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Seanergy Maritime Holdings Corp. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2013


Seanergy Maritime Holdings Corp. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2013

ATHENS, GREECE -- (Marketwired) -- 09/25/13 -- Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today its financial results for the second quarter and six months ended June 30, 2013.

Financial Highlights:

Second Quarter 2013


 
--  Net revenues of $6.8 million.
    
    
--  Adjusted EBITDA* of negative $1.6 million. Adjusted EBITDA excludes
    the non cash gains from re-measurement of vessel values and losses
    incurred on the impairment of vessel values. Negative EBITDA was $11.3
    million.
    
    
--  Adjusted net loss* of $5.1 million. Adjusted net loss excludes the
    aforementioned non cash gains and losses. Net loss was $14.8 million.

Six Months 2013


 
--  Net revenues of $12.5 million.
    
    
--  Adjusted negative EBITDA* of $2.4 million. Adjusted negative EBITDA
    excludes the non cash gains from re-measurement of vessel values,
    losses incurred on the impairment of vessel values and the gain on
    disposal of subsidiaries. EBITDA was negative $7.4 million.
    
    
--  Adjusted net loss* of $8.7 million. Adjusted net loss excludes the
    aforementioned non cash gains and losses. Net loss was $13.7 million.

(*) For more information we refer you to the EBITDA, Adjusted EBITDA, Net Loss and Adjusted Net Loss reconciliation section contained in this press release.

Management Discussion:

Stamatis Tsantanis, the Company's Chief Executive Officer, stated: "During the second quarter of 2013, Seanergy continued the implementation of its financial restructuring plan that has managed to significantly reduce its indebtedness since the beginning of 2012. We continue our efforts to deliver a viable financial structure that should position our Company to benefit from the prospective market recovery. The sale, during the second quarter of 2013, of the three Handysize-owning subsidiaries that resulted in the full satisfaction of the associated loan facilities, is positive for Seanergy as the Company has currently one lender. In addition, the Company expects a non cash gain of approximately $20 million as a result of the sale of the three Handysize-owning subsidiaries, which will be reflected in the third quarter 2013 results.

We presently continue discussions with our remaining lender, aiming to reach a solution that will enable Seanergy to complete the restructuring of its outstanding debt."

Christina Anagnostara, the Company's Chief Financial Officer, stated: "Over the second quarter of 2013, Seanergy's revenues fell by 62% when compared to the same quarter of 2012. For the six month period ended June 30, 2013 revenues declined by 65% compared to the first half of 2012.

Seanergy's weaker performance during the second quarter of 2013 was mainly a result of a 20% decrease in the average Time Charter Equivalent ("TCE") rate earned by its vessels, from $8,763 to $6,992, which reflects weak market conditions. In addition, the vessel sales that took place in 2013 have resulted in a reduction in the average number of vessels owned during the second quarter to 7.1 from 18.8 in the second quarter of 2012."

Second Quarter 2013 Financial Results:

Net Revenues

Net revenues in the second quarter of 2013 totaled $6.8 million compared to $18.1 million in the same quarter of 2012, a reduction of 62%. Apart from the adverse dry bulk market conditions, the decrease in net revenues reflects the operation of a smaller fleet as compared to the second quarter of 2012. An average 7.1 vessels were owned in the second quarter of 2013, compared to 18.8 in the corresponding quarter of 2012.

EBITDA

EBITDA was negative $11.3 million for the second quarter of 2013, as compared to negative EBITDA of $19.6 million for the second quarter of 2012.

Adjusted EBITDA was negative $1.6 million for the three months ended June 30, 2013 as compared to Adjusted EBITDA of $5.4 million for the three months ended June 30, 2012.

Net Loss

For the second quarter of 2013, net loss amounted to $14.8 million or $1.23 loss per basic and diluted share, as compared to a net loss of $28.4 million or $2.37 loss per basic and diluted share in the same quarter of 2012, based on weighted average common shares outstanding of 11,958,170 basic and diluted for 2013 and 11,957,064 basic and diluted for 2012. In the second quarter of 2013 adjusted net loss totaled $5.1 million, compared to $3.3 million in the same quarter of 2012.

Six Months Ended June 30, 2013 Financial Results:

Net Revenues

Net revenues for the first half of 2013 decreased to $12.5 million from $35.6 million in the same period in 2012, a decrease of 65%. The decrease in net revenues is due to the reduced size of our fleet, which resulted in 63% fewer operating days and the market-induced weakness in the daily rates earned by our vessels.

