Seanergy Maritime Holdings Corp. Reports Financial Results for the Quarter and Six Months Ended June 30, 2017
(firmenpresse) - ATHENS, GREECE -- (Marketwired) -- 09/14/17 -- Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today its financial results for the quarter and six months ended June 30, 2017.
For the quarter ended June 30, 2017, the Company generated net revenues of $18.4 million, a 125% increase from the second quarter of 2016. For the six month period ended June 30, 2017, net revenues were equal to $31.7 million, up 109% from the first half of 2016. As of June 30, 2017, stockholders'' equity was $24.3 million and cash and cash equivalents, including restricted cash, was $9.2 million.
"In the first half of the year, charter rates recovered significantly from the historical lows of 2016. As expected, our low operating cost structure helped Seanergy achieve positive operating income in the second quarter of 2017 for the first time since rebuilding our fleet in 2015. This is an important milestone demonstrating our Company''s earnings potential during a positive market trend. It should be noted that, although, during the first half of 2017 Capesize Baltic daily rates have risen by around 146%, compared to the first half of 2016, they have not yet reached mid-cycle levels relative to historical rates and, for that reason, we are optimistic that rate improvements will continue. Our average Capesize time charter equivalent rate for the second quarter of 2017 was $12,720 per day, up 139% as compared to $5,315 per day for the second quarter of 2016 and up 54% sequentially from first quarter of 2017.(1)
"Furthermore, we are particularly pleased about expanding our fleet at a time of historical market weakness, as the indicative market values of 5-year old secondhand Capesizes have risen by around 40% compared to the end of 2016. The successful execution of our business plan puts us in an advantageous position to capitalize on the long term recovery we expect to see in the dry bulk market.
"In the second quarter, we took delivery of the 2012 Korean built Capesize M/V Partnership, which commenced its 12-18 months'' time charter with a major European utilities company in June at a gross rate of $16,200 per day. Our modern fleet now consists of nine Capesize vessels and two Supramax vessels with a combined cargo carrying capacity of 1.7 million dwt.
"In June 2017, we terminated our At-The-Market equity offering program as we remain committed to optimizing our financing activities so as to best serve the interests of our shareholders. Over the past year we have utilized equity offering proceeds to carry out three vessels'' acquisitions and finance the prepayments for the early termination of a credit facility.
"The combined accretion in value we have created for our shareholders from these transactions is more than $29 million, which is derived from the market value appreciation of the acquisitions and the expected gain due to the early termination and refinancing of one of our facilities.
"Turning to market fundamentals, we expect a steady rise in freight rates and vessel values driven by the increased demand from the end users of dry bulk commodities, and the increase in ton-miles resulting from the expansion of volumes along long-haul trades at a time of a historical reduction in fleet growth.
"We believe Seanergy is well positioned to capitalize on favorable industry trends and we continue to actively pursue additional vessel acquisitions.
"Lastly, we regained compliance with Nasdaq minimum bid price requirement without resorting in reverse stock splits or other dilutive actions."
(1) Time charter equivalent ("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.
* The M/V Partnership is chartered to a European utility company for a period of about twelve to about eighteen months at a daily rate of $16,200. Employment under the agreement commenced in June 2017.
** The M/V Lordship is chartered to a major European charterer for a period of about eighteen to about twenty-two months. The net daily charter hire is index-linked rate based on the 5 T/C route rate of Baltic Capesize Index. In addition, the charter contract provides the option to Seanergy to convert at any time and for a period of minimum three to maximum twelve months the index-linked rate into a fixed rate corresponding to the prevailing value of the respective Capesize FFA. Employment under the agreement commenced in June 2017.
(In thousands of US Dollars, except operating days and TCE rate)
(In thousands of US Dollars, except ownership days and Daily Vessel Operating Expenses)
On March 22, 2017, the Company extended the duration of the time charter contract of the M/V Lordship for a period of up to twenty-two months with a major European charterer. The charter rate is based on the 5 route average of the Baltic Capesize Index and the Company has the option, at any time, to convert the index linked rate into a fixed rate corresponding to the prevailing value of the Capesize forward freight agreement, for a minimum duration of three months to a maximum duration of twelve months.
The vessel commenced the extended period on June 28, 2017.
On June 27, 2017, the Company and Maxim Group LLC mutually terminated the equity distribution agreement dated February 3, 2017 pursuant to which the Company had sold 2,782,136 common shares for an aggregate amount of $2.9 million of gross proceeds.
On May 26, 2017, the Company entered into a time charter contract for M/V Partnership for a period of about twelve to about eighteen months with a major European energy and utility company at a gross rate of $16,200.
The vessel was delivered to the charterer and commenced her employment under the time charter agreement on June 13, 2017.
On May 24, 2017, the Company entered into an up to $18.0 million senior loan facility with Amsterdam Trade Bank N.V. to fund part of the acquisition cost of M/V Partnership. As of the date of this press release, the Company has fully drawn down the facility.
On May 24, 2017, the Company entered into an up to $16.2 million junior loan facility with Jelco to fund part of the acquisition cost of M/V Partnership. As of the date of this press release, the Company has fully drawn down the facility.
On May 4, 2017, the Board of Directors of the Company was expanded to five members and Ioannis (John) Kartsonas was appointed as an independent member of the Board of Directors to serve as a Class C Director. Mr. Kartsonas has more than 18 years of experience in finance and commodities trading.
During May, we received a notice from Nasdaq indicating that because the closing bid price of the Company''s common stock from April 5, 2017 to May 17, 2017, was below the minimum $1.00 per share bid price we were in breach of Nasdaq Listing Rule 5550(a)(2).
On September 5, 2017, Nasdaq has confirmed that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company''s common stock and that this matter is considered closed.
As previously announced, today, Thursday, September 14, 2017 at 9:00 a.m. Eastern Time, the Company''s management will host a conference call to present the financial results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or + (44) (0) 1452 542 301 (from outside the US). Please quote "Seanergy".
A replay of the conference call will be available until Thursday, September 21, 2017. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 2094507#.
Audio Webcast: There will also be a simultaneous live webcast over the Internet, through the Seanergy website (). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Seanergy Maritime Holdings Corp. is an international shipping company that provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. The Company currently owns a modern fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,682,582 dwt and an average fleet age of about 8.4 years.
The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company''s common shares and class A warrants trade on the Nasdaq Capital Market under the symbols "SHIP" and "SHIPW", respectively.
Please visit our company website at:
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 ability to continue as a going concern; the Company''s operating or financial results; the Company''s liquidity, including its ability to pay amounts that it owes and obtain additional financing in the future to fund capital expenditures, acquisitions and other general corporate activities; 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 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 . 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.
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail:
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 14.09.2017 - 06:00 Uhr
Sprache: Deutsch
News-ID 1520767
Anzahl Zeichen: 7095
contact information:
Contact person:
Town:
ATHENS, GREECE
Phone:
Kategorie:
Maritime
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 375 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Seanergy Maritime Holdings Corp. Reports Financial Results for the Quarter and Six Months Ended June 30, 2017
"
steht unter der journalistisch-redaktionellen Verantwortung von
Seanergy Maritime Holdings Corp. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
