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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -0.52% | 9.60 | 9.45 | 9.55 | 9.75 | 9.41 | 9.65 | 241,726 | 22:14:25 |
SEANERGY MARITIME HOLDINGS CORP.
(Registrant)
|
|
Dated: September 29, 2016
|
|
/s/ Stamatis Tsantanis
By: Stamatis Tsantanis
Chief Executive Officer
|
· | our ability to continue as a going concern; |
· | our future operating or financial results; |
· | our financial condition and liquidity, including our ability to pay amounts that we owe, obtain additional financing in the future to fund capital expenditures, acquisitions and other general corporate activities; |
· | shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; |
· | the number of newbuildings under construction in the drybulk shipping industry; |
· | our ability to complete future, pending or recent acquisitions and dispositions, including as a result of some failure of a seller or buyer; |
· | risks related to business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; |
· | the useful lives and changes in the value of our vessels and their impact on our compliance with loan covenants; |
· | the aging of our fleet and increases in operating costs; |
· | potential liability from future litigation and incidents involving our vessels; |
· | damage to our vessels; |
· | our ability to leverage the relationships and reputation in the drybulk shipping industry of our managers; |
· | availability of crew, number of off-hire days, classification survey requirements and insurance costs; |
· | global and regional economic and political conditions; |
· | changes in seaborne and other transportation patterns; |
· | changes in governmental rules and regulations or actions taken by regulatory authorities; |
· | acts of terrorism and other hostilities; and |
· | other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our most recent annual report on Form 20-F. |
· | number of vessels owned and operated; |
· | voyage charter rates; |
· | the nature and duration of our voyage charters; |
· | vessels repositioning; |
· | vessel operating expenses and direct voyage costs; |
· | maintenance and upgrade work; |
· | the age, condition and specifications of our vessels; |
· | amount of debt obligations and restructuring of debt obligations; and |
· | financing costs related to vessels indebtedness. |
Six months ended June 30,
|
Change
|
|||||||||||||||
2016
|
2015
|
Amount
|
%
|
|||||||||||||
Revenues:
|
||||||||||||||||
Vessel revenue, net
|
15,165
|
1,757
|
13,408
|
763
|
%
|
|||||||||||
Expenses:
|
||||||||||||||||
Direct voyage expenses
|
(9,505
|
)
|
(995
|
)
|
(8,510
|
)
|
855
|
%
|
||||||||
Vessel operating expenses
|
(6,698
|
)
|
(939
|
)
|
(5,759
|
)
|
613
|
%
|
||||||||
Management fees
|
(454
|
)
|
(48
|
)
|
(406
|
)
|
846
|
%
|
||||||||
General and administrative expenses
|
(1,540
|
)
|
(1,385
|
)
|
(155
|
)
|
11
|
%
|
||||||||
Depreciation and amortization
|
(4,436
|
)
|
(158
|
)
|
(4,278
|
)
|
2,708
|
%
|
||||||||
Operating loss
|
(7,468
|
)
|
(1,768
|
)
|
(5,700
|
)
|
322
|
%
|
||||||||
Other expenses:
|
||||||||||||||||
Interest and finance costs
|
(4,379
|
)
|
(273
|
)
|
(4,106
|
)
|
1,504
|
%
|
||||||||
Other, net
|
(12
|
)
|
(15
|
)
|
3
|
(20
|
)%
|
|||||||||
Total other expenses, net:
|
(4,391
|
)
|
(288
|
)
|
(4,103
|
)
|
1,425
|
%
|
||||||||
Net loss
|
(11,859
|
)
|
(2,056
|
)
|
(9,803
|
)
|
477
|
%
|
||||||||
Net loss per common share, basic and diluted
|
(0.61
|
)
|
(0.29
|
)
|
||||||||||||
Weighted average number of common shares outstanding, basic and diluted
|
19,370,412
|
7,130,807
|
||||||||||||||
Six months ended June 30,
|
||||||||
Fleet Data:
|
2016
|
2015
|
||||||
Ownership days(1)
|
1,456
|
103
|
||||||
Available days(2)
|
1,354
|
103
|
||||||
Operating days(3)
|
1,208
|
88
|
||||||
Fleet utilization(4)
|
83
|
%
|
85
|
%
|
||||
Fleet utilization excluding drydocking & lay-up off hire days(5)
|
89
|
%
|
85
|
%
|
||||
Average Daily Results:
|
||||||||