EBITDA and Adjusted EBITDA

For the six month period ended June 30, 2013, negative EBITDA totaled $7.4 million, as compared to negative EBITDA of $17.1 million for the six month period ended June 30, 2012.

Adjusted EBITDA was negative $2.4 million for the first half of 2013 compared to $10.3 million for the first half of 2012.

Net Loss

For the first six months of 2013 net loss was equal to $13.7 million, or $1.15 per basic and diluted share. This compares to a net loss of $34.7 million or $2.92 loss per basic and diluted share, for the first six months of 2012, based on weighted average common shares outstanding of 11,958,117 basic and diluted for 2013 and 11,880,449 basic and diluted for 2012. In the first half of 2013 adjusted net loss was equal to $8.7 million, as opposed to $7.4 million in the same period of 2012.

Second Quarter Developments:

Sale of African Oryx

On April 10, 2013, Seanergy sold the African Oryx, a 24,112 DWT Handysize vessel built in 1997 for a gross amount of $4.1 million.

Extension Granted to Regain Compliance with Nasdaq Listing Rule 5550 (b) (1)

The Company received a written notification from the Nasdaq Capital Market ("Nasdaq" or the "Capital Market"), dated May 1, 2013, indicating that the Company was not in compliance with the requirement to maintain a minimum of $2.5 million in stockholders' equity for continued listing on the Capital Market, pursuant to Nasdaq Listing Rule 5550(b)(1). The Company reported negative stockholders' equity of $101.6 million for the fiscal year ended December 31, 2012. In addition, as of April 30, 2013, the Company did not meet the alternative standards for continued listing, including a market value of listed securities of at least $35 million, pursuant to Nasdaq Listing Rule 5550(b)(2), or net income from continuing operations of at least $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years, pursuant to Nasdaq Listing Rule 5550(b)(3).

In order to cure this deficiency, the Company submitted a plan to Nasdaq to regain compliance. The plan was accepted by Nasdaq and the Company was granted a grace period to regain compliance of up to 180 days, expiring on or before October 28, 2013. The Company is currently working on implementing the plan that was submitted to Nasdaq in order to regain compliance with the continued listing standards of the Capital Market.

Drydocking and Maintenance

The scheduled survey for the Davakis G. took place from May 30, 2013 to June 14, 2013 at a cost of approximately $0.36 million.

An unscheduled survey for the Hamburg Max took place from May 20, 2013 to May 29, 2013 at a cost of approximately $0.16 million.

The scheduled survey for the Bremen Max took place from July 9, 2013 to August 10, 2013 at a cost of approximately $0.54 million.

Ability to Continue as a Going Concern

Over the past year and as of the date of this press release, the Company has experienced significant losses and reduction in cash which has affected its ability to satisfy its obligations due to shipping sector volatility and economic difficulties. The Company has experienced significant reduction in cash flow, as it has had to re-charter its vessels at low prevailing rates.

As a result of the above, the Company has defaulted under its loan agreements in respect of certain covenants (including the failure to make principal and interest payments and the failure to satisfy financial covenants). To date, the Company has not obtained waivers of all these defaults from its remaining lender. During the restructuring process, the lender has continued to reserve its rights in respect of events of default under the loan agreements. The lender has not exercised its remedies at this time, including demand for immediate payment. The lender, however, could change its position at any time.

While the Company continues to use its best efforts to restructure the debt of its remaining lender, there can be no assurance that the negotiations will be successful or that it will obtain waivers or amendments from its lender. Failure to obtain such waivers or amendments could materially and adversely affect the Company's business and operations. Furthermore, the impact of the final terms of any restructuring is uncertain. Due to the above, the Company's $173.1 million outstanding debt as of June 30, 2013 is classified as current.

Subsequent Developments:

Recent Corporate Developments and Management Changes

In furtherance of the Company's plan to reduce its general and administrative expenses, Dale Ploughman and George Tsimpis have voluntarily resigned from the Board of Directors, effective October 1, 2013, and the vacancies created by their resignations will not be filled for the time being. Dale Ploughman is also resigning as Chairman of the Board. The Board of Directors has unanimously resolved that Stamatis Tsantanis be appointed as the Board's new Chairman, effective October 1, 2013.

Effective November 1, 2013, Christina Anagnostara has resigned from her position as Chief Financial Officer. Ms. Anagnostara will remain as a member of the Company's Board of Directors and will assist the Company in an advisory capacity.

