Time
Vessel Capacity Year TC Rate Charter
Vessel Name Class (DWT) Built Delivery Date ($) Expiry
--------- -------- ------ -------------- ------- --------
M/V Bremen Max Panamax 73,503 1993 Sept. 11, 2008 65,000 Sept.-09
--------- -------- ------ -------------- ------- --------
M/V Hamburg Max Panamax 72,388 1994 Sept. 25, 2008 65,000 Sept.-09
--------- -------- ------ -------------- ------- --------
M/V Davakis G. Supramax 54,051 2008 Aug. 28, 2008 60,000 Sept.-09
--------- -------- ------ -------------- ------- --------
M/V Delos Ranger Supramax 54,051 2008 Aug. 28, 2008 60,000 Sept.-09
--------- -------- ------ -------------- ------- --------
M/V African Zebra Handysize 38,632 1985 Sept. 25, 2008 36,000 Sept.-09
--------- -------- ------ -------------- ------- --------
M/V African Oryx Handysize 24,110 1997 Aug. 28, 2008 30,000 Sept.-09
--------- -------- ------ -------------- ------- --------
Total/Average 316,676 11 yrs
--------- -------- ------ -------------- ------- --------
Fleet Data:
We commenced our operating activity on August 28, 2008 therefore
comparative information for the first quarter 2008 is not available.
Period Ended
December 31, 2008
Three Months (August 28, 2008
Ended March - December
31, 2009 31, 2008)
------------ ----------------
Fleet Data:
------------ ----------------
Average Number of Vessels (1) 6.0 5.5
------------ ----------------
Ownership days (2) 540 686
------------ ----------------
Available days (3) 498 686
------------ ----------------
Operating days (4) 497.3 678.3
------------ ----------------
Fleet utilization (5) 99.9% 98.9%
------------ ----------------
Average Daily Results:
------------ ----------------
TCE rate (6) $ 51,727 $ 49,362
------------ ----------------
Vessel operating expenses (7) $ 5,206 $ 4,636
------------ ----------------
Management fee (8) $ 559 $ 566
------------ ----------------
Total vessel operating expenses (9) $ 5,765 $ 5,202
------------ ----------------
(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 three months
ended March 31, 2009 the Company incurred 42 days off hire for vessel
drydocking.
(4) Operating days are the number of available days in a period less the
aggregate number of days that vessels are off-hire due to 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 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 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.
(6) Time charter equivalent or TCE rates are defined as our time charter
revenues less voyage expenses during a period divided by the number of our
available 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 commissions.
(In thousands of US Dollars except daily data)
Three Months
Ended
March 31, 2009
--------------
Net Revenues from vessels $ 26,242
Voyage expenses (146)
Voyage expenses - related party (336)
--------------
Net Operating Revenues $ 25,760
==============
Available Days 498
Daily Time charter equivalent rate $ 51,727
(7) Average daily vessel operating expenses, which includes crew costs,
provisions, deck and engine stores, lubricating oil, insurance, maintenance
and repairs, is calculated by dividing vessel operating expenses by
ownership days for the relevant time periods:
(In thousands of US Dollars except daily data)
Three Months
Ended
March 31, 2009
--------------
Operating expenses $ 2,811
Ownership days 540
Daily vessel operating expenses $ 5,206
(8) Daily management fees are calculated by dividing total management fees
by ownership days for the relevant time period.
(9) Total vessel operating expenses or 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.
2009 Estimated Drydocking and Maintenance Schedule:
The African Zebra commenced its scheduled drydocking on February 24, 2009,
which is expected to be completed by mid-May, 2009. The Hamburg Max is
re-scheduled to be drydocked at the end of May 2009. The cost of the
African Zebra drydocking is expected to be $1.5 million. The Hamburg Max
drydocking cost is expected to be between $1.1 million and $1.2 million.
Background Information:
Seanergy Maritime Holdings Corp., the successor to Seanergy Maritime Corp.,
commenced operations on August 28, 2008 following shareholder approval on
August 26, 2008 for the business combination including the acquisition of
six drybulk carriers from the Restis family. On August 28, 2008, the
shareholders of Seanergy Maritime Holdings Corp. also approved the
dissolution and liquidation of Seanergy Maritime Corp. which became
effective on January 27, 2009.