TCE rate(6)
|
$
|
4,685
|
$
|
8,659
|
||||
Daily Vessel Operating Expenses(7)
|
$
|
4,600
|
$
|
9,117
|
||||
(1) | Ownership days are the total number of days in a period during which the vessels in a fleet have been owned. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we recorded during a period. |
(2) | Available days are the number of ownership days less the aggregate number of days that vessels are off-hire due to major repairs, drydockings special or intermediate surveys, or days of vessels in lay-ups. The shipping industry uses available days to measure the number of ownership days in a period during which vessels should be capable of generating revenues. During the six months ended June 30, 2016 we incurred 102 off-hire days for a vessel lay-up. |
(3) | Operating days are the number of available days in a period less the aggregate number of days that vessels are off-hire for any reason, including off-hire days between successive voyages, as well as other unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. In the six months ended June 30, 2016, we incurred 144 off-hire days between voyages and 2 off-hires due to other unforeseen circumstances. |
(4) | Fleet utilization is the percentage of time that our vessels were generating revenue, and is determined by dividing operating days by ownership days for the relevant period. |
(5) | Fleet utilization excluding drydocking and lay-up off-hire days is calculated by dividing the number of the fleet's operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization excluding drydocking and lay-up off-hire days to measure a Company's efficiency in finding suitable employment for its vessels and excluding the amount of days that its vessels are off-hire for reasons such as scheduled repairs, vessel upgrades, dry dockings, special or intermediate surveys and lay-ups. |
(6) | TCE rate is defined as our net revenue less voyage expenses during a period divided by the number of our operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. We include TCE rate, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable US 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,
|
||||||||
2016
|
2015
|
|||||||
(In thousands of US Dollars, except operating days and TCE rate) | ||||||||
Net revenues from vessels
|
$
|
15,165
|
$
|
1,757
|
||||
Voyage expenses
|
(9,505
|
)
|
(995
|
)
|
||||
Net operating revenues
|
$
|
5,660
|
$
|
762
|
||||
Operating days
|
1,208
|
88
|
||||||
Daily time charter equivalent rate
|
$
|
4,685
|
$
|
8,659
|
(7) | Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses by ownership days for the relevant time periods. We include daily vessel operating expenses, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with vessel operating expenses, the most directly comparable US 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 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
,
|
||||||||
2016
|
2015
|
|||||||
(In thousands of US Dollars, except ownership days and Daily Vessel Operating Expenses) | ||||||||
Vessel operating expenses
|
$
|
6,698
|
$
|
939
|
||||
Ownership days
|
1,456
|
103
|
||||||
Daily Vessel Operating Expenses
|
$
|
4,600
|
$
|
9,117
|
Six months ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Cash Flow Data:
|
||||||||
Net cash used in operating activities
|
(9,195
|
)
|
(1,906
|
)
|
||||
Net cash used in investing activities
|
-
|
(17,127
|
)
|
|||||
Net cash provided by financing activities
|
8,950
|
17,206
|
Contractual Obligations
|
Total
|
less than 1 year
|
1-3 years
|
3-5 years
|
more than 5 years
|
|||||||||||||||
Long-term debt
|
$
|
177,997
|
$
|
2,937
|
$
|
38,754
|
$
|
114,369
|
$
|
21,937
|
||||||||||
Convertible promissory notes
|
24,965
|
200
|
7,000
|
17,765
|
-
|
|||||||||||||||
Interest expense - long term debt
|
27,840
|
6,908
|
12,654
|
7,755
|
523
|
|||||||||||||||
Interest expense - convertible promissory notes
|
5,576
|
1,422
|
2,566
|
1,588
|
-
|
|||||||||||||||
Total
|
$
|
236,378
