Seanergy Maritime Holdings Corp: Υποτροφία για το μεταπτυχιακό πρόγραμμα MSc in Shipping Management
Στην παροχή μιας υποτροφίας, πλήρους φοίτησης, για το μεταπτυχιακό πρόγραμμα σπουδών “MSc in Shipping Management” του Alba Graduate Business School, The American College of Greece, προχωρεί για 5ᵒ συνεχόμενο έτος, η ναυτιλιακή εταιρεία Seanergy Maritime Holdings Corp. («SEANERGY» ή «Εταιρεία»).
Πιο συγκεκριμένα, για το επόμενο ακαδημαϊκό έτος (2026-2027) υποψήφιοι φοιτητές και φοιτήτριες του μεταπτυχιακού προγράμματος MSc in Shipping Management, θα έχουν την ευκαιρία να διεκδικήσουν μία υποτροφία, η οποία θα καλύπτει το 100% των διδάκτρων του εν λόγω προγράμματος.
Με την προσφορά της αυτή, η εταιρεία SEANERGY στηρίζει έμπρακτα την αριστεία στη ναυτιλιακή εκπαίδευση, προσφέροντας τη δυνατότητα σε έναν φοιτητή ή μία φοιτήτρια να πραγματοποιήσει ποιοτικές σπουδές στον ιδιαίτερα ανταγωνιστικό κλάδο της ναυτιλίας σε ένα από τα πιο περιζήτητα μεταπτυχιακά προγράμματα του Alba Graduate Business School.
Μέσα από έναν συνδυασμό ακαδημαϊκών και πρακτικών γνώσεων, το MSc in Shipping Management παρέχει στους φοιτητές όλα τα απαραίτητα εφόδια για να αντιμετωπίσουν το ταχέως μεταβαλλόμενο περιβάλλον της ναυτιλίας. Το πρόγραμμα δίνει ιδιαίτερο βάρος στην ηγεσία και τις στρατηγικές ικανότητες. Απευθύνεται κυρίως σε νέους απoφοίτους πρώτου πτυχίου αλλά και νέους επαγγελματίες που θέλουν να εισέλθουν στον χώρο της ναυτιλίας, καθώς επίσης και σε πλοιάρχους και μηχανικούς που επιθυμούν να συνεχίσουν την καριέρα τους στη στεριά.
Ταυτόχρονα, το πρόγραμμα παρέχει γνώση πρακτικών και επιστημονικών θεμάτων που απασχολούν μία ναυτιλιακή επιχείρηση, όπως: Διοίκηση Ναυτιλιακών Επιχειρήσεων, Τεχνολογία Πλοίου, Ναυτιλιακή Οικονομική και Χρηματοοικονομική, Ναυλώσεις, Ναυτικό Δίκαιο, Δίκαιο Θαλάσσιας Ασφάλισης, Στρατηγική των Ναυτιλιακών Επιχειρήσεων, κτλ.
Ο Σταμάτης Τσαντάνης, Πρόεδρος & Διευθύνων Σύμβουλος της SEANERGY Maritime, δήλωσε σχετικά: «Με ιδιαίτερη χαρά παρέχουμε για πέμπτη συνεχή χρονιά μία πλήρη υποτροφία για το πρόγραμμα MSc in Shipping Management του Alba Graduate Business School του Αμερικανικού Κολλεγίου Ελλάδος για το έτος 2026-2027. Στη SEANERGY, στηρίζουμε έμπρακτα τη συνεχή ανάπτυξη γνώσεων της νέας γενιάς και επενδύουμε ουσιαστικά σε αυτή. Υλοποιούμε πρωτοβουλίες που ενισχύουν την εκπαιδευτική και επαγγελματική πορεία νέων ανθρώπων που φιλοδοξούν να εξελιχθούν σε ηγέτες της επόμενης γενιάς στη ναυτιλία».
Με τη σειρά του ο Σπύρος Βουγιούς, Ακαδημαϊκός Διευθυντής Ναυτιλιακών προγραμμάτων του Alba, ανέφερε: «Θα θέλαμε να εκφράσουμε τις θερμές μας ευχαριστίες προς τη ναυτιλιακή εταιρεία SEANERGY για τη συνεχή και ουσιαστική στήριξή της στο εκπαιδευτικό μας έργο με την προσφορά, για ακόμη μία χρονιά, πλήρους υποτροφίας, για το μεταπτυχιακό πρόγραμμα MSc in Shipping Management. Η πρωτοβουλία αυτή αποδεικνύει έμπρακτα τη δέσμευση της Eταιρείας στην ενίσχυση της ναυτιλιακής εκπαίδευσης και στη διαμόρφωση της επόμενης γενιάς στελεχών του κλάδου. Η πολύτιμη αυτή συμβολή ενισχύει το όραμα και την αποστολή του σχολείου μας».
