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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Seanergy Maritime Holdings Corporation | NASDAQ:SHIP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.22 | 10.00 | 10.32 | 10.415 | 10.1114 | 10.23 | 318,623 | 22:03:53 |
SEANERGY MARITIME HOLDINGS CORP.
|
|
(Registrant)
|
|
Dated: August 9, 2023
|
|
/s/ Stamatios Tsantanis
|
|
By: Stamatios Tsantanis
|
|
Chief Executive Officer
|
• |
changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand;
|
• |
changes in seaborne and other transportation patterns;
|
• |
changes in the supply of or demand for drybulk commodities, including drybulk commodities carried by sea, generally or in particular regions;
|
• |
changes in the number of newbuildings under construction in the drybulk shipping industry;
|
• |
changes in the useful lives and the value of our vessels and the related impact on our compliance with loan covenants;
|
• |
the aging of our fleet and increases in operating costs;
|
• |
changes in our ability to complete future, pending or recent acquisitions or dispositions;
|
• |
our ability to achieve successful utilization of our expanded fleet;
|
• |
changes to our financial condition and liquidity, including our ability to pay amounts that we owe and obtain additional financing to fund capital expenditures, acquisitions and other
general corporate activities;
|
• |
risks related to our business strategy, areas of possible expansion or expected capital spending or operating expenses;
|
• |
changes in the availability of crew, number of off-hire days, classification survey requirements and insurance costs for the vessels in our fleet;
|
• |
changes in our ability to leverage the relationships and reputation in the drybulk shipping industry of V.Ships Greece Ltd., or V.Ships Greece, our technical manager, Anglo-Eastern Crew
Management (Asia) Limited and Global Seaways S.A., our crew managers, and Fidelity Marine Inc., or Fidelity, our commercial manager;
|
• |
changes in our relationships with our contract counterparties, including the failure of any of our contract counterparties to comply with their agreements with us;
|
• |
loss of our customers, charters or vessels;
|
• |
damage to our vessels;
|
• |
potential liability from future litigation and incidents involving our vessels;
|
• |
our future operating or financial results;
|
• |
acts of terrorism, other hostilities, pandemics or other calamities;
|
• |
risks associated with the worldwide coronavirus, or COVID-19, including its effects on demand for dry bulk products, crew changes and the transportation thereof;
|
• |
changes in global and regional economic and political conditions, including without limitation, increased inflationary pressures and increases in the interest rates set by central
banks;
|
• |
general domestic and international political conditions or events, including “trade wars”, the war between Russia and Ukraine and related sanctions;
|
• |
changes in governmental rules and regulations or actions taken by regulatory authorities, particularly with respect to the drybulk shipping industry;
|
• |
our ability to continue as a going concern; and
|
• |
other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the U.S. Securities and Exchange Commission,
including our most recent annual report on Form 20-F.
|
• |
number of vessels owned and operated;
|
• |
voyage charter rates;
|
• |
time charter trip rates;
|
• |
period time charter rates;
|
• |
the nature and duration of our voyage and time charters;
|
• |
vessel repositioning;
|
• |
vessel operating expenses and voyage costs;
|
• |
maintenance and upgrade work;
|
• |
the age, condition and specifications of our vessels;
|
• |
issuance of our common shares and other securities;
|
• |
amount of debt obligations; and
|
• |
financing costs related to debt obligations.
|
Six months ended
June 30,
|
Change
|
|||||||||||||||
2023
|
2022
|
Amount
|
%
|
|||||||||||||
Revenues:
|
||||||||||||||||
Vessel revenue, net
|
45,030
|
62,513
|
(17,483
|
)
|
(28
|
)%
|
||||||||||
Fees from related parties
|
1,324
|
-
|
1,324
|
-
|
||||||||||||
Revenue, net
|
46,354
|
62,513
|
(16,159
|
)
|
(26
|
)%
|
||||||||||
Expenses:
|
||||||||||||||||
Voyage expenses
|
(1,308
|
)
|
(2,646
|
)
|
1,338
|
(51
|
)%
|
|||||||||
Vessel operating expenses
|
(21,089
|
)
|
(20,441
|
)
|
(648
|
)
|
3
|
%
|
||||||||
Management fees
|
(374
|
)
|
(753
|
)
|
379
|
(50
|
)%
|
|||||||||
General and administrative expenses
|
(10,681
|
)
|
(8,520
|
)
|
(2,161
|
)
|
25
|
%
|
||||||||
Depreciation and amortization
|
(14,180
|
)
|
(13,299
|
)
|
(881
|
)
|
7
|
%
|
||||||||
Loss on forward freight agreements, net
|
(144
|
)
|
(72
|
)
|
(72
|
)
|
(100
|
)%
|
||||||||
Gain on sale of vessels, net
|
8,094
|
-
|
8,094
|
-
|
||||||||||||
Operating income
|
6,672
|
16,782
|
(10,110
|
)
|
(60
|
)%
|
||||||||||
Other expenses:
|
||||||||||||||||
Interest and finance costs
|
(10,395
|
)
|
(6,172
|
)
|
(4,223
|
)
|
68
|
%
|
||||||||
Loss on extinguishment of debt
|
(540
|
)
|
(1,285
|
)
|
745
|
(58
|
)%
|
|||||||||
Interest and other income
|
882
|
159
|
723
|
455
|
%
|
|||||||||||
Other, net
|
(126
|
)
|
122
|
(248
|
)
|
(203
|
)%
|
|||||||||
Total other expenses, net:
|
(10,179
|
)
|
(7,176
|
)
|
(3,003
|
)
|
42
|
%
|
||||||||
Net (loss) / income
|
(3,507
|
)
|
9,606
|
(13,113
|
)
|
(137
|
)%
|
|||||||||
Dividends to non-vested participating securities
|
(76
|
)
|
-
|
(76
|
)
|
-
|
||||||||||
Net (loss) / income attributable to common shareholders
|
(3,583
|
)
|
9,606
|
(13,189
|
)
|
(137
|
)%
|
|||||||||
Net (loss) / income per common share, basic
|
(0.20
|
)
|
0.56
|
|||||||||||||
Net (loss) / income per common share, diluted
|
(0.20
|
)
|
0.54
|
|||||||||||||
Weighted average number of common shares outstanding, basic
|
18,196,521
|
17,243,721
|
||||||||||||||
Weighted average number of common shares outstanding, diluted
|
18,196,521
|
17,807,487
|
Six months ended June 30,
|
||||||||
Fleet Data:
|
2023
|
2022
|
||||||
Ownership days
|
2,995
|
3,081
|
||||||
Available days(1)
|
2,995
|
2,845
|
||||||
Operating days(2)
|
2,963
|
2,823
|
||||||
Fleet utilization
|
98.9
|
%
|
91.6
|
%
|
||||
Average Daily Results:
|
||||||||
TCE rate(3)
|
$
|
14,756
|
$
|
21,207
|
||||
Daily Vessel Operating Expenses(4)
|
$
|
6,921
|
$
|
6,510
|
(1) |
During the six months ended June 30, 2023, we incurred nil off-hire days for scheduled dry-dockings. During the six months ended June 30, 2022, we incurred 236 off-hire days for scheduled dry-dockings.
|
(2) |
During the six months ended June 30, 2023, we incurred 32 off-hire days due to other unforeseen circumstances. During the six months ended June 30, 2022, we incurred 22 off-hire days due to other unforeseen
circumstances.
|
(3) |
We include TCE rate (a measure of the average daily revenue performance), a non-GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in
evaluating their financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles our net revenues from vessels to TCE rate.
|
Six months ended June 30,
|
||||||||
2023
|
2022
|
|||||||
(In thousands of US Dollars, except operating days and TCE rate)
|
||||||||
Vessel revenue, net
|
$
|
45,030
|
$
|
62,513
|
||||
Voyage expenses
|
$
|
(1,308
|
)
|
$
|
(2,646
|
)
|
||
Time charter equivalent revenues
|
$
|
43,722
|
$
|
59,867
|
||||
Operating days
|
2,963
|
2,823
|
||||||
Daily time charter equivalent rate
|
$
|
14,756
|
$
|
21,207
|
(4) |
We include Daily Vessel Operating Expenses, a non-GAAP measure, as we believe it provides additional meaningful information and assists management in making decisions regarding the deployment and use of our
vessels and because we believe that it provides useful information to investors regarding our financial performance. Our calculation of Daily Vessel Operating Expenses may not be comparable to that reported by other companies. The
following table reconciles our vessel operating expenses to Daily Vessel Operating Expenses.
