Try our mobile app

Published: 2023-11-17 16:30:31 ET
<<<  go to SHIP company page
EX-99.1 2 ef20014774_ex99-1.htm EXHIBIT-99.1
Exhibit 99.1


Seanergy Maritime Reports Financial Results for the Third Quarter and
 Nine Months Ended September 30, 2023 and Declares Dividend of
 $0.025 Per Share
Highlights
          

(in million USD, except EPS)
  
Q3 2023
Q3 2022
9M 2023
9M 2022

Net Revenues
  
$24.5
$34.0
$70.8
$96.5

Net (loss) / income
  
($5.0)
$7.1
($8.5)
$16.7

Adjusted net (loss) / income1
  
($2.6)
$7.6
$0.5
$22.4

EBITDA1
  
$7.1
$18.6
$27.9
$47.6

Adjusted EBITDA1
  
$9.5
$19.0
$29.1
$53.3

           

(Loss) / earnings per share Basic1,2
  
($0.28)
$0.41
($0.48)
$0.96

(Loss) / earnings per share Diluted1,2
  
($0.28)
$0.40
($0.48)
$0.94

Adjusted (loss) / earnings per share Basic1,2
  
($0.14)
$0.43
$0.02
$1.29

Adjusted (loss) / earnings per share Diluted1,2
  
($0.14)
$0.42
$0.02
$1.26
 
Other Highlights and Developments:
 

 ■
Fleet Time Charter Equivalent (“TCE” 3) overperformance of Baltic Capesize Index (“BCI”) by 14% in 3Q23 & by 18% in 9M23

■
Consistent quarterly cash dividend of $0.025 per share for Q3 2023

o
Total cash dividends of $1.35 per share, or $24.4 million declared since March 2022

■
Delivery of the M/V Titanship, a 2011-built Newcastlemax, acquired through a 12-month bareboat charter with a purchase option

■
About 30% of the fleet fixed for Q4 2023 at an average rate above $20,000

■
Q4 2023 combined TCE average earned to date of $21,6404
 
November 14, 2023 – Athens, Greece – Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), announced today its financial results for the third quarter and nine months ended September 30, 2023. The Company also declared a quarterly dividend of $0.025 per common share for the third quarter of 2023.
 
For the quarter ended September 30, 2023, the Company generated Net Revenues of $24.5 million, compared to $34.0 million in the third quarter of 2022. Net Loss and Adjusted Net Loss for the quarter were $5.0 million and $2.6 million, respectively, compared to Net Income of $7.1 million and Adjusted Net Income of $7.6 million in the third quarter of 2022. Adjusted EBITDA for the quarter was $9.5 million, compared to $19.0 million for the same period of 2022. The daily TCE rate of the fleet for the third quarter of 2023 was $15,298, compared to $20,614 in the same period of 2022.
 
1 Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.
2 All references to number of shares, share prices, warrant prices and “per share” figures in this document are adjusted to reflect the one-for-ten reverse stock split effected on February 16, 2023.
3 TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.
4 See analysis on the TCE guidance in the relevant section below.

For the nine-month period ended September 30, 2023, the Company generated Net Revenues of $70.8 million, compared to $96.5 million in the same period of 2022. Net Loss and Adjusted Net Income for the nine months were $8.5 million and $0.5 million, respectively, compared to Net Income of $16.7 million and Adjusted Net Income of $22.4 million in the respective period of 2022. Adjusted EBITDA for the nine months was $29.1 million, compared to $53.3 million for the same period of 2022. The daily TCE rate of the fleet for the first nine-month period of 2023 was $14,935, compared to $20,996 in the same period of 2022.
 
Cash and cash-equivalents and restricted cash, as of September 30, 2023, stood at $22.0 million. Shareholders’ equity at the end of the third quarter was $217.8 million. Long-term debt (senior loans, a convertible note and other financial liabilities) net of deferred charges stood at $223.3 million, while the book value of the fleet was $416.5 million.
 
