Seanergy Maritime Holdings Corp. Reports Financial Results for the First Quarter Ended March 31, 2010
By Seanergy Maritime Holdings Corp, PRNEWednesday, June 2, 2010
ATHENS, Greece, June 3, 2010 - Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ:
SHIP; SHIP.W) announced today its operating results for the first quarter
ended March 31, 2010.
First Quarter 2010 Highlights
Net Revenues of $18.2 million
Fleet of 11 vessels earning a daily TCE rate of $18,314
EBITDA of $8.9 million
Operating Income of $5.2 million
Net Income of $0.1 million, or $0.002 per basic and diluted share
Dale Ploughman, the Company's Chief Executive Officer, stated:
"Our first quarter 2010 revenues were in line with our expectations driven by
our secured cash flow from fleet operations and the high utilization rate of
our vessels. It is an important achievement that in a tough shipping
environment we continue to be profitable. We attribute this success to our
customer base, which we view as very strong and established, and our
operators, which we feel are highly efficient. In the first quarter 2010 we
were able to reduce our daily total vessel operating expenses by 10% over the
same period last year.
In the first quarter 2010 we completed a public offering of
our common stock resulting in approximately $30.0 million in proceeds, which
expanded our shareholder base and enhanced the liquidity of our common stock.
The offering also strengthened our cash position and our ability to pursue
fleet expansion opportunities. We are pleased to announce the completion of
the MCS acquisition on schedule. We view this as a strategic and
transformational acquisition for Seanergy. It increases our controlled fleet
to the significant size of 20 vessels while decreasing the average fleet age,
and we believe it expands our revenue and profit generation capacity.
We believe that the acquisition of MCS is accretive to our
shareholders. The purchase price for the 51% ownership interest in MCS was
$33.0 million and the projected adjusted EBITDA from the MCS contribution is
estimated to be $23.0 million for the remainder of 2010 and $40.0 million for
2011 implying a purchase price to EBITDA multiple of 1.6 times on an
annualized basis.
In the short period of less than two years as a
publicly-traded company, we have more than tripled our controlled fleet from
6 to 20 vessels and quadrupled our deadweight, in our opinion without
sacrificing the strength of our balance sheet. We also believe that the
timing of the MCS acquisition is optimal, as it enables Seanergy to benefit
from the gradual global economic recovery with a larger and younger fleet.
Freight rates continue to remain firm despite an uncertain
market place. Currently, congestion at iron ore and coal ports is increasing
due to Chinese demand on both products and India's demand for coal which
helps offset the newbuildings coming into the market. We expect the harvest
season in the southern hemisphere to help sustain rates although volatility
will most likely remain. We continue to remain quietly optimistic on the long
term outlook for the dry bulk sector due to the robust growth especially in
the Far East region and the gradual global economic recovery."
Christina Anagnostara, the Company's Chief Financial Officer,
stated: "Our results for the first quarter 2010 correspond to a daily TCE, or
time charter equivalent rate, of $18,314.
Our cash reserves as of March 31, 2010 were $89.4 million,
reflecting $7.4 million in cash generated from operations and approximately
$30.0 million from our latest public offering of our common stock which were
used for the acquisition of the controlling ownership interest in MCS. The
purchase consideration was paid from the proceeds of our recent equity
offering and our cash reserves.
We believe our strong cash position enables us to meet
remaining debt repayments and anticipated capital expenditures in 2010, and
we believe our healthy balance sheet allows us to take advantage of market
opportunities as they become available.
Following the MCS acquisition, our total assets will be
approximately $730 million and our total debt will be approximately $430.8
million. As of June 3, 2010, our cash reserves amount to $84.5 million and
the Company now operates a fleet of 20 vessels. On a combined fleet basis, we
have secured under period employment 93% of ownership days in 2010, 58% for
2011, 27% for 2012 and 19% for 2013 providing us with significant cash flow
visibility. As we welcome MCS as a new subsidiary we believe that this
acquisition contributes significant value in the long term and allows our
Company to take advantage and exploit market opportunities in Hong Kong and
China, access the Chinese capital markets and subsequently expand its asset
base revenue and profitability."
