SECURITIES AND EXCHANGE COMMISSION

 

 

 

 

 

 

 

 

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Net Revenues of $5.6 million.

 

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EBITDA of $3.8 million.*

 

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Net Income of $1.1 million.

 

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Debt reduction of $31.8 million, or approximately 15% of the Company's outstanding indebtedness.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		Three Months Ended March 31, 2013				Three Months Ended March 31, 2012
Fleet Data
Average number of vessels (1)			9.3				19.5
Ownership days (2)			836				1,770
Available days (3)			836				1,758
Operating days (4)			704				1,626
Fleet utilization (5)			84.2	%			91.9	%
Fleet utilization excluding drydocking off hire days (6)			84.2	%			92.5	%
Average Daily Results
TCE rate (7)			6,004				9,546
Vessel operating expenses (8)			4,146				4,701
Management fee (9)			344				337
Total vessel operating expenses (10)			4,490				5,038

 

(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 scheduled 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 quarter ended March 31, 2013, the Company incurred zero off hire days for vessel scheduled 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 the percentage of time that our vessels were generating revenue, and is determined by dividing operating days by ownership days for the relevant period.

 

(6)

Fleet utilization excluding drydocking off hire days 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 excluding drydocking off hire days 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.

 

 

 

(7)	TCE rates are defined as our net revenues less voyage expenses during a period divided by the number of our operating days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker expenses, canal charges and other commissions.

 

		Three Months Ended March 31,
		2013				2012
Net revenues from vessels *			5,645				17,414
Voyage expenses			1,418				1,892
Net operating revenues			4,227				15,522
Operating days			704				1,626
Daily time charter equivalent rate			6,004				9,546

 

 

(8)	Average daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, are calculated by dividing vessel operating expenses by ownership days for the relevant time periods:

 

		Three Months Ended March 31,
		2013				2012
Operating expenses			3,466				8,321
Ownership days			836				1,770
Daily vessel operating expenses			4,146				4,701

 

(9)	Daily management fees are calculated by dividing total management fees by ownership days for the relevant time period.

 

(10)	Total vessel operating expenses ("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.

 

 

Vessel Name

Vessel Class

Capacity (DWT)

Year Built

Charter Rate ($)

Charter Expiry (latest)

M/V Bremen Max

Panamax

73,503

1993

Spot

N/A

M/V Hamburg Max

Panamax

73,498

1994

Spot

N/A

M/V Davakis G.

Supramax

54,051

2008

Spot

N/A

M/V Delos Ranger

Supramax

54,057

2008

Spot

Aug. 2013

M/V African Joy (1)

Handysize

26,482

1996

Floating

June 2013

M/V African Glory

Handysize

24,252

1998

Spot

June 2013

M/V Asian Grace

Handysize

20,412

1999

Spot

June 2013

Total

326,255

13.5

 

(1)	The calculation of the rate is based on the adjusted Time Charter Average of the Baltic Handysize Index ("BHSI").

 

 

		Three Months Ended March 31, 2013				Three Months Ended March 31, 2012
Net income/(loss)			1,065				(6,368	)
Plus: Interest and finance costs, net (including interest income)			2,162				3,367
Plus: Income taxes			34				5
Plus: Depreciation and amortization			581				5,543
EBITDA			3,842				2,547
Plus: (Loss) on sale of vessels			-				(2,333	)
Plus: Impairment charges			(862	)			-
Minus: Gain on disposal of subsidiaries			5,538				-
Adjusted EBITDA			(834	)			4,880

 

 

 

		Three Months Ended March 31, 2013				Three Months Ended March 31, 2012
Net income/(loss)			1,065				(6,368	)
Plus: (Loss) on sale of vessels			-				(2,333	)
Plus: Impairment charges			(862	)			-
Minus: Gain on disposal of subsidiaries			5,538				-
Adjusted Net (loss)			(3,611	)			(4,035	)

 

 

 

 

 

 

 

 

 

 

 

 

 

		March 31, 2013 (unaudited)				December 31, 2012
ASSETS
Current assets:
Cash and cash equivalents			3,383				4,298
Restricted cash			-				2,000
Accounts receivable trade, net			1,164				2,287
Inventories			1,861				471
Other current assets			1,418				2,190
Vessels held for sale			20,861				39,750
Deferred charges			903				1,090
Total current assets			29,590				52,086
Fixed assets:
Vessels, net			63,288				68,511
Office equipment, net			-				2
Total fixed assets			63,288				68,513
Other assets
Deferred charges			141				220
Other non-current assets			-				141
TOTAL ASSETS			93,019				120,960
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt			176,882				208,649
Trade accounts and other payables			2,420				2,514
Due to related parties			7,034				6,135
Accrued expenses			1,448				1,159
Accrued interest			5,168				3,543
Financial instruments			493				491
Deferred revenue			122				86
Total current liabilities			193,567				222,577
Total liabilities			193,567				222,577
Commitments and contingencies			-				-
EQUITY
Seanergy shareholders' equity
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued			-				-
Common stock, $0.0001 par value; 500,000,000 authorized shares as at March 31, 2013 and December 31, 2012; 11,959,282 and 7,317,662 shares issued and outstanding as at March 31, 2013 and December 31, 2012 , respectively			1				1
Additional paid-in capital			294,524				294,520
Accumulated deficit			(395,073	)			(396,138	)
Total equity			(100,548	)			(101,617	)
TOTAL LIABILITIES AND EQUITY			93,019				120,960

 

 

		Three months ended March 31,
		2013				2012
Revenues:
Vessel revenue - related party			-				2,959
Vessel revenue			5,812				15,015
Commissions - related party			-				(109	)
Commissions			(167	)			(451	)
Vessel revenue, net			5,645				17,414
Expenses:
Direct voyage expenses			(1,360	)			(1,730	)
Vessel operating expenses			(3,466	)			(8,321	)
Voyage expenses - related party			(58	)			(162	)
Management fees - related party			(203	)			(450	)
Management fees			(85	)			(146	)
General and administration expenses			(1,233	)			(1,446	)
General and administration expenses - related party			(103	)			(102	)
Amortization of deferred dry-docking costs			(79	)			(1,164	)
Depreciation			(502	)			(4,379	)
Loss on sale of vessels			-				(2,333	)
Impairment loss for vessels and deferred charges			(862	)			-
Gain from disposal of subsidiaries			5,538				-
Operating income / (loss)			3,232				(2,819	)
Other income / (expense), net:
Interest and finance costs			(2,166	)			(3,387	)
Interest income			4				20
Loss on interest rate swaps			(2	)			(140	)
Foreign currency exchange gains / (losses), net			31				(37	)
			(2,133	)			(3,544	)
Net  income / (loss) before taxes			1,099				(6,363	)
Income taxes			(34	)			(5	)
Net  income / (loss)			1,065				(6,368	)
Net  income / (loss) per common share
Basic			0.09				(0.54	)
Diluted			0.09				(0.54	)
Weighted average common shares outstanding
Basic			11,958,063				11,803,933
Diluted			11,959,282				11,803,933

 

 

 

 

 

 

 

 

 

 

 

 

SEANERGY MARITIME HOLDINGS CORP. (Registrant)

 

 

/s/ Christina Anagnostara By: Christina Anagnostara Chief Financial Officer