Highlights of the Third Quarter of
2018:
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP), a
global Capesize dry bulk shipping company, announced today its
financial results for the third quarter and nine months ended
September 30, 2018.
For the quarter ended September 30, 2018, the
Company generated net revenues of $26.4 million, a 40% increase
compared to the third quarter of 2017. Adjusted EBITDA for the
quarter was $10.1 million, a 257% increase compared to $2.8 million
in the same period of 2017. Including non-cash impairment loss from
the sale of two Supramax vessels, EBITDA1 for the quarter was $3.3
million. Adjusted net income for the third quarter was $1.3 million
compared to an adjusted net loss of $4.9 million in the third
quarter of 2017. Including the non-cash impairment loss from the
sale of two Supramax vessels, the net loss for the quarter was $5.6
million. The Time Charter Equivalent (TCE)1 of the Capesize fleet
for the third quarter of 2018 stood at $18,244, representing a 75%
increase from $10,416 in the third quarter of 2017. The average
OPEX of the fleet for the quarter was $4,907, down by 5% from
$5,170 in the respective quarter of 2017.
For the nine months ended September 30, 2018,
net revenues were $64.5 million, up 28% compared to the same period
of 2017. Adjusted EBITDA for the period was $16.6 million, a 163%
increase compared to $6.3 million in the first 9 months of 2017.
Including non-cash impairment loss from the sale of two Supramax
vessels, EBITDA for the period was $9.8 million. Adjusted net loss
for the first 9 months of 2018 was $11 million compared to an
adjusted net loss of $14.5 million in the same period of 2017.
Including the non-cash impairment loss from the sale of two
Supramax vessels, the net loss for the first 9 months of the year
was $17.9 million. The TCE of the Capesize fleet for the first nine
months of 2018 stood at $13,312 representing a 42% increase from
$9,389 in the first nine months of 2017. The average OPEX of the
fleet for the period was $5,087, marginally increased from $4,806
in the respective period of 2017.
In the fourth quarter of 2018 our Capesize
vessels have been fixed for 84% of their ownership days at a TCE of
approximately $18,600, which compares favorably with the levels of
the Baltic Capesize Index that has averaged at $15,732 quarter to
date.
1 EBITDA, adjusted EBITDA, adjusted net loss and
Time Charter Equivalent (“TCE”) rate are non-GAAP measures. Please
see the reconciliation below of Net Loss/Income to EBITDA and
Adjusted EBITDA, Net Loss/Income to Adjusted Net Income/Loss
Reconciliation and Net revenues from vessels to TCE rate, in each
case the most directly comparable U.S. GAAP measure.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“During the third quarter of 2018, the Capesize
market conditions improved significantly and that was reflected in
the operational performance of our fleet. Our net revenues for the
quarter were $26.4 million, our adjusted EBIDTA was $10.1 million
and our adjusted net income was $1.3 million. Our average Capesize
TCE for the third quarter of 2018 was $18,244 per day.
“Consistent with our strategy to focus in the
Capesize sector, which we believe to have the most positive
fundamentals in dry bulk shipping, we became the only pure-play
Capesize company listed in the US capital markets. This is a result
of the sale of our Supramax vessels which was completed in November
2018. In addition, we expanded our capesize fleet by acquiring the
Korean-built Capesize M/V Fellowship. The vessel was delivered to
us on November 22, 2018. We will continue to pursue accretive
acquisitions of quality second hand Capesize tonnage.
“We also entered into innovative agreements with
three leading dry-bulk charterers to install scrubbers on five of
our ships with forward starting time charters, ranging in duration
from three to five years. The underlying rates are index-linked
providing for full participation in the Capesize market, plus
profit sharing above certain levels of the fuel spread. This
significant investment is undertaken in close cooperation with our
charterers in order to ensure compliance with upcoming regulations.
We believe that this approach towards the new regulations is the
most prudent, since we avoid the installation costs and other
uncertainties of the fuel markets.
“In addition, we completed a leasing transaction
of $23.5 million with Cargill International SA for one of our
Capesize vessels. This financing arrangement resulted in a capital
release of approximately $7.8 million while reducing materially the
underlying interest cost. The deal includes a five-year time
charter with Cargill, as well as the scrubber installation. In
connection with this transaction, we issued 1.8 million shares of
Seanergy to Cargill.
“In 2018 to date we have successfully concluded
the debt refinancing of approximately $48 million with new loan
facilities exceeding $70 million. As a result, we reduced the
average interest cost of the underlying loans by 2.25% and extended
the respective maturities by an average of 4.5 years. Moreover, we
further expanded our lending relationships with prominent financial
institutions in Asia and the U.S.