First Quarter 2010 Financial Results
Net Revenues for the three month period
ended March 31, 2010 decreased to $18.2 million from $26.2 million in the
same quarter in 2009. This is mainly attributable to the lower market imposed
time charter rates earned during the three month period ended March 31, 2010
as compared to the same period in 2009.
The Company operated a fleet of 11 vessels
on average during the first quarter of 2010, earning a TCE rate of $18,314 as
compared to an average of six vessels and TCE rate of $51,831 during the
first quarter of 2009. The decrease in TCE reflects the new time charter
contracts at prevailing lower market rates.
EBITDA was $8.9 million for the three
months ended March 31, 2010 as compared to $21.3 million in the same quarter
in 2009. Please refer to a subsequent section of the press release for a
reconciliation of net income to EBITDA and operating cash flows to EBITDA.
Operating Income amounted to $5.2 million
for the three months ended March 31, 2010, as compared to an Operating Income
of $13.6 million for the same quarter in 2009.
Net Income was $0.1 million, or $0.002 per basic and diluted
share for the three months ended March 31, 2010, as compared to Net Income of
$12.1 million, or $0.54 per basic and $0.50 per diluted share, for the same
quarter in 2009, based on weighted average common shares outstanding of
49,347,837 basic and diluted for 2010, 22,361,227, basic, and 24,621,227
diluted, for 2009.
Conference Call Details:
The Company's management team will host a conference call to
discuss the financial results today, Thursday, June 3, 2010 at 9:30 A.M. EDT.
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1(866)819-7111 (from the US),
0(800)953-0329 (from the UK) or +(44)(0)1452-542-301 (from outside the
US). Please quote "Seanergy."
A replay of the conference call will be available until June
11, 2010. The United States replay number is 1(866)247-4222; from the UK
0(800) 953-1533; the standard international replay number is (+44)(0)1452-
550-000 and the access code required for the replay is: 2094507#.
Slides and Audio Webcast:
There will also be a simultaneous live webcast over the
Internet, through the Company's website (www.seanergymaritime.com).
Participants desiring to view the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
Fleet Profile as of June 3, 2010
Vessel Name Vessel Class Capacity Year TC Rate Time
Built ($) Charter
(DWT) Expiry
(latest)
M/V Bremen Max Panamax 73,503 1993 15,500 Sept. 2010
M/V Hamburg Max Panamax 72,338 1994 15,500 Sept. 2010
M/V Davakis G. Supramax 54,051 2008 21,000 Jan. 2011
M/V Delos Ranger Supramax 54,051 2008 20,000 Mar 2011
M/V African Zebra (1) Handymax 38,623 1985 7,500 Aug. 2011
M/V African Oryx (1) Handysize 24,110 1997 7,000 Aug. 2011
M/V BET Commander Capesize 149,507 1991 24,000 Dec. 2011
M/V BET Fighter Capesize 173,149 1992 25,000 Sept. 2011
M/V BET Prince Capesize 163,554 1995 25,000 Jan. 2012
M/V BET Scouter Capesize 171,175 1995 26,000 Oct. 2011
M/V BET Intruder Panamax 69,235 1993 15,500 Sept. 2011
M/V Fiesta Handysize 29,519 1997 BHSI Nov. 2013
increased
by
100.63%
minus
Opex
M/V Pacific Fantasy Handysize 29,538 1996 BHSI Jan. 2014
increased
by
100.63%
minus
Opex
M/V Pacific Fighter Handysize 29,538 1998 BHSI Nov. 2013
increased
by
100.63%
minus
Opex
M/V Clipper Freeway Handysize 29,538 1998 BHSI Feb. 2014
increased
by
100.63%
minus
Opex
M/V African Joy Handysize 26,482 1996 13,250 Aug. 2010
M/V African Glory Handysize 24,252 1998 14,500 Dec. 2010
M/V Asian Grace Handysize 20,412 1999 13,500 Oct. 2010
M/V Clipper Glory Handysize 29,982 2007 25,000 Aug. 2012
M/V Clipper Grace Handysize 29,987 2007 25,000 Aug. 2012
Total 1,292,544 12.7 yrs
(1) Represents gross floor charter rates excluding a 50%
adjusted profit share distributed equally between owners and charterers
calculated on the average spot Time Charter Routes quoted on the Baltic
Supramax Index for a period of 22 to 25 months.
