Highlights | Quarterly | Full Year | ||||||||
(in million USD except EPS) | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 | ||||||
Net Revenues | ||||||||||
Net Income | ||||||||||
Adjusted Net Income1 | ||||||||||
EBITDA1 | ||||||||||
Adjusted EBITDA1 | ||||||||||
Earnings per Share (EPS) Basic1,2 | ||||||||||
Earnings per Share (EPS) Diluted1,2 | ||||||||||
Adjusted EPS Basic1,2 | ||||||||||
Adjusted EPS Diluted1,2 |
Other Highlights and Developments:
- Quarterly cash dividend of
$0.025 per share for Q4 2022 - resulting in total cash dividends of$1.275 per share or$22.9 million declared sinceApril 2022 . - Spin-off of
United Maritime Corporation (NASDAQ: USEA) to our shareholders inJuly 2022 with implied value of$0.34 3 per Seanergy share. - Total buybacks of common shares and convertible securities of
$35.5 million sinceDecember 2021 . - Acquired two modern Japanese Capesize bulkers and disposed of the three oldest Capesize vessels, reducing the average age of the fleet.
- Financing and refinancing transactions of
$124.8 million with improved pricing and overall terms. - Regained compliance with the Nasdaq minimum bid price requirement following a 10:1 reverse stock split.
For the quarter ended
For the twelve-month period ended
Cash and cash-equivalents, restricted cash and term deposits, as of
“We are pleased to report another profitable year for Seanergy, despite the prevailing global economic and political challenges that have negatively affected our industry.
“For the fourth quarter of 2022 our Board of Directors has approved a cash dividend of
“In
“As far as our results for the fourth quarter of 2022 are concerned, we recorded a TCE of
“Regarding our fleet renewal strategy, in
“On the financing front, within 2022 we concluded approximately
“In
“Moving on to issues relating to Environmental, Social and Governance, in
“Regarding current market conditions, we are glad to see that the seasonal spot market weakness was short-lived, and we already see signs of recovery with spot rates and forward curves moving up substantially in recent days. We also note that vessel values have remained firm through the recent months based on our sector’s strong forward outlook. With dry bulk fleet growth at the lowest levels on record and with demand for dry bulk commodities expected to rebound after the reopening of
Company Fleet:
Capacity (DWT) | Year Built | Yard | Scrubber Fitted | Employment Type | FFA conversion option(1) | Minimum | Maximum | Charterer | ||
Fellowship | 179,701 | 2010 | Daewoo | - | T/C Index Linked | Yes | 06/2024 | 10/2024 | Anglo American | |
Worldship | 181,415 | 2012 | Koyo – Imabari | Yes | T/C Index Linked | Yes | 10/2023 | 01/2024 | ||
Championship | 179,238 | 2011 | Sungdong SB | Yes | T/C Index Linked | Yes | 11/2023 | 11/2023 | ||
Flagship | 176,387 | 2013 | Mitsui | - | T/C Index Linked | Yes | 05/2026 | 05/2026 | ||
Patriotship | 181,709 | 2010 | Imabari | Yes | T/C Index Linked | Yes | 11/2023 | 05/2024 | Glencore | |
Knightship | 178,978 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 05/2023 | 11/2023 | Glencore | |
Premiership | 170,024 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 11/2022 | 05/2023 | Glencore | |
Squireship | 170,018 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 12/2022 | 06/2023 | Glencore | |
Dukeship | 181,453 | 2010 | Sasebo | - | T/C Index Linked | Yes | 01/2023 | 06/2023 | NYK | |
Hellasship | 181,325 | 2012 | Imabari | - | T/C Index Linked | Yes | 12/2023 | 04/2024 | NYK | |
Honorship | 180,242 | 2010 | Imabari | - | T/C Index Linked | Yes | 02/2024 | 06/2024 | NYK | |
Geniuship | 170,057 | 2010 | Sungdong SB | - | T/C Index Linked | Yes | 01/2023 | 05/2023 | NYK | |
Friendship | 176,952 | 2009 | Namura | - | T/C Index Linked | Yes | 12/2023 | 03/2024 | NYK | |
Paroship | 181,415 | 2012 | Koyo-Imabari | Yes | T/C Index Linked | Yes | 10/2023 | 12/2023 | Oldendorff | |
Partnership | 179,213 | 2012 | Hyundai | Yes | T/C Index Linked | Yes | 10/2022 | 11/2023 | Uniper | |
Lordship | 178,838 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 08/2023 | 10/2023 | Uniper | |
Total / Average age | 2,846,965 | 12.1 | - | - | - | - | - | - | - |
(1) The Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing Capesize FFA Rate for the selected period.