2013 Annual General Meeting

The Company announced on September 10, 2013 the results of its annual meeting of its shareholders held on Thursday, September 5, 2013 at the Company's executive offices. At the meeting the following proposals were approved and adopted: 1) the election of Mr. Stamatis Tsantanis and Mr. Elias Culucundis, as Class A Directors to serve until the 2016 Annual Meeting of Shareholders and 2) the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the Company's Independent Registered Public Accounting Firm for the fiscal year ending December 31, 2013.

Sale of Subsidiaries in Full Satisfaction of UOB Loan

On July 19, 2013, Seanergy's subsidiary, Maritime Capital Shipping Limited ("MCS"), finalized the agreement with its lender, United Overseas Bank, for the sale of three vessel owning subsidiaries that own the Handysize vessels African Joy, African Glory and Asian Grace, in exchange for a nominal cash consideration and full satisfaction of the underlying loan.

As of July 19, 2013, in exchange for the sale, approximately $39.5 million of outstanding debt, accrued interest and swap liabilities were discharged and the guarantee provided by MCS was fully released. In connection with the sale of the subsidiaries, the Company's Board of Directors obtained a fairness opinion from an independent third party to the effect that the transaction was fair from a financial point of view to Seanergy's shareholders. The Company also expects a non cash gain of approximately $20 million as a result of the transaction that will be reflected in the third quarter of 2013.

Fleet Data:


 
                                                                            
----------------------------------------------------------------------------
                                          Three    Three     Six      Six   
                                          Months   Months   Months   Months 
                                          Ended    Ended    Ended    Ended  
                                         June 30, June 30, June 30, June 30,
                                           2013     2012     2013     2012  
----------------------------------------------------------------------------
Fleet Data                                                                  
----------------------------------------------------------------------------
Average number of vessels (1)                 7.1     18.8      8.2     19.1
----------------------------------------------------------------------------
Ownership days (2)                            646    1,711    1,482    3,481
----------------------------------------------------------------------------
Available days (3)                            621    1,685    1,457    3,442
----------------------------------------------------------------------------
Operating days (4)                            501    1,614    1,205    3,240
----------------------------------------------------------------------------
Fleet utilization (5)                       77.6%    94.3%    81.3%    93.1%
----------------------------------------------------------------------------
Fleet utilization excluding drydocking                                      
 off-hire days (6)                          80.7%    95.8%    82.7%    94.1%
----------------------------------------------------------------------------
Average Daily Results                                                       
----------------------------------------------------------------------------
TCE rate (7)                               $6,992   $8,763   $6,415   $9,156
----------------------------------------------------------------------------
Vessel operating expenses (8)              $5,594   $4,065   $4,777   $4,389
----------------------------------------------------------------------------
Management fee (9)                           $454     $336     $392     $336
----------------------------------------------------------------------------
Total vessel operating expenses (10)       $6,048   $4,401   $5,169   $4,725
----------------------------------------------------------------------------
                                                                            
 (1) Average number of vessels is the number of vessels that constituted the
     Company's fleet for the relevant period, as measured by the sum of the 
     number of days each vessel was a part of the Company's fleet during the
     relevant period divided by the number of calendar days in the relevant 
     period.                                                                
                                                                          
  
 (2) 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 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.                                                       
                                                                            
 (3) Available days are the number of ownership days less the aggregate     
     number of days that vessels are off-hire due to major repairs, dry     
     dockings or special or intermediate surveys. 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 quarter ended June 30, 2013, the Company incurred 25 off-hire days 
     for vessel scheduled drydocking. During the six month period ended June
     30, 2013, the Company incurred 25 off-hire days for vessel scheduled   
     drydocking.                                                            
                                                                            
 (4) 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 unforeseen circumstances. The shipping industry uses         
     operating days to measure the aggregate number of days in a period     
     during which vessels actually generate revenues.                       
                                                                            
 (5) 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.                                
                                                                            
 (6) Fleet utilization excluding drydocking 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 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, or dry dockings or special 
     or intermediate surveys.                                               
                                                                            
 (7) TCE rates are defined as our net revenues less voyage expenses during a
     period divided by the number of our operating days during the period,  
     which is consistent with industry standards. Voyage expenses include   
     port charges, bunker (fuel oil and diesel oil) expenses, canal charges 
     and other commissions.                                                 

(In thousands of US Dollars, except operating days and daily time charter equivalent rate)


 
                                                                            