|
Six months ended June 30,
|
||||||||
2023
|
2022
|
|||||||
(In thousands of US Dollars, except ownership days and Daily Vessel Operating Expenses)
|
||||||||
Vessel operating expenses
|
$
|
21,089
|
$
|
20,441
|
||||
Less: Pre-delivery expenses
|
(362
|
)
|
(384
|
)
|
||||
Vessel operating expenses before pre-delivery expenses
|
$
|
20,727
|
$
|
20,057
|
||||
Ownership days
|
2,995
|
3,081
|
||||||
Daily Vessel Operating Expenses
|
$
|
6,921
|
$
|
6,510
|
Six months ended June 30,
|
||||||||
2023
|
2022
|
|||||||
EBITDA and Adjusted EBITDA reconciliation:
|
||||||||
Net (loss) / income
|
$
|
(3,507
|
)
|
$
|
9,606
|
|||
Interest and finance cost, net
|
10,203
|
6,150
|
||||||
Depreciation and amortization
|
14,180
|
13,299
|
||||||
Taxes
|
-
|
(28
|
)
|
|||||
EBITDA(1)
|
$
|
20,876
|
$
|
29,027
|
||||
Stock based compensation
|
6,127
|
3,842
|
||||||
Loss on extinguishment of debt
|
540
|
1,285
|
||||||
Loss on forward freight agreements, net
|
144
|
72
|
||||||
Gain on sale of vessels, net
|
(8,094
|
)
|
-
|
|||||
Adjusted EBITDA(1)
|
$
|
19,593
|
$
|
34,226
|
Six months ended June
30,
|
||||||||
2023
|
2022
|
|||||||
Cash Flow Data:
|
||||||||
Net cash provided by operating activities
|
$
|
1,604
|
$
|
18,939
|
||||
Net cash provided by / (used in) investing activities
|
$
|
21,425
|
$
|
(35,815
|
)
|
|||
Net cash (used in) / provided by financing activities
|
$
|
(33,054
|
)
|
$
|
12,607
|
Page
|
||
F-2
|
||
F-3
|
||
F-4
|
||
F-5
|
||
F-6
|
June 30, 2023
|
December 31, 2022
|
|||||||||||
ASSETS
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
4
|
|
|
|||||||||
Restricted cash
|
4, 7
|
|
|
|||||||||
Accounts receivable trade, net
|
12
|
|
|
|||||||||
Inventories
|
5
|
|
|
|||||||||
Prepaid expenses
|
||||||||||||
Due from related parties
|
3 |
|||||||||||
Assets held for sale
|
||||||||||||
Other current assets
|
|
|
||||||||||
Total current assets
|
|
|
||||||||||
Fixed assets:
|
||||||||||||
Vessels, net
|
6
|
|
|
|||||||||
Other fixed assets, net
|
|
|
||||||||||
Total fixed assets
|
|
|
||||||||||
Other non-current assets:
|
||||||||||||
Deposits assets, non-current
|
|
|
||||||||||
Deferred charges and other investments, non-current
|
|
|
||||||||||
Restricted cash, non-current |
4, 7 |
|||||||||||
Prepaid expense other, non-current
|
10 | |||||||||||
Operating lease, right of use asset
|
10
|
|
|
|||||||||
Other non-current assets
|
|
|
||||||||||
TOTAL ASSETS
|
|
|
||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY
|
||||||||||||
Current liabilities:
|
||||||||||||
Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of $
|
7
|
|
|
|||||||||
Debt related to assets held for sale, net of deferred finance costs of $
and $ |
||||||||||||
Current portion of convertible notes, net of deferred finance costs and debt discounts of $
|
8 |
|||||||||||
Liability from contract with related party
|
6 |
|||||||||||
Trade accounts and other payables
|
|
|
||||||||||
Accrued liabilities
|
|
|
||||||||||
Operating lease liability
|
10 |
|
|
|||||||||
Deferred revenue
|
12
|
|
|
|||||||||
Other current liabilities
|
11, 16 |
|||||||||||
Total current liabilities
|
|
|
||||||||||
Non-current liabilities:
|
||||||||||||
Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of $
|
7 |
|
|
|||||||||
Operating lease liability, non-current
|
10 |
|
|
|||||||||
Deferred revenue, non-current
|
12
|
|
|
|||||||||
Total liabilities
|
|
|
||||||||||
Commitments and contingencies
|
10 |
|||||||||||
STOCKHOLDERS EQUITY
|
||||||||||||
Preferred stock, $
|
|
|
||||||||||
Common stock, $
|
|
|
||||||||||
Additional paid-in capital
|
11 |
|
|
|||||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||||||
Total Stockholders’ equity
|
|
|
||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
|
|
|
2023
|
2022
|
|||||||||||
Vessel revenue, net
|
12 |
|
|
|||||||||
Fees from | 3 | |||||||||||
Revenue, net |
||||||||||||
Expenses:
|
||||||||||||
Voyage expenses
|
12 |
(
|
)
|
(
|
)
|
|||||||
Vessel operating expenses
|
(
|
)
|
(
|
)
|
||||||||
Management fees
|
(
|
)
|
(
|
)
|
||||||||
General and administration expenses
|
(
|
)
|
(
|
)
|
||||||||
Amortization of deferred dry-docking costs
|
(
|
)
|
(
|
)
|
||||||||
Depreciation
|
(
|
)
|
(
|
)
|
||||||||
Gain on sale of vessels, net |
6 | |||||||||||
Gain on forward freight agreements, net |
( |
) | ( |
) | ||||||||
Operating income
|
|
|
||||||||||
Other income / (expenses), net:
|
||||||||||||
Interest and finance costs
|
13 |
(
|
)
|
(
|
)
|
|||||||
Loss on extinguishment of debt
|
7 | ( |
) |
(
|
)
|
|||||||
Interest and other income
|
|
|
||||||||||
Foreign currency exchange losses, net
|
(
|
)
|
|
|||||||||
Total other expenses, net
|
(
|
)
|
(
|
)
|
||||||||
Net (loss) / income before taxes | ( |
) | ||||||||||
Income taxes | ||||||||||||
Net (loss) / income
|
(
|
)
|
|
|||||||||
Dividends to non-vested participating securities |
( |
) | ||||||||||
Net (loss) / income attributable to common shareholders |
( |
) | ||||||||||
Net (loss) / income per common share, basic |
14
|
( |
) | |||||||||
Net (loss) / income per common share, diluted
|
14
|
(
|
)
|
|
||||||||
Weighted average common shares outstanding, basic
|
14 |
|
|
|||||||||
Weighted average common shares outstanding, diluted |
14 |
Preferred stock Series B |
Common stock
|
Additional
paid-in
|
Accumulated |
Total
stockholders’
|
||||||||||||||||||||||||
# of Shares |
Par Value
|
# of Shares
|
Par Value
|
capital
|
deficit
|
equity
|
||||||||||||||||||||||
Balance, December 31, 2021
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||
Issuance of common stock (including the exercise of warrants) (Note 11)
|
- |
|
|
|
|
|
||||||||||||||||||||||
Stock based compensation (Note 15)
|
- |
|
|
|
|
|
||||||||||||||||||||||
Dividends |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Cumulative adjustment due to adoption of ASU 2020-06
|
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Net income
|
- |
-
|
|
|
|
|
||||||||||||||||||||||
Balance, June 30, 2022
|
|
|
|
(
|
)
|
|
Preferred stock Series B |
Common stock
|
Additional
paid-in
|
Accumulated |
Total
stockholders’
|
||||||||||||||||||||||||
# of Shares
|
Par Value
|
# of Shares
|
Par Value
|
capital
|
deficit
|
equity
|
||||||||||||||||||||||
Balance, December 31, 2022
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||
Stock based compensation (Note 15)
|
- |
|
|
|
|
|
||||||||||||||||||||||
Dividends (Note 11) |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Warrants buyback (Note 11) |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Share buyback (Note 11) |
- | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Redemption of fractional shares due to reverse stock split
|
- | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Net loss
|
- |
-
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Balance, June 30, 2023
|
|
|
|
(
|
)
|
|
2023
|
2022
|
|||||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Proceeds from sale of vessels |
||||||||
Vessels acquisitions and improvements
|
(
|
)
|
(
|
)
|
||||
Finance lease prepayment |
( |
) | ||||||
Other fixed assets, net | ( |
) | ( |
) | ||||
Term deposits | ||||||||
Deposits assets, non-current |
||||||||
Net cash provided by/ (used in) investing activities
|
|
(
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Net proceeds from issuance of common stock and warrants
|
|
|
||||||
Payments for repurchase of common stock |
( |
) | ||||||
Dividends paid | ( |
) | ( |
) | ||||
Proceeds from long term debt and other financial liabilities
|
|
|
||||||
Repayments of long term debt and other financial liabilities
|
(
|
)
|
(
|
)
|
||||
Repayments of convertible notes | ( |
) | ( |
) | ||||
Payments of fractional shares due to reverse stock split |
( |
) | ||||||
Payments of financing and stock issuance costs
|
(
|
)
|
(
|
)
|
||||
Net cash (used in) / provided by financing activities
|
(
|
)
|
|
|||||
Net decrease in cash and cash equivalents and restricted cash
|
(
|
)
|
(
|
)
|
||||
Cash and cash equivalents and restricted cash at beginning of period
|
|
|
||||||
Cash and cash equivalents and restricted cash at end of period
|
|
|
||||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||
Cash paid during the period for:
|
||||||||
Interest paid
|
|
|
||||||
Noncash investing activities: | ||||||||
Vessels acquisitions and improvements | ||||||||
Noncash financing activities:
|
||||||||
Dividends declared but not paid |
Company
|
Country of
Incorporation
|
Vessel name |
Date of Delivery
|
Date of
Sale/Disposal
|
||||
Seanergy Management Corp. (1)(2) | N/A | N/A | N/A | |||||
Seanergy Shipmanagement Corp. (1)(2) | N/A | N/A | N/A | |||||
Emperor Holding Ltd. (1) | N/A |
N/A |
N/A | |||||
Pembroke Chartering Services Limited (1)(3)(4) | N/A |
N/A |
N/A | |||||
Maritime Capital Shipping Limited (1)(4) | N/A |
N/A |
N/A |
|||||
Sea Genius Shipping Co. (1) | N/A | |||||||
Premier Marine Co. (1) | N/A |
|||||||
Squire Ocean Navigation Co. (1) | N/A | |||||||
Lord Ocean Navigation Co. (1)(5) | ||||||||
Champion Marine Co. (1) | N/A |
|||||||
Fellow Shipping Co. (1) | N/A | |||||||
Friend Ocean Navigation Co. (1) | N/A |
|||||||
World Shipping Co. (1) | N/A | |||||||
Duke Shipping Co. (1)
|
|
|
|
N/A |
||||
Partner Marine Co. (1)(5) |
N/A |
|||||||
Honor Shipping Co. (1)
|
|
|
|
N/A |
||||
Paros
Ocean Navigation Co. (1)
|
|
|
|
N/A
|
||||
