Seanergy Maritime Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2023 and Declares Dividend of $0.025 Per Share
- Seanergy Maritime Holdings Corp. reported net revenues of $28.3 million and adjusted EBITDA of $15.7 million for Q2 2023. They declared a quarterly dividend of $0.025 per common share and completed a stock buyback of $1.6 million. They agreed to acquire a 2011-built Newcastlemax dry bulk vessel and refinanced $53.8 million in debt, adding $15.0 million of extra liquidity.
- None.
Highlights | |||||||||
(in million USD, except EPS) | Q2 2023 | Q2 2022 | 6M 2023 | 6M 2022 | |||||
Net Revenues | |||||||||
Net income / (loss) | ( | ||||||||
Adjusted net income1 | |||||||||
EBITDA1 | |||||||||
Adjusted EBITDA1 | |||||||||
Earnings / (loss) per share Basic1,2 | ( | ||||||||
Earnings / (loss) per share Diluted1,2 | ( | ||||||||
Adjusted earnings per share Basic1,2 | |||||||||
Adjusted earnings per share Diluted1,2 | |||||||||
Other Highlights and Developments:
- Fleet Time Charter Equivalent (“TCE” 3) overperformance of Baltic Capesize Index (“BCI”) by
20% in 2Q23 & 1H23 - Quarterly cash dividend of
$0.02 5 per share for Q2 2023 - total cash dividends of$1.32 5 per share or$23.9 million declared since March 2022 - Stock buyback of
$1.6 million , or approximately2% of its issued and outstanding shares – total repurchases of securities (common shares, convertible notes and warrants) of approximately$39.6 million since November 2021 - Agreement to acquire a 2011-built Newcastlemax dry bulk vessel through a 12-month bareboat charter with a purchase option
$53.8 million in refinancings during the second quarter, on improved terms, adding$15.0 million of extra liquidity and removing any loan maturities until Q2 2025
ATHENS, Greece, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), announced today its financial results for the second quarter and six months ended June 30, 2023. The Company also declared a quarterly dividend of
For the quarter ended June 30, 2023, the Company generated Net Revenues of
For the six-month period ended June 30, 2023, the Company generated Net Revenues of
Cash and cash-equivalents and restricted cash, as of June 30, 2023, stood at
_____________________
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 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:
“Despite a challenging and volatile market environment, our financial results for the second quarter of 2023 were profitable. In line with our commitment to providing consistent returns to our shareholders, regardless of prevailing market conditions, we have declared a quarterly dividend of
“In terms of our fleet’s commercial performance for this quarter, we accomplished a time charter equivalent rate of
“Moving on to other developments, during the second quarter we agreed to charter-in on a bareboat basis a 2011-built Newcastlemax vessel, for a period of 12 months with delivery to our fleet anticipated by the end of the year. At the maturity of the time charter, Seanergy has the option to purchase the vessel for
“With regards to financing transactions, we have entered two sale and leaseback agreements with Japanese counterparties and a new loan with an existing European lender, totaling
“Lastly for a brief market comment, since the beginning of the year we have seen a material increase of more than
“Seanergy is in a favorable position to perform well amidst what we believe is the best Capesize market fundamentals seen over the past three decades and we will continue to be focused on maintaining high shareholder returns and the reduction of our carbon footprint.”
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 |
Fellowship | 179,701 | 2010 | Daewoo | - | T/C Index Linked | Yes | 06/2024 | 10/2024 | Anglo American |
Worldship | 181,415 | 2012 | Koyo – Imabari | Yes | T/C Index Linked | Yes | 09/2023 | 01/2024 | Cargill |
Championship | 179,238 | 2011 | Sungdong SB | Yes | T/C Index Linked | Yes | 04/2025 | 11/2025 | Cargill |
Flagship | 176,387 | 2013 | Mitsui | - | T/C Index Linked | Yes | 05/2026 | 07/2026 | Cargill |
Patriotship | 181,709 | 2010 | Imabari | Yes | T/C Index Linked | Yes | 11/2023 | 06/2024 | Glencore |
Knightship | 178,978 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 10/2024 | 12/2024 | Glencore |
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 |
Dukeship | 181,453 | 2010 | Sasebo | - | T/C Index Linked | Yes | 04/2024 | 09/2024 | NYK |
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 |
Geniuship | 170,057 | 2010 | Sungdong SB | - | T/C Index Linked | Yes | 04/2024 | 08/2024 | NYK |
Friendship | 176,952 | 2009 | Namura | - | T/C Index Linked | Yes | 12/2023 | 03/2024 | NYK |
Paroship | 181,415 | 2012 | Koyo -Imabari | Yes | T/C Index Linked | Yes | 10/2023 | 12/2023 | Oldendorff |
Partnership | 179,213 | 2012 | Hyundai | Yes | T/C Index Linked | Yes | 09/2024 | 12/2024 | Uniper |
Lordship | 178,838 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 08/2024 | 09/2024 | Uniper |
Cape Eternity tbr Titanship(3) (4) | 207,855 | 2011 | NACKS | - | T/C Index Linked | Yes | - | - | - |
Total / Average age | 3,054,820 | 12.4 years | - | - | - | - | - | - | - |
(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 will be 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 in favour of the Company.