Η προθεσμία υποβολής αιτήσεων για την υποτροφία λήγει στις 30/4/2026
Πληροφορίες για το Πρόγραμμα είναι διαθέσιμες στην ιστοσελίδατου Alba, ενώ για περισσότερες πληροφορίες σχετικά με την υποτροφία και τα κριτήρια που απαιτούνται, οι ενδιαφερόμενοι μπορούν να επικοινωνούν με τον διευθυντή των ναυτιλιακών προγραμμάτων στο Alba, κ. Σπύρο Βουγιούς, στην ηλεκτρονική διεύθυνση: svougious@alba.acg.edu
Παράλληλα με την υποβολή της αίτησης, η οποία πραγματοποιείταιonlineεδώ,οι ενδιαφερόμενοι θα πρέπει να ενημερώνουν το γραφείο του Financial Assistance του Alba ότι ενδιαφέρονται για την υποτροφία “SEANERGY scholarship” στέλνοντας email στην διεύθυνση: financialassistance@acg.edu
Μετά τη συγκέντρωση όλων των αιτήσεων, η τελική επιλογή θα γίνει από την εταιρεία SEANERGY με βάση την αξιολογική κατάταξη των υποψηφίων σε συνεργασία με το Alba Graduate Business School, The American College of Greece
Seanergy Maritime Holdings Corp. Reports Record Fourth Quarter 2021 Financial Results and Declares Dividend of $0.05 Per Share
Seanergy Maritime Holdings Corp. announced its financial results for the fourth quarter and twelve months ended December 31, 2021. The Company also announced $5 million additional repurchases of its outstanding 5.5% convertible note and declared a quarterly dividend of $0.025 per share and a special dividend of $0.025 per share.
For the quarter ended December 31, 2021, the Company generated net revenues of $56.7 million, a 166% increase compared to the fourth quarter of 2020. Adjusted EBITDA for the quarter was $38.8 million, from $8.3 million in the same period of 2020. Adjusted net income for the quarter was $27.9 million, compared to net loss of $2.3 million in the fourth quarter of 2020. The daily Time Charter Equivalent rate (“TCE rate”)2 of the fleet for the fourth quarter of 2021 was $36,642, marking a 122% increase compared to $16,511 for the same period of 2020.
For the twelve-month period ended December 31, 2021, net revenues were $153.1 million, increased by 142% when compared to $63.3 million in the same period of 2020. Adjusted EBITDA for the twelve months of 2021 was $90.1 million, compared to an adjusted EBITDA of $15.6 million in the same period of 2020. The daily TCE of the fleet for the twelve months of 2021 was $27,399 compared to $11,950 in the twelve months of 2020. The average daily OPEX was $6,211, compared to $5,709 in the respective period of 2020.
Cash and cash-equivalents, restricted cash, term deposits, as of December 31, 2021, stood at $47.1 million, compared to $23.7 million as of December 31, 2020. Shareholders’ equity at the end of the fourth quarter was $244.5 million, compared to $95.7 million on December 31, 2020. Long-term debt (senior and junior loans and other financial liabilities) net of deferred charges stood at $215.2 million as of December 31, 2021, increased from $169.8 million as of the end of 2020. In the same period, the book value of our fleet increased by 66% to $426.1 million from $256.7 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Seanergy reported its strongest operational year in 2021, earning an adjusted net income of $53.3 million, an adjusted EBITDA of $90.1 million on net revenue of $153.1 million. In Q4 2021, our fleet TCE was $36,642 and our estimated TCE for the first quarter of 2022 is $19,475. Despite the seasonal softening experienced in the first months of 2022, for which we were proactively hedged, the market is already trending higher.
“Consistent with our stated intention to return capital to our shareholders, our board of directors has initiated a regular quarterly dividend of $0.025 per share for the fourth quarter of 2021. In addition, based on the strong financial performance of Q4 2021 we are also declaring a special dividend of $0.025 per share. As a result, the Company will be paying a dividend of $0.05 per share for the fourth quarter of 2021 to all shareholders of record as of March 25, 2022. The fourth quarter dividend of $8.9 million and the $26.7 million in buybacks of convertible notes, warrants and common shares represent an aggregate of $35.6 million in shareholder-rewarding initiatives that Seanergy’s board of directors undertook over the last 4 months. While the amount and timing of any future dividend payments remains subject to the discretion of our board of directors and will be based on our results, investment opportunities and overall market conditions, we remain committed to continue distributing a significant portion of our earnings to our shareholders.
“In 2021 we successfully executed a substantial fleet growth program. Despite the Covid-related hindrance we took delivery of seven high-quality Japanese Capesize vessels, reducing the average age of our fleet. Investment in vessel acquisitions in 2021 totalled approximately $193.2 million.
“Moreover, we have entered into eleven new time-charter agreements with leading charterers in the Capesize sector and all our fleet operates under period employment agreements. We strongly believe this to be the optimal commercial positioning of our fleet.
“On the buyback front, since the fourth quarter of 2021, we have completed a total of $21.7 million in buybacks of convertible notes, warrants and common shares, while an additional prepayment of $5.0 million of convertible note, was effected on March 10, 2022. The ultimate effect of our buyback program will be the prevention of potential dilution by 25.95 million shares. This reflects our firm belief that our share price continues to be significantly undervalued. As previously announced, in 2021 I continued my open-market purchases of Seanergy’s shares, which indicates my strong confidence in the Company.