Knight
Ocean Navigation Co. (1)(5)
|
|
|
|
|||||
Flag
Marine Co. (1)(5)
|
|
|
|
|||||
Hellas Ocean Navigation Co. (1)(5)
|
|
|
||||||
Patriot Shipping Co. (1)(5)
|
|
|
|
|||||
Good
Ocean Navigation Co. (1)(Note 6) |
||||||||
Traders Shipping Co. (1)(Note 6)
|
|
|
|
|||||
Gladiator Shipping Co. (1)(4) |
||||||||
Leader Shipping Co. (1)(4) | ||||||||
Partner Shipping Co. Limited (1)(4) | ||||||||
Martinique International Corp. (1)(4) | ||||||||
Harbour Business International Corp. (1)(4) | ||||||||
Titan Ocean Navigation Co. (1) | Note 10 |
Note 10 |
N/A |
June 30,
2023
|
December 31,
2022
|
|||||||
Cash and cash equivalents
|
|
|
||||||
Restricted cash
|
|
|
||||||
Restricted cash, non-current | ||||||||
Total
|
|
|
June 30,
2023
|
December 31,
2022
|
|||||||
Bunkers |
||||||||
Lubricants
|
|
|
||||||
Total
|
|
|
June 30,
2023
|
December 31,
2022
|
|||||||
Cost:
|
||||||||
Beginning balance
|
|
|
||||||
- Additions
|
|
|
||||||
- Vessels contributed to United Maritime Corporation | ( |
) | ||||||
- Transfer to “Assets held for Sale”
|
( |
) | ||||||
Ending balance
|
|
|
||||||
Accumulated depreciation:
|
||||||||
Beginning balance
|
(
|
)
|
(
|
)
|
||||
- Depreciation for the period
|
(
|
)
|
(
|
)
|
||||
- Vessels contributed to United Maritime Corporation | ||||||||
- Transfer to “Assets held for Sale”
|
||||||||
Ending balance
|
(
|
)
|
(
|
)
|
||||
Net book value
|
|
|
7. |
Long-Term Debt and Other Financial Liabilities:
|
June 30,
2023
|
December 31,
2022
|
|||||||
Long-term debt and other financial liabilities
|
|
|
||||||
Less: Deferred financing costs
|
(
|
)
|
(
|
)
|
||||
Total
|
|
|
||||||
Less – current portion
|
(
|
)
|
(
|
)
|
||||
Long-term portion
|
|
|
||||||
Debt related to assets held for sale
|
||||||||
Less: Deferred financing costs
|
( |
) | ||||||
Total
|
||||||||
Total debt net of deferred financing costs and
debt discounts
|
• |
a minimum borrower’s liquidity;
|
• |
a minimum guarantor’s liquidity;
|
• |
a security coverage requirement; and
|
• |
a leverage ratio.
|
Twelve month periods ending June 30,
|
Amount
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
Thereafter
|
|
|||
Total
|
|
8.
|
Convertible Notes:
|
|
June 30,
2023
|
December 31,
2022
|
||||||
Convertible notes
|
|
|
||||||
Less: Deferred financing costs
|
(
|
)
|
(
|
)
|
||||
Less: Change in fair value of conversion option
|
( |
) | ( |
) | ||||
Total
|
|
|
||||||
Less - current portion
|
(
|
)
|
(
|
)
|
||||
Long-term portion
|
|
|
9. |
Financial Instruments:
|
• |
Level 1: Quoted market prices in active markets for identical assets or liabilities;
|
• |
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data;
|
• |
Level 3: Unobservable inputs that are not corroborated by market data.
|
a. |
Cash and cash equivalents, restricted cash, accounts receivable
trade, other current assets and trade accounts and other payables: the carrying amounts approximate fair value because of the short maturity of these instruments. The carrying value approximates the fair market value for interest
bearing cash classified as restricted cash, non-current.
|
b. |
Long-term debt and other financial liabilities: The carrying value
of long-term debt and other financial liabilities with variable interest rates (obtained through Level 2 inputs of the fair value hierarchy) approximates the fair market value as the long-term debt and other financial liabilities
bear interest at floating interest rate. The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Company believes the terms of its fixed interest long-term debt for the
Flagship Cargill Sale and Leaseback are similar to those that could be procured as of June 30, 2023, and the carrying value of $
|
10.
|
Commitments and
Contingencies:
|
Twelve month periods ending June 30,
|
Amount
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
Total
|
|
Twelve month periods ending June 30,
|
Amount
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027 | ||||
Thereafter | ||||
Total
|
|
|||
Less: imputed interest
|
(
|
)
|
||
Present value of lease liabilities
|
|
|||
Lease liabilities, current
|
|
|||
Lease liabilities, non-current
|
|
|||
Present value of lease liabilities
|
|
11. |
Capital Structure:
|
(a) |
Common Stock
|
i)
|
NASDAQ Notification
|
ii)
|
Dividends
|
iii)
|
Buybacks
|
(b)
|
Warrants
|
Warrant
|
Shares to be issued
upon exercise of
remaining warrants
|
|||
Class D
|
|
|||
Class E
|
|
|||
Total
|
|
12. |
Vessel Revenue and Voyage Expenses:
|
June 30,
|
||||||||
2023
|
2022
|
|||||||
Vessel revenues from time charters, net of commissions
|
|
|
||||||
Total
|
|
|
Customer
|
2023
|
2022
|
||||||
A
|
|
%
|
|
%
|
||||
B
|
|
%
|
|
%
|
||||
C
|
|
%
|
|
%
|
||||
D
|
|
%
|
|
%
|
||||
Total
|
|
%
|
|
%
|
|
June 30,
|
|||||||
|
2023
|
2022
|
||||||
Voyage expenses from time charters, net of commissions
|
(
|
)
|
(
|
)
|
||||
Total
|
(
|
)
|
(
|
)
|
13.
|
Interest and Finance Costs:
|
June 30, |
||||||||
2023 | 2022 | |||||||
Interest on long-term debt and other financial liabilities
|
|
|
||||||
Convertible notes interest expense
|
|
|
||||||
Amortization of deferred finance costs and debt discounts
|
|
|
||||||
Amortization of deferred finance costs and debt discounts (shares issued to third party -
non-cash)
|
|
|
||||||
Other
|
|
|
||||||
Total
|
|
|
14.
|
(Loss) / Earnings per Share:
|
June 30,
|
||||||||
2023
|
2022
|
|||||||
Net (loss) / income
|
$ | ( |
) | $ | ||||
Less: Dividends to non-vested participating securities
|
( |
) | ||||||
Net (loss) / income attributable to common shareholders, basic
|
$ | ( |
) | $ | ||||
Net (loss) / income attributable to common shareholders, diluted
|
$
|
(
|
)
|
$
|
|
|||
Weighted average common shares outstanding, basic
|
|
|
||||||
Effect of dilutive securities:
|
||||||||
Warrants
|
|
|
||||||
Non-vested participating securities
|
|
|
||||||
Weighted average common shares outstanding, diluted
|
|
|
||||||
Net (loss) / income per share attributable to common shareholders, basic
|
$ | ( |
) | $ | ||||
Net (loss) / income per share attributable to common
shareholders, diluted
|
$
|
(
|
)
|
$
|
|
15.
|
Equity
Incentive Plan:
|
16.
|
Subsequent Events
|
Document and Entity Information |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | Seanergy Maritime Holdings Corp. |
Entity Central Index Key | 0001448397 |
Unaudited Interim Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Preferred Stock [Member]
Series B [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Accumulated Deficit [Member] |
Total |
Cumulative Adjustment [Member]
Preferred Stock [Member]
Series B [Member]
|
Cumulative Adjustment [Member]
Common Stock [Member]
|
Cumulative Adjustment [Member]
Additional Paid-in Capital [Member]
|
Cumulative Adjustment [Member]
Accumulated Deficit [Member]
|
Cumulative Adjustment [Member] |
---|---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2021 | $ 0 | $ 2 | $ 597,723 | $ (353,249) | $ 244,476 | |||||
Balance (ASU 2020-06 [Member]) at Dec. 31, 2021 | $ 0 | $ 0 | $ (21,165) | $ 10,216 | $ (10,949) | |||||
Balance (in shares) at Dec. 31, 2021 | 20,000 | 17,298,614 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock (including the exercise of warrants) (Note 11) | $ 0 | $ 0 | 70 | 0 | 70 | |||||
Issuance of common stock (including the exercise of warrants) (Note 11) (in shares) | 10,000 | |||||||||
Stock based compensation (Note 15) | $ 0 | 3,842 | 0 | 3,842 | ||||||
Stock based compensation (Note 15) (in shares) | 533,000 | |||||||||
Dividends | 0 | $ 0 | 0 | (13,376) | (13,376) | |||||
Net income (loss) | 0 | 0 | 0 | 9,606 | 9,606 | |||||
Balance at Jun. 30, 2022 | $ 0 | $ 2 | 580,470 | (346,803) | 233,669 | |||||
Balance (in shares) at Jun. 30, 2022 | 20,000 | 17,841,614 | ||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 2 | 583,691 | (361,994) | 221,699 | |||||
Balance (in shares) at Dec. 31, 2022 | 20,000 | 18,191,614 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock based compensation (Note 15) | $ 0 | $ 0 | 6,127 | 0 | 6,127 | |||||
Stock based compensation (Note 15) (in shares) | 1,823,800 | |||||||||
Dividends | 0 | $ 0 | 0 | (991) | (991) | |||||
Warrants buyback (Note 11) | 0 | 0 | (816) | 0 | (816) | |||||
Share buyback (Note 11) | 0 | $ 0 | (1,583) | 0 | $ (1,583) | |||||
Share buyback (Note 11) (in shares) | (362,161) | (362,161) | ||||||||
Redemption of fractional shares due to reverse stock split | 0 | $ 0 | (23) | 0 | $ (23) | |||||
Redemption of fractional shares due to reverse stock split (in shares) | (4,297) | |||||||||
Net income (loss) | 0 | $ 0 | 0 | (3,507) | (3,507) | |||||
Balance at Jun. 30, 2023 | $ 0 | $ 2 | $ 587,396 | $ (366,492) | $ 220,906 | |||||
Balance (in shares) at Jun. 30, 2023 | 20,000 | 19,648,956 |
Basis of Presentation and General Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and General Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and General Information |
1. Basis of Presentation and General
Information:
Seanergy Maritime Holdings Corp. (the “Company” or
“Seanergy”) was formed under the laws of the Republic of the Marshall Islands on January 4, 2008, with executive offices located in Glyfada, Greece. The Company’s common shares are listed on the Nasdaq Capital Market under the symbol “SHIP”. The Company
provides global transportation solutions in the dry bulk shipping sector through its subsidiaries.
