and delivered
to the charterer on November 12, 2021 for a period of about 9 to
about 12 months. The daily charter hire is based on the BCI. |
|
|
(10) |
Chartered by NYK and delivered to the charterer on July 29,
2021 for an initial period of minimum 17 to maximum 24 months,
which was extended until minimum December 2023 / maximum March
2024. The daily charter hire is based on the BCI. |
|
|
(11) |
Chartered by a major South Korean industrial company and
delivered to the charterer on June 15, 2021 for a period of minimum
11 to maximum 15 months. The daily charter hire is based on the
BCI. |
|
|
(12) |
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. |
|
|
(13) |
Chartered by Pacbulk Shipping and delivered to the charterer on
April 23, 2020 for a period of about 11 to about 15 months. In
December 2021, the T/C was further extended until minimum December
16, 2022, up to maximum April 15, 2023. The daily charter hire is
based on the BCI. |
|
|
(14) |
Chartered by NYK and delivered to the charterer on February 6,
2022 for a period of about 11 to about 15. The daily charter hire
is based on the BCI. |
|
|
(15) |
Chartered by Glencore and 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. |
|
|
(16) |
Chartered by Glencore and 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. |
|
|
(17) |
Chartered by NYK and delivered to the charterer on December 1,
2021 for a period of about 13 to about 18 months. The daily charter
hire is based on the BCI. |
|
|
(18) |
The Company has the option to convert the index-linked rate to
a fixed one for a period ranging between 2 and 12 months, based on
the prevailing Capesize FFA Rate for the selected period. |
|
|
Fleet Data:
(U.S. Dollars in thousands)
|
Q1 2022 |
|
Q1 2021 |
|
Ownership days (1) |
|
1,530 |
|
|
990 |
|
Operating days (2) |
|
1,482 |
|
|
932 |
|
Fleet utilization (3) |
|
96.9 |
% |
|
94.1 |
% |
TCE rate (4) |
|
$19,357 |
|
|
$16,219 |
|
Daily Vessel Operating Expenses (5) |
|
$6,444 |
|
|
$5,605 |
|
(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) |
Operating days are the number of available days in a period
less the aggregate number of days that the vessels are off-hire due
to unforeseen circumstances. Operating days includes the days that
our vessels are in ballast voyages without having finalized
agreements for their next employment. |
|
|
(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 our vessels and because the Company believes that it
provides useful information to investors regarding our 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 2022 |
|
Q1 2021 |
Net revenues from vessels |
|
29,666 |
|
|
20,398 |
Less:
Voyage expenses |
|
979 |
|
|
5,282 |
Net
operating revenues |
|
28,687 |
|
|
15,116 |
Operating days |
|
1,482 |
|
|
932 |
TCE
rate |
|
$19,357 |
|
|
$16,219 |
(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, excluding pre delivery costs 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 2022 |
Q1 2021 |
Vessel operating expenses |
|
9,912 |
|
5,549 |
Less: pre-delivery
expenses |
|
53 |
|
- |
Vessel operating
expensesbefore pre-delivery expenses |
|
9,859 |
|
5,549 |
Ownership days |
|
1,530 |
|
990 |
Daily Vessel Operating
Expenses |
|
$6,444 |
|
$5,605 |
Net Income / (Loss) to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q1 2022 |
Q1 2021 |
|
Net income / (loss) |
3,671 |
(1,321 |
) |
Add: Net interest and finance cost |
2,850 |
4,030 |
|
Add: Depreciation and amortization |
6,265 |
3,817 |
|
EBITDA |
12,786 |
6,526 |
|
Add: Stock based compensation |
2,679 |
1,403 |
|
Add: Loss on extinguishment of debt |
1,279 |
- |
|
Add: Loss on forward freight agreements, net |
36 |
- |
|
Adjusted EBITDA |
16,780 |
7,929 |
|
Earnings Before Interest, Taxes, Depreciation
and Amortization ("EBITDA") represents the sum of net income /
(loss), net interest and finance costs, 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,
loss on forward freight agreements, net, and loss on extinguishment
of debt, which the Company believes are 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.