                     Three Months Ended June 30,   Six Months Ended June 30,
                     ---------------------------  --------------------------
                         2013           2012          2013          2012    
                     ------------   ------------  ------------  ------------
Net revenues from                                                           
 vessels                 6,809         18,142        12,454        35,556   
Voyage expenses          3,306          3,998         4,724         5,890   
                                                                            
Net operating                                                               
 revenues                3,503         14,144         7,730        29,666   
                     ============   ============  ============  ============
                                                                            
Operating days            501           1,614         1,205         3,240   
                                                                            
Daily time charter                                                          
 equivalent rate         6,992          8,763         6,415         9,156   

Our TCE rate is calculated as the weighted average of the daily rate earned under time charter and voyage contracts and of the daily rate earned by bareboat charters after deducting the relevant fixed operating expense allowance. Net revenue from vessels under bareboat agreements is net of operating expense allowance


 
                                                                            
 (8) Average daily vessel operating expenses, which include crew costs,     
     provisions, deck and engine stores, lubricating oil, insurance,        
     maintenance and repairs, are calculated by dividing vessel operating   
     expenses by ownership days for the relevant time periods:              

(In thousands of US Dollars, except ownership days and daily vessel operating expenses)


 
                                                                            
                     Three Months Ended June 30,   Six Months Ended June 30,
                     ---------------------------  --------------------------
                         2013           2012          2013          2012    
                     ------------   ------------  ------------  ------------
Operating expenses       3,614          6,956         7,080        15,277   
Ownership days            646           1,711         1,482         3,481   
                                                                            
Daily vessel                                                                
 operating expenses      5,594          4,065         4,777         4,389   
                                                                            
                                                                            
 (9)  Daily management fees are calculated by dividing total management fees
      by ownership days for the relevant time period.                       
                                                                            
 (10) Total Vessel Operating Expenses ("TVOE") is a measurement of total    
      expenses associated with operating the vessels. TVOE is the sum of    
      vessel operating expenses and management fees. Daily TVOE is          
      calculated by dividing TVOE by fleet ownership days for the relevant  
      time period.                                                          

Fleet Profile and Employment:

Fleet Profile as of September 25, 2013


 
                                                                            
----------------------------------------------------------------------------
                   Vessel   Capacity  Year       Charter     Charter Expiry 
Vessel Name         Class     (DWT)   Built     Rate ($)        (latest)    
----------------------------------------------------------------------------
M/V Bremen Max     Panamax   73,503   1993  Spot positioning    Nov. 2013   
----------------------------------------------------------------------------
M/V Hamburg Max    Panamax   73,498   1994  Spot positioning    Nov. 2013   
----------------------------------------------------------------------------
M/V Davakis G.    Supramax   54,051   2008  Spot positioning   
 Oct. 2013   
----------------------------------------------------------------------------
M/V Delos Ranger  Supramax   54,057   2008  Spot positioning    Oct. 2013   
----------------------------------------------------------------------------
Total                        255,109                                        
----------------------------------------------------------------------------

EBITDA, Adjusted EBITDA and Adjusted Net Loss Reconciliation:


 
                                                                            
----------------------------------------------------------------------------
                                         Three     Three     Six      Six   
                                         Months    Months   Months   Months 
                                         Ended     Ended    Ended    Ended  
                                        June 30,  June 30, June 30, June 30,
                                          2013      2012     2013     2012  
----------------------------------------------------------------------------
Net loss                                (14,767)  (28,354) (13,702) (34,722)
----------------------------------------------------------------------------
Plus: Interest and finance costs, net                                       
 (including interest income)             2,849     3,334    5,011    6,701  
----------------------------------------------------------------------------
Plus: Income taxes                        (5)        24       29       29   
----------------------------------------------------------------------------
Plus: Depreciation and amortization       633      5,398    1,214    10,941 
----------------------------------------------------------------------------
EBITDA                                  (11,290)  (19,598) (7,448)  (17,051)
----------------------------------------------------------------------------
Minus: Loss on sale of vessels             -      (13,222)    -     (15,555)
----------------------------------------------------------------------------
Minus: Re-measurement and Impairment of                                     
 vessels, net                           (9,696)   (11,785) (10,558) (11,785)
----------------------------------------------------------------------------
Minus: Gain on disposal of subsidiaries    -         -      5,538      -    
----------------------------------------------------------------------------
Adjusted EBITDA                         (1,594)    5,409   (2,428)   10,289 
----------------------------------------------------------------------------

(In thousands of US Dollars)

EBITDA consists of earnings before net interest and finance cost, taxes, depreciation and amortization. Adjusted EBITDA consists of earnings before net interest and finance cost, taxes, depreciation and amortization, gains from re-measurement of vessel values, gain associated with disposal of subsidiaries and losses associated with the sale of vessels as well as the impairment of the book values of vessels. EBITDA and adjusted EBITDA are not measurements of financial performance under accounting principles generally accepted in the United States of America, or U.S. GAAP and do not represent cash flow from operations. EBITDA and adjusted EBITDA are presented solely as supplemental disclosures because management believes that they are common measures of operating performance in the shipping industry.