The accompanying unaudited interim consolidated financial
statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”).
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do
not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial
statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 31, 2023
and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods
presented. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2023.
The consolidated balance sheet as of December 31, 2022 has
been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
On
February 16, 2023, the Company’s common stock began trading on a split-adjusted basis, following a February 9, 2023 approval from the Company’s Board of Directors to reverse split the Company’s common stock at a ratio of (Note 11). All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse
stock split retroactively, for all periods presented. No fractional shares were issued in connection with the reverse split. Shareholders who would otherwise hold a fractional share of the Company’s common stock received a cash payment in lieu
of such fractional share.
As of June 30, 2023, the Company had a working capital deficit of $24,906
which is mainly due to the planned loan and convertible note payments of $33,728 and $2,991, net of deferred charges, respectively. Additionally, another part of the working capital deficit relates to pre-collected revenue of $1,931 included in deferred revenue. This amount represents a current liability that does not require future cash settlement. The Company’s cash flow
projections for the period after one year after the date that the financial statements are issued indicate that cash on hand and cash provided by operating activities will be sufficient to cover the liquidity needs that become due within one year
after the date that the financial statements are issued.
Consequently, the unaudited interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and
satisfaction of liabilities in the normal course of business.
a. Subsidiaries in Consolidation:
Seanergy’s subsidiaries included in these unaudited interim
consolidated financial statements as of June 30, 2023:
(1) Subsidiaries wholly owned
(2) Management companies
(3) Chartering services company
(4) Dormant companies
(5) Bareboat charterers
|
Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies |
2. Significant Accounting
Policies:
A discussion of the Company’s significant accounting
policies can be found in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2022, filed with the SEC on March 31, 2023. There have been no material changes to these
policies in the six-month period ended June 30, 2023.
Recent Accounting Pronouncements
There are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s
unaudited interim financial statements for the six-month period ended June 30, 2023.
|
Transactions with Related Parties |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties |
3. Transactions with Related Parties:
Details of the Company’s transactions with related parties are discussed in Note 3 of the consolidated
financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023, and are supplemented by the below new activities within the period.
Management
Agreements:
During the
six-month period ended June 30, 2023, fees charged from Seanergy to United Maritime Corporation (“United”) in relation to services provided under the various management agreements entered into with respect to United’s fleet amounted to
$1,324 and are included in “Fees from related parties” in the accompanying interim unaudited statement of operations.
As of June
30, 2023, balance due from United amounted to $3,930 and is included in “Due from related parties” in the accompanying
unaudited consolidated balance sheets, related to United management fees and working capital advances.
On December 27, 2022, Seanergy entered into two memoranda of agreement to sell two Capesize vessels to United
for an aggregate purchase price of $36,250. The sales were completed and the two vessels were delivered to United in February 2023 (Note 6).
Stock Purchases by the CEO & the CFO:
During the six-month period ended June 30, 2023, Seanergy’s Chairman and Chief Executive Officer, Stamatios Tsantanis, has purchased 100,000 shares at an average price of $5.32
per share, or approximately $532 worth of the Company’s common stock, in the open market. In addition, the Company’s Chief
Financial Officer, Stavros Gyftakis, has purchased 18,510 shares at an average price of $5.40 per share, or approximately $100
worth of the Company’s common stock in the open market during the same period.
|
Cash and Cash Equivalents and Restricted Cash |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash |
4. Cash and Cash Equivalents and
Restricted Cash:
The following table provides a reconciliation of cash
and cash equivalents and restricted cash reported within the unaudited consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim consolidated statements of cash flows:
Restricted cash as of June 30, 2023 includes $2,000 of minimum liquidity requirements as per the Piraeus Bank Loan Facility (Note 7), $2,000
of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility (Note 7), $500 of minimum
liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as
per the June 2022 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the December 2022 Alpha
Bank Loan Facility (Note 7), and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company’s financial institutions. Minimum liquidity, not legally restricted, as of June 30, 2023, of $9,100 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents”.
Restricted cash as of December 31, 2022 includes $2,000
of minimum liquidity requirements as per the June 2022 Piraeus Bank Loan Facility (Note 7), $1,300 of minimum liquidity
requirements as per the October 2022 Danish Ship Finance Loan Facility, $500 of minimum liquidity requirements as per the
August 2021 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan
Facility (Note 7), $500 of minimum liquidity requirements as per the December 2022 Alpha Bank Loan Facility (Note 7), $1,600 of minimum liquidity requirement as per the Championship Cargill Sale and Leaseback (Note 7) and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company’s financial institutions. Minimum liquidity, not legally restricted, as of December 31, 2022, of $10,700 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents”.
|
Inventories |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||
Inventories |
5. Inventories:
The amounts in the accompanying unaudited
consolidated balance sheets are analyzed as follows:
As of June 30, 2023, there was no
bunkers inventory as all vessels were employed under time charter agreements.
|
Vessels, Net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels, Net |
6. Vessels, Net:
The amounts in the accompanying unaudited consolidated balance
sheets are analyzed as follows:
During the six-month period ended June 30, 2023, an amount of $419 of expenditures were capitalized that concern improvements on vessels performance and meeting environmental standards mainly due to
installation of ballast water treatment systems and other energy saving devices. The cost of these additions was accounted as major improvement and were capitalized over the vessels’
cost and will be depreciated over the remaining useful life of each vessel. Amounts paid for the additions are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the unaudited interim consolidated
statements of cash flows.
As of June 30, 2023, all vessels, except for the Knightship, the Lordship, the Flagship, the Partnership, the Hellasship and the Patriotship that are financed through other financial liabilities (sale and leaseback agreements), are mortgaged to secure loans of the Company (Note 7).
Gain on sale of vessels, net
On December 27, 2022,
the Company entered into an agreement with United for the sale of the Goodship for a gross sale price of $17,500.
As of December 31, 2022, the vessel along with the associated inventories were classified in current assets as “Assets held for sale” in the unaudited consolidated balance sheets, according to the provisions of ASC 360, as all the criteria for
this classification were met. The vessel was delivered to her new owners on February 10, 2023. A gain on sale of vessel, net of sale expenses, amounting to $4,887 was recognized and is presented as “Gain on sale of vessels, net” in the unaudited interim consolidated statement of operations.
On December 27, 2022,
the Company entered into an agreement with United for the sale of the Tradership for a gross sale price of $18,750.
As of December 31, 2022, the vessel along with the associated inventories were classified in current assets as “Assets held for sale” in the unaudited consolidated balance sheets, according to the provisions of ASC 360, as all the criteria for
this classification were met. The vessel was delivered to her new owners on February 28, 2023. A gain on sale of vessel, net of sale expenses, amounting to $3,207 was recognized and is presented as “Gain on sale of vessels, net” in the unaudited interim consolidated statement of operations.
|
Long-Term Debt and Other Financial Liabilities |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt and Other Financial Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt and Other Financial Liabilities |
The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:
Details of the Company’s secured credit and other financial liabilities are discussed in Note 7 of the consolidated financial statements for the
year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023, and are supplemented by the below new activities within the period.
Senior long-term debt
Loan
Facilities amended during the six-month period ended June 30, 2023
October
2022 Danish Ship Finance Loan Facility
On April 18, 2023, the Company amended and restated the loan
facility with Danish Ship Finance secured by the Fellowship and
the Premiership to refinance the Championship Cargill Sale and Leaseback.
The amended and restated facility includes a new tranche (Tranche C) of $15,750 secured by the Championship, while
a sustainability adjustment mechanism was introduced in respect of the underlying interest rate of the facility. The new tranche has a five-year
term and the repayment schedule comprises eight quarterly installments of $725 followed by twelve quarterly installments of $585 and a final balloon of $2,930 payable together with the final installment. The interest rate is 2.65%
over 3-month term SOFR per annum, which can be increased or decreased by 0.05% based on certain emission reduction thresholds. For the new tranche secured by the Championship the
borrower is required to maintain a minimum liquidity amount of $700, while each of the borrowers under the Premiership and Fellowship tranches are still required to maintain minimum liquidity of $650
in their respective retention accounts.