“New financings and refinancings since the beginning of 2021 total $170.5 million. All transactions concluded in 2021 and to date underscore our stated intention to optimize the capital structure and further reduce our financing expense. In the fourth quarter of 2021 and in the first quarter to-date, we have concluded three new financings of approximately $53.15 million. The new financings include our first sustainability-linked loan in Greece, as well as two transactions with prominent lenders in Taiwan and Japan, strengthening Seanergy’s footing in the Asian ship-financing market. In the same period, we prepaid $50.6 million of our existing financings, including legacy high-coupon facilities, all junior loans and a large part of the convertible notes. The weighted average interest rate across our indebtedness has seen a significantly year-over-year reduction of 128 basis points.
“Regarding our ESG initiatives, we primarily continue to execute on the installation of Energy Saving Devices (“ESDs”) on vessels undergoing scheduled dry-docking. In most cases the selection of the ESDs is done in cooperation with the underlying charterers, following agreement to adjust the index-linked rate to reflect the improved performance of the vessels. At the same time, we have completed biofuel trials in cooperation with two of our closest charterers. The Company’s first ESG report, analyzing material actions that Seanergy has successfully completed to date, as well as the targets set going forward, will be released within 2022.
“Over the past months we have successfully executed on a number of strategic initiatives, which have resulted in Seanergy’s transformation into one of the leading Capesize players in the U.S. capital markets.
“Our outlook for the Capesize market is very positive based on the strong supply-demand fundamentals. Firstly, the record low orderbook coupled with the upcoming environmental regulations, will significantly limit vessel supply. Secondly, the global energy supply shortages, as well as the worldwide stimuli and infrastructure projects will strongly support demand for dry bulk shipping. Given Seanergy’s significant operating leverage, we are well positioned to capitalise on the favourable dynamics of our sector.”
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Τρ. Πειραιώς: Σύναψη sustainability-linked δανείου με θυγατρική του ομίλου Seanergy Maritime Holdings
Την πρώτη ναυτιλιακή χρηματοδότηση με ενσωματωμένα κριτήρια ESG από Ελληνική τράπεζα, ανακοινώνει η Τράπεζα Πειραιώς, συνεπής στη δέσμευσή της για εναρμόνιση της επιχειρηματικής της στρατηγικής με τους στόχους Βιώσιμης Ανάπτυξης. Η Τράπεζα Πειραιώς, η οποία κατέχει ηγετική θέση στην χρηματοδότηση της Ελληνόκτητης εμπορικής ναυτιλίας, προχώρησε στη σύναψη ενός sustainability-linked δανείου με θυγατρική εταιρία του ομίλου Seanergy Maritime Holdings για τη χρηματοδότηση μέρους του κόστους απόκτησης πλοίου.
Σύμφωνα με τους όρους της χρηματοδότησης ύψους 16,85 εκ. δολαρίων, δίνονται κίνητρα στην εταιρία για σταδιακή μείωση των εκπομπών CO2 του χρηματοδοτούμενου πλοίου. Αξίζει να σημειωθεί ότι παράλληλα, στο πλαίσιο διευρυμένων ενεργειών για την μείωση των εκπομπών CO2, η Seanergy υπέγραψε το “Call to Action for Shipping Decarbonization” που αποτελεί παγκόσμια συμμαχία περισσότερων από 230 ηγέτιδων εταιριών και οργανισμών του κλάδου που δραστηριοποιούνται στο σύνολο των επιμέρους αγορών της θαλάσσιας οικονομίας. Οι υπογράφοντες αυτή την “πρόσκληση για Δράση” πιστεύουν ότι μια δίκαιη προσπάθεια απαλλαγής από τον άνθρακα της θαλάσσιας αλυσίδας έως το 2050 είναι και δυνατή και απαραίτητη. Επισημαίνεται ότι η Τράπεζα Πειραιώς είναι η πρώτη τράπεζα στην Ελλάδα που έχει προχωρήσει σε χρηματοδοτήσεις μεγάλων και μεσαίων επιχειρήσεων με κριτήρια που αφορούν θέματα Περιβάλλοντος, Κοινωνίας και Εταιρικής Διακυβέρνησης (Environmental, Social and Governance – ESG). Τα κριτήρια αυτά συνδυάζουν την ανάπτυξη και την οικονομική απόδοση με την κοινωνική και περιβαλλοντική βιωσιμότητα. Οι επιχειρήσεις που χρηματοδοτούνται μέσω των Sustainability Linked Loans, έχουν το κίνητρο να πληρούν κριτήρια ESG προκειμένου να επωφεληθούν από ανταγωνιστικούς όρους, όπως χαμηλότερη τιμολόγηση κατά τη χορήγηση του δανείου, αναλαμβάνοντας την υποχρέωση να τηρούν τα κριτήρια για να απολαμβάνουν τα προνόμια σε όλη τη διάρκεια του δανείου.
Το περιβαλλοντικό όφελος που αναμένεται να επιτευχθεί τα επόμενα έτη από την ενεργή σύμπραξη των επιχειρήσεων και της Τράπεζας εκτιμάται ότι θα συμβάλει στην μείωση των εκπομπών αερίου του θερμοκηπίου, στην ορθολογική χρήση πρώτων υλών, καθώς και γενικότερα στην προστασία του φυσικού περιβάλλοντος.