|
$
|
11,467
|
$
|
60,974
|
$
|
141,477
|
$
|
22,460
|
Page
|
||
Consolidated Balance Sheets as of June 30, 2016 (unaudited) and December 31, 2015
|
F-2
|
|
Unaudited Interim Condensed Consolidated Statement of Loss for the six-month periods ended June 30, 2016 and 2015
|
F-3
|
|
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity for the six-month periods ended June 30, 2016 and 2015
|
F-4
|
|
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2016 and 2015
|
F-5
|
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements
|
F-6
|
|
Notes
|
June 30, 2016
|
December 31, 2015
|
||||||||||
ASSETS
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
3,059
|
3,304
|
||||||||||
Restricted cash
|
50
|
50
|
||||||||||
Accounts receivable trade, net
|
1,584
|
1,287
|
||||||||||
Inventories
|
4
|
2,455
|
2,980
|
|||||||||
Other current assets
|
5
|
888
|
657
|
|||||||||
Total current assets
|
8,036
|
8,278
|
||||||||||
Fixed assets:
|
||||||||||||
Vessels, net
|
6
|
195,655
|
199,840
|
|||||||||
Office equipment, net
|
29
|
40
|
||||||||||
Total fixed assets
|
195,684
|
199,880
|
||||||||||
Other assets:
|
||||||||||||
Deferred charges
|
913
|
1,194
|
||||||||||
Other non-current assets
|
5
|
-
|
||||||||||
TOTAL ASSETS
|
204,638
|
209,352
|
||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY
|
||||||||||||
Current liabilities:
|
||||||||||||
Current portion of long-term debt, net of deferred finance costs
|
7
|
2,683
|
718
|
|||||||||
Current portion of convertible promissory notes
|
3
|
249
|
103
|
|||||||||
Trade accounts and other payables
|
8
|
3,212
|
5,979
|
|||||||||
Accrued liabilities
|
2,254
|
2,296
|
||||||||||
Deferred revenue
|
668
|
154
|
||||||||||
Total current liabilities
|
9,066
|
9,250
|
||||||||||
Non-current liabilities:
|
||||||||||||
Long-term debt, net of current portion and deferred finance costs
|
7
|
174,407
|
176,787
|
|||||||||
Long-term portion of convertible promissory notes
|
3
|
261
|
31
|
|||||||||
Total liabilities
|
183,734
|
186,068
|
||||||||||
Commitments and contingencies
|
10
|
-
|
-
|
|||||||||
STOCKHOLDERS EQUITY
|
||||||||||||
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued
|
-
|
-
|
||||||||||
Common stock, $0.0001 par value; 500,000,000 authorized shares as at June 30, 2016 and December 31, 2015; 19,514,410 and 19,522,413 shares issued and outstanding as at June 30, 2016 and December 31, 2015, respectively
|
11
|
2
|
2
|
|||||||||
Additional paid-in capital
|
3
|
346,600
|
337,121
|
|||||||||
Accumulated deficit
|
(325,698
|
)
|
(313,839
|
)
|
||||||||
Total Stockholders' equity
|
20,904
|
23,284
|
||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
|
204,638
|
209,352
|
Six-month period ended June 30,
|
||||||||||||
Notes
|
2016
|
2015
|
||||||||||
Revenues:
|
||||||||||||
Vessel revenue
|
15,719
|
1,826
|
||||||||||
Commissions
|
(554
|
)
|
(69
|
)
|
||||||||
Vessel revenue, net
|
15,165
|
1,757
|
||||||||||
Expenses:
|
||||||||||||
Direct voyage expenses
|
(9,505
|
)
|
(995
|
)
|
||||||||
Vessel operating expenses
|
(6,698
|
)
|
(939
|
)
|
||||||||
Management fees
|
(454
|
)
|
(48
|
)
|
||||||||
General and administration expenses
|
(1,540
|
)
|
(1,315
|
)
|
||||||||
General and administration expenses - related party
|
3
|
-
|
(70
|
)
|
||||||||
Amortization of deferred dry-docking costs
|
(240
|
)
|
-
|
|||||||||
Depreciation
|
6
|
(4,196
|
)
|
(158
|
)
|
|||||||
Operating loss
|
(7,468
|
)
|
(1,768
|
)
|
||||||||
Other expenses, net:
|
||||||||||||
Interest and finance costs
|
12
|
(3,442
|
)
|
(124
|
)
|
|||||||
Interest and finance costs - related party
|
3 & 12
|
(937
|
)
|
(149
|
)
|
|||||||
Foreign currency exchange losses, net
|
(12
|
)
|
(15
|
)
|
||||||||
Total other expenses, net
|
(4,391
|
)
|
(288
|
)
|
||||||||
Net loss
|
(11,859
|
)
|
(2,056
|
)
|
||||||||
Net loss per common share
|
||||||||||||
Basic and diluted
|
13
|
(0.61
|
)
|
(0.29
|
)
|
|||||||
Weighted average common shares outstanding
|
||||||||||||
Basic and diluted