(2) The latest redelivery date does not include any additional optional period.
Fleet Data:
(
Q4 2022 | Q4 2021 | FY 2022 | FY 2021 | |||||||||
Ownership days (1) | 1,569 | 1,508 | 6,219 | 5,140 | ||||||||
Operating days (2) | 1,525 | 1,493 | 5,905 | 4,987 | ||||||||
Fleet utilization (3) | 97.2 | % | 99.0 | % | 95.0 | % | 97.0 | % | ||||
TCE rate (4) | ||||||||||||
Daily Vessel Operating Expenses (5) |
(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. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include 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
(In thousands of
Q4 2022 | Q4 2021 | FY 2022 | FY 2021 | |||||
Vessel revenue, net | 27,153 | 56,699 | 122,629 | 153,108 | ||||
Less: Voyage expenses | 780 | 1,992 | 4,293 | 16,469 | ||||
Time charter equivalent revenues | 26,373 | 54,707 | 118,336 | 136,639 | ||||
Operating days | 1,525 | 1,493 | 5,905 | 4,987 | ||||
TCE rate | $ | 17,294 | $ | 36,642 | $ | 20,040 | $ | 27,399 |
(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, excluding pre delivery costs, 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.
(In thousands of
Q4 2022 | Q4 2021 | FY 2022 | FY 2021 | |||||
Vessel operating expenses | 10,908 | 11,862 | 43,550 | 36,332 | ||||
Less: Pre-delivery expenses | 473 | 1,029 | 1,144 | 4,410 | ||||
Vessel operating expenses before pre-delivery expenses | 10,435 | 10,833 | 42,406 | 31,922 | ||||
Ownership days | 1,569 | 1,508 | 6,219 | 5,140 | ||||
Daily Vessel Operating Expenses | $ | 6,651 | $ | 7,184 | $ | 6,819 | $ | 6,211 |
Net Income to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of
Q4 2022 | Q4 2021 | FY 2022 | FY 2021 | ||||
Net income | 493 | 20,644 | 17,239 | 41,348 | |||
Net interest and finance cost | 4,025 | 4,751 | 13,971 | 17,618 | |||
Depreciation and amortization | 7,501 | 6,117 | 28,297 | 19,944 | |||
Taxes | - | - | (28 | ) | - | ||
EBITDA | 12,019 | 31,512 | 59,479 | 78,910 | |||
Stock based compensation | 423 | 393 | 7,185 | 5,097 | |||
Loss on extinguishment of debt | 6 | 6,863 | 1,291 | 6,863 | |||
Loss / (gain) on forward freight agreements, net | 10 | (24 | ) | 417 | (24 | ) | |
Loss / (gain) on sale of vessel | - | 19 | - | (697 | ) | ||
Gain on spin-off | - | - | (2,800 | ) | - | ||
Adjusted EBITDA | 12,458 | 38,763 | 65,572 | 90,149 |
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income / (loss), net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under
EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with
Adjusted Net income Reconciliation and calculation of Adjusted Net Income Per Share
(In thousands of
Q4 2022 | Q4 2021 | FY 2022 | FY 2021 | ||||
Net income | 493 | 20,644 | 17,239 | 41,348 | |||
Stock based compensation | 423 | 393 | 7,185 | 5,097 | |||
Loss on extinguishment of debt | 6 | 6,863 | 1,291 | 6,863 | |||
Loss / (gain) on forward freight agreements, net | 10 | (24 | ) | 417 | (24 | ) | |
Gain on spin-off | - | - | (2,800 | ) | - | ||
Adjusted net income | 932 | 27,876 | 23,332 | 53,284 | |||
Adjusted net income per common share, basic | 0.05 | 1.63 | 1.33 | 3.48 | |||
Adjusted net income per common share, diluted | 0.05 | 1.36 | 1.32 | 2.78 | |||
Weighted average number of common shares outstanding, basic | 17,897,084 | 17,088,401 | 17,493,033 | 15,332,190 | |||
Weighted average number of common shares outstanding, diluted | 17,897,084 | 20,522,839 | 17,684,048 | 19,133,752 |
To derive Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share from Net Income/(Loss), we exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as gain/(loss) on extinguishment of debt and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
Interest and Finance Costs to Cash Interest and Finance Costs Reconciliation:
(In thousands of
Q4 2022 | Q4 2021 | FY 2022 | FY 2021 | |||||
Interest and finance costs, net | (4,025 | ) | (4,751 | ) | (13,971 | ) | (17,618 | ) |
Add: Amortization of deferred finance charges and other discounts | 879 | 892 | 2,575 | 3,333 | ||||
Add: Amortization of convertible note beneficial conversion feature | - | 878 | - | 2,887 | ||||
Add: Amortization of other deferred charges (shares issued to third party) | 64 | 75 | 284 | 326 | ||||
