Seanergy Maritime Holdings Corp. Reports Financial Results for the Fourth Quarter and the Year Ended December 31, 2009
By Seanergy Maritime Holdings Corp, PRNEWednesday, March 3, 2010
ATHENS, March 4, 2010 - Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ:
SHIP; SHIP.W) announced today its operating results for the fourth quarter
and the year ended December 31, 2009.
Dale Ploughman, the Company's Chief Executive Officer, stated:
"Despite the difficult market conditions we are pleased to report strong
results for 2009. These results reflect our strong cash flow, the high fleet
utilization and our operational efficiency.
2009 has been a transformational year for Seanergy. We managed
to double our controlled fleet from 6 to 11 vessels with the acquisition of
BET and we reinforced our capital structure with the conversion of the $28.5
million promissory note, issued in our business combination, into common
stock. Recently, we completed an offering of common stock and successfully
raised net proceeds of approximately $28 million for vessel acquisitions,
expanding our shareholder base and improving the liquidity of our shares.
We are committed to our goal of using the proceeds of the
offering to expand our fleet with the proper acquisitions. We are focusing
our resources on identifying vessel(s) with a view to maximizing benefits to
the Company, as quickly as possible. We have already identified and inspected
a couple of vessels which unfortunately have not met our surveyors'
expectations. Our decisions aim is to safeguard the long term interests of
our shareholders.
We remain positive on the long-term outlook of the dry bulk
market, as we expect that demand for core bulk commodities will remain
strong. However, in the short term, we expect the market to continue to be
volatile as there is uncertainty on the size of the orderbook and the global
economic recovery is quite fragile."
Christina Anagnostara, the Company's Chief Financial Officer,
stated: "We are pleased to report strong results for 2009 with an average
daily TCE, or time charter equivalent rate of $ 32,909 for the year. Our net
income margin was approximately 37% of TCE and our free cash flow margin was
approximately 59% of TCE.
Our cash reserves as of December 31, 2009 were $63.6 million,
reflecting $43.2 million in cash generated from operations. Our strong cash
position enables us to meet remaining debt repayments of $22.7 million and
anticipated capital expenditures of $3.6 million in 2010. Today, we have $85
million in cash and a healthy balance sheet allowing us to take advantage of
market opportunities as they become available.
During the year, we arranged new employment for our fleet and
we now have time charter coverage for 95% of our fleet for 2010 and 51% for
2011 providing us with significant cash flow visibility. Therefore, we
believe that we are in a very strong position to take advantage of market
opportunities to expand our asset base revenue and profitability."
Fourth Quarter 2009 Financial Results
Net Revenues for the three month period
ended December 31, 2009 decreased to $17.3 million from $28.3 million in the
same quarter in 2008. This is mainly attributable to the lower market imposed
time charter rates earned during the three month period ended December 31,
2009 as compared to the same period in 2008.
The Company operated a fleet of 11 vessels
on average during the fourth quarter of 2009, earning a TCE rate of $17,331
as compared to an average of 6 vessels and TCE rate of $50,652 during the
fourth quarter of 2008.
EBITDA was $5.8 million for the three
months ended December 31, 2009 as compared to -$25.6 million in the same
quarter in 2008. Please refer to a subsequent section of the press release
for a reconciliation of EBITDA to net income.
Operating Income amounted to $0.8 million
for the three months ended December 31, 2009, as compared to an Operating
Loss of $34 million for the same quarter in 2008. Net Loss was $3.2 million,
or -$0.10 per basic and diluted share for the three months ended December 31,
2009, as compared to a Net Loss of $37.3 million, or -$1.67 per basic and
diluted share, for the same quarter in 2008, based on weighted average common
shares outstanding of 33,255,170and 22,341,857, respectively. The decrease in
net loss of $34.1 million is mainly attributable to a vessel impairment loss
of $4.5 million and a goodwill impairment loss of $44.8 million in the fourth
quarter of 2008. The Company did not incur any such impairment losses in the
fourth quarter of 2009.
Year ended December 31, 2009 Financial Results
Net Revenues for 2009 increased to $87.9
million as compared to $34.5 million in 2008, an increase of 155%. This
increase is primarily due to the fact that the Company only operated for a
portion of 2008 as it commenced its operations on August 2008. In addition,
the Company got additional vessels during 2009 when it acquired a controlling
interest in BET in August 2009. The Company operated a fleet of 7.9 vessels
on average during 2009 as compared to 5.5 in 2008. This increase was
partially offset by the lower market imposed time charter rates incurred
during 2009. The TCE rate for 2009 amounted to $32,909 as compared to $49,994
in 2008. The decrease in TCE reflects the new time charter contracts at
prevailing lower market rates.
EBITDA was $65.1 million for the year ended
December 31, 2009, as compared to -$21.3 million for the year ended December
31, 2008. Please refer to a subsequent section of this press release for a
reconciliation of EBITDA to net income.