|
13
|
19,370,412
|
7,130,807
|
Common stock
|
|||||||||||||||||||||
# of Shares
|
Par Value
|
Additional paid-in capital
|
Accumulated deficit
|
Total equity
|
|||||||||||||||||
Balance, January 1, 2015
|
3,977,854
|
-
|
307,559
|
(304,883
|
)
|
2,676
|
|||||||||||||||
Issuance of common stock (Note 11)
|
5,333,500
|
-
|
4,800
|
-
|
4,800
|
||||||||||||||||
Issuance of convertible promissory notes (Note 3)
|
-
|
-
|
4,000
|
-
|
4,000
|
||||||||||||||||
Net loss for the six months ended
June 30
, 2015
|
-
|
-
|
-
|
(2,056
|
)
|
(2,056
|
)
|
||||||||||||||
Balance,
June 30
, 2015
|
9,311,354
|
-
|
316,359
|
(306,939
|
)
|
9,420
|
|||||||||||||||
Common stock
|
|||||||||||||||||||||
# of Shares
|
Par Value
|
Additional paid-in capital
|
Accumulated deficit
|
Total equity
|
|||||||||||||||||
Balance, January 1, 2016
|
19,522,413
|
2
|
337,121
|
(313,839
|
)
|
23,284
|
|||||||||||||||
Issuance of convertible promissory notes (Note 3)
|
-
|
-
|
9,400
|
-
|
9,400
|
||||||||||||||||
Stock based compensation (Note 14)
|
(8,003
|
)
|
-
|
79
|
-
|
79
|
|||||||||||||||
Net loss for the six months ended
June 30
, 2016
|
-
|
-
|
-
|
(11,859
|
)
|
(11,859
|
)
|
||||||||||||||
Balance,
June 30
, 2016
|
19,514,410
|
2
|
346,600
|
(325,698
|
)
|
20,904
|
Six-month period ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
(11,859
|
)
|
(2,056
|
)
|
||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation
|
4,196
|
158
|
||||||
Amortization of deferred dry-docking costs
|
240
|
-
|
||||||
Amortization of deferred finance charges
|
120
|
20
|
||||||
Amortization of convertible promissory note beneficial conversion feature
|
376
|
89
|
||||||
Stock based compensation
|
79
|
-
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable trade, net
|
(297
|
)
|
(472
|
)
|
||||
Inventories
|
525
|
(677
|
)
|
|||||
Other current assets
|
(231
|
)
|
(11
|
)
|
||||
Deferred charges
|
41
|
-
|
||||||
Other non-current assets
|
(5
|
)
|
-
|
|||||
Trade accounts and other payables
|
(2,767
|
)
|
788
|
|||||
Due to related parties
|
-
|
(105
|
)
|
|||||
Accrued liabilities
|
(127
|
)
|
360
|
|||||
Deferred revenue
|
514
|
-
|
||||||
Net cash used in operating activities
|
(9,195
|
)
|
(1,906
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Acquisition of vessels
|
-
|
(17,127
|
)
|
|||||
Net cash used in investing activities
|
-
|
(17,127
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Net proceeds from issuance of common stock
|
-
|
4,800
|
||||||
Proceeds from long-term debt
|
-
|
8,750
|
||||||
Proceeds from convertible promissory notes
|
9,400
|
4,000
|
||||||
Payments of financing costs
|
-
|
(144
|
)
|
|||||
Repayments of long-term debt
|
(450
|
)
|
(200
|
)
|
||||
Net cash provided by financing activities
|
8,950
|
17,206
|
||||||
Net decrease in cash and cash equivalents
|
(245
|
)
|
(1,827
|
)
|
||||
Cash and cash equivalents at beginning of period
|
3,304
|
2,873
|
||||||
Cash and cash equivalents at end of period
|
3,059
|
1,046
|
||||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||
Cash paid for interest
|
3,749
|
125
|
||||||
1. | Basis of Presentation and General Information: |
a. | Going Concern: |
b. | Subsidiaries in Consolidation: |
Company
|
Country of Incorporation
|
Date of Incorporation
|
Vessel name
|
Date of Delivery
|
Date of Sale/Disposal
|
Financed by
|
||||||
Seanergy Management Corp.(1) (3)
|
Marshall Islands
|
May 9, 2008
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||
Seanergy Shipmanagement Corp.(1) (3)
|
Marshall Islands
|
September 16, 2014
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||
Sea Glorius Shipping Co.(1)
|
Marshall Islands
|
September 16, 2014
|
Gloriuship
|
November 3, 2015
|
N/A
|
HSH Nordbank AG
|
||||||
Sea Genius Shipping Co.(1)
|
Marshall Islands
|
September 16, 2014
|
Geniuship
|
October 13, 2015
|
N/A
|
HSH Nordbank AG
|
||||||
Leader Shipping Co.(1)
|
Marshall Islands
|
January 15, 2015
|
Leadership
|
March 19, 2015
|
N/A
|
Alpha Bank A.E.