Η κα Ελένη Βρεττού, Executive General Manager και Επικεφαλής του Corporate and Investment Banking της Τράπεζας Πειραιώς, επισημαίνει: “με τη συναλλαγή αυτή, η Τράπεζα Πειραιώς πρωτοπορεί ακόμα μια φορά εισάγοντας κριτήρια ESG σε ναυτιλιακή χρηματοδότηση, επιβεβαιώνοντας εμπράκτως τη δέσμευση της Τράπεζας στην προώθηση πρακτικών που συντελούν στην Βιώσιμη Ανάπτυξη σε όλο το φάσμα της οικονομικής δραστηριότητας”.
Seanergy Maritime Holdings Corp. Reports Record Financial Results for the Third Quarter and Nine-Month Period Ended September 30, 2021
Seanergy Maritime Holdings Corp., announced its financial results for the third quarter ended September 30, 2021.
For the quarter ended September 30, 2021, the Company generated gross revenues of $50.0 million, a 146% increase compared to the third quarter of 2020. Adjusted EBITDA for the quarter was $32.2 million, from $7.8 million in the same period of 2020 . Net income for the third quarter was $20.1 million compared to net income of $3.6 million in the third quarter of 2020. The daily Time Charter Equivalent (“TCE”)1 of the fleet for the third quarter of 2021 was $30,764, marking a 90% increase compared to $16,219 for the same period of 2020.
For the nine-month period ended September 30, 2021, gross revenues were $100.0 million, increased by 130% when compared to $43.5 million in the same period of 2020. Adjusted EBITDA for the first nine months of 2021 was $51.4 million, compared to an adjusted EBITDA of $7.3 million in the same period of 2020. The daily TCE of the fleet for the first nine months of 2021 was $23,449 compared to $10,267 in the first nine months of 2020. The average daily OPEX was $5,806 compared to $5,573 in the respective period of 2020.
Cash and cash-equivalents, restricted cash, term deposits, including a short-term receivable from vessel sale proceeds as of September 30, 2021, stood at $52.6 million. The M/V Leadership was delivered to her new owners on September 30, 2021 and due to timing of payments, the gross proceeds of $13.3 million, including bunkers and other inventories, were received in the beginning of October. Shareholders’ equity at the end of the third quarter was $222.3 million, compared to $95.7 million on December 31, 2020. Long-term debt (senior and junior loans and other financial liabilities) net of deferred charges stood at $204.6 million as of September 30, 2021, from $169.8 million as of the end of 2020, representing a 20% increase. In the same period, following the addition of six of our new acquisitions and the removal of the M/V Leadership, the book value of our fleet increased by 55% to $396.8 million from $256.7 million.
Fourth Quarter 2021 TCE Guidance:
As of the date hereof, approximately 69% of the Company fleet’s expected operating days in the fourth quarter of 2021 have been fixed at an estimated TCE of approximately $38,440. Assuming that for the remaining operating days of our index-linked T/Cs, the respective vessels’ TCE will be equal to the average Forward Freight Agreement (“FFA”) rate of approximately $28,000 per day (based on the FFA curve of November 1, 2021), our estimated TCE for the fourth quarter will be approximately $35,2002. Our TCE guidance for the fourth quarter of 2021 includes certain conversions (6 vessels) of index-linked charters to fixed, which were concluded in the third quarter of 2021 as part of our freight hedging strategy.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“I am very excited to announce our financial results for the third quarter and nine-month period that ended on September 30, 2021, marking a record profit for Seanergy since we started acquiring our current fleet in 2015. The exceptional financial performance of our Company is attributed to the combination of the well-timed acquisitions that we executed in the past year, as well as the highest dry bulk market of the last decade.
As far as our results for the third quarter of 2021 are concerned, our daily TCE was $30,764, outperforming our guidance for the quarter and marking an increase of 90% compared to the TCE of the third quarter of 2020. The TCE of the fleet for the first nine months of 2021 was $23,449 per day, increased by 128% when compared to a daily TCE of $10,267 in the same period of 2020. Our fourth quarter TCE performance to date and TCE guidance for the entire quarter is equally strong at $38,440 and $35,200 per day respectively. Adjusted EBITDA for the third quarter and first nine months of 2021 was $32.2 million and $51.4 million, respectively, as compared to an adjusted EBITDA of $7.8 million and $7.3 million in the respective periods of 2020. Net result for the quarter was a profit of $20.1 million increased by 459%, from $3.6 million in the same period of 2020. This impressive increase underscores the operating leverage of the Company and its tremendous upside potential in today’s earnings environment.
Regarding our fleet growth strategy, investment in vessel acquisitions in 2021 to date has totalled approximately $193.2 million for seven high quality Japan-built Capesize vessels with an average age of 11.1 years, with the most recent acquisition being that of the 2010-built M/V Dukeship. Within the third quarter, we took timely delivery of two Capesize vessels, while we also delivered the M/V Leadership to its new owners. The total investment has been fully funded by our strong cash reserves, as well as our new financing arrangements.
