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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/26/20 Seanergy Maritime Holdings Corp. 6-K 6/26/20 2:155K Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 6-K Report by a Foreign Issuer HTML 9K 2: EX-99.1 Miscellaneous Exhibit HTML 86K
Vessel Name
|
Vessel
Class
|
Capacity
(DWT)
|
Year Built
|
Yard
|
Scrubber Fitted
|
Employment
|
Minimum T/C
duration
|
Partnership
|
Capesize
|
179,213
|
2012
|
Hyundai
|
Yes
|
T/C Index Linked (1)
|
3 years
|
Championship (2)
|
Capesize
|
179,238
|
2011
|
Sungdong
|
Yes
|
T/C Index Linked (3)
|
5 years
|
Lordship
|
Capesize
|
178,838
|
2010
|
Hyundai
|
Yes
|
T/C Index Linked (4)
|
3 years
|
Premiership
|
Capesize
|
170,024
|
2010
|
Sungdong
|
Yes
|
T/C Index Linked (5)
|
3 years
|
Squireship
|
Capesize
|
170,018
|
2010
|
Sungdong
|
Yes
|
T/C Index Linked (6)
|
3 years
|
Knightship (7)
|
Capesize
|
178,978
|
2010
|
Hyundai
|
Yes
|
T/C Index Linked (8)
|
3 years
|
Gloriuship
|
Capesize
|
171,314
|
2004
|
Hyundai
|
No
|
T/C Index Linked (9)
|
10 months
|
Fellowship
|
Capesize
|
179,701
|
2010
|
Daewoo
|
No
|
Voyage/Spot
|
|
Geniuship
|
Capesize
|
170,058
|
2010
|
Sungdong
|
No
|
Voyage/Spot
|
|
Leadership
|
Capesize
|
171,199
|
2001
|
Koyo – Imabari
|
No
|
Voyage/Spot
|
(1) |
Chartered by a major European utility and energy company and delivered to the charterer on September 11, 2019 for a period of minimum 33 to maximum 37 months with an optional period of 11-13 months. The daily charter hire is based on the
BCI. In addition, the Company has the option to convert to a fixed rate for a period of between 3 and 12 months, based on the prevailing Capesize Forward Freight
Agreement Rate (“FFA”) for the selected period.
|
(2) |
Sold to and leased back on a bareboat basis from a major commodity trading company on November 7, 2018 for a five-year period. We have a purchase obligation at
the end of the five-year period and we further have the option to repurchase the vessel at any time.
|
(3) |
Chartered by Cargill from November 7, 2018 for a period of 60 months, with an additional period of 24 to 27 months at charterer’s option. The daily charter hire is based on the BCI plus a gross daily
scrubber premium of $1,740. In addition, the Company has the option to convert to a fixed rate for a period of between three and 12 months, based on the prevailing
Capesize FFA for the selected period.
|
(4) |
Chartered by a major European utility and energy company and delivered on August 4, 2019 for a period of minimum 33 to maximum 37 months with an optional period of 11-13 months. The daily charter hire is based on the BCI plus a net daily
scrubber premium of $3,735. In addition, the Company has the option to convert to a fixed rate for a period of between three and 12 months, based on the prevailing Capesize FFA for the selected period.
|
(5) |
Chartered by Glencore and was delivered to the charterer on November 29, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of about 11 to maximum 13 months. The daily charter hire is based on the BCI plus a
gross daily scrubber premium of $2,163.
|
(6) |
Chartered by Glencore and was delivered to the charterer on December 19, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of about 11 to maximum 13 months. The daily
charter hire is based on the BCI plus a gross daily scrubber premium of $2,163.
|
(7) |
Sold to and leased back on a bareboat basis from a major Chinese leasing institution on June 29, 2018 for an eight-year period. We have a purchase obligation at the end of the eight-year period and we further have the option to repurchase
the vessel at any time following the second anniversary of the delivery under the bareboat charter.
|
(8) |
Chartered by Glencore and delivered to the charterer on May 15, 2020 for a period of minimum 36 to maximum 42 months with two optional periods of about 11 to maximum 13 months. The daily charter hire
is based on the BCI.
|
(9) |
This vessel is being chartered by a dry bulk charter operator and was delivered to the charterer on April 23, 2020 for a period of minimum 10 to maximum 14 months. The daily charter hire is based on the BCI.
|
Q1 2020
|
Q1 2019
|
|||||||
Ownership days (1)
|
910
|
900
|
||||||
Operating days (2)
|
901
|
885
|
||||||
Fleet utilization (3)
|
99.0
|
%
|
98.3
|
%
|
||||
TCE rate (4)
|
$
|
8,481
|
$
|
7,633
|
||||
Daily Vessel Operating Expenses (5)
|
$
|
5,566
|
$
|
4,830
|
(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. Operating days includes the days that our vessels are in ballast voyages without
having finalized agreements for their next employment.
|
(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, a non-GAAP measure, 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 the Company’s vessels and in evaluating their financial performance. The Company’s
calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate.
|
Q1 2020
|
Q1 2019
|
||
Net revenues from vessels
|
13,339
|
16,013
|
|
Less: Voyage expenses
|
5,699
|
9,258
|
|
Net operating revenues
|
7,640
|
6,755
|
|
Operating days
|
901
|
885
|
|
TCE rate
|
8,481
|
7,633
|
(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 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.