|
||||||
Premier Marine Co.(1)
|
Marshall Islands
|
July 9, 2015
|
Premiership
|
September 11, 2015
|
N/A
|
UniCredit Bank AG
|
||||||
Gladiator Shipping Co.(1)
|
Marshall Islands
|
July 9, 2015
|
Gladiatorship
|
September 29, 2015
|
N/A
|
UniCredit Bank AG
|
||||||
Guardian Shipping Co.(1)
|
Marshall Islands
|
July 9, 2015
|
Guardianship
|
October 21, 2015
|
N/A
|
UniCredit Bank AG
|
||||||
Champion Ocean Navigation Co.(1)
|
Liberia
|
August 6, 2015
|
Championship
|
December 7, 2015
|
N/A
|
Natixis
|
||||||
Squire Ocean Navigation Co.(1)
|
Liberia
|
August 6, 2015
|
Squireship
|
November 10, 2015
|
N/A
|
Alpha Bank A.E.
|
||||||
Pembroke Chartering Services Limited (4)
|
Malta
|
December 2, 2015
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||
Amazons Management Inc.(1)
|
Marshall Islands
|
April 21, 2008
|
Davakis G.
|
August 28, 2008
|
March 6, 2014
|
Piraeus Bank
|
||||||
Lagoon Shipholding Ltd.(1)
|
Marshall Islands
|
April 21, 2008
|
Delos Ranger
|
August 28, 2008
|
March 11, 2014
|
Piraeus Bank
|
||||||
Cynthera Navigation Ltd.(1)
|
Marshall Islands
|
March 18, 2008
|
African Oryx
|
August 28, 2008
|
April 10, 2013
|
Piraeus Bank
|
||||||
Martinique International Corp.(1)
|
British Virgin Islands
|
May 14, 2008
|
Bremen Max
|
September 11, 2008
|
March 7, 2014
|
Piraeus Bank
|
||||||
Harbour Business International Corp.(1)
|
British Virgin Islands
|
April 1, 2008
|
Hamburg Max
|
September 25, 2008
|
March 10, 2014
|
Piraeus Bank
|
||||||
Waldeck Maritime Co.(1)
|
Marshall Islands
|
April 21, 2008
|
African Zebra
|
September 25, 2008
|
February 15, 2012
|
Piraeus Bank
|
||||||
Maritime Capital Shipping Limited (1)
|
Bermuda
|
April 30, 2007
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||
Maritime Capital Shipping (HK) Limited (3)
|
Hong Kong
|
June 16, 2006
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||
Maritime Glory Shipping Limited (2)
|
British Virgin Islands
|
April 8, 2008
|
Clipper Glory
|
May 21, 2010
|
December 4, 2012
|
HSBC
|
||||||
Maritime Grace Shipping Limited (2)
|
British Virgin Islands
|
April 8, 2008
|
Clipper Grace
|
May 21, 2010
|
October 15, 2012
|
HSBC
|
||||||
Atlantic Grace Shipping Limited (5)
|
British Virgin Islands
|
October 9, 2007
|
N/A
|
N/A
|
N/A
|
N/A
|
(1) | Subsidiaries wholly owned |
(2) | Vessel owning subsidiaries owned by Maritime Capital Shipping Limited (or "MCS") |
(3) | Management company |
(4) | Chartering services company |
(5) | Dormant company |
2. | Significant Accounting Policies: |
(a) | Concentration of Credit Risk |
Customer
|
2016
|
2015
|
|||
A
|
20%
|
-
|
|||
B
|
15%
|
-
|
|||
C
|
10%
|
-
|
|||
D
|
-
|
100%
|
|||
Total
|
45%
|
100%
|
3. | Transactions with Related Parties: |
Applicable limit
|
Debt discount
|
Accumulated deficit
|
Debt
|
||||||
Balance, December 31, 2014
|
-
|
-
|
-
|
-
|
|||||
Additions
|
4,000
|
(4,000
|
)
|
-
|
-
|
||||
Amortization (Note 12)
|
-
|
-
|
89
|
89
|
|||||
Balance, June 30, 2015
|
4,000
|
(4,000
|
)
|
89
|
89
|
||||
Amortization
|
-
|
-
|
214
|
214
|
|||||
Partial extinguishment of debt
|
-
|
-
|
(200
|
)
|
(200
|
)
|
|||
Balance, December 31, 2015
|
4,000
|
(4,000
|
)
|
103
|
103
|
||||
Amortization (Note 12)
|
-
|
-
|
146
|
146
|
|||||
Balance, June 30, 2016
|
4,000
|
(4,000
|
)
|
249
|
249
|
||||
