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, 2023. The Company also
declared a quarterly dividend of $0.025 per common share for the
third quarter of 2023.
For the quarter ended September 30, 2023, the
Company generated Net Revenues of $24.5 million, compared to $34.0
million in the third quarter of 2022. Net Loss and Adjusted Net
Loss for the quarter were $5.0 million and $2.6 million,
respectively, compared to Net Income of $7.1 million and Adjusted
Net Income of $7.6 million in the third quarter of 2022. Adjusted
EBITDA for the quarter was $9.5 million, compared to $19.0 million
for the same period of 2022. The daily TCE rate of the fleet for
the third quarter of 2023 was $15,298, compared to $20,614 in the
same period of 2022.
For the nine-month period ended September 30,
2023, the Company generated Net Revenues of $70.8 million, compared
to $96.5 million in the same period of 2022. Net Loss and Adjusted
Net Income for the nine months were $8.5 million and $0.5 million,
respectively, compared to Net Income of $16.7 million and Adjusted
Net Income of $22.4 million in the respective period of 2022.
Adjusted EBITDA for the nine months was $29.1 million, compared to
$53.3 million for the same period of 2022. The daily TCE rate of
the fleet for the first nine-month period of 2023 was $14,935,
compared to $20,996 in the same period of 2022.
Cash and cash-equivalents and restricted cash,
as of September 30, 2023, stood at $22.0 million. Shareholders’
equity at the end of the third quarter was $217.8 million.
Long-term debt (senior loans, a convertible note and other
financial liabilities) net of deferred charges stood at $223.3
million, while the book value of the fleet was $416.5 million.
_________________________________1 Adjusted
earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA
and Adjusted EBITDA are non-GAAP measures. Please see the
reconciliation below of Adjusted earnings / (loss) per share,
Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA to net
income, the most directly comparable U.S. GAAP measure.2 All
references to number of shares, share prices, warrant prices and
“per share” figures in this document are adjusted to reflect the
one-for-ten reverse stock split effected on February 16, 2023.3 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.4 See analysis on the TCE guidance in the
relevant section below.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“For the third quarter of 2023, Seanergy
reported a TCE of $15,298, outperforming once more the BCI by
approximately 14%. While we consistently overperform the index, the
general Capesize market fell short of expectations, with the BCI
averaging $13,400, marking the lowest Q3 BCI earnings since 2016.
Considering our healthy liquidity position and our consistent
approach towards shareholder rewards, the Company’s Board of
Directors has approved another quarterly dividend of $0.025 per
share.
“Net loss for the third quarter of 2023 was $5.0
million. Nonetheless, with about 30% of our fourth quarter days
converted to fixed rates above $20,000 and taking into account the
strong rally of the Capesize market in October and the overall
positive outlook for the sector, we remain optimistic about our
financial performance in the current quarter.
“In the first nine months of 2023 we recorded a
time charter equivalent of $14,935, compared to an average BCI
daily rate of $12,640, representing an outperformance of 18%.
Again, the BCI was reduced by 24% as compared to the previous year
for the same period. Our freight hedging activities have reduced
the volatility of our earnings in a weak Capesize market, while
keeping about 70% of our fourth quarter days open.
“Moving on to other developments, we took
delivery of our latest acquisition, a 2011-built Newcastlemax on
October 24, 2023. The vessel was renamed Titanship and has begun
its employment under a time charter to a first-class operator at an
index linked charter rate. The significant premium over the BCI,
which is the highest earned by any vessel in our fleet to date,
will further enhance our commercial performance in the coming
months. I believe that the competitive acquisition cost of this
vessel, as well as the limited initial capital outlay, will
facilitate high returns on capital. I am very satisfied with our
timing on this transaction.
“Moving on to a brief comment about the Capesize
market, since the beginning of the year we have seen substantial
increases ranging from 3% to 8% in ton-mile demand for the major
raw materials of iron ore, coal and bauxite, against an increase of
about 2% in the size of the fleet. Despite this very favorable
demand backdrop the freight market did not perform according to our
expectations for most of the nine-month period ending in September
2023. As mentioned in our previous earnings update, historically
low port congestion and efficient utilization of the Capesize fleet
increased the effective vessel supply, which put pressure on
freight rates. Looking ahead to Q4 and the following quarters, we
are very encouraged by low commodity inventories in key areas, as
well as a significant increase in demand. In addition, the
historically low Capesize orderbook, coupled with the impending
environmental regulations will soon reduce the effective vessel
supply. Therefore, I remain optimistic about the long-term
prospects of our market.