Concerning our commercial developments in 2021 to date, we have concluded ten new time-charter employment agreements with at least one-year duration, in each case with leading charterers in the Capesize sector. Following the recently agreed employment contracts for the M/Vs Dukeship and Goodship, 15 vessels will be employed on index-linked charters. This strategy has proven to be very efficient since our fleet’s earnings best reflect daily movements of the BCI and we are able to capitalize on market spikes. In most cases, the agreements entail options to convert the index-linked rate to a fixed one, based on the prevailing FFA curve, allowing us, at our option, to lock our future market exposure at profitable rates. By this, we have achieved what we believe to be the optimal positioning of our fleet for a commodities super-cycle.
On the financing front, since the beginning of 2021 we have concluded new financings and refinancings of $134.2 million while repaying $82.3 million on existing debt facilities. Since the start of the third quarter, we have agreed two new financings of approximately $30 million, while repaying $12.6 million on our existing financings. Specifically, we completed the financing of the M/V Friendship with one of our long-term lenders, while receiving a commitment letter from a major Greek Bank for a sustainability-linked loan to be secured by the M/V Worldship. Our weighted average interest rate for the first nine months of 2021 was reduced by approximately 130 basis points over the same period of 2020 and we expect this trend to continue in 2022.
With respect to our ESG initiatives, we have always been at the forefront of all major environmental regulations, and we are intensifying our efforts to meet IMO’s decarbonization targets for 2030. We have recently endorsed the Call to Action for Shipping Decarbonization, a global coalition of over 190 industry leaders and organizations representing the entire maritime value chain. In addition, we have signed agreements with DeepSea for the installation of Artificial Intelligence performance systems on our fleet and with Marsoft for the screening of selected vessels, which promotes transparency of our energy efficiency upgrades.
With a view to optimising the energy efficiency of our fleet, we have decided, in some cases in cooperation with our charterers, to install Energy Saving Devices (“ESDs”) on the entire fleet. This upgrade program will progress gradually, with the installation of the ESDs taking place during each vessel’s upcoming drydocking and is intended to ensure that the speed of our expanded fleet will not be materially impacted by the upcoming environmental regulations. Finally, we are investing in the research and development of emission reduction technologies, including biofuel blend trials, which is expected to contribute considerably to the transition to a greener shipping industry.
Regarding market conditions and future prospects, we have recently experienced the highest market levels of the last 12 years in the Capesize sector, with daily rates reaching $87,000 per day at the start of the fourth quarter. Notwithstanding the short-term correction of recent weeks, we believe that the Capesize market is supported by the most favourable demand-supply fundamentals of its recent history. More specifically, the Capesize orderbook still stands at the lowest level of the last 25 years and the upcoming environmental regulations are expected to lead to a significant vessel supply squeeze in the following years. In addition, demand for dry raw materials is supported by the global energy supply shortages, as well as the worldwide stimuli and infrastructure projects.
On that basis, we feel confident about the prospects of the Capesize market for years to come.”
Seanergy Maritime Holdings Corp. Announces Agreement to Acquire its 16th Capesize Vessel and New Time Charter
Seanergy Maritime Holdings Corp. announced that it has entered into a definitive agreement with an unaffiliated third party to purchase a Capesize vessel (the “Vessel”).
The Vessel was built in 2012 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 181,000 deadweight tons (“dwt”) and will be renamed M/V Worldship. The Worldship is expected to be delivered within the third quarter of 2021, subject to the satisfaction of certain customary closing conditions. Following her delivery, Seanergy’s fleet will increase to 16 Capesize vessels with an aggregate cargo capacity of approximately 2,800,000 dwt.
The Vessel is fitted with a scrubber and a ballast water treatment system, while the special survey will be completed by the current owner prior to the delivery and, therefore, the Company does not anticipate incurring any off-hire or capital expenditure for this Vessel at least for the next two years.
The purchase price of $33.7 million is expected to be funded with cash on hand and debt financing.
In addition, taking advantage of the current strong market conditions, Seanergy has fixed one of its Capesize vessels, the M/V Patriotship, at $31,000 per day for a period employment of 12-18 months with a major European cargo operator. The contract is expected to commence upon the Patriotship’s upcoming delivery to the Company, which is anticipated in the beginning of June 2021.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“I am very pleased to announce another timely acquisition of a high-quality Capesize vessel built by a renowned shipyard in Japan. The addition of the M/V Worldship to our fleet will further enhance our operating leverage as a leading pure-play Capesize company.
This should be a highly accretive transaction for our shareholders as it will be funded by Seanergy’s strong liquidity, consisting of cash on hand and loan facilities at competitive terms.
Our fleet is currently operating in a decade-high freight environment, where the Capesize forward freight contracts (“FFA”) for the second half of 2021 exceed $30,000 per day. Based on the anticipated delivery of the Vessel in the mid of the third quarter of 2021, the incremental gross revenue from this acquisition may exceed $4 million for the remainder of the year.”
Seanergy Maritime Holdings Corp. Announces Delivery of Capesize M/V Hellasship and Time Charter Agreement with NYK Line
Seanergy Maritime Holdings Corp. announced today that it has taken delivery of the 181,325 dwt Capesize bulk carrier, built in 2012 by Imabari Shipbuilding Co. in Japan, which was renamed M/V Hellasship (the “Vessel”). The delivery of the M/V Hellasship is the first of the four Capesize acquisitions performed already in 2021.