Additional paid-in capital
|
|||
Balance, December 31, 2014
|
-
|
||
Intrinsic value of BCF
|
4,000
|
||
Consideration allocated to repurchase BCF
|
(200
|
)
|
|
Balance, December 31, 2015
|
3,800
|
||
Balance, June 30, 2016
|
3,800
|
||
Applicable limit
|
Debt discount
|
Accumulated deficit
|
Debt
|
||||||
Balance, December 31, 2014
|
-
|
-
|
-
|
-
|
|||||
Balance, June 30, 2015
|
-
|
-
|
-
|
-
|
|||||
Additions
|
11,765
|
(11,765
|
)
|
-
|
-
|
||||
Amortization
|
-
|
-
|
31
|
31
|
|||||
Balance, December 31, 2015
|
11,765
|
(11,765
|
)
|
31
|
31
|
||||
Additions
|
9,400
|
(9,400
|
)
|
-
|
-
|
||||
Amortization (Note 12)
|
-
|
-
|
230
|
230
|
|||||
Balance, June 30, 2016
|
21,165
|
(21,165
|
)
|
261
|
261
|
||||
Additional paid-in capital
|
|||
Balance, December 31, 2014
|
-
|
||
Intrinsic value of BCF
|
11,765
|
||
Balance, December 31, 2015
|
11,765
|
||
Intrinsic value of BCF
|
9,400
|
||
Balance, June 30, 2016
|
21,165
|
||
b. | Vessel Acquisitions: |
Vessel name
|
Date of Delivery
|
Vessel Class
|
DWT
|
Year Built
|
Premiership
|
September 11, 2015
|
Capesize
|
170,024
|
2010
|
Gladiatorship
|
September 29, 2015
|
Supramax
|
56,819
|
2010
|
Geniuship
|
October 13, 2015
|
Capesize
|
170,057
|
2010
|
Guardianship
|
October 21, 2015
|
Supramax
|
56,884
|
2011
|
Gloriuship
|
November 3, 2015
|
Capesize
|
171,314
|
2004
|
Squireship
|
November 10, 2015
|
Capesize
|
170,018
|
2010
|
Championship
|
December 7, 2015
|
Capesize
|
179,238
|
2011
|
c. | Property Lease Agreement: |
4. | Inventories: |
June 30,
2016
|
December 31,
2015
|
|||||||
Lubricants
|
438
|
739
|
||||||
Bunkers
|
2,017
|
2,241
|
||||||
Total
|
2,455
|
2,980
|
||||||
5. | Other Current Assets: |
June 30,
2016
|
December 31,
2015
|
|||||||
Prepaid expenses
|
524
|
476
|
||||||
Insurance claims
|
22
|
14
|
||||||
Other
|
342
|
167
|
||||||
Total
|
888
|
657
|
6. | Vessels, Net: |
June 30,
2016
|
December 31,
2015
|
|||||||
Cost:
|
||||||||
Beginning balance
|
201,684
|
-
|
||||||
- Additions
|
-
|
201,684
|
||||||
Ending balance
|
201,684
|
201,684
|
||||||
Accumulated depreciation:
|
||||||||
Beginning balance
|
(1,844
|
)
|
-
|
|||||
- Additions
|
(4,185
|
)
|
(1,844
|
)
|
||||
Ending balance
|
(6,029
|
)
|
(1,844
|
)
|
||||
Net book value
|
195,655
|
199,840
|
7. | Long-Term Debt: |
June 30,
2016
|
December 31,
2015
|
|||||||
Secured loan facilities
|
177,997
|
178,447
|
||||||
Less: Deferred financing costs
|
(907
|
)
|
(942
|
)
|
||||
Total
|
177,090
|
177,505
|
||||||
Less - current portion
|
(2,683
|
)
|
(718
|
)
|
||||
Long-term portion
|
174,407
|
176,787
|
Twelve month periods ending
|
Amount
|
|||
June 30, 2017
|
2,937
|
|||
June 30, 2018
|
20,033
|
|||
June 30, 2019
|
18,721
|
|||
June 30, 2020
|
51,858
|
|||
June 30, 2021
|
62,511
|
|||
Thereafter
|
21,937
|
|||
Total
|
177,997
|
|||
8. | Trade Accounts and Other Payables: |
June 30,
2016
|
December 31,
2015
|
|||||||
Creditors
|
2,902
|
5,710
|
||||||
Insurances
|
163
|
162
|
||||||
Other
|
147
|
107
|
||||||
Total
|
3,212
|
5,979
|
9. | Financial Instruments: |
(a) | Significant Risks and Uncertainties, including Business and Credit Concentration |
(b) | Interest Rate Risk |
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. |
b. | Long-term debt: The carrying value approximates the fair market value as the long-term debt bears interest at floating interest rate. |