“We are very optimistic for the Capesize market
in 2019 and 2020. The drastic reduction of new vessel deliveries in
combination with the fleet disruptions from the implementation of
the new environmental rules is leading to a significant tonnage
supply deficit. Despite a recent temporary market slowdown, the
Baltic Capesize Index in 2018 has been about 10% higher than in
2017 and we expect the positive market trend to continue based on
the solid fundamentals.”
Company Fleet2:
Vessel Name |
Vessel Class |
Capacity(in dwt) |
Year Built |
Yard |
Employment |
Fellowship |
Capesize |
179,701 |
2010 |
Daewoo |
Time Charter (1) |
Championship (3) |
Capesize |
179,238 |
2011 |
Sungdong |
Time Charter (2) |
Partnership |
Capesize |
179,213 |
2012 |
Hyundai |
Time Charter (4) |
Knightship (5) |
Capesize |
178,978 |
2010 |
Hyundai |
Spot |
Lordship |
Capesize |
178,838 |
2010 |
Hyundai |
Time Charter (6) |
Gloriuship |
Capesize |
171,314 |
2004 |
Hyundai |
Spot |
Leadership |
Capesize |
171,199 |
2001 |
Koyo – Imabari |
Spot |
Geniuship |
Capesize |
170,058 |
2010 |
Sungdong |
Spot |
Premiership |
Capesize |
170,024 |
2010 |
Sungdong |
Spot |
Squireship |
Capesize |
170,018 |
2010 |
Sungdong |
Spot |
Total /
Average |
|
1,748,581 |
9.7 years |
|
|
2 The table excludes the two Supramax vessels,
M/V Guardianship and M/V Gladiatorship that were sold subsequent to
September 30, 2018
(1) Chartered by a major European charterer at a
gross daily rate of $17,150 for a period employment ending on about
mid-January 2019.
(2) Chartered by a major commodity trading
company. The net daily charter hire is calculated at an index
linked rate based on the five time charter routes of the Baltic
Capesize Index. In addition, the time charter provides Seanergy the
option to convert the index linked rate to a fixed rate for a
period of between three and 12 months priced at the then prevailing
Capesize forward freight agreement rate for the selected period.
The vessel was delivered to the charterer on November 7, 2018 for a
period of employment of 60 months, with an additional period of 18
months at charterer’s option.
(3) Sold to and leased back on a bareboat basis
from a major commodity trading company on November 7, 2018 for a
five year period. We have a purchase obligation at the end of the
five year period and we further have the option to repurchase the
vessel at any time.
(4) Chartered by a major European utility and
energy company at a gross daily rate of $16,200. The vessel was
delivered to the charterer on June 13, 2017 and the charter ends on
about mid-December 2018.
(5) Sold to and leased back on a bareboat basis
from a major Chinese leasing institution on June 29, 2018 for an
eight year period. We have a purchase obligation at the end of the
eight year period and we further have the option to repurchase the
vessel at any time following the second anniversary.
(6) Chartered by a major European charterer. The
net daily charter hire is calculated at an index linked rate based
on the five routes average time charter rate of the Baltic Capesize
Index. In addition, the time charter provides the Company with an
option for any period of time during the term to be converted into
a fixed rate time charter with a duration of minimum three months
to maximum 12 months, with a rate corresponding to the prevailing
value of the respective Capesize forward freight agreement. The
vessel was delivered to the charterer on June 28, 2017 for a period
of about 18 months to about 22 months.
Fleet Data:
(U.S. Dollars in thousands)
|
Q3 2018 |
|
Q3 2017 |
|
9M 2018 |
|
9M 2017 |
|
Ownership days
(1) |
|
1,012 |
|
|
1,012 |
|
|
3,003 |
|
|
2,852 |
|
Available days (2) |
|
1,003 |
|
|
1,012 |
|
|
2,994 |
|
|
2,839 |
|
Operating days (3) |
|
1,001 |
|
|
1,009 |
|
|
2,988 |
|
|
2,834 |
|
Fleet utilization (4) |
|
98.9 |
% |
|
99.7 |
% |
|
99.5 |
% |
|
99.4 |
% |
TCE rate (5) |
$16,914 |
|
$9,312 |
|
$12,497 |
|
$8,631 |
|
Daily Vessel Operating Expenses (6) |
$4,907 |
|
$5,170 |
|
$5,087 |
|
$4,806 |
|
(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) Available days are the number of ownership
days less the aggregate number of days that the vessels are
off-hire due to drydockings, special and intermediate surveys, or
days when the vessels are in lay-up. The shipping industry uses
available days to measure the number of ownership days in a period
during which the vessels should be capable of generating revenues.