Operating Income amounted to $40.4 million
as compared to an Operating Loss of $31.2 million for the year ended December
31, 2008.
Net Income was $30.1 million, or $1.16 per
basic share and $1.00 per diluted share, based on weighted average common
shares outstanding of 25,882,967 basic and of 30,529,281 diluted for 2009, as
compared to a Net Loss of $32 million or -$1.21 per both basic and diluted
share, based on weighted average common shares outstanding of 26,452,291 for
both basic and diluted shares in 2008. The improvement in Net Income is
mainly attributable to the reasons described above with respect to the fourth
quarter of 2009
Conference Call Details:
The Company's management team will host a conference call to
discuss the financial results tomorrow, Friday, March 5, 2010 at 9:00 A.M.
EST.
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1(866)819-7111 (from the US),
0(800)953-0329 (from the UK) or + (44)(0)1452-542-301 (from outside the
US). Please quote "Seanergy."
A replay of the conference call will be available until March
12, 2010. The United States replay number is 1(866)247-4222; from the UK
0(800)953-1533; the standard international replay number is (+44)(0)1452-
550-000 and the access code required for the replay is: 2094507#.
Slides and Audio Webcast
There will also be a simultaneous live webcast over the
Internet, through the Seanergy website (www.seanergymaritime.com).
Participants desiring to view the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
Fleet Profile as of March 4, 2010
Vessel Name Vessel Class Capacity Year Built TC Rate Time
(DWT) ($) Charter
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) Handysize 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
Total/Average 1,043,296 14 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:
Year Ended Year Ended Three Three
December 31, December 31 Months Months
2009 2008 Ended Ended
December December
31, 2009 31, 2008
Fleet Data:
Average number of
vessels (1) 7.9 5.5 11 6.0
Ownership days (2) 2,895 686 1,012 552
Available days (3) 2,638 686 983 552
Operating days (4) 2,614 678 969 552
Fleet utilization (5) 90.3% 98.8% 95.8% 100%
Average Daily Results:
TCE rate (6) 32,909 49,944 17,331 50,652
Vessel operating
expenses (7) 5,603 4,636 6,389 4,458
Management fee (8) 592 566 628 554
Total vessel operating
expenses (9) 6,195 5,202 7,017 5,012
(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 year ended
December 31, 2009, the Company incurred 257 off hire days for vessel
scheduled dry docking. During the three months ended December 31, 2009, the
Company incurred 29 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) Time charter equivalent or 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 commissions.
(In thousands of US Dollars, except operating days and daily time charter
equivalent rate)
Year Ended Year Three Three
Ended Months Months
December 31, December Ended Ended
2009 31, 2008 December December
31, 2009 31, 2008
Net revenues from vessels 87,897 34,453 17,289 28,331
Voyage expenses (1,872) (591) (495) (371)
Net operating revenues 86,025 33,862 16,794 27,960
Operating days 2,614 678 969 552
Daily time charter
equivalent rate 32,909 49,944 17,331 50,652
(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)
Year Ended Year Three Three
Ended Months Months
December December Ended Ended
31, 2009 31, 2008 December December
31, 2009 31, 2008
Operating expenses 16,222 3,180 6,466 2,461
Ownership days 2,895 686 1,012 552
Daily vessel operating
expenses 5,603 4,636 6,389 4,458
(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.
Seanergy Maritime Holdings Corp. Seanergy Maritime Holdings Corp.
Net income margin of TCE Free cash flow margin of TCE
(All amounts expressed in thousands (All amounts expressed in thousands
of U.S. Dollars) of U.S. Dollars)
Year Ended Year Ended
December December 31,
31, 2009 2009
TCE 32,909 TCE 32,909
Operating Expenses (5,603) Operating Expenses (5,603)
Mgmt Fees (592) Mgmt Fees (592)
General & Administrative (2,304) General &
Administrative (2,304)
Interest & Finance Interest & Finance
Expense (2,631) Expense (2,631)
Depreciation & Maintenance Capital
Amortization (9,622) Expenditures (2,459)
Total Expenses (20,752) Total Cash Outflow (13,589)
Net Income Margin 12,157 Free Cash Flow Margin 19,320
Margin (%) 37% Margin (%) 59%
Recent Developments:
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.
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 common stock. The Company has 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 the Company's
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 purpose of the offering was the acquisition of a new vessel.
Seanergy Maritime Holdings Corp.
Reconciliation of Net Income to EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Year Year Ended Three Three
Ended December Months Months
December 31, 2008 Ended Ended
31, 2009 December December
31, 2009 31, 2008
Net income (loss)
attributable to Seanergy
Maritime Holdings 30,052 (31,985) (3,213) (37,271)
Interest and finance
costs, net (including
interest income) 7,186 716 2,304 3,243
Depreciation and
amortization 27,857 9,929 6,745 8,441
EBITDA 65,095 (21,340) 5,836 (25,587)
Seanergy Maritime Holdings Corp.
