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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 0.78% | 10.30 | 10.22 | 10.34 | 200 | 12:00:00 |
SEANERGY MARITIME HOLDINGS CORP.
(Registrant)
|
|
Dated: September 14, 2017
|
/s/ Stamatios Tsantanis
By: Stamatios Tsantanis
Chief Executive Officer
|
§ |
Net Revenues: $18.4 million in 2Q 2017, up 125% compared to $8.2 million in 2Q 2016 and up 38% sequentially from 1Q 2017
|
§ |
Commencement of the Capesize M/V Lordship's time charter agreement for 18-22 months period that could contribute more than $10 million of gross revenue
|
§ |
Delivery of the Capesize M/V Partnership and commencement of its time charter agreement for 12-18 months period that could generate up to $8.8 million of gross revenue
|
§ |
Regained compliance with NASDAQ minimum bid price requirement
|
Vessel Name
|
Vessel Class
|
Capacity
(in dwt)
|
Year Built
|
Yard
|
Championship
|
Capesize
|
179,238
|
2011
|
Sungdong
|
Partnership *
|
Capesize
|
179,213
|
2012
|
Hyundai
|
Knightship
|
Capesize
|
178,978
|
2010
|
Hyundai
|
Lordship **
|
Capesize
|
178,838
|
2010
|
Hyundai
|
Gloriuship
|
Capesize
|
171,314
|
2004
|
Hyundai
|
Leadership
|
Capesize
|
171,199
|
2001
|
Koyo – Imabari
|
Geniuship
|
Capesize
|
170,057
|
2010
|
Sungdong
|
Premiership
|
Capesize
|
170,024
|
2010
|
Sungdong
|
Squireship
|
Capesize
|
170,018
|
2010
|
Sungdong
|
Guardianship
|
Supramax
|
56,884
|
2011
|
CSC Jinling
|
Gladiatorship
|
Supramax
|
56,819
|
2010
|
CSC Jinling
|
Total / Average
|
1,682,582
|
8.4 years
|
Q2 2017
|
Q2 2016
|
6M 2017
|
6M 2016
|
|
Ownership days (1)
|
940
|
728
|
1,840
|
1,456
|
Available days (2)
|
940
|
637
|
1,827
|
1,354
|
Operating days (3)
|
828
|
590
|
1,530
|
1,208
|
Fleet utilization (4)
|
88.1%
|
81.0%
|
83.2%
|
83.0%
|
Fleet utilization excluding drydocking & lay-up off hire days (5)
|
88.1%
|
92.6%
|
83.7%
|
89.2%
|
TCE rate (6)
|
$11,668
|
$5,649
|
$9,846
|
$4,685
|
Daily Vessel Operating Expenses (7)
|
$4,585
|
$4,082
|
$4,605
|
$4,600
|
(1) |
Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned. Ownership days are an indicator of the size of the Company's fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.
|
(2) |
Available days are the number of ownership days less the aggregate number of days that the vessels are off-hire due to drydockings, special and intermediate surveys, or days when the vessels are in lay-up. The shipping industry uses available days to measure the number of ownership days in a period during which the vessels should be capable of generating revenues. During the six months ended June 30, 2017, the Company incurred 13 off-hire days for one vessel drydocking.
|
(3) |
Operating days are the number of available days in a period less the aggregate number of days that the 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 the vessels actually generate revenues. In the quarter ended June 30, 2017, the Company incurred 112 off-hire days between voyages. In the six months ended June 30, 2017, the Company incurred 295 off-hire days between voyages and 2 off-hire days due to other unforeseen circumstances.
|
(4) |
Fleet utilization is the percentage of time that the vessels are generating revenue, and is determined by dividing operating days by ownership days for the relevant period.
|
(5) |
Fleet utilization excluding drydocking & 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 & lay-up 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, drydockings, special or intermediate surveys and lay-ups.
|
(6) |
Time Charter Equivalent (TCE) rate is defined as the Company's net revenue less voyage expenses during a period divided by the number of the Company's operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. T
he Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable US GAAP measure, and because it assists the Company's management in making decisions regarding the deployment and use of the Company's vessels and in evaluating their financial performance. The Company's calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company's net revenues from vessels to the TCE rate.
