Seanergy Maritime Holdings Corp. Announces Fleet Commercial Guidance and Other Shareholder Updates
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) provided third quarter 2020 commercial guidance, reporting that approximately 94% of its fleet's operating days are secured at a time charter equivalent (TCE) of $16,300 per day. This reflects an improved earnings environment due to recent spot voyages and a shift to a fixed rate of $22,000 per day for some vessels. Additionally, CEO Stamatis Tsantanis purchased 200,000 shares under an open-market plan. Seanergy operates a fleet of 11 Capesize vessels, with an average age of 11.5 years and a total capacity of 1,926,117 dwt.
- 94% of fleet's operating days secured at TCE of $16,300 per day.
- Improved earnings environment compared to first half of 2020.
- CEO purchased 200,000 shares, indicating confidence in the company.
- No negative aspects reported.
ATHENS, Greece, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (“Seanergy” or the “Company”) announced today its third quarter 2020 commercial guidance and update on the purchase of shares by its Chairman and CEO.
Fleet commercial update and Third Quarter 2020 TCE Guidance
As of today, approximately
This follows (i) the improved earnings environment in the third quarter of 2020 when compared to the first half of the year, (ii) the fixtures of spot voyages for our four vessels that are not employed on index-linked time charters through various dates in September and (iii) management’s decision to exercise the option to convert the floating rate under the index-linked charter of the M/V Lordship to a fixed gross rate of
Fleet Employment Profile:
| Vessel Name | Vessel Class | Capacity (DWT) | Year Built | Yard | Employment | Charterer | Earliest Expiration | Fixed Rate Option | ||||||
| Partnership | Capesize | 179,213 | 2012 | Hyundai | T/C Index Linked | A European utilities company | June 2022 | Yes | ||||||
| Championship | Capesize | 179,238 | 2011 | Sungdong | T/C Index Linked | Cargill | November 2023 | Yes | ||||||
| Lordship | Capesize | 178,838 | 2010 | Hyundai | T/C Index Linked | A European utilities company | May 2022 | Yes | ||||||
| Premiership | Capesize | 170,024 | 2010 | Sungdong | T/C Index Linked | Glencore | November 2022 | n/a | ||||||
| Squireship | Capesize | 170,018 | 2010 | Sungdong | T/C Index Linked | Glencore | December 2022 | n/a | ||||||
| Knightship | Capesize | 178,978 | 2010 | Hyundai | T/C Index Linked | Glencore | May 2023 | n/a | ||||||
| Gloriuship | Capesize | 171,314 | 2004 | Hyundai | T/C Index Linked | A Far Eastern dry bulk operator | February 2021 | Yes | ||||||
| Fellowship | Capesize | 179,701 | 2010 | Daewoo | Voyage Charter | An international trading company | Q4 2020 | n/a | ||||||
| Geniuship | Capesize | 170,058 | 2010 | Sungdong | Voyage Charter | An international trading company | Q4-2020 | n/a | ||||||
| Goodship | Capesize | 177,536 | 2005 | Mitsui | Voyage Charter | A mining company | Q4-2020 | n/a | ||||||
| Leadership | Capesize | 171,199 | 2001 | Koyo | Voyage Charter | An international trading company | Q4-2020 | n/a | ||||||
| Total | 1,926,117 | 11.5 | ||||||||||||
Update on Stock Purchases by the CEO
As of today, the Company’s Chairman and Chief Executive Officer, Mr. Stamatis Tsantanis, has purchased 200,000 of Seanergy’s common shares in accordance with the previously announced plan for open-market purchases by Mr. Tsantanis. Further purchases will be announced in subsequent updates.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a fleet of 11 Capesize vessels with an average age of about 11.5 years and aggregate cargo carrying capacity of approximately 1,926,117 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Athens, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP", its Class A warrants under "SHIPW" and its Class B warrants under “SHIPZ”.
Please visit our company website at: www.seanergymaritime.com.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the SEC, including the Registration Statement and its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com
1 For vessels on index-linked T/Cs, the TCE assumed for the remaining operating days is equal to the FFA rate for the respective period.
2 Spot estimates are provided using the load-to-discharge method of accounting. Load-to-discharge accounting recognizes revenues over fewer days as opposed to the discharge-to-discharge method of accounting used prior to 2018, resulting in higher rates for these days and only voyage expenses being recorded in the ballast days. Over the duration of the voyage (discharge-to-discharge) there is no difference in the total revenues and costs to be recognized. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE will be reduced accordingly.
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