Fleet Data:
Three Months Three Months
Ended Ended
March 31, 2010 March 31, 2009
Fleet Data:
Average number of
vessels (1) 11 6.0
Ownership days (2) 990 540
Available days (3) 984 498
Operating days (4) 981 497
Fleet utilization (5) 99.1% 92.0%
Average Daily Results:
TCE rate (6) $18,314 $51,831
Vessel operating
expenses (7) $4,661 $5,206
Management fee (8) $609 $559
Total vessel operating
expenses (9) $5,270 $5,765
(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 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 three
months ended March 31, 2010, the Company incurred six off hire days for
vessel scheduled dry docking.
(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) 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 (fuel oil and diesel oil) expenses, canal
charges and other commissions.
(In thousands of US Dollars, except operating days and daily time charter
equivalent rate)
Three Months Three Months
Ended Ended
March 31, 2010 March 31, 2009
Net revenues from vessels 18,181 26,242
Voyage expenses (215) (482)
Net operating revenues 17,966 25,760
Operating days 981 497
Daily time charter
equivalent rate 18,314 51,831
(7) 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:
(In thousands of US Dollars, except ownership days and daily vessel
operating expenses)
Three Months Three Months
Ended Ended
March 31, 2010 March 31, 2009
Operating expenses 4,614 2,811
Ownership days 990 540
Daily vessel operating
expenses 4,661 5,206
(8) Daily management fees are calculated by dividing total
management fees by ownership days for the relevant time period.
(9) Total vessel operating expenses or 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.
Recent Developments:
Public Offering of 20,833,333 Shares of Common Stock
On January 28, 2010, the Company priced a public offering of
20,833,333 shares of the Company's common stock. The Company granted the
representatives of the underwriters a 45-day option to purchase up to an
additional 3,125,000 shares of common stock to cover over-allotments. The
shares were offered to the public at $1.20 per share. Four of our major
shareholders affiliated with the Restis family purchased an additional
4,166,667 shares of common stock directly from the Company at the public
offering price. The offering and the concurrent sale of 4,166,667 shares to
entities affiliated with the Restis family settled and closed on February 3,
2010. The net proceeds were approximately $28.0 million. On March 19, 2010,
the underwriters exercised the overallotment option to purchase an additional
1,945,000 shares of the Company's common stock, which resulted in additional
net proceeds to the Company of approximately $2.1 million.
Termination of a memorandum of agreement for intended vessel acquisition
On February 8, 2010, the Company announced its termination of
a memorandum of agreement for the intended acquisition of a 2009 Capesize
vessel, as described in the Company's prospectus dated January 28, 2010.
MCS acquisition of 51% ownership interest
The Company announced on June 2, 2010 that it had completed
the final documentation after entering into a Share and Purchase Agreement
with Maritime Capital Shipping (Holdings) Limited, of the British Virgin
Islands ("Seller") for the acquisition of a 51% ownership interest in
Maritime Capital Shipping Limited, of Bermuda ("MCS") for a purchase price of
USD 33.0 million. The purchase price was paid to the Seller from the proceeds
of the Company's recent equity offering completed in February 2010 and from
the Company's cash reserves. The Seller, which is controlled by the Restis
family, one of the Company's major shareholders, has retained a 49% ownership
interest in MCS.
As a result of the acquisition, the size of the Company's
fleet increased from 11 to 20 dry bulk vessels, consisting of four Capesize,
three Panamax, two Supramax, one Handymax and 10 Handysize dry bulk carriers,
with a combined cargo-carrying capacity of approximately 1,292,544 dwt and an
average fleet age of 12.7 years.