|
Q1 2020
|
Q1 2019
|
||
Vessel operating expenses
|
5,065
|
4,422
|
|
Less: Pre-delivery expenses
|
-
|
75
|
|
Vessel operating expenses before pre-delivery expenses
|
5,065
|
4,347
|
|
Ownership days
|
910
|
900
|
|
Daily Vessel Operating Expenses
|
5,566
|
4,830
|
Q1 2020
|
Q1 2019
|
|||
Net loss
|
(8,343)
|
(8,643)
|
||
Add: Net interest and finance cost
|
5,688
|
6,236
|
||
Add: Depreciation and amortization
|
3,634
|
2,834
|
||
EBITDA
|
979
|
427
|
Q1 2020
|
Q1 2019
|
|||
Interest and finance costs, net
|
(5,688)
|
(6,236)
|
||
Add: Amortization of deferred finance charges
|
172
|
368
|
||
Add: Amortization of convertible note beneficial conversion feature
|
1,136
|
985
|
||
Add: Amortization of other deferred charges
|
153
|
110
|
||
Cash interest and finance costs
|
(4,227)
|
(4,773)
|
(amounts in thousands USD)
|
31 Mar 2020
(unaudited)
|
24 June 2020
(unaudited)
|
Debt:
|
||
Long-term debt (1)
|
201,596
|
200,212
|
Convertible notes (2)
|
15,767
|
15,767
|
Total debt
|
217,363
|
215,979
|
Total Shareholder’s equity (3)
|
21,897
|
68,944
|
Total capitalization (4)
|
239,260
|
284,923
|
(1) |
Includes arrangement fees and various deferred charges and excludes all convertible notes.
|
(2) |
Includes $3.4 million of the total outstanding $38.7 million in convertible notes that are classified under liabilities in accordance with the beneficial conversion feature guidance of U.S. GAAP. The balance of
$12.4 million is the net non-cash amortization in accordance with the beneficial conversion feature guidance of U.S. GAAP.
|
(3) |
Includes $35.3 million of the total outstanding $38.7 million in convertible notes that are classified under equity in accordance with the beneficial conversion feature guidance of U.S. GAAP.
|
(4) |
Does not give any effect to the potential future exercise of warrants issued in the recent transaction or other outstanding warrants.
|
2019*
|
||||||||
ASSETS
|
||||||||
Cash and restricted cash
|
6,182
|
14,554
|
||||||
Vessels, net
|
251,086
|
253,781
|
||||||
Other assets
|
14,118
|
14,216
|
||||||
TOTAL ASSETS
|
271,386
|
282,551
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Bank debt and other financial liabilities
|
178,325
|
183,066
|
||||||
Convertible notes
|
15,767
|
14,608
|
||||||
Due to related parties
|
23,271
|
24,237
|
||||||
Other liabilities
|
32,126
|
30,782
|
||||||
Stockholders’ equity
|
21,897
|
29,858
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
271,386
|
282,551
|
Three months ended March 31,
|
||||||||
2019
|
||||||||
Revenues:
|
||||||||
Vessel revenue, net
|
13,339
|
16,013
|
||||||
Expenses:
|
||||||||
Voyage expenses
|
(5,699
|
)
|
(9,258
|
)
|
||||
Vessel operating expenses
|
(5,065
|
)
|
(4,422
|
)
|
||||
Management fees
|
(252
|
)
|
(247
|
)
|
||||
General and administrative expenses
|
(1,359
|
)
|
(1,686
|
)
|
||||
Depreciation and amortization
|
(3,634
|
)
|
(2,834
|
)
|
||||
Operating loss
|
(2,670
|
)
|
(2,434
|
)
|
||||
Other expenses:
|
||||||||
Interest and finance costs
|
(5,688
|
)
|
(6,236
|
)
|
||||
Other, net
|
15
|
27
|
||||||
Total other expenses, net:
|
(5,673
|
)
|
(6,209
|
)
|
||||
Net loss
|
(8,343
|
)
|
(8,643
|
)
|
||||
Net loss per common share, basic and diluted
|
(0.31
|
)
|
(3.23
|
)
|
||||
Weighted average number of common shares outstanding, basic and diluted
|
27,194,564
|
2,674,885
|
This ‘6-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/22 | ||||
11/10/21 | ||||
9/25/20 | ||||
7/13/20 | ||||
6/30/20 | ||||
Filed on / For Period end: | 6/26/20 | SC 13D/A | ||
6/25/20 | ||||
5/15/20 | CORRESP, UPLOAD | |||
5/7/20 | POS AM | |||
4/23/20 | 6-K | |||
4/17/20 | ||||
4/2/20 | 424B1 | |||
4/1/20 | EFFECT | |||
3/31/20 | EFFECT, F-1MEF | |||
3/17/20 | ||||
12/31/19 | 20-F, 6-K | |||
12/19/19 | ||||
11/29/19 | ||||
10/17/19 | ||||
9/11/19 | ||||
8/30/19 | 6-K, SC 13D/A | |||
8/4/19 | ||||
11/7/18 | ||||
6/29/18 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/05/21 Seanergy Maritime Holdings Corp. F-1/A 1:60K Broadridge Fin’l So… Inc 2/22/21 Seanergy Maritime Holdings Corp. F-1 2/19/21 13:5.6M Broadridge Fin’l So… Inc 2/19/21 Seanergy Maritime Holdings Corp. 424B5 1:797K Broadridge Fin’l So… Inc 8/20/20 Seanergy Maritime Holdings Corp. 424B5 1:946K Broadridge Fin’l So… Inc 8/17/20 Seanergy Maritime Holdings Corp. 424B5 1:944K Broadridge Fin’l So… Inc |