$SHIP Net Revenues: $13.3 million in 1Q 2017, up 90% compared to $7.0 million in 1Q 2016

 

 
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Good Morning Traders!

Today we had a different pick that we was going to introduce at 9:30AM. But we woke up to one of the biggest news in the market today   

ATHENS, GREECE–(Marketwired – Jul 5, 2017) – Seanergy Maritime Holdings Corp. (NASDAQ : SHIP )

Highlights of 1Q 2017:

  • Net Revenues: $13.3 million in 1Q 2017, up 90% compared to $7.0 million in 1Q 2016
  • Expected gain of $11.4 million upon closing of refinancing of an existing loan facility
  • Acquisition of another modern Capesize vessel, increasing fleet cargo-carrying capacity to 1.7 million dwt
  • Proactive covenant waivers and deferrals with major lenders until second quarter of 2018

Recent developments in 2Q 2017:

  • Time charter agreement for 18-22 months period for the Capesize M/V Lordship that could contribute more than $10 million of net revenues
  • Delivery of the Capesize M/V Partnership and time charter agreement for 12-18 months period that could generate up to $8.8 million of gross revenue
  • Termination of “At-The-Market” Equity Offering Program

Seanergy Maritime Holdings Corp. (the “Company”) ( NASDAQ : SHIP ) announced today its financial results for the quarter ended March 31, 2017.

For the quarter ended March 31, 2017, the Company generated net revenues of $13.3 million, a 90% increase versus the same period 2016. As of March 31, 2017, stockholders’ equity was $26.7 million and cash and cash equivalents, including restricted cash was $6.9 million.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“In the first quarter of 2017 we experienced the first signs of market recovery, which was reflected mostly in the Capesize market. Spot rates peaked at $20,000 per day and asset values recovered significantly from the historical lows of 2016. In respect of financial performance, our larger fleet as well as the improved market conditions led to a substantial increase of our revenues by more than 90% compared to the same period last year. In addition we entered into a lucrative agreement with one of our lenders that will result in an expected gain and equity accretion of $11.4 million that corresponds to more than 30% increase in our shareholder equity upon closing of this transaction in 3Q of 2017.

“In March 2017, pursuant to our prudent fleet expansion plan, we agreed to acquire another modern Capesize vessel. The M/V Partnership, was built in 2012 in Hyundai of South Korea and was delivered to our company in May 2017. The vessel recently commenced its 12-18 months’ time charter with a major European utilities company at a strong gross rate of $16,200 per day. The Partnership is expected to generate approximately $8.8 million of gross revenue, assuming the full 18 months employment. Our modern fleet now consists of nine Capesize vessels and two Supramax vessels with a cargo carrying capacity of 1.7 million dwt.

“In June 2017, we also terminated our $20 million At-The-Market equity offering program. Since August 2016, we have raised approximately $28.3 million of gross proceeds from public equity offerings, including the ATM Offering. We have utilized these funds in the most constructive way as they enabled the Company to pursue highly accretive transactions. In particular, we have used the proceeds of the offerings to partly fund the acquisitions of the M/V Lordship, the M/V Knightship and the M/V Partnership, as well as to finance the prepayments under the early termination of a credit facility.

“The combined accretion in value we have created for our shareholders from these transactions is more than $27.9 million, which is derived from the market value appreciation of the acquisitions and the expected gain due to the early termination and refinancing of one of our facilities.

“Going back to market fundamentals, we believe that the continuous increase in demand for commodities, the longer-haul mining expansion and the associated increase in ton mile demand at a time of a historical reduction of Capesize fleet growth will contribute to a steady rise in freight rates and vessel values.

“Overall, we strongly believe that the Capesize segment represents the best fundamentals in the dry bulk industry and we continue to actively pursue accretive acquisition opportunities for quality Capesize vessels.

“Concluding, we strongly believe that the successful implementation of our business plan along with the improving dry bulk market conditions will continue to enhance shareholder value.”

Company Fleet:

Vessel Name

 

Vessel Class

 

Capacity 

(in dwt)

 

Year Built

 

Yard

Championship

 

Capesize

 

179,238

 

2011

 

Sungdong

Partnership

 

Capesize

 

179,213

 

2012

 

Hyundai

Knightship

 

Capesize

 

178,978

 

2010

 

Hyundai

Lordship

 

Capesize

 

178,838

 

2010

 

Hyundai

Gloriuship

 

Capesize

 

171,314

 

2004

 

Hyundai

Leadership

 

Capesize

 

171,199

 

2001

 

Koyo – Imabari

Geniuship

 

Capesize

 

170,057

 

2010

 

Sungdong

Premiership

 

Capesize

 

170,024

 

2010

 

Sungdong

Squireship

 

Capesize

 

170,018

 

2010

 

Sungdong

Guardianship

 

Supramax

 

56,884

 

2011

 

CSC Jinling

Gladiatorship

 

Supramax

 

56,819

 

2010

 

CSC Jinling

Total / Average

 

 

 

1,682,582

 

8.2 years

 

 

 

 

 

 

 

 

 

 

 

Fleet Data:

 

 

Q1 2017

 

Q1 2016

Ownership days (1)

 

900

 

728

Available days (2)

 

887

 

717

Operating days (3)

 

702

 

618

Fleet utilization (4)

 

78.0%

 

84.9%

Fleet utilization excluding drydocking & lay-up off hire days (5)

 

79.1%

 

86.2%

TCE rate (6)

 

$7,698

 

$3,765

Daily Vessel Operating Expenses (7)

 

$4,648

 

$5,118

 

 

 

 

 

(1) Ownership days are the total number of calendar 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.

(2) Available days are the number of ownership days less the aggregate number of days that the vessels are off-hire due to drydockings, special and intermediate surveys, or days when the vessels are in lay-up. The shipping industry uses available days to measure the number of ownership days in a period during which the vessels should be capable of generating revenues. During the three months ended March 31, 2017, the Company incurred 13 off-hire days for one vessel drydocking.

 

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