Estimated Drydocking and Maintenance Schedule
The BET Scouter commenced its scheduled drydocking on March
26, 2010, which was completed on May 17, 2010. The total cost of the BET
Scouter drydocking amounted to approximately $1.2 million. The BET Prince
commenced its scheduled drydocking on May 14, 2010 which is expected to be
completed by June 8, 2010. The cost of the BET Prince drydocking is expected
to be $0.7 million.
Other Matters
On June 2, 2010 the Company executed Addendum No. 3 to its
loan agreement with Marfin Bank of Greece, S.A. ("Marfin") and extended the
waiver on its market value to loan covenant from January 1, 2011 through
January 3, 2012. In connection with the addendum and extension of the waiver,
Marfin made certain changes to the Company's loan agreement including
increasing the interest payable during the waiver period from LIBOR plus
3.00% to LIBOR plus 3.50% in respect of the term loan and from LIBOR plus
3.50% to LIBOR plus 4.00% in respect of the revolving facility and
accelerating the due dates of certain of the Company's principal
installments.
Resignation of Board member
Mr. Alexis Komninos has resigned from his position as a member
of the Company's Board of Directors following the termination of the voting
agreement among the Company's founding shareholders and entities affiliated
with the Restis family, and due to other professional engagements he has
undertaken. The Company wishes Mr. Komninos the best as he takes on new
challenges.
Seanergy Maritime Holdings Corp.
Reconciliation of Net Income to EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Three Months Three
Ended March Months
31, 2010 Ended March
31, 2009
Net income (loss) attributable to Seanergy 110 12,115
Maritime Holdings
Interest and finance costs, net (including 2,122 1,463
interest income)
Depreciation and amortization 6,665 7,672
EBITDA 8,897 21,250
Seanergy Maritime Holdings Corp.
Reconciliation of Net Cash Provided by Operating Activities to EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Three Months Three Months
Ended March 31, Ended March
2010 31, 2009
Net cash flow provided by operating
activities 7,350 20,215
Changes in operating assets and
liabilities 1,932 (227)
Amortization and write-off of deferred
charges (138) (201)
Change in fair value of financial
instruments (660) --
Fair value of contracts 80 --
Interest and finance costs, net (includes 2,122 1,463
interest income)
Net (income) / loss attributable to the
noncontrolling interest (1,789) --
EBITDA 8,897 21,250
EBITDA consists of earnings before interest and finance cost,
taxes, depreciation and amortization. EBITDA is not a measurement of
financial performance under accounting principles generally accepted in the
United States of America, and does not represent cash flow from operations.
EBITDA is presented solely as a supplemental disclosure because management
believes that it is a common measure of operating performance in the shipping
industry.
Seanergy Maritime Holdings Corp.