Cash interest and finance costs | (3,082 | ) | (2,906 | ) | (11,112 | ) | (11,072 | ) |
Add: Restructuring expenses | - | (25 | ) | - | 22 | |||
Cash interest and finance costs, net of restructuring expenses | (3,082 | ) | (2,931 | ) | (11,112 | ) | (11,050 | ) |
First Quarter 2023 TCE Guidance:
As of the date hereof, approximately 89% of the Company fleet’s expected operating days in the first quarter of 2023 have been fixed at an estimated TCE of approximately
Operating Days | TCE | |
TCE - fixed rate (index-linked conversion) | 0 | N/A |
TCE - fixed rate | 0 | N/A |
TCE – index-linked unhedged | 1,539 | 10,191 |
Total / Average | 1,539 | 10,191 |
Fourth Quarter and Recent Developments:
Reverse stock split and Nasdaq Compliance
At the opening of trading on
The exercise price of the Company’s outstanding Class D and Class E warrants, the conversion price of the Company’s
On
Dividend Distribution for Q3 2022 and Declaration of Q4 2022 Dividend
On
The Company also declared a cash dividend of
Completion of the tender offer for the purchase of the Class E Common Share Purchase Warrants
On
Buyback of Convertible Note
On
In addition, considering that the Note carries a fixed coupon of 5.5% p.a., the Company will realize annual interest savings of
Environmental, Social and Governance Report for 2021
On
Stock Purchases by the CEO
Seanergy’s Chairman & Chief Executive Officer,
Vessel Transactions and Commercial Updates
Acquisition of M/V Paroship
In
Sale of M/V Goodship and M/V Tradership
In
M/V Patriotship
In
M/V Premiership
In
M/V Squireship
In
Financing Updates
New Loan Facility with Alpha Bank S.A.
On
Prepayment of Aegean Baltic Bank Loan Facility
In connection with the recent sales of the M/V Goodship and M/V Tradership, the Company prepaid on
Danish Ship Finance Commitment Letter for Sustainability Linked Loan Facility
On
Conference Call:
The Company’s management will host a conference call to discuss financial results on
Slides and Audio Webcast:
There will be a live, and then archived, webcast of the conference call and accompanying slides available through the Company’s website. To access the slides and listen to the archived audio file, visit our website, following the Webcast & Presentations section under our Investor Relations page. Participants to the live webcast should register on the Seanergy website approximately 10 minutes prior to the start of the webcast, following this link.
Conference Call Details:
Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of
2022 | |||||
ASSETS | |||||
Cash and cash equivalents, restricted cash and term deposits | 32,477 | 47,126 | |||
Vessels, net and Vessels held for sale | 462,385 | 426,062 | |||
Other assets | 18,738 | 14,023 | |||
TOTAL ASSETS | 513,600 | 487,211 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
Long-term debt and other financial liabilities | 244,866 | 215,174 | |||
Convertible notes | 10,833 | 7,573 | |||
Other liabilities | 36,202 | 19,988 | |||
Stockholders’ equity6 | 221,699 | 244,476 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 513,600 | 487,211 |
* Derived from the audited consolidated financial statements as of the period as of that date
Unaudited Condensed Consolidated Statements of Operations
(In thousands of
Three months ended | Twelve months ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Vessel revenue, net | 27,153 | 56,699 | 122,629 | 153,108 | |||||||||||
Fees from related parties | 1,374 | - | 2,391 | - | |||||||||||
Revenue, net | 28,527 | 56,699 | 125,020 | 153,108 | |||||||||||
Expenses: | |||||||||||||||
Voyage expenses | (780 | ) | (1,992 | ) | (4,293) | (16,469) | |||||||||
Vessel operating expenses | (10,908 | ) | (11,862 | ) | (43,550) | (36,332) | |||||||||
Management fees | (291 | ) | (406 | ) | (1,368) | (1,435) | |||||||||
General and administrative expenses | (4,368 | ) | (4,024 | ) | (17,412) | (13,739) | |||||||||
Depreciation and amortization | (7,501 | ) | (6,117 | ) | (28,297) | (19,944) | |||||||||
(Loss) / gain on forward freight agreements, net | (10 | ) | 24 | (417) | 24 | ||||||||||