The Vessel has been fixed on a time charter (“T/C”) with NYK Line, a leading Japanese shipping company and operator. The T/C is expected to commence immediately, upon finalization of the customary transition process and will have a term of minimum 11 to maximum 15 months from the delivery. The gross daily rate of the T/C is based at a premium over the Baltic Capesize Index (“BCI”).
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“We are pleased to announce the well-timed delivery of our twelfth cape vessel, during the strongest Capesize market of the last decade with spot rates standing currently above $42,000 per day. This delivery is the first of the four acquisitions we agreed so far in 2021, before the impressive surge in freight day rates and asset values. Needless to say, that our timing has been once again optimal.
“At the same time, we are glad to initiate a long-term commercial partnership with another leading charterer through M/V Hellasship’ s period employment. The relationships we have established with first class charterers in the Capesize space attest to the operational quality of our fleet and management platforms.
“Currently, 92% percent of our fleet is employed under index-linked time charters allowing Seanergy’ s earnings to be highly correlated with the performance of the Capesize index. We believe that Seanergy, as a pure-play Capesize owner, is best positioned to fully benefit from the strong earnings environment and increasing asset values.”
Seanergy Maritime Holdings Corp. Announces Loan Facility of $37.45 Million and Other Financing Updates
Seanergy Maritime Holdings Corp. announced that the Company received a commitment letter from one of its existing lenders for a $37.45 million facility (the “New Facility”). The proceeds will be used to refinance the $24.45 million existing facility secured by the M/V Squireship and the M/V Leadership (the “Existing Facility”) and will be secured as well by currently unencumbered M/V Lordship.
Pursuant to the commitment letter, the earliest maturity date of the New Facility will be in December 2024 and the interest rate will be 3.5% plus LIBOR per annum. The approval is subject to completion of definitive documentation.
The incremental liquidity of approximately $12 million is expected to be used for the financing of the Company’s recently announced new vessel acquisitions.
Moreover, the Company is in advanced discussions for the financing of one of its previously announced vessel acquisitions, the M/V Flagship, through a $20.5 million leasing arrangement at competitive terms.
Stamatis Tsantanis, the Company’s Chairman and Chief Executive Officer stated:
“We are very pleased to announce the successful conclusion of the financing by one of our long-term lenders for the upsizing and extension of one of our existing facilities. The New Facility in combination with our advanced discussions with other current lenders of Seanergy represent a strong vote of confidence to our Company.
“Regarding general market conditions, the current average of the 5-TC routes of the Capesize index is in excess of $26,000 per day, while the performance of the freight futures (FFA) points to a significantly improved earnings environment for the remainder of 2021.
“We believe Seanergy is well-positioned to benefit substantially from improving market conditions.”
Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of vessels which the Company has recently agreed to acquire, the Company’s operating fleet will consist of 15 Capesize vessels with an average age of 11.9 years and aggregate cargo carrying capacity of approximately 2,642,463 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,” its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ.”
Seanergy Maritime Holdings Corp. Acquires its 15th Capesize Vessel and Receives Bank Commitment Letter
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that it has entered into a definitive agreement with an unaffiliated third party to purchase a modern Capesize vessel (the “Vessel”). Upon delivery of this acquisition, as well as the previously announced vessel purchases, the size of the Company’s fleet will increase to 15 Capesize vessels with an aggregate cargo capacity of approximately 2.65 million dwt.
The Vessel was built in 2012 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 181,300 deadweight tons (“dwt”) and shall be renamed M/V Hellasship. The Vessel is expected to be delivered towards the end of April 2021, subject to the satisfaction of certain customary closing conditions. The ballast water system installation of the Vessel was completed by the current owner and, therefore, no additional costs are envisaged for the Vessel to comply with the relevant regulations. The gross purchase price of $28.6 million is expected to be funded with cash at hand or by a combination of cash at hand and proceeds from new loan facilities.
In addition, the Company received a commitment letter from a European Bank for a $15.5 million loan facility secured by two of its Capesize vessels, the M/V Goodship and the M/V Tradership. The loan will have a tenor of four years from the drawdown date and will bear interest at 4.0% plus LIBOR per annum. The loan remains subject to customary conditions precedent and execution of definitive documentation. Seanergy is also in advanced discussions with leading financial institutions for further financing transactions at competitive terms.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“We are pleased to announce the agreement to acquire our 15th Capesize vessel, which will grow our fleet by 50% within the last 9 months. The planning of all our recent acquisitions has been well-timed in light of significantly improved market conditions, which attests to our position as a leading pure-play Capesize company.
Given the prompt delivery prospects, the Company is expected to benefit from the rapidly increasing freight rates. The average of the Baltic Capesize Index currently stands at about $19,000 per day, while the Capesize forward freight contracts (“FFA”) for the second quarter and second half of 2021 are trading at above $22,000 per day on average. Based on these FFA rates, the incremental net revenue from the four recently announced acquisitions may exceed $21 million for the remainder of the year, based on their planned delivery schedule.