August 2021 Alpha Bank Loan Facility
On April 28, 2023, the Company prepaid $11,976 of Tranche A using the proceeds from the Village Seven Sale and Leaseback (described below) and as a result all the securities
regarding the Lordship were irrevocably and unconditionally
released. Following the prepayment of the Lordship,
Tranche A is repayable by seven quarterly
installments of $601 each and a final balloon of $10,284 payable together with the final installment and Tranche B is repayable by eight quarterly installments of $258 each and a final balloon of $3,918 payable together
with the final installment. The repayment of installments for both tranches will commence from the fourth quarter of 2023.
Furthermore, on May 22, 2023, the
Company received a notice from Alpha Bank providing for the replacement of the LIBOR with Term SOFR effective as of June 30, 2023. Following such transition, Tranche A bears interest at Term SOFR plus a margin of 3.55% and Tranche B bears interest at Term SOFR plus a margin of 3.30%. Relevant documentation in the form of a supplemental agreement and mortgage addenda will be entered into in the following months.
Loan Facilities repaid during the six-month period ended June 30, 2023
ABB Loan Facility
On February 9, 2023, in connection with the
disposal of the Goodship, the Company fully prepaid the outstanding loan amount of $6,100
under the facility. On February 24, 2023, in connection with the disposal of the Tradership, the company fully prepaid the remaining outstanding loan amount of $6,800. Following the full prepayment of the ABB Loan Facility, all securities created in favor of ABB were irrevocably and unconditionally
released.
Other Financial Liabilities – Sale and Leaseback Transactions
New Sale and Leaseback Activities during the six-month period ended June 30, 2023
Evahline
Sale and Leaseback
On March 29, 2023, the Company entered a $19,000 sale and leaseback agreement
with a subsidiary of Evahline Inc. for the refinancing of the Hanchen Sale and Leaseback. The agreement became effective on April 6, 2023, upon the delivery of the Knightship to the lessor. The charterhire principal amortizes in seventy-two
consecutive monthly installments of approximately $264 each, bearing an interest rate of 3-month term SOFR plus 2.80% per
annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the six-year bareboat period, following the full amortization of the charterhire principal, the ownership of the vessel will be transferred to the Company at no additional cost. In addition, the Company is required to maintain a security cover ratio (as defined therein) of not less than 120%.
Village Seven Sale and Leaseback
On April 24, 2023, the Company entered a $19,000 sale and leaseback agreement
to partially refinance the August 2021 Alpha Bank Loan Facility, secured by the Lordship, as well as the Squireship and
the Friendship. The Lordship was sold and chartered back on a bareboat basis for a period of four years and five months. 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 bareboat period, the Company has the option to repurchase the vessel for $7,800 which the Company expects to
exercise. The charterhire principal amortizes in fifty-three consecutive monthly installments of approximately $211 each, bearing an interest rate of 3-month
term SOFR plus 3.00% per annum.
Sale and Leaseback Activities repaid during the six-month period ended June 30, 2023
Championship Cargill Sale and Leaseback
On April 24, 2023, the Company purchased back the Championship from Cargill and took delivery of the vessel after full settlement of the amount of approximately $16,480. The Championship was refinanced by the October 2022 Danish Ship Finance Loan Facility described above.
Hanchen Sale and Leaseback
On April 6, 2023, the Company purchased back the Knightship from Hanchen Limited and took delivery of the vessel after full settlement of the outstanding balance of approximately $11,221. The sale and leaseback was refinanced by the Evahline Sale and Leaseback described above.
All of the Company’s secured facilities (i.e., long-term debt and other financial liabilities) bear either floating interest at LIBOR or SOFR plus
a margin or fixed interest.
Certain of the Company’s long-term debt and other financial liabilities contain financial covenants and undertakings requiring the
Company to maintain various financial ratios, including:
As of June 30, 2023, the Company was in compliance with all covenants relating to its loan facilities as at that date.
As of June 30, 2023, ten
of the Company’s owned vessels, having a net carrying value of $278,377, were subject to first and second priority mortgages as
collaterals to their long-term debt facilities. In addition, the Company’s six bareboat chartered vessels, having a net carrying value
of $144,234 as of June 30, 2023, have been financed through sale and leaseback agreements. As in typical leaseback agreements the title
of ownership is held by the relevant lenders.
The annual principal payments required to be made
after June 30, 2023 for all long-term debt and other financial liabilities, are as
follows:
|
Convertible Notes |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes |
Details of the Company’s convertible note issued to Jelco Delta Holding Corp. (“JDH”) are discussed in Note 8 of the consolidated financial
statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023.
The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:
September 7, 2015 - $21,165 Revolving Convertible Note (Second JDH Note)
On January 3, 2023, the Company paid $8,000 of the outstanding balance of the Second JDH Note. The total outstanding balance is due for payment on December 31, 2023. As of June 30, 2023, $3,165 was outstanding under the Second
JDH Note.
The Company may, by giving
business days prior written notice to JDH at any time, prepay the whole or any part of the Second JDH Note in cash or, subject to JDH’s prior written agreement on the price per share, in a number of fully paid and nonassessable shares of the
Company equal to the amount of the note(s) being prepaid divided by the agreed price per share. At JDH’s option, the Company’s obligation to repay the principal amount under the Second JDH Note or any part thereof may be paid in common shares at a
conversion price of $120 per share. JDH has also received customary registration rights with respect to any shares to be received upon
conversion of the Second JDH Note. |
Financial Instruments |
6 Months Ended | |||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||
Financial Instruments [Abstract] | ||||||||||||||||
Financial Instruments |
The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair
value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine
fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:
(a) Significant Risks and Uncertainties, including Business and Credit Concentration
The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified
financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts
receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.
(b) Fair
Value of Financial Instruments
The fair values of the financial instruments shown in the unaudited consolidated balance sheets as of June 30, 2023 and
December 31, 2022, represent management’s best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date.
Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any,
market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those
judgments are developed by the Company based on the best information available in the circumstances.
The following methods and assumptions were used to
estimate the fair value of each class of financial instruments:
|
Commitments and Contingencies |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies |
Contingencies
Various claims, lawsuits, and complaints, including
those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to
the operations of the Company’s vessels. As of June 30, 2023, management is not aware of any material claims or contingent liabilities, which have not been disclosed, or for which a provision has not been established in the accompanying
consolidated financial statements.
The Company accrues for the cost of environmental
liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or
for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and
Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.
Commitments
The Company operates certain of its vessels under
lease agreements. Time charters typically may provide for charterers’ options to extend the lease terms and termination clauses. The Company’s time charters range from 10 to 60 months and extension periods vary from 6 to 26 months. In addition, the
time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes on freight market index. The Company has
the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates.
The following table sets forth the Company’s future
minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2023. For index-linked time charter contracts the calculation was made using the initial charter rates (these amounts do not include any
assumed off-hire).
The office rent expense for the periods ended June
30, 2023 and 2022 was $83 and $83,
respectively.
The following table sets forth the Company’s
undiscounted office rental obligations as at June 30, 2023:
On May 9, 2023, the Company entered into a twelve-month bareboat charter agreement, which has not yet commenced, with an unaffiliated third party for a secondhand Newcastlemax vessel, which will be renamed Titanship. As of June 30, 2023, the
Company has advanced a down payment of $3,500 which was paid upon signing of the agreement and such amount is included in “Prepaid expenses other, non-current” in the unaudited consolidated balance sheets. Seanergy will further pay $3,500 on delivery of the vessel to the Company, which is estimated to take place between August and December 2023, and will be paying a daily bareboat rate of $9 over the period of the twelve-month bareboat charter. At the end of the bareboat period, the Company has an option to purchase the vessel for $20,200.
|
Capital Structure |
6 Months Ended | ||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||
Capital Structure [Abstract] | |||||||||||||||||||||||||||||||||
Capital Structure |
Details of the Company’s common stock and warrants are discussed in Note 11 of the consolidated financial statements for the year ended December 31, 2022,
included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023 and are supplemented by the below new activities into the six-month period.
On January 31, 2023, the Company received written notification from NASDAQ, indicating that the Company was granted an additional 180-day grace period, until July 31,
2023, to cure its non-compliance with Nasdaq Listing Rule 5550(a)(2). At the opening of trading on February 16, 2022, following a February 9, 2023 approval from the Company’s Board of Directors, the Company effected a . reverse stock split of the Company’s common stock. On March 3, 2023, the Company received written notification from Nasdaq
that the Company regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock (Note 1)
On January 30, 2023, the Company paid a regular quarterly dividend of $0.025 per share for the third quarter of 2022 to all shareholders of record as of December 28, 2022.
On April 25, 2023, the Company paid a regular quarterly dividend of $0.025 per share for the fourth quarter of 2022 to all shareholders of record as of March 31, 2023. On May 25, 2023, the Company announced a regular quarterly dividend of $0.025 per share for the first quarter of 2023 which was paid on July 6, 2023 to all shareholders of record as of June 22, 2023 (Note 16). The dividend declared on May 25, 2023 amounting to $491 is included in “Other current liabilities” as of June 30, 2023 in the accompanying unaudited consolidated balance sheets. The total dividends declared in the six-month period ended June 30, 2023, amounted to $991.
In June 2022, the Board of Directors of the Company authorized an additional share repurchase plan under which the Company may repurchase up to $5,000 of its outstanding common shares, convertible note or warrants. On November 28, 2022, the Company’s Board of Directors authorized the extension of the
share repurchase plan until December 31, 2023. As of June 30, 2023, the Company has repurchased 362,161 of its
outstanding common shares at an average price of approximately $4.35 for a total of $1,583, inclusive of commissions and fees. All the repurchased shares have been cancelled as of June 30, 2023.
All warrants are classified in equity, according to the Company’s significant
accounting policy.