“We firmly believe that Seanergy’s ability to
deal with short term volatility has been proven over the past nine
months and the combination of our strong balance sheet and
effective freight hedging initiatives put us in the best position
to benefit from what we believe to be the best Capesize market
fundamentals of the past three decades.”
Company
Fleet:
Vessel Name |
Capacity (DWT) |
Year Built |
Yard |
Scrubber Fitted |
Employment Type |
FFA conversion option(1) |
Minimum T/C expiration |
Maximum T/C expiration(2) |
Charterer |
Titanship(3) |
207,855 |
2011 |
NACKS |
- |
T/C Index Linked |
Yes |
09/2024 |
01/2025 |
Olam |
Patriotship |
181,709 |
2010 |
Imabari |
Yes |
T/C Index Linked |
Yes |
05/2024 |
06/2024 |
Glencore |
Dukeship |
181,453 |
2010 |
Sasebo |
- |
T/C Index Linked |
Yes |
04/2024 |
09/2024 |
NYK |
Paroship |
181,415 |
2012 |
Koyo -Imabari |
Yes |
T/C Index Linked |
Yes |
10/2023 |
12/2023 |
Oldendorff |
Worldship |
181,415 |
2012 |
Koyo – Imabari |
Yes |
T/C Index Linked |
Yes |
09/2023 |
01/2024 |
Cargill |
Hellasship |
181,325 |
2012 |
Imabari |
- |
T/C Index Linked |
Yes |
12/2023 |
03/2024 |
NYK |
Honorship |
180,242 |
2010 |
Imabari |
- |
T/C Index Linked |
Yes |
02/2024 |
07/2024 |
NYK |
Fellowship |
179,701 |
2010 |
Daewoo |
- |
T/C Index Linked |
Yes |
06/2024 |
10/2024 |
Anglo American |
Championship |
179,238 |
2011 |
Sungdong SB |
Yes |
T/C Index Linked |
Yes |
04/2025 |
11/2025 |
Cargill |
Partnership |
179,213 |
2012 |
Hyundai |
Yes |
T/C Index Linked |
Yes |
09/2024 |
12/2024 |
Uniper |
Knightship |
178,978 |
2010 |
Hyundai |
Yes |
T/C Index Linked |
Yes |
10/2024 |
12/2024 |
Glencore |
Lordship |
178,838 |
2010 |
Hyundai |
Yes |
T/C Index Linked |
Yes |
08/2024 |
09/2024 |
Uniper |
Friendship |
176,952 |
2009 |
Namura |
- |
T/C Index Linked |
Yes |
12/2023 |
03/2024 |
NYK |
Flagship |
176,387 |
2013 |
Mitsui |
- |
T/C Index Linked |
Yes |
05/2026 |
07/2026 |
Cargill |
Geniuship |
170,057 |
2010 |
Sungdong SB |
- |
T/C Index Linked |
Yes |
04/2024 |
08/2024 |
NYK |
Premiership |
170,024 |
2010 |
Sungdong SB |
Yes |
T/C Index Linked |
Yes |
04/2024 |
06/2024 |
Glencore |
Squireship |
170,018 |
2010 |
Sungdong SB |
Yes |
T/C Index Linked |
Yes |
05/2024 |
07/2024 |
Glencore |
Total /Average age |
3,054,820 |
12.7 years |
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(1) The Company has the option to convert the index-linked rate
to fixed for periods ranging between 1 and 12 months, based on the
prevailing Capesize FFA Rate for the selected period.
(2) The latest redelivery date does not include any additional
optional periods.
(3) The vessel is operated by the Company on the basis of a
12-month bareboat charter-in contract with the owners of the
vessel, including a purchase option at the end of the bareboat
charter.