Moreover, the new debt financing with the competitive underlying cost, will provide additional liquidity supporting our efforts to successfully execute on our strategic goal of sustainable growth and improved shareholder returns.
The improved prospects of the Capesize market are expected to continue for the coming years and based on our expanded fleet and advantageous employment arrangements, we strongly believe that Seanergy is very well-positioned to benefit from this trend.”
Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of the new vessels, the Company’s operating fleet will consist of 15 Capesize vessels with an average age of 11.9 years and aggregate cargo carrying capacity of approximately 2,642,463 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”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.
Seanergy Maritime Holdings Corp. Swings To Loss, As Revenues Decreased in 2020
Seanergy Maritime Holdings Corp. announced its financial results for the fourth quarter and twelve months ended December 31, 2020.
For the quarter ended December 31, 2020, the Company generated net revenues of $21.3 million, representing a 23.3% decrease compared to the corresponding quarter of 2019. The time charter equivalent rate (“TCE”)1 earned during the fourth quarter of 2020 was $16,511, decreased by 28% from $22,935 in the fourth quarter of 2019, which is mainly attributable to the decrease of the Baltic Capesize Index (“BCI”) in the corresponding quarters. The Company recorded a net loss of $2.3 million compared to net income of $3.1 million in the same quarter of 2019, which includes one-off cash and non-cash charges amounting to $1.6 million associated with the financial restructuring of the Company.
For the twelve-month period ended December 31, 2020, net revenues amounted to $63.3 million, a 27% decrease compared to $86.5 million in the same period in 2019. The TCE earned during 2020 was $11,950, representing a 19% decrease when compared to a TCE of $14,694 in 2019 which compares favorably with the year-on-year percentage decrease in the 5-time charter (“T/C”) route average of the BCI of 27.5%. The average daily vessel operating expenses (“OPEX”) of the fleet for the twelve-month period of 2020 was $5,709, marking a 10% increase when compared with the respective figure for 2019 of $5,172.
Cash and cash-equivalents, restricted cash and term deposits, as of December 31, 2020 stood at $23.7 million, compared to $14.6 million as of December 31, 2019. Shareholders’ equity at the end of the fourth quarter of 2020 was $95.7 million, compared to $29.9 million at the end of the fourth quarter of 2019.
First Quarter 2021 TCE Guidance:
As of the date hereof, approximately 98% of our fleet operating days in the first quarter of 2021 have been fixed at a TCE of approximately $16,0002, or 89% higher compared to the $8,481 TCE recorded in the first quarter of 2020.
Stamatis Tsantanis, the Company’s Chairman and Chief Executive Officer, stated:
“We are very pleased that Seanergy has successfully turned the corner of a very challenging year in 2020 and has emerged as a stronger enterprise for the years to come. From a historical perspective, our results for the fourth quarter of 2020 were affected by a short-lived softening of the market, as well as by one-off cash and non-cash charges associated with our successful financial restructuring.
Overall, 2020 was marked by the severe consequences of the outbreak of the COVID-19 pandemic. The resulting volatility in day-rates reflected οn the earnings of our fleet, especially in the first half of the year. Our average TCE for Q4 was $16,511 per day, largely in line with the respective performance of the BCI which averaged $16,944 per day in the same period. However, due to the weakness of the first half, our daily TCE for 2020 stood at $11,950, decreasing by 19% compared to the previous year. This had a proportional effect on our EBITDA which decreased by 17% year-over-year, from $23.8 million for 2019 to $19.9 million for 2020.
During this highly challenging market environment, we took decisive steps to successfully execute on our strategic plan to position Seanergy for the long-term. We have grown our fleet with well-timed acquisitions of high-quality vessels, while seizing the opportunity to overhaul our balance sheet, providing the Company with a solid financial footing going forward.
In light of the volatile market conditions, we took swift actions to strengthen our liquidity. These actions facilitated the successful restructuring of $179 million of our debt, including our junior loans and convertible notes. As part of this restructuring, loan maturities due in 2020 were extended by two to four years at improved terms, providing Seanergy with a clean runway and financial flexibility. In addition, the refinancing of two of our vessels at a discount, in combination with our accelerated debt repayments, have resulted in an impressive $37.6 million year-over-year reduction in our overall debt.
Furthermore, within the third quarter of 2020 and while market conditions were improving, we took delivery of the M/V Goodship, a 2005-built Japanese unit, which we agreed to acquire earlier in the year at what has proven to be a historically low price. We also completed a sixth scrubber installation on the M/V Knightship in cooperation with Glencore, the charterer of the vessel, who compensated the Company for 100% of the scrubber investment.
Moving into 2021, the Capesize market has taken a strong upward turn, which we expect to be sustainable in the next years. The BCI has averaged in excess of $16,000 per day year-to-date, in a trend that is defying the seasonality patterns of the last 7 years, indicating potentially strong forward momentum. We believe the outlook for the next two years is very strong, supported by solid demand driven by a considerable growth in infrastructure projects in the post-COVID era. Vessel supply fundamentals are also very favorable with the lowest vessel orderbook of the last 17 years, as amplified by the catalytic effect of the upcoming environmental regulations.