During the three months ended September 30, 2018 and 2017, the
Company incurred nine and zero off-hire days for vessel dry
dockings, respectively. During the nine months ended September 30,
2018 and 2017, the Company incurred nine and 13 off-hire days for
vessel drydockings, respectively.
(3) 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. The shipping
industry uses operating days to measure the aggregate number of
days in a period during which vessels actually could generate
revenues. During the three months ended September 30, 2018 and
2017, the Company incurred two and three off-hire days due to
unforeseen circumstances, respectively. During the nine months
ended September 30, 2018 and 2017, the Company incurred six and
five off-hire days due to unforeseen circumstances,
respectively.
(4) 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.
(5) Time Charter Equivalent (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 the Company’s vessels
and in evaluating their 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 2018 |
|
Q3 2017 |
|
9M 2018 |
|
9M 2017 |
Net revenues from
vessels |
26,387 |
|
18,851 |
|
64,529 |
|
50,545 |
Less: Voyage
expenses |
9,456 |
|
9,455 |
|
27,188 |
|
26,084 |
Net operating
revenues |
16,931 |
|
9,396 |
|
37,341 |
|
24,461 |
Operating days |
1,001 |
|
1,009 |
|
2,988 |
|
2,834 |
TCE rate |
16,914 |
|
9,312 |
|
12,497 |
|
8,631 |
(6) 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 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 2018 |
|
Q3 2017 |
|
9M 2018 |
|
9M 2017 |
Vessel operating
expenses |
4,966 |
|
5,253 |
|
15,276 |
|
14,049 |
Less: Pre-delivery
expenses |
- |
|
21 |
|
- |
|
343 |
Vessel operating
expenses before pre-delivery expenses |
4,966 |
|
5,232 |
|
15,276 |
|
13,706 |
Ownership days |
1,012 |
|
1,012 |
|
3,003 |
|
2,852 |
Daily Vessel Operating
Expenses |
4,907 |
|
5,170 |
|
5,087 |
|
4,806 |
|
|
|
|
|
|
|
|
Net Loss/Income to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q3
2018 |
|
Q3
2017 |
|
9M
2018 |
|
9M
2017 |
|
Net (loss) / income |
(5,563 |
) |
6,471 |
|
(17,872 |
) |
(3,119 |
) |
Add: Net interest and finance cost |
5,931 |
|
4,738 |
|
18,860 |
|
12,431 |
|
Add: Taxes |
- |
|
22 |
|
(11 |
) |
22 |
|
Add: Depreciation and amortization |
2,889 |
|
3,002 |
|
8,789 |
|
8,384 |
|
EBITDA |
3,257 |
|
14,233 |
|
9,766 |
|
17,718 |
|
Add: Impairment loss |
6,878 |
|
- |
|
6,878 |
|
- |
|
Less: Gain on Debt Refinancing |
- |
|
11,392 |
|
- |
|
11,392 |
|
Adjusted EBITDA |
10,135 |
|
2,841 |
|
16,644 |
|
6,326 |
|
Earnings Before Interest, Taxes, Depreciation
and Amortization ("EBITDA") represents the sum of net income /
(loss), interest and finance costs, interest income, depreciation
and amortization and, if any, income taxes during a period. EBITDA
adjusted EBITDA and adjusted Net Loss are not recognized
measurements under U.S. GAAP. Adjusted EBITDA represents EBITDA
adjusted to exclude the gain on debt refinancing and impairment
charges, which the Company believes are not indicative of the
ongoing performance of its core operations. Adjusted Net Loss
represents Net Loss adjusted to exclude the gain on debt
refinancing and impairment losses charges.
EBITDA, adjusted EBITDA and adjusted Net Loss
are presented as we believe that these measures are useful to
investors as a widely used means of evaluating operating
profitability. EBITDA, adjusted EBITDA and adjusted Net Loss as
presented here may not be comparable to similarly titled measures
presented by other companies. These non-GAAP measure should not be
considered in isolation from, as a substitute for, or superior to,
financial measures prepared in accordance with U.S. GAAP.