Fleet Data:
(U.S. Dollars in thousands)
|
Q3 2023 |
|
Q3 2022 |
|
9M 2023 |
|
9M 2022 |
|
Ownership days (1) |
1,472 |
|
1,569 |
|
4,467 |
|
4,650 |
|
Operating days (2) |
1,460 |
|
1,557 |
|
4,423 |
|
4,380 |
|
Fleet utilization (3) |
99.2% |
|
99.2% |
|
99% |
|
94.2% |
|
TCE rate (4) |
$15,298 |
|
$20,614 |
|
$14,935 |
|
$20,996 |
|
Daily Vessel Operating Expenses (5) |
$6,985 |
|
$7,593 |
|
$6,942 |
|
$6,875 |
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(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. Available days are
the number of ownership days less the aggregate number of days that
our vessels are off-hire due to major repairs, dry-dockings, lay-up
or special or intermediate surveys. Operating days include the days
that our vessels are in ballast voyages without having finalized
agreements for their next employment. The Company’s calculation of
operating days may not be comparable to that reported by other
companies.
(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, which is not a recognized measure under U.S. GAAP, 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)
|
Q3 2023 |
|
Q3 2022 |
|
9M 2023 |
|
9M 2022 |
|
Vessel revenue, net |
23,105 |
|
32,963 |
|
68,135 |
|
95,476 |
|
Less: Voyage expenses |
770 |
|
867 |
|
2,078 |
|
3,513 |
|
Time charter equivalent
revenues |
22,335 |
|
32,096 |
|
66,057 |
|
91,963 |
|
Operating days |
1,460 |
|
1,557 |
|
4,423 |
|
4,380 |
|
TCE rate |
$15,298 |
|
$20,614 |
|
$14,935 |
|
$20,996 |
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(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)
|
Q3 2023 |
|
Q3 2022 |
|
9M 2023 |
|
9M 2022 |
|
Vessel operating expenses |
10,282 |
|
12,201 |
|
31,371 |
|
32,642 |
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Less: Pre-delivery expenses |
- |
|
287 |
|
362 |
|
671 |
|
Vessel operating expenses before
pre-delivery expenses |
10,282 |
|
11,914 |
|
31,009 |
|
31,971 |
|
Ownership days |
1,472 |
|
1,569 |
|
4,467 |
|
4,650 |
|
Daily Vessel Operating
Expenses |
$6,985 |
|
$7,593 |
|
$6,942 |
|
$6,875 |
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Net income / (loss) to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q3 2023 |
|
Q3 2022 |
|
9M 2023 |
|
9M 2022 |
|
Net (loss) / income |
(5,040 |
) |
7,140 |
|
(8,547 |
) |
16,746 |
|
Interest and finance cost, net |
4,983 |
|
3,949 |
|
15,185 |
|
10,099 |
|
Depreciation and amortization |
7,110 |
|
7,497 |
|
21,290 |
|
20,796 |
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Taxes |
- |
|
- |
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- |
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(28 |
) |
EBITDA |
7,053 |
|
18,586 |
|
27,928 |
|
47,613 |
|
Stock based compensation |
2,474 |
|
2,920 |
|
8,601 |
|
6,762 |
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Loss on extinguishment of debt |
- |
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- |
|
540 |
|
1,285 |
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Loss on forward freight agreements, net |
4 |
|
335 |
|
148 |
|
407 |
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Gain on sale of vessels, net |
- |
|
- |
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(8,094 |
) |
- |
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Gain on spin-off |
- |
|
(2,800 |
) |
- |
|
(2,800 |
) |
Adjusted EBITDA |
9,531 |
|
19,041 |
|
29,123 |
|
53,267 |
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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, loss on extinguishment of
debt, and the non-recurring gains on sale of vessel and on
spin-off, 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. Management also
uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating the Company’s
performance. 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.