 
                                                                            
----------------------------------------------------------------------------
                                         Three     Three     Six      Six   
                                         Months    Months   Months   Months 
                                         Ended     Ended    Ended    Ended  
                                        June 30,  June 30, June 30, June 30,
                                          2013      2012     2013     2012  
----------------------------------------------------------------------------
Net loss                                (14,767)  (28,354) (13,702) (34,722)
----------------------------------------------------------------------------
Minus: Loss on sale of vessels             -      (13,222)    -     (15,555)
----------------------------------------------------------------------------
Minus: Re-measurement and impairment of                                     
 vessels, net                           (9,696)   (11,785) (10,558) (11,785)
----------------------------------------------------------------------------
Minus: Gain on disposal of subsidiaries    -         -      5,538      -    
----------------------------------------------------------------------------
Adjusted Net loss                       (5,071)   (3,347)  (8,682)  (7,382) 
----------------------------------------------------------------------------

Adjusted net loss consists of net loss before gains from re-measurement of vessel values, gain associated with disposal of subsidiaries and losses associated with the sale of vessels as well as the impairment of the book values of vessels.

Conference Call and Webcast: September 25, 2013

As announced, the Company's management team will host a conference call today, September 25, 2013, at 9:00 a.m. EDT to discuss the Company's financial results.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or + (44) (0) 1452 542 301 (from outside the US). Please quote "Seanergy".

A replay of the conference call will be available until Wednesday, October 2, 2013. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 2094507#.

Audio Webcast:

There will also be a simultaneous live webcast of the conference call over the Internet, through the Seanergy website (www.seanergymaritime.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.


 
                                                                            
                                                                            
                      Seanergy Maritime Holdings Corp.                      
                    Condensed Consolidated Balance Sheets                   
               June 30, 2013 (Unaudited) and December 31, 2012              
     (In thousands of US Dollars, except for share data, unless otherwise   
                                   stated)                                  
                                                                            
                                                                            
                                               June 30, 2013   December 31, 
                                                (unaudited)        2012     
                                               -------------  ------------- 
ASSETS                                                                      
Current assets:                                                             
  Cash and cash equivalents                            2,517          4,298 
  Restricted cash                                      1,000          2,000 
  Accounts receivable trade, net                       1,680          2,287 
  Inventories                                          1,898            471 
  Other current assets                                   988          2,190 
  Vessels held for sale                                    -         39,750 
  Vessels, net                           
             70,618              - 
  Deferred charges                                         -          1,090 
                                               -------------  ------------- 
      Total current assets                            78,701         52,086 
                                               -------------  ------------- 
Fixed assets:                                                               
  Vessels, net                                             -         68,511 
  Office equipment, net                                    -              2 
                                               -------------  ------------- 
      Total fixed assets                                   -         68,513 
                                               -------------  ------------- 
Other assets                                                                
  Deferred charges                                         -            220 
  Other non-current assets                                 -            141 
                                               -------------  ------------- 
TOTAL ASSETS                                          78,701        120,960 
                                               =============  ============= 
                                                                            
LIABILITIES AND EQUITY                                                      
Current liabilities:                                                        
  Current portion of long-term debt                  173,116        208,649 
  Trade accounts and other payables                    4,058          2,514 
  Due to related parties                               7,690          6,135 
  Accrued expenses                                     1,556          1,159 
  Accrued interest                                     6,966          3,543 
  Financial instruments                                  499            491 
  Deferred revenue                                       128             86 
                                               -------------  ------------- 
      Total current liabilities                      194,013        222,577 
                                               -------------  ------------- 
                                                                            
                                               -------------  ------------- 
      Total liabilities                              194,013        222,577 
                                               -------------  ------------- 
                                                                            