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
 
“For the third quarter of 2023, Seanergy reported a TCE of $15,298, outperforming once more the BCI by approximately 14%. While we consistently overperform the index, the general Capesize market fell short of expectations, with the BCI averaging $13,400, marking the lowest Q3 BCI earnings since 2016. Considering our healthy liquidity position and our consistent approach towards shareholder rewards, the Company’s Board of Directors has approved another quarterly dividend of $0.025 per share.
 
“Net loss for the third quarter of 2023 was $5.0 million. Nonetheless, with about 30% of our fourth quarter days converted to fixed rates above $20,000 and taking into account the strong rally of the Capesize market in October and the overall positive outlook for the sector, we remain optimistic about our financial performance in the current quarter.
 
“In the first nine months of 2023 we recorded a time charter equivalent of $14,935, compared to an average BCI daily rate of $12,640, representing an outperformance of 18%. Again, the BCI was reduced by 24% as compared to the previous year for the same period. Our freight hedging activities have reduced the volatility of our earnings in a weak Capesize market, while keeping about 70% of our fourth quarter days open.
 
“Moving on to other developments, we took delivery of our latest acquisition, a 2011-built Newcastlemax on October 24, 2023. The vessel was renamed Titanship and has begun its employment under a time charter to a first-class operator at an index linked charter rate. The significant premium over the BCI, which is the highest earned by any vessel in our fleet to date, will further enhance our commercial performance in the coming months. I believe that the competitive acquisition cost of this vessel, as well as the limited initial capital outlay, will facilitate high returns on capital. I am very satisfied with our timing on this transaction.
 
“Moving on to a brief comment about the Capesize market, since the beginning of the year we have seen substantial increases ranging from 3% to 8% in ton-mile demand for the major raw materials of iron ore, coal and bauxite, against an increase of about 2% in the size of the fleet. Despite this very favorable demand backdrop the freight market did not perform according to our expectations for most of the nine-month period ending in September 2023. As mentioned in our previous earnings update, historically low port congestion and efficient utilization of the Capesize fleet increased the effective vessel supply, which put pressure on freight rates. Looking ahead to Q4 and the following quarters, we are very encouraged by low commodity inventories in key areas, as well as a significant increase in demand. In addition, the historically low Capesize orderbook, coupled with the impending environmental regulations will soon reduce the effective vessel supply. Therefore, I remain optimistic about the long-term prospects of our market.
 
“We firmly believe that Seanergy’s ability to deal with short term volatility has been proven over the past nine months and the combination of our strong balance sheet and effective freight hedging initiatives put us in the best position to benefit from what we believe to be the best Capesize market fundamentals of the past three decades.”
 
Company Fleet:
 
Vessel Name
Capacity (DWT)
Year
Built
Yard
Scrubber Fitted
Employment Type
FFA conversion option(1)
Minimum T/C expiration
Maximum   T/C expiration(2)
Charterer

Titanship(3)
207,855
2011
NACKS
-
T/C Index Linked
Yes
09/2024
01/2025
Olam

Patriotship
181,709
2010
Imabari
Yes
T/C Index Linked
Yes
05/2024
06/2024
Glencore

Dukeship
181,453
2010
Sasebo
-
T/C Index Linked
Yes
04/2024
09/2024
NYK

Paroship
181,415
2012
Koyo - Imabari
Yes
T/C Index Linked
Yes
10/2023
12/2023
Oldendorff

Worldship
181,415
2012
Koyo - Imabari
Yes
T/C Index Linked
Yes
09/2023
01/2024
Cargill

Hellasship
181,325
2012
Imabari
-
T/C Index Linked
Yes
12/2023
03/2024
NYK

Honorship
180,242
2010
Imabari
-
T/C Index Linked
Yes
02/2024
07/2024
NYK

Fellowship
179,701
2010
Daewoo
-
T/C Index Linked
Yes
06/2024
10/2024
Anglo American

Championship
179,238
2011
Sungdong SB
Yes
T/C Index Linked
Yes
04/2025
11/2025
Cargill