(4) Expected to be delivered to our fleet between August and December 2023.
Fleet Data:
(U.S. Dollars in thousands)
Q2 2023 | Q2 2022 | 6M 2023 | 6M 2022 | |
Ownership days (1) | 1,456 | 1,551 | 2,995 | 3,081 |
Operating days (2) | 1,443 | 1,341 | 2,963 | 2,823 |
Fleet utilization (3) | ||||
TCE rate (4) | ||||
Daily Vessel Operating Expenses (5) |
(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.
(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)
Q2 2023 | Q2 2022 | 6M 2023 | 6M 2022 | |||||
Vessel revenue, net | 27,646 | 32,847 | 45,030 | 62,513 | ||||
Less: Voyage expenses | 651 | 1,667 | 1,308 | 2,646 | ||||
Time charter equivalent revenues | 26,995 | 31,180 | 43,722 | 59,867 | ||||
Operating days | 1,443 | 1,341 | 2,963 | 2,823 | ||||
TCE rate | $ | 18,708 | $ | 23,251 | $ | 14,756 | $ | 21,207 |
(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)
Q2 2023 | Q2 2022 | 6M 2023 | 6M 2022 | |||||
Vessel operating expenses | 10,176 | 10,529 | 21,089 | 20,441 | ||||
Less: Pre-delivery expenses | 102 | 331 | 362 | 384 | ||||
Vessel operating expenses before pre-delivery expenses | 10,074 | 10,198 | 20,727 | 20,057 | ||||
Ownership days | 1,456 | 1,551 | 2,995 | 3,081 | ||||
Daily Vessel Operating Expenses | $ | 6,919 | $ | 6,575 | $ | 6,921 | $ | 6,510 |
Net income / (loss) to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
Q2 2023 | Q2 2022 | 6M 2023 | 6M 2022 | ||||
Net income / (loss) | 678 | 5,935 | (3,507 | ) | 9,606 | ||
Interest and finance cost, net | 4,937 | 3,168 | 10,203 | 6,150 | |||
Depreciation and amortization | 7,103 | 7,034 | 14,180 | 13,299 | |||
Taxes | - | (28 | ) | - | (28 | ) | |
EBITDA | 12,718 | 16,109 | 20,876 | 29,027 | |||
Stock based compensation | 2,447 | 1,163 | 6,127 | 3,842 | |||
Loss on extinguishment of debt | 430 | 6 | 540 | 1,285 | |||
Loss on forward freight agreements, net | 94 | 36 | 144 | 72 | |||
Gain on sale of vessels, net | - | - | (8,094 | ) | - | ||
Adjusted EBITDA | 15,689 | 17,314 | 19,593 | 34,226 |
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, 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 Reconciliation and calculation of Adjusted Earnings Per Share
(In thousands of U.S. Dollars, except for share and per share data)
Q2 2023 | Q2 2022 | 6M 2023 | 6M 2022 | ||
Net income / (loss) | 678 | 5,935 | (3,507 | ) | 9,606 |
Stock based compensation | 2,447 | 1,163 | 6,127 | 3,842 | |
Loss on extinguishment of debt (non-cash) | 190 | 6 | 300 | 1,285 | |
Loss on forward freight agreements, net | 94 | 36 | 144 | 72 | |
Adjusted net income | 3,409 | 7,140 | 3,064 | 14,805 | |
Adjusted net income – common shareholders | 3,357 | 7,140 | 2,988 | 14,805 | |
Adjusted earnings per common share, basic | 0.18 | 0.41 | 0.16 | 0.86 | |
Adjusted earnings per common share, diluted | 0.18 | 0.40 | 0.16 | 0.83 | |
Weighted average number of common shares outstanding, basic | 18,460,963 | 17,255,924 | 18,196,521 | 17,243,721 | |
Weighted average number of common shares outstanding, diluted | 18,460,963 | 17,736,828 | 18,196,521 | 17,807,487 |
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 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)
Q2 2023 | Q2 2022 | 6M 2023 | 6M 2022 | |||||
Interest and finance costs | (5,058 | ) | (3,178 | ) | (10,395 | ) | (6,172 | ) |
Add: Interest income | 121 | 10 | 192 | 22 | ||||
Add: Amortization of deferred finance charges and other discounts | 450 | 617 | 1,474 | 1,275 | ||||
Cash interest and finance costs | (4,487 | ) | (2,551 | ) | (8,729 | ) | (4,875 | ) |
Third Quarter 2023 TCE Rate Guidance:
As of the date hereof, approximately
Operating Days | TCE | ||
TCE - fixed rate (index-linked conversion) | 368 | ||
TCE - fixed rate | 0 | N/A | |
TCE – index-linked | 1,104 | ||
Total / Average | 1,472 |
_____________________
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, the TCE rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to the average FFA rate of
Second Quarter and Recent Developments:
Dividend Distribution for Q1 2023 and Declaration of Q2 2023 Dividend
On July 6, 2023, the Company paid the previously announced quarterly dividend of
On August 1, 2023, the Company also declared a cash dividend of
Buyback of Common Shares
During the second quarter of 2023, the Company repurchased 362,161 common shares in open market transactions at an average price of
Vessel Transactions and Commercial Updates
M/V Cape Eternity tbr Titanship - Bareboat Agreement for a Newcastlemax bulk carrier and time charter agreement
On May 9, 2023, the Company entered a 12-month bareboat charter agreement with an unaffiliated third party in Japan for a 2011-built Newcastlemax dry bulk vessel of 207,855 dwt built at Nantong COSCO KHI Ship Engineering Co Ltd (NACKS) which will be renamed Titanship. Pursuant to the terms of the bareboat charter, Seanergy has advanced a down payment of
Upon delivery, the M/V Titanship will commence a time charter agreement with a European charterer 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 time charter provides the Company with the option to convert the variable charter hire to a fixed rate for a period between 2 and 12 months priced at the prevailing Capesize FFA rate for the selected period.
M/V Championship - New time charter agreement
On April 24, 2023, the M/V Championship commenced employment under a new time charter agreement at an index linked rate, at a premium over the BCI, with the same charterer. The new time charter has a duration of about 24 to about 30 months and a new scrubber profit share scheme has been introduced, with Seanergy receiving the majority of the monetary benefit.
M/V Partnership - Time charter extension
On June 15, 2023, the charterer of the M/V Partnership agreed to exercise the second optional period extending the time charter for a duration of about 11 months to a maximum of 13 months. The extension period will commence after the end of the first optional period which is expected between August and November 2023. For the extended period, the fuel profit share of the Company is increased, while all other terms of the time charter remain the same.
M/V Lordship - Time charter extension
On June 27, 2023, the charterer of the M/V Lordship agreed to extend the time charter agreement in direct continuation from the previous agreement. The new time charter will commence on October 1, 2023 for a duration until August 1, 2024 or September 30, 2024. For the extended period, the fuel profit share of the Company is increased, while all other terms of the time charter remain the same.
Financing Updates
M/V Lordship - Sale & leaseback agreement
On April 24, 2023, the Company entered into a
M/V Championship - Sustainability linked loan facility
On April 18, 2023, the Company amended and restated the loan facility with Danish Ship Finance secured by the M/Vs Fellowship and Premiership to refinance the sale and leaseback agreement for the M/V Championship. The amended and restated facility includes a new tranche of
M/V Knightship Sale & leaseback agreement
On April 6, 2023, the Company sold and chartered back the M/V Knightship on a bareboat basis for a six-year period, refinancing a previous sale and leaseback agreement with AVIC. The Company has continuous options to repurchase the vessel at predetermined prices, following the second anniversary of the bareboat charter. At the end of the six-year bareboat period, the ownership of the vessel will be transferred to Seanergy at no additional cost. The
Conference Call:
The Company’s management will host a conference call to discuss financial results on Wednesday, August 2, 2023 at 10:00 a.m. Eastern Time.
Audio Webcast and Earnings Presentation:
There will be a live, and then archived, webcast of the conference call available and accompanying presentation available through the Company’s website. To access the presentation and 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.
Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars) | |||||
June 30, 2023 | December 31, 2022* | ||||
ASSETS | |||||
Cash and cash equivalents and restricted cash | 22,452 | 32,477 | |||
Vessels, net and Vessels held for sale | 422,611 | 462,385 | |||
Other assets | 21,721 | 18,738 | |||
TOTAL ASSETS | 466,784 | 513,600 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
Long-term debt and other financial liabilities | 228,425 | 244,866 | |||
Convertible notes | 2,991 | 10,833 | |||
Other liabilities | 14,462 | 36,202 | |||
Stockholders’ equity | 220,906 | 221,699 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 466,784 | 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 ended June 30, | Six months ended June 30, | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
Vessel revenue, net | 27,646 | 32,847 | 45,030 | 62,513 | ||||||
Fees from related parties | 682 | - | 1,324 | - | ||||||
Revenue, net | 28,328 | 32,847 | 46,354 | 62,513 | ||||||
Expenses: | ||||||||||
Voyage expenses | (651 | ) | (1,667 | ) | (1,308 | ) | (2,646 | ) | ||
Vessel operating expenses | (10,176 | ) | (10,529 | ) | (21,089 | ) | (20,441 | ) | ||
Management fees | (145 | ) | (377 | ) | (374 | ) | (753 | ) | ||
General and administrative expenses | (4,776 | ) | (4,205 | ) | (10,681 | ) | (8,520 | ) | ||
Depreciation and amortization | (7,103 | ) | (7,034 | ) | (14,180 | ) | (13,299 | ) | ||
Loss on forward freight agreements, net | (94 | ) | (36 | ) | (144 | ) | (72 | ) | ||
Gain on sale of vessels, net | - | - | 8,094 | - | ||||||
Operating income | 5,383 | 8,999 | 6,672 | 16,782 | ||||||
Other income / (expenses): | ||||||||||
Interest and finance costs | (5,058 | ) | (3,178 | ) | (10,395 | ) | (6,172 | ) | ||
Loss on extinguishment of debt | (430 | ) | (6 | ) | (540 | ) | (1,285 | ) | ||
Interest and other income | 806 | 15 | 882 | 159 | ||||||
Other, net | (23 | ) | 105 | (126 | ) | 122 | ||||
Total other expenses, net: | (4,705 | ) | (3,064 | ) | (10,179 | ) | (7,176 | ) | ||
Net income / (loss) | 678 | 5,935 | (3,507 | ) | 9,606 | |||||
Net income / (loss) attributable to common shareholders | 626 | 5,935 | (3,583 | ) | 9,606 | |||||
Net income / (loss) per common share, basic | 0.03 | 0.34 | (0.20 | ) | 0.56 | |||||
Net income / (loss) per common share, diluted | 0.03 | 0.33 | (0.20 | ) | 0.54 | |||||
Weighted average number of common shares outstanding, basic | 18,460,963 | 17,255,924 | 18,196,521 | 17,243,721 | ||||||
Weighted average number of common shares outstanding, diluted | 18,460,963 | 17,736,828 | 18,196,521 | 17,807,487 | ||||||
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) | |||||
Six months ended June 30, | |||||
2023 | 2022 | ||||
Net cash provided by operating activities | 1,604 | 18,939 | |||
Proceeds from sale of assets | 23,910 | - | |||
Vessels acquisitions and improvements | (134 | ) | (37,246 | ) | |
Term deposits | - | 1,500 | |||
Finance lease prepayment | (3,500 | ) | |||
Deposits assets, non-current | 1,325 | - | |||
Other fixed assets, net | (176 | ) | (69 | ) | |
Net cash provided by / (used in) investing activities | 21,425 | (35,815 | ) | ||
Proceeds from long-term debt and other financial liabilities | 53,750 | 80,300 | |||
Repayments of long-term debt and other financial liabilities | (70,868 | ) | (47,910 | ) | |
Repayments of convertible notes | (8,000 | ) | (10,000 | ) | |
Payments of financing and stock issuance costs | (1,282 | ) | (937 | ) | |
Payments for repurchase of common stock | (1,583 | ) | - | ||
Dividend payments | (5,048 | ) | (8,916 | ) | |
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) / provided by financing activities | (33,054 | ) | 12,607 | ||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||
Cash paid during the period for interest | 8,899 | 4,798 | |||
Noncash investing activities | |||||
Vessels acquisitions and improvements | - | 3,518 | |||
Noncash financing activities | |||||
Dividends declared but not paid | 491 | 4,460 | |||
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 16 Capesize vessels with an average age of approximately 12.4 years and an aggregate cargo carrying capacity of approximately 2,846,965 dwt. Upon delivery of the M/V Titanship, the Company's operating fleet will consist of 17 vessels (1 Newcastlemax and 16 Capesize), with an aggregate cargo carrying capacity of 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 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 Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com
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