The consolidated financial statements included in this release are for the
three months ended March 31, 2009 and include the accounts of Seanergy
Maritime Holdings Corp. and its acquired wholly owned subsidiaries, as well
as Seanergy Maritime Corp., the Company's predecessor.
Seanergy Maritime Corp. was incorporated in the Marshall Islands on August
15, 2006, originally under the name Seanergy Maritime Acquisition Corp., as
a blank check company formed to acquire, through a merger, capital stock
exchange, asset acquisition or other similar business combination, one or
more businesses in the maritime shipping industry or related industries.
Conference Call Details:
The Company's management team will host a conference call to discuss the
financial results tomorrow, Thursday, April 30, 2009, at 8:00 a.m. EDT
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 May 7, 2009. 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#.
Slides and Audio Webcast:
There will also be a simultaneous live webcast 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. (successor to Seanergy Maritime Corp.)
and subsidiaries
Condensed Consolidated Balance Sheets
March 31, 2009 and December 31, 2008
(In thousands of US Dollars, except for share and per share data,
unless otherwise stated)
(Unaudited)
March 31, December 31,
2009 2008
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents 40,238 27,543
Advances (trade) to related party 715 577
Inventories 658 872
Prepaid insurance expenses 144 574
Prepaid expenses and other current assets -
related parties 281 248
Other current assets 41 -
----------- -----------
Total current assets 42,077 29,814
----------- -----------
Fixed assets:
Vessels, net 337,957 345,622
Office equipment, net 22 9
----------- -----------
Total fixed assets 337,979 345,631
----------- -----------
Other assets
Deferred finance charges 2,556 2,757
----------- -----------
TOTAL ASSETS 382,612 378,202
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt 25,500 27,750
Trade accounts and other payables 847 674
Due to underwriters 190 419
Accrued expenses 661 541
Accrued interest 143 166
Accrued charges on convertible promissory note
due to shareholders 776 420
Deferred revenue - related party 2,692 3,029
----------- -----------
Total current liabilities 30,809 32,999
----------- -----------
Long-term debt, net of current portion 179,345 184,595
Convertible promissory note due to shareholders 28,778 29,043
----------- -----------
Total liabilities 238,932 246,637
----------- -----------
Consolidated shareholders' equity
Preferred stock, $0.0001 par value; 1,000,000
shares authorized; none issued - -
Common stock, $ 0.0001 par value; 100,000,000 and
89,000,000 authorized shares as at March 31,
2009 and December 31, 2008, respectively;
22,361,227 shares, issued and outstanding as at
March 31, 2009 and December 31, 2008,
respectively 2 2
Additional paid-in capital 166,361 166,361
Accumulated deficit (22,683) (34,798)
----------- -----------
Total consolidated shareholders' equity 143,680 131,565
----------- -----------
Commitments and contingencies - -
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 382,612 378,202
=========== ===========
Seanergy Maritime Holdings Corp. (successor to Seanergy Maritime Corp.)
and subsidiaries
Condensed Consolidated Statements of Operations
For the three months ended March 31, 2009 and 2008
(In thousands of US Dollars, except for share and per share data,
unless otherwise stated)
(Unaudited)
Three months ended
March 31,
2009 2008
---------- ----------
Revenues:
Vessel revenue - related party 26,915 -
Commissions - related party (673) -
---------- ----------
Vessel revenue - related party, net 26,242 -
---------- ----------
Expenses:
Direct voyage expenses (146) -
Vessel operating expenses (2,811) -
Voyage expenses - related party (336) -
Management fees - related party (302) -
General and administration expenses (858) (463)
General and administration expenses - related
party (540) -
Depreciation (7,672) -
---------- ----------
Operating income (loss) 13,577 (463)
Other income (expense), net:
Interest and finance costs (1,464) -
Interest and finance costs - shareholders (139) -
Interest income - money market funds 140 1,555
Foreign currency exchange gains (losses), net 1 3
---------- ----------
(1,462) 1,558
---------- ----------
Net income 12,115 1,095
========== ==========
Net income per common share
Basic 0.54 0.04
========== ==========
Diluted 0.50 0.03
========== ==========
Weighted average common shares outstanding
Basic 22,361,227 28,600,000
========== ==========
Diluted 24,621,227 40,896,510
========== ==========
Seanergy Maritime Holdings Corp. (successor to Seanergy Maritime Corp.)
and subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
For the three months ended March 31, 2009
(In thousands of US Dollars, except for share and per share data,
unless otherwise stated)
(Unaudited)
Common stock
---------------- Additional Total
# of Par paid-in Accumulated shareholders'
Shares value capital deficit equity
---------- ----- ---------- ----------- -------------
Balance December 31,
2008 22,361,227 2 166,361 (34,798) 131,565
Net income for the
three months ended
March 31, 2009 - - - 12,115 12,115
---------- ----- ---------- ----------- -------------
Balance March 31,
2009 22,361,227 2 166,361 (22,683) 143,680
========== ===== ========== =========== =============
Seanergy Maritime Holdings Corp. (successor to Seanergy Maritime Corp.)
and subsidiaries
Condensed Consolidated Statements of Cash Flows
For the three months ended March 31, 2009 and 2008
(In thousands of US Dollars, except for share and per share data,
unless otherwise stated)
(Unaudited)
Three months
ended March 31,
2009 2008
------- -------
Cash flows from operating activities:
Net income 12,115 1,095
Adjustments to reconcile net income to net cash provided
by (used in) operating activities:
Depreciation 7,672 -
Amortization of deferred finance charges 201 -
Changes in operating assets and liabilities:
(Increase) decrease in -
Advances (trade) to related party (138) -
Inventories 214 -
Trade accounts and other receivables (41) -
Prepaid insurance expenses 430 -
Prepaid expenses and other current assets - related
parties (33) -
Prepaid expenses and other current assets - 25
Accrued expenses 120 73
Trade accounts and other payables 173 -
Due to underwriters (229) -
Accrued charges on convertible note due to
shareholders 205 -
Premium amortization on convertible note due to
shareholders (114) -
Accrued interest (23) -
Deferred revenue - related party (337) -
------- -------
Net cash provided by operating activities 20,215 1,193
------- -------
Cash flows from investing activities:
Increase in trust account from interest earned on funds
held in trust - (1,542)
Withdrawals from trust account - 1,878
Additions to vessels (6)
Additions to office furniture and equipment (14) -
------- -------
Net cash provided by investing activities (20) 336
------- -------
Cash flows from financing activities:
Dividends paid - (1,631)
Repayment of long term debt (7,500) -
------- -------
Net cash used in financing activities (7,500) (1,631)
------- -------
Net increase (decrease) in cash 12,695 (102)
Cash and cash equivalents at beginning of period 27,543 2,211
------- -------
Cash and cash equivalents at end of period 40,238 2,109
======= =======
Cash paid for:
Interest 1,283 -
======= =======
Seanergy Maritime Holdings Corp.
Reconciliation of EBITDA to Net Income
(All amounts expressed in thousand U.S. Dollars)
Three Months
Ended March 31,
2009
---------------
Net income $ 12,115
---------------
Interest and finance costs, net (includes interest income) 1,463
---------------
Depreciation 7,672
---------------
EBITDA $ 21,250
===============
EBITDA consists of earnings before interest and finance cost, taxes and
depreciation. EBITDA is not a measurement of financial performance under
accounting principles generally accepted in the United States of America,
and does not represent cash flow from operations. EBITDA is presented
solely as a supplemental disclosure because management believes that it is
a common measure of operating performance in the shipping industry.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp., the successor to Seanergy Maritime 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
purchased and took delivery of six dry bulk carriers in the third and
fourth quarters of 2008 from companies associated with members of the
Restis family. Its current fleet is comprised of two Panamax, two Supramax
and two Handysize dry bulk carriers with a combined cargo-carrying capacity
of 316,676 dwt and an average fleet age of approximately 11 years.
The Company's common stock and warrants trade on the NASDAQ Global Market
under the symbols SHIP and SHIP.W, respectively. Prior to October 15, 2008,
the Company's common stock and warrants traded on the NYSE Alternext US LLC
(formally known as AMEX) under the symbols SRG, SRG.W, respectively.
For further information please visit our 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
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 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 Securities and Exchange Commission. 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.
Contact Information: For further information please contact: Seanergy Maritime Holdings Corp. Dale Ploughman Chief Executive Officer Tel: +30 210 9638461 E-mail: ir@seanergymaritime.com 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