As of June 30, 2023, the
number of remaining Class D Warrants outstanding is 4,368,750.
On January 10, 2023, the Company completed its tender offer to purchase all outstanding Class E Warrants at a price of $0.20 per warrant. The total number of warrants tendered was 4,038,114
warrants, representing approximately 47% of the outstanding Class E Warrants at the time of the tender offer. As of June 30,
2023, the number of remaining Class E Warrants outstanding is 4,494,599.
As of June 30, 2023, the number of common shares that can potentially be issued under each outstanding warrant are:
|
Vessel Revenue and Voyage Expenses |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel Revenue and Voyage Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel Revenue and Voyage Expenses |
The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023
and 2022:
The trade accounts receivable of $625 and $720 as of June 30, 2023 and December 31, 2022,
respectively, relate to time charters.
Deferred revenue as of June 30, 2023 was $1,931 and relates entirely to operating leases. The Deferred revenue is allocated on a straight-line basis over the minimum duration of each charter party, except for
unearned revenue, which represents cash received in advance of services which have not yet been provided. Revenue recognized in 2023 from amounts included in Deferred revenue at the beginning of the period was $1,919.
Charterers individually accounting for more than 10%
of revenues during the six-month periods ended June 30, 2023 and 2022 were:
Voyage Expenses
The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023 and 2022:
|
Interest and Finance Costs |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Finance Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Finance Costs |
Interest and finance costs are analyzed as follows:
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(Loss) / Earnings per Share |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) / Earnings per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) / Earnings per Share |
The calculation of net income per common share is summarized below:
As of June 30, 2023, non-vested
participating shares under the Company’s equity incentive plan of 1,510,356 were excluded from the computation of diluted
shares as their effect was already considered under the more dilutive two-class method used above (Note 15). Additionally, securities that could potentially dilute basic EPS in the future that were not included in the computation of
diluted EPS as of June 30, 2023, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants that are out-of-the money as of the reporting date (Note 11), calculated with the treasury stock method,
as well as shares assumed to be converted with respect to the convertible notes (Note 8) calculated with the if-converted method.
|
Equity Incentive Plan |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 | |||
Equity Incentive Plan [Abstract] | |||
Equity Incentive Plan |
On March
27, 2023, the Compensation Committee granted an aggregate of 1,823,800 restricted shares of common stock pursuant to the Plan. Of the
total 1,823,800 shares issued on March 27,
2023, 400,000 shares were granted to the non-executive members of the Board of Directors, 930,000 were granted to the executive officers, 433,800
shares were granted to certain of the Company’s non-executive employees and 60,000 shares were granted to the sole director of the
Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $5.22. 607,974 shares vested on the date of the issuance, March 27, 2023, 607,913 shares will vest on October 1, 2023 and 607,913 shares
will vest on October 1, 2024.
The related
expense for shares granted to the Company’s Board of Directors and certain of its employees for the six-month periods ended June 30, 2023 and 2022, amounted to $5,929
and $3,728, respectively, and is included under general and administration expenses. The related expense for shares granted to
non-employees for the six-month periods ended June 30, 2023 and 2022, amounted to $198 and $114, respectively, and is included under voyage expenses.
The unrecognized cost for the non-vested shares granted to the Company’s Board of Directors and certain of its employees as of June 30,
2023 and December 31, 2022 amounted to $4,593 and $2,131, respectively. On June 30, 2023, the weighted-average period
over which the total compensation cost related to non-vested awards granted to the Company’s Board of Directors and its other employees not yet recognized is expected to be recognized is 1.01 years.
|
Subsequent Events |
6 Months Ended | ||
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Jun. 30, 2023 | |||
Subsequent Events [Abstract] | |||
Subsequent Events |
On July 6, 2023, the Company paid a
dividend of $491 to all shareholders of record as of June 22, 2023 (Note 11).
On August 2, 2023, the Company announced a regular quarterly dividend of $0.025 per share for the second quarter of 2023, payable on or about October 6, 2023 to all shareholders of record as of September 22, 2023.
|
Basis of Presentation and General Information (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Basis of Presentation and General Information [Abstract] | |
Principles of Consolidation |
The accompanying unaudited interim consolidated financial
statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”).
|
Basis of Accounting |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do
not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial
statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 31, 2023
and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods
presented. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2023.
The consolidated balance sheet as of December 31, 2022 has
been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
|
Significant Accounting Policies (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Recent Accounting Pronouncements Adopted and Not Yet Adopted |
Recent Accounting Pronouncements
There are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s
unaudited interim financial statements for the six-month period ended June 30, 2023.
|
Basis of Presentation and General Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and General Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries in Consolidation |
Seanergy’s subsidiaries included in these unaudited interim
consolidated financial statements as of June 30, 2023:
(1) Subsidiaries wholly owned
(2) Management companies
(3) Chartering services company
(4) Dormant companies
(5) Bareboat charterers
|
Cash and Cash Equivalents and Restricted Cash (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash |
The following table provides a reconciliation of cash
and cash equivalents and restricted cash reported within the unaudited consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim consolidated statements of cash flows:
|
Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||
Inventories |
The amounts in the accompanying unaudited
consolidated balance sheets are analyzed as follows:
|
Vessels, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels, Net |
The amounts in the accompanying unaudited consolidated balance
sheets are analyzed as follows:
|
Long-Term Debt and Other Financial Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt and Other Financial Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt and Other Financial Liabilities |
The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Principal Payments |
The annual principal payments required to be made
after June 30, 2023 for all long-term debt and other financial liabilities, are as
follows:
|
Convertible Notes (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes |
The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:
|
Commitments and Contingencies (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Contractual Charter Revenue |
The following table sets forth the Company’s future
minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2023. For index-linked time charter contracts the calculation was made using the initial charter rates (these amounts do not include any
assumed off-hire).
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office Rental Obligations |
The following table sets forth the Company’s
undiscounted office rental obligations as at June 30, 2023:
|
Capital Structure (Tables) |
6 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||
Capital Structure [Abstract] | |||||||||||||||||||||
Outstanding Warrants |
As of June 30, 2023, the number of common shares that can potentially be issued under each outstanding warrant are:
|
Vessel Revenue and Voyage Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel Revenue and Voyage Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Derived from Time Charters |
The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023
and 2022:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Charterers |
Charterers individually accounting for more than 10%
of revenues during the six-month periods ended June 30, 2023 and 2022 were:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Voyage Expenses from Time Charters |
The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023 and 2022:
|
Interest and Finance Costs (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Finance Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Finance Costs |
Interest and finance costs are analyzed as follows:
|
(Loss) / Earnings per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) / Earnings per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings per Common Share |
The calculation of net income per common share is summarized below:
|
Transactions with Related Parties (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 27, 2022
USD ($)
Vessel
Agreement
|
Feb. 28, 2023
Vessel
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
|
|
Management Agreements [Abstract] | ||||
Fees from related parties | $ 46,354 | $ 62,513 | ||
United [Member] | ||||
Management Agreements [Abstract] | ||||
Fees from related parties | 1,324 | |||
Due from related parties | $ 3,930 | |||
Number of memoranda of agreement | Agreement | 2 | |||
Number of vessels to be sold | Vessel | 2 | |||
Sales price | $ 36,250 | |||
Number of vessels delivered | Vessel | 2 | |||
Stamatios Tsantanis [Member] | ||||
Stock Purchases by CEO & CFO [Abstract] | ||||
Shares purchased by related party (in shares) | shares | 100,000 | |||
Average price of shares purchased by related party (in dollars per share) | $ / shares | $ 5.32 | |||
Shares purchased by related party | $ 532 | |||
Stavros Gyftakis [Member] | ||||
Stock Purchases by CEO & CFO [Abstract] | ||||
Shares purchased by related party (in shares) | shares | 18,510 | |||
Average price of shares purchased by related party (in dollars per share) | $ / shares | $ 5.4 | |||