Adjusted Net income / (loss) Reconciliation and
calculation of Adjusted Earnings Per Share
(In thousands of U.S. Dollars, except for share and per share
data)
|
Q3 2023 |
|
Q3 2022 |
|
9M 2023 |
|
9M 2022 |
|
Net (loss) / income |
(5,040 |
) |
7,140 |
|
(8,547 |
) |
16,746 |
|
Stock based compensation |
2,474 |
|
2,920 |
|
8,601 |
|
6,762 |
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Loss on extinguishment of debt (non-cash) |
- |
|
- |
|
300 |
|
1,285 |
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Loss on forward freight agreements, net |
4 |
|
335 |
|
148 |
|
407 |
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Gain on spin-off |
- |
|
(2,800 |
) |
- |
|
(2,800 |
) |
Adjusted net (loss) / income |
(2,562 |
) |
7,595 |
|
502 |
|
22,400 |
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Adjusted net (loss) / income – common
shareholders |
(2,600 |
) |
7,595 |
|
388 |
|
22,400 |
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Adjusted (loss) / earnings per common share, basic |
(0.14 |
) |
0.43 |
|
0.02 |
|
1.29 |
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Adjusted (loss) / earnings per common share, diluted |
(0.14 |
) |
0.42 |
|
0.02 |
|
1.26 |
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Weighted average number of common shares outstanding, basic |
18,138,600 |
|
17,570,670 |
|
18,177,002 |
|
17,353,902 |
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Weighted average number of common shares outstanding, diluted |
18,138,600 |
|
17,908,986 |
|
18,177,002 |
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17,842,518 |
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To derive Adjusted Net Income/(Loss) and
Adjusted Earnings/(Loss) Per Share, both non-GAAP financial
measures, 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 stock based
compensation, gain/(loss) on extinguishment of debt, gain/(loss) on
forward freight agreements 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)
|
Q3 2023 |
|
Q3 2022 |
|
9M 2023 |
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9M 2022 |
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Interest and finance costs |
(5,133 |
) |
(4,110 |
) |
(15,528 |
) |
(10,282 |
) |
Add: Interest income |
150 |
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161 |
|
344 |
|
183 |
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Add: Amortization of deferred finance charges and other
discounts |
387 |
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641 |
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1,861 |
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1,916 |
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Cash interest and finance costs |
(4,596 |
) |
(3,308 |
) |
(13,323 |
) |
(8,183 |
) |
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Fourth Quarter 2023 TCE Rate
Guidance5:
As of the date hereof, approximately 59% of the
Company fleet’s expected operating days in the fourth quarter of
2023 have been fixed at an estimated TCE rate of approximately
$21,640.
- Assuming that for our remaining operating days the average of
the BCI will be equal to the average Capesize Forward Freight
Agreement (“FFA”) rate of $15,700 per day (based on the FFA curve
as of November 7, 2023), our estimated TCE rate for the fourth
quarter of 2023 will be approximately $19,480 (“1st scenario”
mentioned in the table below).
- Assuming that for our remaining operating days the BCI will be
equal to the average spot rate incurred from the beginning of the
fourth quarter of 2023 at $23,700 per day, our estimated TCE rate
for the fourth quarter of 2023 will be approximately $22,800 (“2nd
scenario” mentioned in the table below).
The following table provides the breakdown of
index-linked charters and fixed-rate charters in the fourth quarter
of 2023:
|
Operating Days |
TCE1st scenario |
TCE2nd scenario |
TCE - fixed rate (index-linked conversion) |
460 |
$20,494 |
20,494 |
TCE - fixed rate |
0 |
N/A |
N/A |
TCE – index-linked |
1,080 |
$19,040 |
$23,740 |
Total / Average |
1,540 |
$19,480 |
$22,770 |
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______________________________5 This guidance is based on
certain assumptions and there can be no assurance that these TCE
rate 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 rate realized will vary with the
underlying index, and for the purposes of this guidance, in the 1st
scenario the BCI rate assumed for the remaining operating days of
the quarter for index-linked T/Cs is equal to the average FFA rate
of $15,700 based on the curve as of November 7, 2023, while in the
2nd scenario the BCI rate assumed is equal to the quarter-to-date
BCI average of about $23,700. Spot estimates are provided using the
load-to-discharge method of accounting. 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
rate will be reduced accordingly.
Third Quarter and Recent Developments:
Dividend Distribution for Q2 2023 and
Declaration of Q3 2023 Dividend
On October 6, 2023, the Company paid the
previously announced quarterly dividend of $0.025 per common share,
for the second quarter of 2023, to all shareholders of record as of
September 22, 2023.
Continuing its quarterly dividend payments, the
Company declared a cash dividend of $0.025 per common share for the
third quarter of 2023 payable on or about January 10, 2024 to all
shareholders of record as of December 22, 2023.