Net Loss/Income to Adjusted Net Income/Loss
Reconciliation:
(In thousands of U.S. Dollars)
|
Q3
2018 |
|
Q3
2017 |
|
9M
2018 |
|
9M
2017 |
|
Net (loss) / income |
(5,563 |
) |
6,471 |
|
(17,872 |
) |
(3,119 |
) |
Add: Impairment loss |
6,878 |
|
- |
|
6,878 |
|
- |
|
Less: Gain on debt refinancing |
- |
|
11,392 |
|
- |
|
11,392 |
|
Adjusted Income / (loss) |
1,315 |
|
(4,921 |
) |
(10,994 |
) |
(14,511 |
) |
|
|
|
|
|
|
|
|
|
Third Quarter and Recent Developments:
Scrubber Installation and Period
Employment Agreements
The Company entered into agreements for the
installation of exhaust gas cleaning systems (“scrubbers”) on five
of its Capesize bulk carriers with three leading international
charterers. The total investment is estimated at $12.5 million
including equipment and installation and the charterers will cover
100% of the cost.
The installations are scheduled for second and
third quarter of 2019 and will be completed before January 1, 2020,
which is the implementation date of the IMO sulfur emission cap
regulations. Upon completion of the installations, the vessels will
commence index linked period employment ranging in durations
between three and five years. Details of the arrangements are as
follows:
- M/V Partnership and M/V Lordship:The Company has entered into
two time charter agreements with a major European utility and
energy company for a firm period of 33 to 37 months plus one
additional period of 11 to 13 months at charterer’s option. The two
charters are expected to commence in the second half of 2019.
- M/V Premiership and M/V Squireship:The Company has entered into
two time charter agreements with a leading multinational commodity
trading and mining company for a firm period of 36 to 42 months
plus two additional periods of 11 to 13 months at charterer’s
option. The two charters are expected to commence in the second
half of 2019. The agreement remains subject to the completion of
definitive documentation.
- M/V Championship:The Company has entered into a five year time
charter with a major commodity trading company for a firm
time-charter period of 60 months plus an additional 18 month period
at charterer’s option. The charter is expected to commence in the
second half of 2019.
The above time charters, which will all commence
in the second half of 2019, shall have a charter hire calculated at
an index-linked rate based on the 5-routes T/C average of the
Baltic Exchange Capesize Index (BCI). In addition to the daily
hire, the Company will be receiving an additional compensation
based on the spread between the price of High Sulphur Fuel Oil and
the price of Marine Gas Oil or other IMO-compliant and ISO
certified Low Sulphur Fuel Oil throughout the course of the time
charters.
Pure-play Capesize Fleet through the
Acquisition of a Modern Capesize Vessel and Sale of Two Supramax
Vessels
In August 2018, the Company agreed to acquire
the 2010-built Capesize vessel M/V Fellowship from an unaffiliated
third party, for a gross purchase price of $28.7 million. On
November 22, 2018 the Company took delivery of the M/V Fellowship.
The vessel is currently on time charter to a major European drybulk
operator at a gross daily rate of $17,150 with latest redelivery
date in January 2019.
In September 2018, the Company entered into
separate definitive agreements with unaffiliated third parties for
the sale of two Supramax vessels, the 2010-built M/V Gladiatorship
and the 2011-built M/V Guardianship. The aggregate gross sale price
is $22.7 million. M/V Gladiatorship was delivered to its new owners
on October 11, 2018 and the M/V Guardianship was delivered to its
new owner on November 19, 2018.
As a result of the Supramax sales, Seanergy
became the only Capesize pure-play owner and operator listed in the
US Capital markets.
Capesize Vessel Refinancing and Time
Charter
On November 7, 2018, the Company entered into a
$23.5 million sale and leaseback agreement for the M/V Championship
with a major commodity trading company for the purpose of
refinancing the outstanding indebtedness of the vessel under a
previous loan facility with Amsterdam Trade Bank. Pursuant to the
agreement, the Company has chartered back the vessel on a bareboat
basis and subsequently entered it into a five-year time charter
with such major commodity trading company. The refinancing has
released approximately $7.8 million of liquidity for the Company
that was used to partially finance the acquisition price of the M/V
Fellowship. As part of this agreement 1.8 million shares were
issued to the commodity trading company.
Extension of Shareholder
Loan
On August 11, 2018, the Company entered into a
supplemental agreement to the $2 million loan agreement with Jelco
Delta Holding Corp., or Jelco, pursuant to which the maturity date
of the loan agreement was extended to January 31, 2019.
Shareholder Notes Amendment
On September 1, 2018, the Company entered into
an amendment to its September 7, 2015 revolving convertible
promissory note to Jelco. This amendment provided for (i) the
increase of the available amount of $3.5 million which can be
requested by April 10, 2019 and (ii) the maturity date was extended
to December 31, 2022. As of the date of this press release, the
full $3.5 million are available under the note.
Conference Call
As previously announced, today, Thursday,
November 29, 2018 at 9:00 a.m. Eastern Time, the Company’s
management will host a conference call to present the financial
results.
