Seanergy Maritime Holdings Corp. Reports Financial Results for the Three Months Ended March 31, 2016
(firmenpresse) - ATHENS, GREECE -- (Marketwired) -- 06/16/16 -- Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today its financial results for the three months ended March 31, 2016.
For the three months ended March 31, 2016, the Company generated net revenues of $7.0 million. As of March 31, 2016 total stockholder's equity was $21.1 million and cash and restricted cash was $2.8 million.
"Market conditions in the dry bulk market during the first quarter of 2016 continued to be unfavorable, as the average BDI was 42% lower as compared to the first quarter of 2015. However, during May 2016 the Capesize index was approximately 39% higher than in May 2015. This suggests that changes in iron ore and coal inventory cycles have the capacity to impact the market positively. Furthermore, it should be noted that our fleet's Time Charter Equivalent (TCE) rate outperformed major market indexes, which is particularly important given the difficult market environment during the first quarter. Our Supramax vessels earned a TCE rate of approximately $4,943 in the first quarter of 2016 compared to the average Baltic Supramax Index of $3,801 in the same period. Also during the first quarter of 2016, our six Capesize vessels earned a TCE rate of $3,290 as compared to an average reading of $1,424 for the Baltic Capesize Index."
"On a different note, we have agreed to certain amendments to our loan agreements with our lenders that should be highly beneficial in preserving cash flow. Looking forward, we firmly believe that current market conditions represent a unique opportunity to acquire quality tonnage at historically low prices. For that reason, we intend to pursue acquisition opportunities that we believe can further enhance value for our shareholders. We believe that Seanergy is the right platform in the dry bulk listed space in order to capitalize on the recovery of the freight market and asset values."
On January 8, 2016, a 1-for-5 reverse split of the Company's common stock became effective, and the common stock began trading on a split-adjusted basis on the Nasdaq Capital Market. This reduced the number of outstanding shares of the Company's common stock from 97,612,971 shares to 19,522,413 shares, after adjusting for fractional shares. On January 27, 2016, we received a letter from Nasdaq confirming that we had regained compliance with Nasdaq's minimum bid price requirement.
On January 27, 2016 and on March 7, 2016, the Company entered into a third and fourth amendment respectively to the unsecured revolving convertible promissory note of September 7, 2015. These amendments increased the amount of the note to approximately $16.3 million (the "Applicable Limit") and further modified the amount by which the Applicable Limit is reduced on September 10, 2017, and each year on the anniversary of that date to $2.5 million. As of March 31, 2016, the Company had drawn down the entire amount available under the note.
On May 16, 2016, we entered into a supplemental letter to the $44.4 million senior secured loan facility with HSH Nordbank AG, which was entered into on September 1, 2015 to finance the acquisitions of the M/Vs Geniuship and Gloriuship. Effective as of March 1, 2016, the supplemental letter has deferred certain prepayments to June 30, 2018.
On June 3, 2016, we entered into a supplemental agreement to the $52.7 million facility agreement with UniCredit Bank AG, which was entered into on September 11, 2015 to finance the acquisitions of the M/Vs Premiership, Gladiatorship and Guardianship. Effective as of June 13, 2016, the supplemental agreement has split the margin into a cash portion and a non-cash portion. The non-cash portion of the margin will be capitalized and repaid in full by June 30, 2017. In addition, the application of certain covenants is deferred to June 30, 2017.
On April 21, 2016 and May 17, 2016, the Company entered into a fifth and sixth amendment respectively to the unsecured revolving convertible promissory note of September 7, 2015. These amendments increased the Applicable Limit to approximately $18.7 million and further modified the amount by which the Applicable Limit is reduced on September 10, 2017, and each year on the anniversary of that date to $2.75 million. As of today, the Company has drawn down the entire amount available under the note.
Seanergy Maritime Holdings Corp. is an international provider of marine dry bulk shipping services through the ownership and operation of dry bulk vessels. The Company is registered in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong.
The Company currently owns a modern fleet of a total of eight dry bulk carriers, six Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,145,553 DWT and an average fleet age of about 7.6 years.
The Company's common stock trades on the NASDAQ Capital Market under the symbol "SHIP."
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 "may," "should," "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's ability to continue as a going concern; the Company's operating or financial results; the Company's liquidity, including its ability to pay amounts that it owes and obtain additional financing in the future to fund capital expenditures, acquisitions and other general corporate activities; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at . 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.
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
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Datum: 16.06.2016 - 12:00 Uhr
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News-ID 478133
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Maritime
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