Vessel Transactions and Commercial
Updates
M/V Titanship - Bareboat Agreement and
time charter agreement
On May 9, 2023, the Company entered into a
12-month bareboat charter agreement with an unaffiliated third
party for a 2011-built Newcastlemax dry bulk vessel of 207,855 dwt
built at Nantong COSCO KHI Ship Engineering Co Ltd (NACKS). The
vessel was renamed Titanship and delivered to Seanergy on October
24, 2023. The bareboat charter agreement required a downpayment of
$7.0 million and includes a daily charter rate of $9,000 over the
period of the bareboat charter and a purchase option of $20.2
million at the end of the bareboat charter. In aggregate, the
acquisition cost for the vessel, following the exercise of the
purchase option, will be approximately $30.5 million.
In July 2023, the Company entered into a time
charter agreement with Olam for the M/V Titanship. The T/C
commenced on October 28, 2023, for a period of minimum 11 to about
14 months at a daily charter hire based on a significant premium
over the BCI. In addition, the T/C provides the Company with the
option to convert the variable charter hire to a fixed rate for a
period between two and 12 months priced at the prevailing Capesize
FFA rate for the selected period.
M/V Patriotship - Time charter
extension
On September 22, 2023, the Company declared its
option to extend the time charter agreement for the M/V Patriotship
in direct continuation from the previous agreement for six
additional months to the original minimum/maximum period. The new
time charter period will commence within November 2023 for a
duration of minimum May 2024 to maximum June 2024, while all other
terms of the time charter shall remain the same.
Conference
Call:
The Company’s management will host a conference
call to discuss financial results on Tuesday, November 14, 2023 at
9:30 a.m. Eastern Time.
Audio Webcast:
There will be a live, and then archived, webcast
of the conference call available on the Company’s website. To
listen to the archived audio file, visit our website, following the
Webcast & Presentations section under our Investor Relations
page. Participants to the live webcast should register on
Seanergy’s website approximately 10 minutes prior to the start of
the webcast, following this link.
Conference Call
Details:
Participants have the option to register for the
call using the following link. You can use any number from the list
or add your phone number and let the system call you right
away.
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Seanergy Maritime Holdings Corp.Unaudited
Condensed Consolidated Balance Sheets(In thousands of U.S.
Dollars) |
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September 30,2023 |
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December 31,2022* |
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ASSETS |
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Cash and cash equivalents and restricted cash |
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22,045 |
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32,477 |
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Vessels, net and Vessels held for sale |
|
416,543 |
|
|
462,385 |
|
Other assets |
|
17,089 |
|
|
18,738 |
|
TOTAL
ASSETS |
|
455,677 |
|
|
513,600 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Long-term debt and other financial liabilities |
|
220,221 |
|
|
244,866 |
|
Convertible notes |
|
3,076 |
|
|
10,833 |
|
Other liabilities |
|
14,532 |
|
|
36,202 |
|
Stockholders’ equity |
|
217,848 |
|
|
221,699 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
455,677 |
|
|
513,600 |
|
* Derived from the audited consolidated financial
statements 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 endedSeptember 30, |
|
|
Nine months endedSeptember 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Vessel revenue, net |
|
23,105 |
|
|
32,963 |
|
|
68,135 |
|
|
95,476 |
|
Fees from related parties |
|
1,347 |
|
|
1,017 |
|
|
2,671 |
|
|
1,017 |
|
Revenue,
net |
|
24,452 |
|
|
33,980 |
|
|
70,806 |
|
|
96,493 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
(770 |
) |
|
(867 |
) |
|
(2,078 |
) |
|
(3,513 |
) |
Vessel operating expenses |