Condensed Consolidated Balance Sheets
March 31, 2010 (unaudited) and December 31, 2009
(In thousands of US Dollars, except for share and per share
data, unless otherwise stated)
March 31, December
2010 31, 2009
ASSETS
Current assets:
Cash and cash equivalents 85,849 63,607
Restricted cash 3,564 -
Accounts receivable trade, net 683 495
Due from related parties 1,061 265
Inventories 1,114 1,126
Prepaid insurance expenses 703 623
Prepaid expenses and other current
assets - related parties 57 58
Insurance claims 1,158 1,260
Other current assets 238 39
Total current assets 94,427 67,473
Fixed assets:
Vessels, net 438,865 444,820
Office equipment, net 42 20
Total fixed assets 438,907 444,840
Other assets
Goodwill 17,275 17,275
Deferred charges 7,150 8,684
Other non-current assets 226 180
TOTAL ASSETS 557,985 538,452
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt 29,106 33,206
Trade accounts and other payables 1,633 990
Due to underwriters - 19
Accrued expenses 359 1,719
Accrued interest 657 1,508
Financial instruments 3,967 3,556
Deferred revenue - related party 1,032 894
Deferred revenue 259 246
Total current liabilities 37,013 42,138
Long-term debt, net of current portion 260,960 267,360
Financial instruments 1,799 1,550
Below market acquired time charters 505 585
Total liabilities 300,277 311,633
Commitments and contingencies - -
EQUITY
Seanergy shareholder's equity
Preferred stock, $0.0001 par value;
1,000,000 shares authorized; none
issued - -
Common stock, $0.0001 par value;
200,000,000 authorized shares as at
March 31, 2010 and December 31, 2009,
respectively; 60,200,170 and 33,255,170
shares, issued and outstanding as at
March 31, 2010 and December 31, 2009,
respectively 6 3
Additional paid-in capital 242,219 213,232
Accumulated deficit (4,636) (4,746)
Total Seanergy shareholders' equity 237,589 208,489
Noncontrolling interest 20,119 18,330
Total equity 257,708 226,819
TOTAL LIABILITIES AND EQUITY 557,985 538,452
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Income
For the three months ended March 31, 2010 and 2009
(In thousands of US Dollars, except for share and per share
data, unless otherwise stated)
Three months ended
March 31,
2010 2009
Revenues:
Vessel revenue - related party 13,100 26,915
Vessel revenue 5,714 -
Commissions - related party (454) (673)
Commissions (179) -
Vessel revenue, net 18,181 26,242
Expenses:
Direct voyage expenses 23 (146)
Vessel operating expenses (4,614) (2,811)
Voyage expenses - related party (238) (336)
Management fees - related party (603) (302)
General and administration
expenses (736) (1,193)
General and administration
expenses - related party (182) (205)
Amortization of deferred
dry-docking costs (698) -
Depreciation (5,967) (7,672)
Operating income 5,166 13,577
Other income (expense), net:
Interest and finance costs (2,256) (1,464)
Interest and finance costs -
shareholders - (139)
Interest income - money market
funds 134 140
Loss on interest rate swaps (1,293) -
Foreign currency exchange
losses, net 148 1
(3,267) (1,462)
Net income 1,899 12,115
Less: Net income attributable
to the noncontrolling interest 1,789 -
Net income attributable to
Seanergy Maritime Holdings
Corp. Shareholders 110 12,115
Net income per common share
Basic 0.002 0.542
Diluted 0.002 0.500
Weighted average common shares
outstanding
Basic 49,347,837 22,361,227
Diluted 49,347,837 24,621,227
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Equity
For the three months ended March 31, 2010 and 2009
(In thousands of US Dollars, except for share and per share
data, unless otherwise stated)
Retained
Common stock Additional earnings/
paid-in (Accumulated
# of Shares Par Value capital deficit)
Balance,
December 31,
2008 22,361,227 2 166,361 (34,798)
Net income for
the three
months ended
March 31, 2009 - - - 12,115
Balance, March
31, 2009 22,361,227 2 166,361 (22,683)
Retained
Common stock Additional earnings/
paid-in (Accumulated
# of Shares Par Value capital deficit)
Balance,
December 31,
2009 33,255,170 3 213,232 (4,746)
Issuance of
common stock 26,945,000 3 28,987 -
Net income for
the three
months ended
March 31, 2010 - - - 110
Balance, March
31, 2010 60,200,170 6 242,219 (4,636)
Total
Seanergy
shareholders' Noncontrolling Total
equity interest equity
Balance,
December 31,
2008 131,565 - 131,565
Net income for
the three
months ended
March 31, 2009 12,115 - 12,115
Balance, March
31, 2009 143,680 - 143,680
Total
Seanergy
shareholders' Noncontrolling Total
equity interest equity
Balance,
December 31,
2009 208,489 18,330 226,819
Issuance of
common stock 28,990 - 28,990
Net income for
the three
months ended
March 31, 2010 110 1,789 1,899