10. | Commitments and Contingencies: |
11. | Capital Structure: |
(a) | Common Stock |
12. | Interest and Finance Costs: |
Six month period ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Interest on long-term debt
|
3,310
|
103
|
||||||
Amortization of debt issuance costs
|
120
|
20
|
||||||
Other
|
12
|
1
|
||||||
Total
|
3,442
|
124
|
Six month period ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Convertible notes interest expense
|
561
|
60
|
||||||
Convertible notes amortization of debt discount (Note 3)
|
376
|
89
|
||||||
Total
|
937
|
149
|
13. | Losses per Share: |
Six month period ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Net loss
|
(11,859
|
)
|
(2,056
|
)
|
||||
Weighted average common shares outstanding – basic and diluted
|
19,370,412
|
7,130,807
|
||||||
Net loss per common share – basic and diluted
|
$
|
(0.61
|
)
|
$
|
(0.29
|
)
|
||
2016
|
2015
|
|||||||
Non-vested equity incentive plan shares (Note 14)
|
144,000
|
-
|
||||||
Convertible promissory note shares (Note 3)
|
27,738,890
|
4,444,444
|
||||||
Total
|
27,882,890
|
4,444,444
|
14. | Equity Incentive Plan: |
15. | Subsequent Events: |
a) | On July 28, 2016, the Alpha Bank A.E. facility agreement, which was entered into on March 6, 2015, was further amended. The second supplemental agreement deferred part of the next four installments to the final maturity date. In addition, the application of certain liquidity covenants is deferred to July 1, 2017. The outstanding balance under this facility agreement is $7,700 as of June 30, 2016. |
b) | On July 28, 2016, the Company further amended the loan agreement with Alpha Bank A.E. entered into on November 4, 2015 in order to defer certain liquidity covenants to July 1, 2017 and to also waive any event of non-compliance with such covenant that occurred post December 31, 2015. |
c) | On July 29, 2016, the Company further entered into a supplemental letter to the UniCredit Bank AG facility agreement, which was entered into on September 11, 2015 and was further amended on June 3, 2016, pursuant to which effective as of December 11, 2015, the requirement for Seanergy Maritime Holdings Corp., as guarantor, to maintain liquidity in a specified amount is delayed until July 1, 2017. |
d) | On August 5, 2016, the Company entered into a securities purchase agreement with an unaffiliated third party, which is an institutional investor, under which the Company sold 1,180,000 of its common shares in a registered direct offering at a price of $4.15 per share. On August 10, 2016, the Company completed the registered direct offering for net proceeds of approximately $4,147. The net proceeds of this offering are expected to be used for general corporate purposes. |
e) | On September 26, 2016, the Company entered into separate agreements with an unaffiliated third party for the purchase of two second hand Capesize vessels for a gross purchase price of $20,750 per vessel. The transaction has been approved by the Board of Directors and the delivery of the vessels is subject to standard closing documentation and is expected to take place between mid-November 2016 and early January 2017. |
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