Commitments and contingencies                              -              - 
                                                                            
EQUITY                                                                      
  Seanergy shareholders' 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, 2013 and                                
   December 31, 2012; 11,959,271 and 11,959,282                             
   shares issued and outstanding as at June 30,                             
   2013 and December 31, 2012, respectively                1              1 
  Additional paid-in capital                         294,527        294,520 
  Accumulated deficit                               (409,840)      (396,138)
                                               -------------  ------------- 
      Total equity                                  (115,312)      (101,617)
                                               -------------  ------------- 
TOTAL LIABILITIES AND EQUITY                          78,701        120,960 
                                               =============  ============= 
                                                                            
                                                                            
                                                                            
                      Seanergy Maritime Holdings Corp.                      
        Unaudited Condensed Consolidated Statements of Income/(Loss)        
         For the three and six months ended June 30, 2013 and 2012          
  (In thousands of US Dollars, except for share and per share data, unless  
                              otherwise stated)                             
                                                                            
                                                                            
                               Three months ended       Six months ended    
                                    June 30,                June 30,        
                             ----------------------  ---------------------- 
                                2013        2012        2013        2012    
                             ----------  ----------  ----------  ---------- 
Revenues:                                                                   
  Vessel revenue - related                                                  
   party                              -       2,405           -       5,364 
  Vessel revenue                  7,029      16,246      12,841      31,261 
  Commissions - related party         -         (90)          -        (199)
  Commissions                      (220)       (419)       (387)       (870)
                             ----------  ----------  ----------  ---------- 
  Vessel revenue, net             6,809      18,142      12,454      35,556 
                                                                            
Expenses:                                                                   
  Direct voyage expenses         (3,186)     (3,838)     (4,546)     (5,568)
  Vessel operating expenses      (3,614)     (6,956)     (7,080)    (15,277)
  Voyage expenses - related                                                 
   party                           (120)       (160)       (178)       (322)
  Management fees - related                                                 
   party                           (204)       (430)       (407)       (880)
  Management fees                   (89)       (145)       (174)       (291)
  General and administration                                                
   expenses                      (1,070)     (1,135)     (2,303)     (2,581)
  General and administration                                                
   expenses - related party        (101)       (100)       (204)       (202)
  Amortization and write -off                                               
   of deferred dry-docking                                                  
   costs                           (153)     (1,146)       (232)     (2,310)
  Depreciation                     (480)     (4,252)       (982)     (8,631)
  Re-measurement and                                                        
   impairment for vessels,                                                  
   net                           (9,696)    (11,785)    (10,558)    (11,785)
  Loss on sale of vessels             -     (13,222)          -     (15,555)
  Gain from disposal of                                                     
   subsidiaries                       -           -       5,538           - 
                             ----------  ----------  ----------  ---------- 
Operating loss                  (11,904)    (25,027)     (8,672)    (27,846)
                                                                            
Other income (expense), net:                                                
  Interest and finance costs     (2,854)     (3,349)     (5,020)     (6,736)
  Interest income                     5          15           9          35 
  Loss on financial                        
                                 
   instruments                       (6)        (22)         (8)       (162)
  Foreign currency exchange                                                 
   (loss)/gain, net                 (13)         53          18          16 
                             ----------  ----------  ----------  ---------- 
                                 (2,868)     (3,303)     (5,001)     (6,847)
                             ----------  ----------  ----------  ---------- 
Net loss before taxes           (14,772)    (28,330)    (13,673)    (34,693)
                             ----------  ----------  ----------  ---------- 
                                                                            
  Income taxes                        5         (24)        (29)        (29)
                             ----------  ----------  ----------  ---------- 
Net loss                        (14,767)    (28,354)    (13,702)    (34,722)
                             ==========  ==========  ==========  ========== 
                                                                            
Net loss per common share                                                   
  Basic and diluted               (1.23)      (2.37)      (1.15)      (2.92)
                                                                            
Weighted average common                                                     
 shares outstanding                                                         
  Basic and diluted          11,958,170  11,957,064  11,958,117  11,880,449 

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is a Marshall Islands corporation with its executive offices in Athens, Greece. The Company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers.

The Company's current fleet consists of 4 dry-bulk carriers (two Panamax and two Supramax) with a total carrying capacity of approximately 255,109 dwt and an average fleet age of 12.4 years.

The Company's common shares trade on the NASDAQ Capital Market under the symbol "SHIP".

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that such expectations will prove to have been correct, these statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the scope and timing of Securities and Exchange Commission ("SEC") and other regulatory agency review, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the SEC. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Investor Relations / Media Capital Link, Inc. Paul Lampoutis 230 Park Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail: seanergy@capitallink.com

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