Conference Call Details
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: 1
(877) 553-9962 (US Toll Free Dial In), 0(808) 238- 0669 (UK Toll
Free Dial In) or +44 (0) 2071 928592 (Standard International Dial
In). Please quote “Seanergy” to the operator.A telephonic replay of
the conference call will be available until December 6, 2018, by
dialing 1(866) 331-1332 (US Toll Free Dial In), 0(808) 238-0667 (UK
Toll Free Dial In) or +44 (0) 3333 009785 (Standard
International Dial In). Access Code: 2094507#.Audio
Webcast
There will also be a simultaneous live webcast over
the Internet, through the Seanergy website
(www.seanergymaritime.com). Participants to the live webcast should
register on the website approximately 10 minutes prior to the start
of the webcast.
Seanergy Maritime Holdings
Corp.Unaudited Condensed Consolidated Balance Sheets(In
thousands of U.S. Dollars)
|
|
September 30, 2018 |
|
|
December 31, 2017* |
|
ASSETS |
|
|
|
|
|
|
Cash and
restricted cash |
|
5,242 |
|
|
11,039 |
|
Vessels |
|
242,616 |
|
|
254,730 |
|
Other
assets |
|
17,636 |
|
|
9,936 |
|
TOTAL
ASSETS |
|
265,494 |
|
|
275,705 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Bank debt
and other financial liabilities |
|
192,679 |
|
|
195,021 |
|
Convertible promissory notes |
|
10,119 |
|
|
6,785 |
|
Due to
related parties |
|
19,348 |
|
|
17,342 |
|
Other
liabilities |
|
19,991 |
|
|
15,244 |
|
Stockholders’ equity |
|
23,357 |
|
|
41,313 |
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
265,494 |
|
|
275,705 |
|
*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 ended September 30, |
|
Nine months ended September 30, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
|
2017 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Vessel
revenue, net |
|
26,387 |
|
18,851 |
|
64,529 |
|
|
50,545 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Voyage
expenses |
|
(9,456 |
) |
(9,455 |
) |
(27,188 |
) |
|
(26,084 |
) |
Vessel
operating expenses |
|
(4,966 |
) |
(5,253 |
) |
(15,276 |
) |
|
(14,049 |
) |
Management fees |
|
(264 |
) |
(264 |
) |
(792 |
) |
|
(752 |
) |
General
and administrative expenses |
|
(1,544 |
) |
(1,029 |
) |
(4,547 |
) |
|
(3,298 |
) |
Depreciation and amortization |
|
(2,889 |
) |
(3,002 |
) |
(8,789 |
) |
|
(8,384 |
) |
Impairment loss |
|
(6,878 |
) |
- |
|
(6,878 |
) |
|
- |
|
Operating
income / (loss) |
|
390 |
|
(152 |
) |
1,059 |
|
|
(2,022 |
) |
Other
expenses: |
|
|
|
|
|
|
|
|
|
|
Interest
and finance costs |
|
(5,940 |
) |
(4,739 |
) |
(18,869 |
) |
|
(12,440 |
) |
Gain on
debt refinancing |
|
- |
|
11,392 |
|
- |
|
|
11,392 |
|
Other,
net |
|
(13 |
) |
(30 |
) |
(62 |
) |
|
(49 |
) |
Total other
(expenses) / income, net: |
|
(5,953 |
) |
6,623 |
|
(18,931 |
) |
|
(1,097 |
) |
Net (loss) /
income |
|
(5,563 |
) |
6,471 |
|
(17,872 |
) |
|
(3,119 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) /
income per common share, basic |
|
(0.15 |
) |
0.18 |
|
(0.48 |
) |
|
(0.09 |
) |
Weighted
average number of common shares outstanding, basic |
|
37,021,770 |
|
36,326,646 |
|
36,974,075 |
|
|
35,591,170 |
|
Net (loss) /
income per common share, diluted |
|
(0.15 |
) |
0.08 |
|
(0.48 |
) |
|
(0.09 |
) |
Weighted
average number of common shares outstanding, diluted |
|
37,021,770 |
|
79,631,067 |
|
36,974,075 |
|
|
35,591,170 |
|
|
|
|
|
|
|
|
|
|
|
|
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 10 Capesize vessels, with a cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of about 9.7
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 trade on the Nasdaq Capital
Market under the symbol "SHIP" and class A warrants under
"SHIPW".
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 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.Paul Lampoutis230 Park Avenue
Suite 1536New York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
Seanergy Maritime (NASDAQ:SHIPW)
Historical Stock Chart
From Aug 2024 to Sep 2024
Seanergy Maritime (NASDAQ:SHIPW)
Historical Stock Chart
From Sep 2023 to Sep 2024