Shares purchased by related party | $ 100 |
Cash and Cash Equivalents and Restricted Cash (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
FinancialInstitution
|
Dec. 31, 2022
USD ($)
FinancialInstitution
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
---|---|---|---|---|
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 16,902 | $ 26,027 | ||
Restricted cash | 50 | 1,650 | ||
Restricted cash, non-current | 5,500 | 4,800 | ||
Cash and cash equivalents and restricted cash | 22,452 | 32,477 | $ 41,357 | $ 45,626 |
Restricted deposits pledged as collateral | $ 50 | $ 50 | ||
Number of financial institutions where restricted deposits are pledged as collateral regarding credit card balances | FinancialInstitution | 1 | 1 | ||
Minimum liquidity requirements for credit facilities covenants | $ 9,100 | $ 10,700 | ||
Piraeus Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 2,000 | |||
June 2022 Piraeus Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 2,000 | |||
October 2022 Danish Ship Finance Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 2,000 | 1,300 | ||
August 2021 Alpha Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 500 | 500 | ||
June 2022 Alpha Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 500 | 500 | ||
December 2022 Alpha Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | $ 500 | 500 | ||
Championship Cargill Sale and Leaseback [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | $ 1,600 |
Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventories [Abstract] | ||
Inventories | $ 1,428 | $ 1,995 |
Bunkers [Member] | ||
Inventories [Abstract] | ||
Inventories | 0 | 392 |
Lubricants [Member] | ||
Inventories [Abstract] | ||
Inventories | $ 1,428 | $ 1,603 |
Vessels, Net, Net Book Value (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Accumulated Depreciation [Abstract] | |||
Depreciation for the period | $ (12,019) | $ (11,198) | |
Net book value | 423,121 | $ 434,545 | |
Vessels [Member] | |||
Cost [Abstract] | |||
Beginning balance | 511,516 | 488,049 | 488,049 |
Additions | 419 | 71,224 | |
Vessels contributed to United Maritime Corporation | 0 | (17,948) | |
Transfer to "Assets held for Sale" | 0 | (29,809) | |
Ending balance | 511,935 | 511,516 | |
Accumulated Depreciation [Abstract] | |||
Beginning balance | (77,383) | $ (61,987) | (61,987) |
Depreciation for the period | (11,941) | (23,294) | |
Vessels contributed to United Maritime Corporation | 0 | 5,046 | |
Transfer to "Assets held for Sale" | 0 | 2,852 | |
Ending balance | (89,324) | (77,383) | |
Net book value | $ 422,611 | $ 434,133 |
Vessels, Net, Acquisitions and Sales (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Feb. 28, 2023 |
Feb. 10, 2023 |
|
Vessels, Net [Abstract] | ||||
Gain on sale of vessel, net | $ 8,094 | $ 0 | ||
Capitalized Expenditures for Improvements on Vessels Performance and Meeting Environmental Standards [Member] | ||||
Vessels, Net [Abstract] | ||||
Additions | 419 | |||
Goodship [Member] | ||||
Vessels, Net [Abstract] | ||||
Sales price | $ 17,500 | |||
Gain on sale of vessel, net | $ 4,887 | |||
Tradership [Member] | ||||
Vessels, Net [Abstract] | ||||
Sales price | $ 18,750 | |||
Gain on sale of vessel, net | $ 3,207 |
Long-Term Debt and Other Financial Liabilities, Summary of Long-Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Long-Term Debt and Other Financial Liabilities [Abstract] | ||
Long-term debt and other financial liabilities | $ 231,585 | $ 235,603 |
Less: Deferred financing costs | (3,160) | (3,727) |
Total debt net of deferred financing costs and debt discounts | 228,425 | 231,876 |
Less - current portion | (33,728) | (35,051) |
Long-term portion | 194,697 | 196,825 |
Debt related to assets held for sale | 0 | 13,100 |
Less: Deferred financing costs | 0 | (110) |
Total | 0 | 12,990 |
Total debt net of deferred financing costs and debt discounts | $ 228,425 | $ 244,866 |
Long-Term Debt and Other Financial Liabilities, October 2022 Danish Ship Finance Loan Facility (Details) - October 2022 Danish Ship Finance Loan Facility [Member] $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
Installment
|
Apr. 18, 2023
USD ($)
|
|
Senior Long-Term Debt [Abstract] | ||
Face amount | $ 15,750 | |
Term of loan | 5 years | |
Final balloon payment | $ 2,930 | |
Interest rate | 2.65% | |
Adjustment to interest rate | 0.05% | |
Minimum liquidity required to be maintained | $ 700 | |
Minimum liquidity to be maintained in earnings account | $ 650 | |
Eight Installments [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Number of consecutive payment installments | Installment | 8 | |
Frequency of periodic payment | quarterly | |
Installment payment | $ 725 | |
Last Twelve Installments [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Number of consecutive payment installments | Installment | 12 | |
Frequency of periodic payment | quarterly | |
Installment payment | $ 585 | |
SOFR [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Term of variable rate | 3 months |
Long-Term Debt and Other Financial Liabilities, August 2021 Alpha Bank Loan Facility (Details) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Apr. 28, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
Installment
|
Jun. 30, 2022
USD ($)
|
|
Senior Long-Term Debt [Abstract] | |||
Prepayment of principal amount | $ 70,868 | $ 47,910 | |
Tranche A [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Prepayment of principal amount | $ 11,976 | ||
Balloon payment | $ 10,284 | ||
Tranche A [Member] | Seven Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 7 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 601 | ||
Tranche A [Member] | SOFR [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Margin on variable rate | 3.55% | ||
Tranche B [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Balloon payment | $ 3,918 | ||
Tranche B [Member] | Last Eight Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 8 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 258 | ||
Tranche B [Member] | SOFR [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Margin on variable rate | 3.30% |
Long-Term Debt and Other Financial Liabilities, ABB Loan Facility (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Feb. 24, 2023 |
Feb. 09, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Senior Long-Term Debt [Abstract] | ||||
Prepayment of principal amount | $ 70,868 | $ 47,910 | ||
ABB Loan Facility [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Prepayment of principal amount | $ 6,800 | $ 6,100 |
Long-Term Debt and Other Financial Liabilities, Evahline Sale and Leaseback (Details) - Evahline Sale and Leaseback [Member] $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
Installment
|
Mar. 29, 2023
USD ($)
|
|
Sale and Leaseback Transaction [Abstract] | ||
Financing amount | $ 19,000 | |
Number of consecutive payment installments | Installment | 72 | |
Installment payment | $ 264 | |
Principal repayment term | 6 years | |
Minimum value maintenance ratio to be maintained | 1.20 | |
SOFR [Member] | ||
Sale and Leaseback Transaction [Abstract] | ||
Term of variable rate | 3 months | |
Margin on variable rate | 2.80% |
Long-Term Debt and Other Financial Liabilities, Village Seven Sale and Leaseback (Details) - Village Seven Sale and Leaseback [Member] $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
Installment
|
Apr. 24, 2023
USD ($)
|
|
Sale and Leaseback Transaction [Abstract] | ||
Face amount | $ 19,000 | |
Term of charter contract | 4 years 5 months | |
Repurchase price of vessel | $ 7,800 | |
Number of consecutive payment installments | Installment | 53 | |
Installment payment | $ 211 | |
SOFR [Member] | ||
Sale and Leaseback Transaction [Abstract] | ||
Term of variable rate | 3 months | |
Margin on variable rate | 3.00% |
Long-Term Debt and Other Financial Liabilities, Championship Cargill Sale and Leaseback (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Apr. 24, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Sale and Leaseback Activities Repaid [Abstract] | |||
Repayment of long term debt | $ 70,868 | $ 47,910 | |
Championship Cargill Sale and Leaseback [Member] | |||
Sale and Leaseback Activities Repaid [Abstract] | |||
Repayment of long term debt | $ 16,480 |
Long-Term Debt and Other Financial Liabilities, Hanchen Sale and Leaseback (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Apr. 06, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Sale and Leaseback Activities Repaid [Abstract] | |||
Repayment of long term debt | $ 70,868 | $ 47,910 | |
Hanchen Sale and Leaseback [Member] | |||
Sale and Leaseback Activities Repaid [Abstract] | |||
Repayment of long term debt | $ 11,221 |
Long-Term Debt and Other Financial Liabilities, Collateral (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
Vessel
|
Dec. 31, 2022
USD ($)
|
---|---|---|
Senior Long-Term Debt [Abstract] | ||
Net book value | $ 423,121 | $ 434,545 |
Vessels Subject to Mortgages [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Number of vessels serving as collateral | Vessel | 10 | |
Net book value | $ 278,377 | |
Bareboat Chartered Vessels [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Number of vessels serving as collateral | Vessel | 6 | |
Net book value | $ 144,234 |
Long-Term Debt and Other Financial Liabilities, Annual Principal Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Annual Principal Payments [Abstract] | ||
Twelve month period ending June 30, 2024 | $ 34,860 | |
Twelve month period ending June 30, 2025 | 42,219 | |
Twelve month period ending June 30, 2026 | 68,296 | |
Twelve month period ending June 30, 2027 | 51,942 | |
Thereafter | 34,268 | |
Total | $ 231,585 | $ 235,603 |
Convertible Notes, Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Convertible Notes [Abstract] | ||
Convertible notes | $ 231,585 | $ 235,603 |
Total | 2,991 | 10,833 |
Less - current portion | (2,991) | (10,833) |
Long-term portion | 0 | 0 |
JDH Notes [Member] | ||
Convertible Notes [Abstract] | ||
Convertible notes | 3,165 | 11,165 |
Less: Deferred financing costs | (5) | (9) |
Less: Change in fair value of conversion option | $ (169) | $ (323) |
Convertible Notes, Summary (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jan. 03, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Convertible Notes [Abstract] | ||||
Repayments of convertible notes | $ 8,000 | $ 10,000 | ||
Balance outstanding | 231,585 | $ 235,603 | ||
Second JDH Note [Member] | ||||
Convertible Notes [Abstract] | ||||
Repayments of convertible notes | $ 8,000 | |||
Balance outstanding | $ 3,165 | |||
Notice period to prepay Jelco notes | 5 days | |||
Conversion price (in dollars per share) | $ 120 |
Financial Instruments (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Financial Instruments [Abstract] | |
Percentage difference between carrying value and fair market value of fixed interest long-term debt | (5.00%) |