(Loss) / gain on sale of vessel | - | (19 | ) | - | 697 | ||||||||||
Operating income | 4,669 | 32,303 | 29,683 | 65,910 | |||||||||||
Other income / (expenses): | |||||||||||||||
Interest and finance costs, net1 | (4,025 | ) | (4,751 | ) | (13,971 | ) | (17,618 | ) | |||||||
Loss on extinguishment of debt | (6 | ) | (6,863 | ) | (1,291 | ) | (6,863 | ) | |||||||
Gain on spin-off | - | - | 2,800 | - | |||||||||||
Other, net | (145 | ) | (45 | ) | 18 | (81 | ) | ||||||||
Total other expenses, net: | (4,176 | ) | (11,659 | ) | (12,444 | ) | (24,562 | ) | |||||||
Net income | 493 | 20,644 | 17,239 | 41,348 | |||||||||||
Net income per common share, basic | 0.03 | 1.21 | 0.97 | 2.70 | |||||||||||
Net income per common share, diluted | 0.03 | 1.01 | 0.96 | 2.16 | |||||||||||
Weighted average number of common shares outstanding, basic | 17,897,084 | 17,088,401 | 17,493,033 | 15,332,190 | |||||||||||
Weighted average number of common shares outstanding, diluted | 17,897,084 | 20,522,839 | 17,684,048 | 19,133,752 | |||||||||||
Unaudited Condensed Consolidated Cash Flow Data
(In thousands of
2022 | 2021 | ||||
Net cash provided by operating activities | 37,286 | 80,760 | |||
Vessels acquisitions and improvements | (70,321 | ) | (197,214 | ) | |
Advances from related party from sale of assets | 12,688 | 12,600 | |||
Investment in Series C preferred shares | (10,000 | ) | - | ||
Proceeds from redemption of Series C preferred shares | 10,000 | - | |||
Term deposits | 1,500 | 100 | |||
Other fixed assets, net | (130 | ) | (106 | ) | |
Net cash used in investing activities | (56,263 | ) | (184,620 | ) | |
Proceeds from long-term debt and other financial liabilities | 124,800 | 180,320 | |||
Proceeds from issuance of preferred stock | - | 250 | |||
Repayments of long-term debt and other financial liabilities | (89,698 | ) | (132,058 | ) | |
Repayments of convertible notes | (10,000 | ) | (13,950 | ) | |
Payments from repurchase of common stock | - | (1,708 | ) | ||
Payments for repurchase of warrants | - | (1,023 | ) | ||
Payments of financing and stock issuance costs | (1,420 | ) | (2,698 | ) | |
Dividends paid | (17,924 | ) | - | ||
Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions | 70 | 98,302 | |||
Net cash provided by financing activities | 5,828 | 127,435 | |||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||
Cash paid during the period for interest | 11,710 | 11,166 | |||
Noncash investing activities | |||||
Vessels acquisitions and improvements | 1,015 | 837 | |||
Noncash financing activities | |||||
Dividends declared but not paid | 4,548 | - | |||
Units issued for repayment of subordinated long term-debt | - | 3,000 | |||
Repayment of subordinated long term-debt by issuance of units | - | (3,000 | ) | ||
Common shares issued by conversion of notes | - | 3,600 | |||
Notes reduction via conversion | - | (3,600 | ) |
About
The Company is incorporated in the
Please visit our company 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. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. 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 Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside
For further information please contact:
Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com
_______________________
1 Adjusted EPS, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted EPS, Adjusted Net Income, EBITDA and Adjusted EBITDA to net income, the most directly comparable
2 All references to number of shares, share prices, warrant prices and “per share” figures in this document are on a post reverse stock split basis.
3 Based on the closing price of USEA of
4 TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable
5 This guidance is based on certain assumptions and there can be no assurance that these TCE estimates, or projected utilization will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE realized will vary with the underlying index, and for the purposes of this guidance, the TCE assumed for the remaining operating days of the quarter for an index-linked
6 On
Source:
2023 GlobeNewswire, Inc., source