Supported by the strong performance of the Capesize market, in the first quarter of 2021 so far, we successfully implemented our strategic plan to grow our fleet’s carrying capacity by 28%, while drastically deleveraging our balance sheet. In the beginning of the year, we regained compliance with Nasdaq’s minimum bid price requirement organically, without reverting to a reverse stock split. Subsequently, we completed a $75.0 million common equity offering priced at-the-market under Nasdaq rules, with strong institutional demand and in a solid valuation environment. The proceeds facilitated $33.6 million in additional debt repayments as well as the acquisition of three high-quality Japanese-built vessels.
These newly acquired vessels, M/Vs Tradership, Flagship and Patriotship, are expected to be delivered to us within the second quarter of the year, in what we expect to be a further improved market environment, increasing our fleet to 14 units. Moreover, we have committed two additional vessels in long term index-linked time-charters with leading miners and dry bulk operators, commencing in the second quarter of the year, ensuring that our fleet will timely capitalize on the improving market conditions.
Relating to the implementation of our ESG agenda, we are one of the first publicly listed companies to complete the evaluation of our fleet for compliance with the upcoming Energy Efficiency Existing Ship Index (“EEXI”) regulation for greenhouse gas emissions. We were pleased with the outcome of the evaluation which revealed no significant impact on, or expenses for, our fleet to comply with such regulations. On the same front, we joined the “Neptune Declaration on Seafarer Wellbeing and Crew Change,” a maritime industry initiative focusing on, among other things, facilitating crew changes during the pandemic and ongoing port restrictions. This matter has been brought out as the most important social aspect of the pandemic in our industry.
Concluding, over the last 15 months, we have managed to successfully navigate Seanergy through the challenging operating environment of 2020, implementing a number of strategic initiatives with positive transformational effect on our Company. We strengthened our equity base, reduced our debt and enhanced our liquidity while at the same time achieved greater scale and broadened our revenue generating capacity with the acquisition of high-quality vessels. Seanergy is today in what we believe to be an optimal financial position allowing the Company to better capitalize on improving market conditions with the goal of creating substantial value for our investors.”
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Seanergy Maritime: Αγόρασε δύο ακόμα ιαπωνικά πλοία τύπου Capesize συνολικής αξίας 55 εκατ. δολ.
Τη συμφωνία αγοράς δύο επιπλέον Capesize πλοίων ανακοίνωσε η Seanergy Maritime Holdings Corp. Με την παράδοσή τους, ο στόλος της Εταιρείας θα αυξηθεί στα 14 Capesize πλοία και η συνολική μεταφορική ικανότητα θα ανέλθει σε 2,5 εκατομμύρια dwt περίπου.
Το πρώτο πλοίο κατασκευάστηκε το 2013 στην Mitsui της Ιαπωνίας, έχει χωρητικότητα 176.000 dwt περίπου και θα μετονομαστεί σε M/V Flagship. Το δεύτερο πλοίο κατασκευάστηκε το 2010 στην Imabari της Ιαπωνίας, έχει χωρητικότητα 182.000 dwt περίπου και θα μετονομαστεί σε M/V Patriotship. Η παράδοση των νέων πλοίων είναι άμεση και αναμένεται στα μέσα του δεύτερου τριμήνου του 2021. Η συνολική αξία αγοράς ανέρχεται στα 55 εκατ. δολάρια και θα χρηματοδοτηθεί με ίδια κεφάλαια.
Ο κ. Σταμάτης Τσαντάνης, Πρόεδρος και Διευθύνων Σύμβουλος της Εταιρείας, δήλωσε:
«Είμαστε στην ευχάριστη θέση να ανακοινώνουμε την απόκτηση δύο ακόμα Capesize πλοίων, κατασκευασμένα σε διεθνούς φήμης ναυπηγεία της Ιαπωνίας, τα οποία αυξάνουν σημαντικά τη μεταφορική δυναμική του στόλου μας στα 2,5 εκατ. dwt. Από την αρχή του 2021, η συνολική μεταφορική ικανότητα του στόλου της Εταιρείας έχει αυξηθεί κατά 28% περίπου.
Όλα τα νέα πλοία αναμένεται να μας παραδοθούν άμεσα, εν μέσω αυξανόμενης αγοράς των Capesizes. Τα επίπεδα των ναύλων για το 2021 είναι εμφανώς βελτιωμένα σε σχέση με τον μέσο όρο των τελευταίων 10 ετών και οι προοπτικές της Capesize αγοράς είναι ιδιαίτερα ευνοϊκές για τα επόμενα χρόνια. Η Seanergy βρίσκεται στη βέλτιστη θέση να επωφεληθεί από την άνοδο της αγοράς, καθώς με την προσθήκη και των νέων πλοίων, το σύνολο του στόλου θα είναι ναυλωμένο spot ή χρονοναυλωμένο στον BCI – Baltic Capesize Index.
Από την αρχή του 2021, έχουμε συμφωνήσει ή ολοκληρώσει επιτυχώς σημαντικό αριθμό συναλλαγών προσθέτοντας αξία για τους μετόχους μας και θα συνεχίσουμε να επιδιώκουμε συναλλαγές με στόχο την περαιτέρω αύξηση της αξίας της Εταιρείας μας».