Balance, March
31, 2010 237,589 20,119 257,708
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
For the three months ended March 31, 2010 and 2009
(In thousands of US Dollars, except for share and per share
data, unless otherwise stated)
Three months ended
March 31,
2010 2009
Cash flows from operating
activities:
Net income 1,899 12,115
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation 5,967 7,672
Amortization of deferred finance
charges 138 201
Amortization of deferred
dry-docking costs 698 -
Change in fair value of financial
instruments 660 -
Amortization of acquired time
charters (80) -
Changes in operating assets and
liabilities:
(Increase) decrease in -
Due from related parties (796) (138)
Inventories 12 214
Trade accounts and other
receivables (188) (41)
Insurance claims 102 -
Other current assets (199) -
Other non-current assets (46) -
Prepaid insurance expenses (80) 430
Prepaid expenses and other
current assets - related parties - (33)
Trade accounts and other payables 643 173
Due to underwriters (19) (229)
Accrued expenses (661) 120
Accrued charges on convertible
note due to shareholders - 205
Premium amortization on
convertible note due to
shareholders - (114)
Accrued interest (851) (23)
Deferred revenue - related party 138 (337)
Deferred revenue 13 -
Net cash provided by operating
activities 7,350 20,215
Cash flows from investing
activities:
Additions to vessels - (6)
Additions to office furniture and
equipment (34) (14)
Net cash used in investing
activities (34) (20)
Cash flows from financing
activities:
Net proceeds from issuance of
common stock 28,990 -
Repayment of long term debt (10,500) (7,500)
Increase in Restricted cash (3,564) -
Net cash provided by (used in)
financing activities 14,926 (7,500)
Net increase in cash and cash
equivalents 22,242 12,695
Cash and cash equivalents at
beginning of period 63,607 27,543
Cash and cash equivalents at end
of period 85,849 40,238
SUPPLEMENTAL CASH FLOW
INFORMATION
Cash paid for:
Interest 1,692 1,283
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp., the successor to Seanergy
Maritime Corp., is a Marshall Islands corporation with its executive offices
in Athens, Greece. The Company is engaged in the transportation of dry bulk
cargoes through the ownership and operation of dry bulk carriers.
The Company's initial fleet comprised two Panamax, two
Supramax, one Handymax and one Handysize dry bulk carriers that Seanergy
purchased and took delivery of in the third and fourth quarters of 2008 from
companies associated with members of the Restis family. In August 2009, the
Company acquired a controlling interest in Bulk Energy Transport (Holdings)
Limited, which owns four Capesize and one Panamax dry bulk carriers. In May
2010, the Company acquired a controlling interest in Maritime Capital
Shipping Limited, which owns nine Handysize dry bulk carriers.
The Company's current controlled fleet includes 20 drybulk
carriers (four Capesize, three Panamax, two Supramax and one Handymax and 10
Handysize vessels) with a total carrying capacity of approximately 1,292,544
dwt and an average fleet age of 12.7 years.
The Company's common stock and warrants trade on the NASDAQ
Global Market under the symbols "SHIP" and "SHIP.W", respectively.
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 and the Company's growth strategy and measures to implement such
strategy. Words such as "expects," "intends," "plans," "believes,"
"anticipates," "hopes," "estimates," and variations of such words and similar
expressions are intended to identify forward-looking statements. Although the
Company believes that such expectations will prove to have been correct,
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 scope and timing of
Securities and Exchange Commission ("SEC") and other regulatory agency
review, competitive factors in the market in which the Company operates;
risks associated with operations outside the United States; and other factors
listed from time to time in the Company's filings with the SEC. The Company's
filings can be obtained free of charge on the SEC's website at
www.sec.gov. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the
Company's expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact:
Seanergy Maritime Holdings Corp.
Dale Ploughman - Chief Executive Officer
Christina Anagnostara - Chief Financial Officer
Tel: +30-210-9638461
E-mail: ir@seanergymaritime.com
Investor Relations / Media
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: +1(212)661-7566
E-mail: seanergy@capitallink.com
Tags: Athens, greece, June 3, Seanergy Maritime Holdings Corp