Partnership
179,213
2012
Hyundai
Yes
T/C Index Linked
Yes
09/2024
12/2024
Uniper

Knightship
178,978
2010
Hyundai
Yes
T/C Index Linked
Yes
10/2024
12/2024
Glencore

Lordship
178,838
2010
Hyundai
Yes
T/C Index Linked
Yes
08/2024
09/2024
Uniper

Friendship
176,952
2009
Namura
-
T/C Index Linked
Yes
12/2023
03/2024
NYK

Flagship
176,387
2013
Mitsui
-
T/C Index Linked
Yes
05/2026
07/2026
Cargill

Geniuship
170,057
2010
Sungdong SB
-
T/C Index Linked
Yes
04/2024
08/2024
NYK

Premiership
170,024
2010
Sungdong SB
Yes
T/C Index Linked
Yes
04/2024
06/2024
Glencore

Squireship
170,018
2010
Sungdong SB
Yes
T/C Index Linked
Yes
05/2024
07/2024
Glencore

Total /
Average age
3,054,820
12.7 years
              
 
(1)
The Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing Capesize FFA Rate for the selected period.
 
(2)
The latest redelivery date does not include any additional optional periods.
 
(3)
The vessel is operated by the Company on the basis of a 12-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter.
 
Fleet Data:
 
(U.S. Dollars in thousands)

  
Q3 2023
Q3 2022
9M 2023
9M 2022

Ownership days (1)
1,472
1,569
4,467
4,650

Operating days (2)
1,460
1,557
4,423
4,380

Fleet utilization (3)
99.2%
99.2%
99%
94.2%

TCE rate (4)
$15,298
$20,614
$14,935
$20,996

Daily Vessel Operating Expenses (5)
$6,985
$7,593
$6,942
$6,875

(1)
Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. 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)
Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include the days that our vessels are in ballast voyages without having finalized agreements for their next employment. The Company’s calculation of operating days may not be comparable to that reported by other companies.
 
(3)
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.
 
(4)
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. The Company includes the TCE rate, which is not a recognized measure under U.S. GAAP, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful information to investors regarding our 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.

(In thousands of U.S. Dollars, except operating days and TCE rate)
 

  
Q3 2023
Q3 2022
9M 2023
9M 2022

Vessel revenue, net
23,105
32,963
68,135
95,476

Less: Voyage expenses
770
867
2,078
3,513

Time charter equivalent revenues
22,335
32,096
66,057
91,963

Operating days
1,460
1,557
4,423
4,380

TCE rate
$15,298
$20,614
$14,935
$20,996
 
(5)
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, excluding pre delivery costs, 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.
 
(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)
 

  
Q3 2023
Q3 2022
9M 2023
9M 2022

Vessel operating expenses
10,282
12,201
31,371
32,642

Less: Pre-delivery expenses
-
287
362
671

Vessel operating expenses before pre-delivery expenses
10,282
11,914
31,009
31,971

Ownership days
1,472
1,569
4,467
4,650

Daily Vessel Operating Expenses
$6,985
$7,593
$6,942
$6,875
 
Net income / (loss) to EBITDA and Adjusted EBITDA Reconciliation:
 
(In thousands of U.S. Dollars)

  
Q3 2023
Q3 2022
9M 2023
9M 2022

Net (loss) / income
(5,040)
7,140
(8,547)
16,746

Interest and finance cost, net
4,983
3,949
15,185
10,099

Depreciation and amortization
7,110
7,497
21,290
20,796

Taxes
-
-
-
(28)

EBITDA
7,053
18,586
27,928
47,613

Stock based compensation
2,474
2,920
8,601
6,762

Loss on extinguishment of debt
-
-
540
1,285

Loss on forward freight agreements, net
4
335
148
407

Gain on sale of vessels, net
-
-
(8,094)
-

Gain on spin-off
-
(2,800)
-
(2,800)

Adjusted EBITDA
9,531
19,041
29,123
53,267

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income / (loss), net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, loss on forward freight agreements, net, loss on extinguishment of debt, and the non-recurring gains on sale of vessel and on spin-off, which the Company believes are not indicative of the ongoing performance of its core operations.
 
EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.
 
Adjusted Net income / (loss) Reconciliation and calculation of Adjusted Earnings Per Share
 
(In thousands of U.S. Dollars, except for share and per share data)
 

  
Q3 2023
Q3 2022
9M 2023
9M 2022

Net (loss) / income
(5,040)
7,140
(8,547)
16,746

Stock based compensation
2,474
2,920
8,601
6,762

Loss on extinguishment of debt (non-cash)
-
-
300
1,285

Loss on forward freight agreements, net
4
335
148
407

Gain on spin-off
-
(2,800)
-
(2,800)

Adjusted net (loss) / income
(2,562)
7,595
502
22,400

Adjusted net (loss) / income – common shareholders
(2,600)
7,595
388
22,400

Adjusted (loss) / earnings per common share, basic
(0.14)
0.43
0.02
1.29

Adjusted (loss) / earnings per common share, diluted
(0.14)
0.42
0.02
1.26

Weighted average number of common shares outstanding, basic
18,138,600
17,570,670
18,177,002
17,353,902

Weighted average number of common shares outstanding, diluted
18,138,600
17,908,986
18,177,002
17,842,518

To derive Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share, both non-GAAP financial measures, from Net Income/(Loss), we exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as stock based compensation, gain/(loss) on extinguishment of debt, gain/(loss) on forward freight agreements and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
 
Interest and Finance Costs to Cash Interest and Finance Costs Reconciliation:
 
(In thousands of U.S. Dollars)
 

  
Q3 2023
Q3 2022
9M 2023
9M 2022

Interest and finance costs
(5,133)
(4,110)
(15,528)
(10,282)

Add: Interest income
150
161
344
183

Add: Amortization of deferred finance charges and other discounts
387
641
1,861
1,916

Cash interest and finance costs
(4,596)
(3,308)
(13,323)
(8,183)
 
Fourth Quarter 2023 TCE Rate Guidance5:

As of the date hereof, approximately 59% of the Company fleet’s expected operating days in the fourth quarter of 2023 have been fixed at an estimated TCE rate of approximately $21,640.
 

 •
Assuming that for our remaining operating days the average of the BCI will be equal to the average Capesize Forward Freight Agreement (“FFA”) rate of $15,700 per day (based on the FFA curve as of November 7, 2023), our estimated TCE rate for the fourth quarter of 2023 will be approximately $19,480 (“1st scenario” mentioned in the table below).
 

 •
Assuming that for our remaining operating days the BCI will be equal to the average spot rate incurred from the beginning of the fourth quarter of 2023 at $23,700 per day, our estimated TCE rate for the fourth quarter of 2023 will be approximately $22,800 (“2nd scenario” mentioned in the table below).
 
The following table provides the breakdown of index-linked charters and fixed-rate charters in the fourth quarter of 2023:
 

  
Operating Days
TCE
1st scenario
TCE
2nd scenario

TCE - fixed rate (index-linked conversion)
460
$20,494
20,494

TCE - fixed rate
0
N/A
N/A

TCE – index-linked
1,080
$19,040
$23,740

Total / Average
1,540
$19,480
$22,770
 
Third Quarter and Recent Developments:
 
Dividend Distribution for Q2 2023 and Declaration of Q3 2023 Dividend
 
On October 6, 2023, the Company paid the previously announced quarterly dividend of $0.025 per common share, for the second quarter of 2023, to all shareholders of record as of September 22, 2023.
 
Continuing its quarterly dividend payments, the Company declared a cash dividend of $0.025 per common share for the third quarter of 2023 payable on or about January 10, 2024 to all shareholders of record as of December 22, 2023.
 