Net Income / (Loss) and Adjusted Net income
Reconciliation and calculation of Adjusted Earnings Per
Share
(In thousands of U.S. Dollars)
|
Q1 2022 |
Q1 2021 |
Net income / (loss) |
3,671 |
(1,321 |
) |
Add: Stock based compensation |
2,679 |
1,403 |
|
Add: Loss on extinguishment of debt |
1,279 |
- |
|
Add: Loss on forward freight agreements, net |
36 |
- |
|
Adjusted net income |
7,665 |
82 |
|
Adjusted net income per common share, basic |
0.04 |
0.00 |
|
Weighted average number of common shares outstanding, basic |
172,311,745 |
114,757,841 |
|
Adjusted net income per common share, diluted |
0.04 |
0.00 |
|
Weighted average number of common shares outstanding, diluted |
177,218,619 |
114,757,841 |
|
To derive Adjusted Net Income/(Loss) and
Adjusted Earnings/(Loss) Per Share from Net Income/(Loss), we
exclude non-cash items, as provided in the table above. We believe
that Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per
Share assist our management and investors by increasing the
comparability of our performance from period to period since each
such measure eliminates the effects of such non-cash items as
gain/(loss) on extinguishment of debt and other items which may
vary from year to year, for reasons unrelated to overall operating
performance. In addition, we believe that the presentation of the
respective measure provides investors with supplemental data
relating to our results of operations, and therefore, with a more
complete understanding of factors affecting our business than with
GAAP measures alone. Our method of computing Adjusted Net
Income/(Loss) and Adjusted Earnings/(Loss) Per Share may not
necessarily be comparable to other similarly titled captions of
other companies due to differences in methods of calculation.
Interest and Finance Costs to Cash
Interest and Finance Costs Reconciliation:
(In thousands of U.S. Dollars)
|
Q1 2022 |
|
Q1 2021 |
|
Interest and finance costs, net |
(2,850 |
) |
(4,030 |
) |
Add: Amortization of deferred finance charges and other
discounts |
658 |
|
808 |
|
Add: Amortization of convertible note beneficial conversion
feature3 |
- |
|
558 |
|
Cash interest and finance costs |
(2,192 |
) |
(2,664 |
) |
First Quarter 2022 TCE
Guidance:
As of the date hereof, approximately 76% of the
Company fleet’s expected operating days in the second quarter of
2022 have been fixed at an estimated TCE of approximately $22,750.
Assuming that for the remaining operating days of our index-linked
T/Cs, the respective vessels’ TCE will be equal to the average
Forward Freight Agreement (“FFA”) rate of approximately $32,000 per
day (based on the FFA curve of May 26, 2022), our estimated TCE for
the second quarter of 2022 will be approximately $24,5704. Our TCE
guidance for the second quarter of 2022 includes certain
conversions ( four vessels) of index-linked charters to fixed,
which were concluded in previous quarters as part of our freight
hedging strategy. The following table provides the break-down:
|
Operating Days |
TCE |
TCE - fixed rate (index-linked conversion) |
184 |
$25,242 |
TCE - fixed rate |
180 |
$29,385 |
TCE – index-linked unhedged |
978 |
$23,554 |
Total / Average |
1,342 |
$24,569 |
_____________3 On January 1, 2022, we adopted a new accounting
standard (ASU 2020-06), eliminating the beneficial conversion
feature model in ASC 470-20. The adoption of ASU 2020-06 resulted
in an increase of the Convertible notes, a reduction of the
Accumulated deficit and a reduction of Additional paid-in capital.4
This guidance is based on certain assumptions and there can be no
assurance that these TCE estimates, or projected utilization will
be realized. TCE estimates include certain floating (index) to
fixed rate conversions concluded in previous periods. For vessels
on index-linked T/Cs, the TCE realized will vary with the
underlying index, and for the purposes of this guidance, the TCE
assumed for the remaining operating days of the quarter for an
index-linked T/C is equal to the average FFA rate of $32,000. 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.
First Quarter and Recent Developments:
Dividend Policy
On April 5, 2022, the Company paid a total of
$0.05 per share, consisting of the previously announced regular
quarterly dividend of $0.025 per share and the special dividend of
$0.025 per share for the fourth quarter of 2021. Committed to its
dividend strategy, the Company declared an additional cash dividend
of $0.025 per share for the first quarter of 2022 payable on or
about July 14, 2022 to the shareholders of record as of June 28,
2022.