|
(10,282 |
) |
|
(12,201 |
) |
|
(31,371 |
) |
|
(32,642 |
) |
Management fees |
|
(161 |
) |
|
(324 |
) |
|
(535 |
) |
|
(1,077 |
) |
General and administrative expenses |
|
(6,104 |
) |
|
(4,524 |
) |
|
(16,785 |
) |
|
(13,044 |
) |
Depreciation and amortization |
|
(7,110 |
) |
|
(7,497 |
) |
|
(21,290 |
) |
|
(20,796 |
) |
Loss on forward freight agreements, net |
|
(4 |
) |
|
(335 |
) |
|
(148 |
) |
|
(407 |
) |
Gain on sale of vessel |
|
- |
|
|
- |
|
|
8,094 |
|
|
- |
|
Operating
income |
|
21 |
|
|
8,232 |
|
|
6,693 |
|
|
25,014 |
|
Other income /
(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and finance costs |
|
(5,133 |
) |
|
(4,110 |
) |
|
(15,528 |
) |
|
(10,282 |
) |
Loss on extinguishment of debt |
|
- |
|
|
- |
|
|
(540 |
) |
|
(1,285 |
) |
Interest and other income |
|
76 |
|
|
177 |
|
|
958 |
|
|
336 |
|
Gain on spin-off |
|
- |
|
|
2,800 |
|
|
- |
|
|
2,800 |
|
Other, net |
|
(4 |
) |
|
41 |
|
|
(130 |
) |
|
163 |
|
Total other expenses,
net: |
|
(5,061 |
) |
|
(1,092 |
) |
|
(15,240 |
) |
|
(8,268 |
) |
Net (loss) /
income |
|
(5,040 |
) |
|
7,140 |
|
|
(8,547 |
) |
|
16,746 |
|
Net (loss) / income
attributable to common shareholders |
|
(5,078 |
) |
|
7,140 |
|
|
(8,661 |
) |
|
16,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) / income per
common share, basic |
|
(0.28 |
) |
|
0.41 |
|
|
(0.48 |
) |
|
0.96 |
|
Net (loss) / income per
common share, diluted |
|
(0.28 |
) |
|
0.40 |
|
|
(0.48 |
) |
|
0.94 |
|
Weighted average number of common
shares outstanding, basic |
|
18,138,600 |
|
|
17,570,670 |
|
|
18,177,002 |
|
|
17,353,902 |
|
Weighted average number of common
shares outstanding, diluted |
|
18,138,600 |
|
|
17,908,986 |
|
|
18,177,002 |
|
|
17,842,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
Nine months endedSeptember 30, |
|
|
|
2023 |
|
|
2022 |
|
Net cash provided by
operating activities |
|
11,050 |
|
|
29,040 |
|
|
|
|
|
|
|
|
Proceeds from sale of assets |
|
23,910 |
|
|
- |
|
Vessels acquisitions and improvements |
|
(146 |
) |
|
(38,565 |
) |
Finance lease payments |
|
(3,500 |
) |
|
- |
|
Deposits assets, non-current |
|
1,325 |
|
|
- |
|
Investments |
|
- |
|
|
(10,139 |
) |
Term deposits |
|
- |
|
|
1,500 |
|
Other fixed assets, net |
|
(176 |
) |
|
(99 |
) |
Net cash provided by /
(used in) investing activities |
|
21,413 |
|
|
(47,303 |
) |
|
|
|
|
|
|
|
Proceeds from secured long-term debt |
|
53,750 |
|
|
80,300 |
|
Repayments of long-term debt and other financial liabilities |
|
(79,374 |
) |
|
(57,769 |
) |
Repayments of convertible notes |
|
(8,000 |
) |
|
(10,000 |
) |
Payments of financing and stock issuance costs |
|
(1,318 |
) |
|
(1,022 |
) |
Dividend payments |
|
(5,539 |
) |
|
(13,376 |
) |
Payments for repurchase of common stock |
|
(1,583 |
) |
|
- |
|
Payments for repurchase of warrants |
|
(808 |
) |
|
- |
|
Payments for fractional shares of reverse stock split |
|
(23 |
) |
|
- |
|
Proceeds from issuance of common stock and warrants, net of
underwriters fees and commissions |
|
- |
|
|
70 |
|
Net cash used in
financing activities |
|
(42,895 |
) |
|
(1,797 |
) |
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW
INFORMATION |
|
|
|
|
|
|
Cash paid during the period for interest |
|
13,652 |
|
|
8,283 |
|
|
|
|
|
|
|
|
Noncash investing
activities |
|
|
|
|
|
|
Vessels acquisitions and improvements |
|
- |
|
|
2,765 |
|
|
|
|
|
|
|
|
Noncash financing
activities |
|
|
|
|
|
|
Dividends declared but not paid |
|
491 |
|
|
4,548 |
|
|
|
|
|
|
|
|
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is the only
pure-play Capesize ship-owner publicly listed in the U.S. Seanergy
provides marine dry bulk transportation services through a modern
fleet of Capesize vessels. The Company’s operating fleet consists
of 17 vessels (1 Newcastlemax and 16 Capesize) with an average age
of approximately 12.7 years and an aggregate cargo carrying
capacity of approximately 3,054,820 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 pandemics
(including COVID-19), including their 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 Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
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