Vessel Transactions and Commercial Updates
 
M/V Titanship - Bareboat Agreement and time charter agreement
 
On May 9, 2023, the Company entered into a 12-month bareboat charter agreement with an unaffiliated third party for a 2011-built Newcastlemax dry bulk vessel of 207,855 dwt built at Nantong COSCO KHI Ship Engineering Co Ltd (NACKS). The vessel was renamed Titanship and delivered to Seanergy on October 24, 2023. The bareboat charter agreement required a downpayment of $7.0 million and includes a daily charter rate of $9,000 over the period of the bareboat charter and a purchase option of $20.2 million at the end of the bareboat charter. In aggregate, the acquisition cost for the vessel, following the exercise of the purchase option, will be approximately $30.5 million.

In July 2023, the Company entered into a time charter agreement with Olam for the M/V Titanship. The T/C commenced on October 28, 2023, for a period of minimum 11 to about 14 months at a daily charter hire based on a significant premium over the BCI. In addition, the T/C provides the Company with the option to convert the variable charter hire to a fixed rate for a period between two and 12 months priced at the prevailing Capesize FFA rate for the selected period.

5 This guidance is based on certain assumptions and there can be no assurance that these TCE rate estimates, or projected utilization will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE rate realized will vary with the underlying index, and for the purposes of this guidance, in the 1st scenario the BCI rate assumed for the remaining operating days of the quarter for index-linked T/Cs is equal to the average FFA rate of $15,700 based on the curve as of November 7, 2023, while in the 2nd scenario the BCI rate assumed is equal to the quarter-to-date BCI average of about $23,700. Spot estimates are provided using the load-to-discharge method of accounting. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE rate will be reduced accordingly.

M/V Patriotship - Time charter extension
 
On September 22, 2023, the Company declared its option to extend the time charter agreement for the M/V Patriotship in direct continuation from the previous agreement for six additional months to the original minimum/maximum period. The new time charter period will commence within November 2023 for a duration of minimum May 2024 to maximum June 2024, while all other terms of the time charter shall remain the same.

Conference Call:
 
The Company’s management will host a conference call to discuss financial results on Tuesday, November 14, 2023 at 9:30 a.m. Eastern Time.
 
Audio Webcast:
 
There will be a live, and then archived, webcast of the conference call available on the Company’s website. To listen to the archived audio file, visit our website, following the Webcast & Presentations section under our Investor Relations page. Participants to the live webcast should register on Seanergy’s website approximately 10 minutes prior to the start of the webcast, following this link.
 
Conference Call Details:
 
Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.

Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of U.S. Dollars)

   
September 30,
2023
    
December 31,
2022*
  
ASSETS
            
Cash and cash equivalents and restricted cash
    
22,045
      
32,477
  
Vessels, net and Vessels held for sale
    
416,543
      
462,385
  
Other assets
    
17,089
      
18,738
  
TOTAL ASSETS
    
455,677
      
513,600
  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Long-term debt and other financial liabilities
    
220,221
      
244,866
  
Convertible notes
    
3,076
      
10,833
  
Other liabilities
    
14,532
      
36,202
  
Stockholders’ equity
    
217,848
      
221,699
  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
    
455,677
      
513,600
  

*
Derived from the audited consolidated financial statements as of that date

Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Operations
 (In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated)

   
Three months ended
September 30,
    
Nine months ended
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
Vessel revenue, net
    
23,105
      
32,963
      
68,135
      
95,476
  
Fees from related parties
    
1,347
      
1,017
      
2,671
      
1,017
  
Revenue, net
    
24,452
      
33,980
      
70,806
      
96,493
  
Expenses:
                                
Voyage expenses
    
(770
)
    
(867
)
    
(2,078
)
    
(3,513
)
Vessel operating expenses
    
(10,282
)
    
(12,201
)
    
(31,371
)
    
(32,642
)
Management fees
    
(161
)
    
(324
)
    
(535
)
    
(1,077
)
General and administrative expenses
    
(6,104
)
    
(4,524
)
    
(16,785
)
    
(13,044
)
Depreciation and amortization
    
(7,110
)
    