|
Q2 2017
|
Q2 2016
|
6M 2017
|
6M 2016
|
|
Net revenues from vessels
|
18,372
|
8,164
|
31,694
|
15,165
|
Less: Voyage expenses
|
8,711
|
4,831
|
16,629
|
9,505
|
Net operating revenues
|
9,661
|
3,333
|
15,065
|
5,660
|
Operating days
|
828
|
590
|
1,530
|
1,208
|
TCE rate
|
11,668
|
5,649
|
9,846
|
4,685
|
(7) |
Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Vessel operating expenses before pre-delivery expenses exclude one-time pre-delivery and pre-joining expenses associated with initial crew manning and supply of stores of Company's vessels upon delivery. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses before pre-delivery expenses by ownership days for the relevant time periods. The Company's calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company's vessel operating expenses to daily vessel operating expenses.
|
Q2 2017
|
Q2 2016
|
6M 2017
|
6M 2016
|
|
Vessel operating expenses
|
4,613
|
2,972
|
8,796
|
6,698
|
Less: Pre-delivery expenses
|
303
|
-
|
322
|
-
|
Vessel operating expenses before pre-delivery expenses
|
4,310
|
2,972
|
8,474
|
6,698
|
Ownership days
|
940
|
728
|
1,840
|
1,456
|
Daily Vessel Operating Expenses
|
4,585
|
4,082
|
4,605
|
4,600
|
June 30, 2017
|
December 31, 2016
|
|||||
ASSETS
|
||||||
Cash and restricted cash
|
9,197
|
15,908
|
||||
Vessels, net
|
259,979
|
232,109
|
||||
Other assets
|
11,067
|
9,517
|
||||
TOTAL ASSETS
|
280,243
|
257,534
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||
Bank debt
|
220,624
|
208,798
|
||||
Convertible promissory note
|
2,045
|
1,297
|
||||
Due to related parties
|
22,080
|
5,878
|
||||
Other liabilities
|
11,175
|
10,729
|
||||
Stockholders' equity
|
24,319
|
30,832
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
280,243
|
257,534
|
Three months ended
June 30,
|
Six months ended
June 30,
|
||||||||||||
2017
|
2016
|
2017
|
2016
|
||||||||||
Revenues:
|
|||||||||||||
Vessel revenue, net
|
18,372
|
8,164
|
31,694
|
15,165
|
|||||||||
Expenses:
|
|||||||||||||
Voyage expenses
|
(8,711
|
)
|
(4,831
|
)
|
(16,629
|
)
|
(9,505
|
)
|
|||||
Vessel operating expenses
|
(4,613
|
)
|
(2,972
|
)
|
(8,796
|
)
|
(6,698
|
)
|
|||||
Management fees
|
(248
|
)
|
(222
|
)
|
(488
|
)
|
(454
|
)
|
|||||
General and administrative expenses
|
(1,230
|
)
|
(701
|
)
|
(2,269
|
)
|
(1,540
|
)
|
|||||
Depreciation and amortization
|
(2,759
|
)
|
(2,216
|
)
|
(5,382
|
)
|
(4,436
|
)
|
|||||
Operating income / (loss)
|
811
|
(2,778
|
)
|
(1,870
|
)
|
(7,468
|
)
|
||||||
Other expense:
|
|||||||||||||
Interest and finance costs
|
(4,098
|
)
|
(2,339
|
)
|
(7,701
|
)
|
(4,379
|
)
|
|||||
Other, net
|
(18
|
)
|
(15
|
)
|
(19
|
)
|
(12
|
)
|
|||||
Total other expenses, net:
|
(4,116
|
)
|
(2,354
|
)
|
(7,720
|
)
|
(4,391
|
)
|
|||||
Net loss
|
(3,305
|
)
|
(5,132
|
)
|
(9,590
|
)
|
(11,859
|
)
|
|||||
Net loss per common share, basic and diluted
|
(0.09
|
)
|
(0.26
|
)
|
(0.27
|
)
|
(0.61
|
)
|
|||||
Weighted average number of common shares outstanding, basic and diluted
|
36,133,155
|
19,370,412
|
35,217,339
|
19,370,412
|
|||||||||
1 Year Seanergy Maritime Chart |
1 Month Seanergy Maritime Chart |
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