Buybacks of Convertible Note totalling
$10 million
Pursuant to its previously announced repurchase
plan, in the first quarter of 2022, the Company completed further
buybacks of its outstanding convertible note, reducing its
financial leverage and preempting the potential dilution effect.
Specifically:
(i) $5 million of the note was
retired on January 26, 2022; and
(ii) $5 million of the note was
retired on March 10, 2022
Vessel Upgrades & Commercial
Updates
The Company has further progressed on its
previously communicated vessel upgrade and retrofit program,
installing ESDs on three vessels in 2022 to date. These follow the
successful installations of similar upgrades on the M/V Fellowship
in 2021 and on the M/V Championship in 2019.
These upgrades, are expected to improve the
energy efficiency and fuel consumption of the subject units, while
the Company has reached the following commercial agreements with
the underlying charterers:
M/V Fellowship
The Vessel is on T/C to Anglo American, a
leading global mining company, for a period of minimum 12 to about
15 months starting as of June 18, 2021. The daily charter hire is
based on the BCI. The charterer has agreed to extend the T/C for a
period of minimum 20 to about 24 months starting as of October 2022
at a higher rate (premium to the BCI).
M/V Partnership
The Vessel is on T/C to a major European utility
and energy company, for a period of minimum 33 to maximum 37 months
starting as of September 11, 2019 with an optional period of about
11 to maximum 13 months. The daily charter hire is based on the
BCI. The charterer has agreed to exercise the optional period
extending the T/C until October 2022 at higher rate (premium to the
BCI) and in addition provide for one more optional extension period
of about 11 to maximum 13 months at charterers’ option.
M/V Friendship
The Vessel is on T/C to NYK, for a period of
minimum 17 to maximum 24 months starting as of July 29, 2021. The
daily charter hire is based at a premium over the BCI. The
charterer has agreed to extend the T/C until minimum December 2023
to maximum March 2024 at a higher rate subject to ratification
based on the actual performance of the Vessel in the first two
voyages post dry-docking.
M/V Hellasship
The Vessel is on T/C to NYK, for a period of
minimum 11 to maximum 15 months starting as of May 10, 2021. The
daily charter hire is based at a premium over the BCI. The
charterer has agreed to extend the T/C until December 2023
(minimum) / March 2024 (maximum) at higher rate subject to
ratification based on the actual performance of the Vessel in the
first two voyages post dry-docking.
Financing Updates
Japanese Bank
On February 25, 2022, the Company entered into a
sale and leaseback transaction with a Japanese bank to refinance a
previous senior loan facility with Amsterdam Trade Bank N.V.
($15.13 million) and the Company’s last junior loan ($1.85 million)
secured by the M/V Partnership. The financing amount is $21.3
million, and the applicable interest rate is 2.9% plus SOFR per
annum.
The principal will be repaid over an 8-year
term, through 32 quarterly installments averaging at approximately
$590,000. Following the second anniversary of the bareboat charter,
the Company has continuous options to repurchase the vessel. At the
end of the 8-year bareboat period, the Company has the option to
repurchase the vessel for $2.39 million, which the Company expects
to exercise.
External Auditors
On May 23, 2022, the Audit Committee of the
Board of Directors of Seanergy engaged Deloitte Certified Public
Accountants S.A. (“Deloitte”) as Seanergy’s new independent
registered public accounting firm, starting with the review of the
Company's financial results for the year ended December 31, 2022.
The Audit Committee made this determination taking into account
corporate best practices.
Expiration of the Class B
Warrants
The Company’s previously issued Class B
Warrants, trading under the symbol SHIPZ, expired according to
their terms on May 13, 2022. Pursuant to such expiration trading of
the Class B Warrants was terminated. The Class B Warrants were the
last class of the Company’s warrants that were listed for
trading.