(7,497
)
    
(21,290
)
    
(20,796
)
Loss on forward freight agreements, net
    
(4
)
    
(335
)
    
(148
)
    
(407
)
Gain on sale of vessel
    
-
      
-
      
8,094
      
-
  
Operating income
    
21
      
8,232
      
6,693
      
25,014
  
Other income / (expenses):
                                
Interest and finance costs
    
(5,133
)
    
(4,110
)
    
(15,528
)
    
(10,282
)
Loss on extinguishment of debt
    
-
      
-
      
(540
)
    
(1,285
)
Interest and other income
    
76
      
177
      
958
      
336
  
Gain on spin-off
    
-
      
2,800
      
-
      
2,800
  
Other, net
    
(4
)
    
41
      
(130
)
    
163
  
Total other expenses, net:
    
(5,061
)
    
(1,092
)
    
(15,240
)
    
(8,268
)
Net (loss) / income
    
(5,040
)
    
7,140
      
(8,547
)
    
16,746
  
Net (loss) / income attributable to common shareholders
    
(5,078
)
    
7,140
      
(8,661
)
    
16,746
  
                                 
Net (loss) / income per common share, basic
    
(0.28
)
    
0.41
      
(0.48
)
    
0.96
  
Net (loss) / income per common share, diluted
    
(0.28
)
    
0.40
      
(0.48
)
    
0.94
  
Weighted average number of common shares outstanding, basic
    
18,138,600
      
17,570,670
      
18,177,002
      
17,353,902
  
Weighted average number of common shares outstanding, diluted
    
18,138,600
      
17,908,986
      
18,177,002
      
17,842,518
  

Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Cash Flow Data
 (In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated)

   
Nine months ended
September 30,
  
   
2023
    
2022
  
Net cash provided by operating activities
    
11,050
      
29,040
  
                 
Proceeds from sale of assets
    
23,910
      
-
  
Vessels acquisitions and improvements
    
(146
)
    
(38,565
)
Finance lease payments
    
(3,500
)
    
-
  
Deposits assets, non-current
    
1,325
      
-
  
Investments
    
-
      
(10,139
)
Term deposits
    
-
      
1,500
  
Other fixed assets, net
    
(176
)
    
(99
)
Net cash provided by / (used in) investing activities
    
21,413
      
(47,303
)
                 
Proceeds from secured long-term debt
    
53,750
      
80,300
  
Repayments of long-term debt and other financial liabilities
    
(79,374
)
    
(57,769
)
Repayments of convertible notes
    
(8,000
)
    
(10,000
)
Payments of financing and stock issuance costs
    
(1,318
)
    
(1,022
)
Dividend payments
    
(5,539
)
    
(13,376
)
Payments for repurchase of common stock
    
(1,583
)
    
-
  
Payments for repurchase of warrants
    
(808
)
    
-
  
Payments for fractional shares of reverse stock split
    
(23
)
    
-
  
Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions
    
-
      
70
  
Net cash used in financing activities
    
(42,895
)
    
(1,797
)
                 
SUPPLEMENTAL CASH FLOW INFORMATION
                
Cash paid during the period for interest
    
13,652
      
8,283
  
                 
Noncash investing activities
                
Vessels acquisitions and improvements
    
-
      
2,765
  
                 
Noncash financing activities
                
Dividends declared but not paid
    
491
      
4,548
  

About Seanergy Maritime Holdings Corp.
 
Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 vessels (1 Newcastlemax and 16 Capesize) with an average age of approximately 12.7 years and an aggregate cargo carrying capacity of approximately 3,054,820 dwt.
 
The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.
 
Please visit our Company website at: www.seanergymaritime.com.
 
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. 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 operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values 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; broader market impacts arising from war (or threatened war) or international hostilities, such as between Russia and Ukraine; risks associated with the length and severity of pandemics (including COVID-19), including their effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company's filings with 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 www.sec.gov. Except to the extent required by law, 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:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com