Carrying Value [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 15,379 |
Fair Market Value [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 16,266 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
5 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
May 09, 2023 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Future Minimum Contractual Charter Revenue [Abstract] | |||||
Twelve month period ended June 30, 2024 | $ 101,772 | ||||
Twelve month period ended June 30, 2025 | 21,726 | ||||
Twelve month period ended June 30, 2026 | 12,911 | ||||
Total | 136,409 | ||||
Office Lease [Abstract] | |||||
Office rent expense | 83 | $ 83 | |||
Office Rental Obligations [Abstract] | |||||
Twelve month period ended June 30, 2024 | 130 | ||||
Twelve month period ended June 30, 2025 | 130 | ||||
Twelve month period ended June 30, 2026 | 130 | ||||
Twelve month period ended June 30, 2027 | 130 | ||||
Thereafter | 98 | ||||
Total | 618 | ||||
Less: imputed interest | (166) | ||||
Present value of lease liabilities | 452 | ||||
Operating lease liability | 106 | $ 108 | |||
Lease liabilities, non-current | $ 346 | $ 391 | |||
Minimum [Member] | |||||
Commitments and Contingencies [Abstract] | |||||
Term of time charter agreements | 10 months | ||||
Renewal term of time charter agreements | 6 months | ||||
Maximum [Member] | |||||
Commitments and Contingencies [Abstract] | |||||
Term of time charter agreements | 60 months | ||||
Renewal term of time charter agreements | 26 months | ||||
Titanship [Member] | |||||
Bareboat Charter Agreement [Abstract] | |||||
Term of bareboat charter agreement | 12 months | ||||
Titanship [Member] | Prepaid Expenses and Other Non-Current Assets [Member] | |||||
Bareboat Charter Agreement [Abstract] | |||||
Down payment advanced for vessel acquisition | $ 3,500 | ||||
Titanship [Member] | Plan [Member] | |||||
Bareboat Charter Agreement [Abstract] | |||||
Payment on delivery of vessel | $ 3,500 | ||||
Daily bareboat rate | 9 | ||||
Purchase price of vessel | $ 20,200 |
Capital Structure, Common Stock - NASDAQ Notification (Details) |
Feb. 16, 2023 |
---|---|
Capital Structure [Abstract] | |
Reverse stock split ratio | 0.1 |
Capital Structure, Common Stock - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
May 25, 2023 |
Apr. 25, 2023 |
Jan. 30, 2023 |
|
Dividends [Abstract] | |||||
Dividends declared | $ 991 | $ 13,376 | |||
Dividends payable | 491 | $ 4,460 | |||
Other Current Liabilities [Member] | |||||
Dividends [Abstract] | |||||
Dividends payable | $ 491 | ||||
Quarterly Dividend for Q3-2022 [Member] | |||||
Dividends [Abstract] | |||||
Dividend payable, date declared | Jan. 30, 2023 | ||||
Dividend payable per share (in dollars per share) | $ 0.025 | ||||
Dividend payable, date of record | Dec. 28, 2022 | ||||
Quarterly Dividend for Q4 2022 [Member] | |||||
Dividends [Abstract] | |||||
Dividend payable, date declared | Apr. 25, 2023 | ||||
Dividend payable per share (in dollars per share) | $ 0.025 | ||||
Dividend payable, date of record | Mar. 31, 2023 | ||||
Quarterly Dividend for Q1 2023 [Member] | |||||
Dividends [Abstract] | |||||
Dividend payable, date declared | May 25, 2023 | ||||
Dividend payable per share (in dollars per share) | $ 0.025 | ||||
Dividend payable, date of payment | Jul. 06, 2023 | ||||
Dividend payable, date of record | Jun. 22, 2023 |
Capital Structure, Common Stock - Buybacks (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Buybacks [Abstract] | ||
Authorized amount under share repurchase plan | $ 5,000 | |
Repurchase of common stock (in shares) | 362,161 | |
Average price of repurchased shares (in dollars per share) | $ 4.35 | |
Repurchase of common stock | $ 1,583 |
Capital Structure, Warrants (Details) - $ / shares |
Jan. 10, 2023 |
Jun. 30, 2023 |
---|---|---|
Warrants [Abstract] | ||
Shares to be issued upon exercise of remaining warrants (in shares) | 476,763 | |
Class D Warrants [Member] | ||
Warrants [Abstract] | ||
Number of warrants outstanding (in shares) | 4,368,750 | |
Shares to be issued upon exercise of remaining warrants (in shares) | 27,304 | |
Class E Warrants [Member] | ||
Warrants [Abstract] | ||
Number of warrants outstanding (in shares) | 4,494,599 | |
Tender offer price per share (in dollars per share) | $ 0.2 | |
Number of warrants tendered (in shares) | 4,038,114 | |
Percentage of warrants tendered | 47.00% | |
Shares to be issued upon exercise of remaining warrants (in shares) | 449,459 |
Vessel Revenue and Voyage Expenses, Income Derived from Charters (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation by Revenue Source [Abstract] | ||
Vessel revenues, net of commissions | $ 45,030 | $ 62,513 |
Time Charters [Member] | ||
Disaggregation by Revenue Source [Abstract] | ||
Vessel revenues, net of commissions | $ 45,030 | $ 62,513 |
Vessel Revenue and Voyage Expenses, Net Trade Accounts Receivable Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Vessel Revenue and Voyage Expenses [Abstract] | ||
Accounts receivable trade, net | $ 625 | $ 720 |
Deferred revenue | 1,931 | |
Deferred revenue recognized | $ 1,919 |
Vessel Revenue and Voyage Expenses, Revenue from Charterers (Details) - Revenues [Member] - Customer Concentration Risk [Member] |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Customers Accounting for More than 10% of Revenues [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 84.00% | 70.00% |
Customer A [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 26.00% | 20.00% |
Customer B [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 26.00% | 16.00% |
Customer C [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 18.00% | 20.00% |
Customer D [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 14.00% | 14.00% |
Vessel Revenue and Voyage Expenses, Voyage Expenses from Time Charters (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Voyage Expenses [Abstract] | ||
Voyage expenses | $ (1,308) | $ (2,646) |
Time Charters [Member] | ||
Voyage Expenses [Abstract] | ||
Voyage expenses | $ (1,308) | $ (2,646) |
Interest and Finance Costs (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Interest and Finance Costs [Abstract] | ||
Amortization of deferred finance costs and debt discounts | $ 1,393 | $ 1,121 |
Amortization of deferred finance costs and debt discounts (shares issued to third party - non-cash) | 81 | 154 |
Other | 64 | 101 |
Total | 10,395 | 6,172 |
Long-Term Debt and Other Financial Liabilities [Member] | ||
Interest and Finance Costs [Abstract] | ||
Interest expense | 8,767 | 4,416 |
Convertible Notes [Member] | ||
Interest and Finance Costs [Abstract] | ||
Interest expense | $ 90 | $ 380 |
(Loss) / Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
(Loss) / Earnings per Share [Abstract] | ||
Net (loss) / income | $ (3,507) | $ 9,606 |
Less: Dividends to non-vested participating securities | (76) | 0 |
Net (loss) / income attributable to common shareholders | (3,583) | 9,606 |
Net (loss) / income attributable to common shareholders, diluted | $ (3,583) | $ 9,606 |
Weighted average common shares outstanding, basic (in shares) | 18,196,521 | 17,243,721 |
Effect of Dilutive Securities [Abstract] | ||
Warrants (in shares) | 0 | 307,814 |
Non-vested participating securities (in shares) | 0 | 255,953 |
Weighted average common shares outstanding, diluted (in shares) | 18,196,521 | 17,807,488 |
Net (loss) / income per share attributable to common shareholders, basic (in dollars per share) | $ (0.2) | $ 0.56 |
Net (loss) / income per share attributable to common shareholders, diluted (in dollars per share) | $ (0.2) | $ 0.54 |
Non-vested participating shares (in shares) | 1,510,356 |
Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Oct. 01, 2024 |
Oct. 01, 2023 |
Mar. 27, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
General and Administrative Expenses [Member] | Board of Directors and Certain Employees [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Stock-based compensation expense | $ 5,929 | $ 3,728 | ||||
Voyage Expenses [Member] | Non-Employee [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Stock-based compensation expense | 198 | $ 114 | ||||
Restricted Stock [Member] | ||||||
Unrecognized Cost for Non-vested Shares [Abstract] | ||||||
Unrecognized cost for non-vested shares | $ 4,593 | $ 2,131 | ||||
Restricted Stock [Member] | Board of Directors and Certain Employees [Member] | ||||||
Unrecognized Cost for Non-vested Shares [Abstract] | ||||||
Recognition period for unrecognized cost for non-vested shares | 1 year 3 days | |||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares granted (in shares) | 1,823,800 | |||||
Weighted average grant date fair value (in dollars per share) | $ 5.22 | |||||
Shares vested (in shares) | 607,974 | |||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Plan [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares vested (in shares) | 607,913 | 607,913 | ||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Non-Executive Members of Board of Directors [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares granted (in shares) | 400,000 | |||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Executive Officers [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares granted (in shares) | 930,000 | |||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Certain Other Non-Executive Employees [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares granted (in shares) | 433,800 | |||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Non-Employee [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares granted (in shares) | 60,000 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Aug. 02, 2023 |
Jul. 06, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
May 25, 2023 |
|
Subsequent Events [Abstract] | |||||
Dividends paid | $ 5,048 | $ 8,916 | |||
Quarterly Dividend for Q1 2023 [Member] | |||||
Subsequent Events [Abstract] | |||||
Dividend payable, date of payment | Jul. 06, 2023 | ||||
Dividend payable, date of record | Jun. 22, 2023 | ||||
Dividend payable, date declared | May 25, 2023 | ||||
Dividend payable per share (in dollars per share) | $ 0.025 | ||||
Subsequent Event [Member] | Quarterly Dividend for Q1 2023 [Member] | |||||
Subsequent Events [Abstract] | |||||
Dividend payable, date of payment | Jul. 06, 2023 | ||||
Dividends paid | $ 491 | ||||
Dividend payable, date of record | Jun. 22, 2023 | ||||
Subsequent Event [Member] | Quarterly Dividend for Q2-2023 [Member] | |||||
Subsequent Events [Abstract] | |||||
Dividend payable, date of payment | Oct. 06, 2023 | ||||
Dividend payable, date of record | Sep. 22, 2023 | ||||
Dividend payable, date declared | Aug. 02, 2023 | ||||
Dividend payable per share (in dollars per share) | $ 0.025 |
1 Year Seanergy Maritime Chart |
1 Month Seanergy Maritime Chart |
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