|
Seanergy Maritime Holdings Corp. |
Unaudited Condensed Consolidated Balance Sheets(In thousands of
U.S. Dollars) |
|
|
|
March 31,2022 |
|
|
December 31, 2021* |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents, restricted cash and term deposits |
|
38,885 |
|
|
47,126 |
|
Vessels, net |
|
420,639 |
|
|
426,062 |
|
Other assets |
|
16,920 |
|
|
14,023 |
|
TOTAL ASSETS |
|
476,444 |
|
|
487,211 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Long-term debt and other financial liabilities |
|
211,793 |
|
|
215,174 |
|
Convertible notes |
|
9,972 |
|
|
7,573 |
|
Other liabilities |
|
23,718 |
|
|
19,988 |
|
Stockholders’ equity5 |
|
230,961 |
|
|
244,476 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
476,444 |
|
|
487,211 |
|
* 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, |
|
|
|
2022 |
|
2021 |
|
Vessel revenue, net |
|
29,666 |
|
20,398 |
|
Expenses: |
|
|
|
|
|
Voyage expenses |
|
(979 |
) |
(5,282 |
) |
Vessel operating expenses |
|
(9,912 |
) |
(5,549 |
) |
Management fees |
|
(376 |
) |
(281 |
) |
General and administrative expenses |
|
(4,315 |
) |
(2,730 |
) |
Depreciation and amortization |
|
(6,265 |
) |
(3,817 |
) |
Loss on forward freight agreements, net |
|
(36 |
) |
- |
|
Operating income |
|
7,783 |
|
2,739 |
|
Other (expenses) / income: |
|
|
|
|
|
Interest and finance costs5 |
|
(2,850 |
) |
(4,030 |
) |
Loss on extinguishment of debt |
|
(1,279 |
) |
- |
|
Other, net |
|
17 |
|
(30 |
) |
Total other expenses, net: |
|
(4,112 |
) |
(4,060 |
) |
Net income / (loss) |
|
3,671 |
|
(1,321 |
) |
|
|
|
|
|
|
Net income / (loss) per common share, basic |
|
0.02 |
|
(0.01 |
) |
Weighted
average number of common shares outstanding, basic |
|
172,311,745 |
|
114,757,841 |
|
Net income / (loss) per common share, diluted |
|
0.02 |
|
(0.01 |
) |
Weighted
average number of common shares outstanding, diluted |
|
177,218,619 |
|
114,757,841 |
|
_____________5 On January 1, 2022, we adopted a new
accounting standard (ASU 2020-06), eliminating the beneficial
conversion feature model in ASC 470-20. The adoption of ASU 2020-06
resulted in an increase of the Convertible notes, a reduction of
the Accumulated deficit and a reduction of Additional paid-in
capital.
|
|
Seanergy Maritime Holdings Corp.Unaudited
Condensed Consolidated Cash Flow Data (In thousands of U.S.
Dollars, except for share and per share data, unless otherwise
stated) |
|
|
|
|
|
|
|
Three months endedMarch 31, |
|
|
|
2022 |
|
2021 |
|
Net cash provided
operating activities |
|
7,549 |
|
1,564 |
|
|
|
|
|
|
|
Vessels acquisitions and improvements |
|
(2,042 |
) |
(20,886 |
) |
Term deposits |
|
1,500 |
|
(1,000 |
) |
Other fixed assets, net |
|
(18 |
) |
- |
|
Net cash used in
investing activities |
|
(560 |
) |
(21,886 |
) |
|
|
|
|
|
|
Proceeds from secured long-term debt |
|
21,300 |
|
- |
|
Repayments of long-term debt and other financial liabilities |
|
(24,652 |
) |
(38,833 |
) |
Repayments of convertible notes |
|
(10,000 |
) |
- |
|
Payments of financing and stock issuance costs |
|
(378 |
) |
(63 |
) |
Proceeds from issuance of common stock and warrants, net of
underwriters fees and commissions |
|
- |
|
92,617 |
|
Net cash (used in) /
provided by financing activities |
|
(13,730 |
) |
53,721 |
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
|
|
Cash paid during the period for interest |
|
2,324 |
|
2,097 |
|
|
|
|
|
|
|
Noncash investing activities |
|
|
|
|
|
Vessels acquisitions and improvements |
|
836 |
|
752 |
|
|
|
|
|
|
|
Noncash financing activities |
|
|
|
|
|
Dividends declared but not paid |
|
8,916 |
|
- |
|
|
|
|
|
|
|
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. The Company's fleet consists of 17
Capesize vessels with an average age of 12.3 years and aggregate
cargo carrying capacity of 3,011,083 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”.
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; broader
market impacts arising from war (or threatened war) or
international hostilities, such as between Russia and Ukraine;
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.Paul Lampoutis 230 Park Avenue Suite 1536New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
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