Reconciliation of Net Cash Provided by Operating Activities to EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Year Ended Year Ended Three Months Three Months
December 31, December Ended Ended
2009 31, 2008 December December
31, 2009 31, 2008
Net cash flow provided
by operating
activities 43,208 25,700 6,763 22,224
Changes in operating
assets and liabilities 3,046 1,793 (3,721) (1,559)
Changes in capital
expenditures
(drydocking) 7,119 - 1,367 -
Amortization and
write-off of deferred
charges (696) (224) (155) (183)
Amortization of
promissory note
arrangement fee - - - 13
Change in fair value
of financial
instruments (189) - 778 -
Fair value of
contracts 125 - 84 -
Interest and finance
costs, net (includes
interest income) 7,186 716 2,304 3,243
Net (income) / loss
attributable to the
noncontrolling
interest (1,517) - (1,584) -
Impairment of goodwill - (44,795) - (44,795)
Impairment of vessels - (4,530) - (4,530)
Gain from acquisition 6,813 - - -
EBITDA 65,095 (21,340) 5,836 (25,587)
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. and
Subsidiaries
Condensed Consolidated Balance Sheets
December 31, 2009 and 2008
(In thousands of US Dollars, except for share and per share
data, unless otherwise stated)
(Unaudited)
2009 2008
ASSETS
Current assets:
Cash and cash equivalents 63,607 27,543
Accounts receivable trade, net 495 -
Due from related parties 265 577
Inventories 1,126 872
Prepaid insurance expenses 623 574
Prepaid expenses and other current assets -
related parties 58 248
Insurance claims 1,260 -
Other current assets 39 -
Total current assets 67,473 29,814
Fixed assets:
Vessels, net 444,820 345,622
Office equipment, net 20 9
Total fixed assets 444,840 345,631
Other assets
Goodwill 17,275 -
Deferred charges 8,684 2,757
Other non-current assets 180 -
TOTAL ASSETS 538,452 378,202
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt 33,206 27,750
Trade accounts and other payables 990 674
Due to underwriters 19 419
Accrued expenses 1,719 541
Accrued interest 1,508 166
Accrued charges on convertible promissory
note due to shareholders - 420
Financial instruments 3,556 -
Deferred revenue - related party 894 3,029
Deferred revenue 246 -
Total current liabilities 42,138 32,999
Long-term debt, net of current portion 267,360 184,595
Financial instruments 1,550 -
Below market acquired time charters 585 -
Convertible promissory note due to
shareholders - 29,043
Total liabilities 311,633 246,637
EQUITY
Seanergy shareholder's equity
Common stock, $0.0001 par value; 200,000,000
and 89,000,000 authorized shares as at
December 31, 2009 and 2008, respectively;
33,255,170 and 22,361,227 shares, issued and
outstanding as at December 31, 2009 and 2008,
respectively 3 2
Additional paid-in capital 213,232 166,361
Accumulated deficit (4,746) (34,798)
Total Seanergy shareholders' equity 208,489 131,565
Non controlling interest 18,330 -
Total equity 226,819 131,565
TOTAL LIABILITIES AND EQUITY 538,452 378,202
Seanergy Maritime Holdings Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands of US Dollars, except for share and per share
data, unless otherwise stated)
(Unaudited)
Three months ended Year ended December 31,
December 31,
2009 2008 2009 2008
Revenues:
Vessel revenue - related
party 13,791 29,058 83,903 35,333
Vessel revenue 4,023 - 6,340 -
Commissions - related
party (100) (727) (2,226) (880)
Commissions -non related
party (425) - (120) -
Vessel revenue , net 17,289 28,331 87,897 34,453
Expenses:
Direct voyage expenses (273) (8) (753) (151)
Vessel operating
expenses (6,466) (2,461) (16,222) (3,180)
Voyage expenses -
related party (222) (363) (1,119) (440)
Management fees -
related party (636) (306) (1,715) (388)
General and
administration expenses (1,949) (1,035) (5,928) (2,161)
General and
administration expenses
- related party (195) (380) (742) (109)
Amortization of deferred
dry-docking costs (648) - (1,045) -
Depreciation (6,097) (8,441) (26,812) (9,929)
Goodwill impairment loss - (44,795) - (44,795)
Vessels' impairment loss - (4,530) - (4,530)
Gain from acquisition - - 6,813 -
Operating income (loss) 803 (33,988) 40,374 (31,230)
Other income (expense), net:
Interest and finance
costs (2,370) (3,255) (7,230) (3,895)
Interest and finance
costs - shareholders - (92) (386) (182)
Interest income - money
market funds 66 104 430 3,361
Loss on interest rate
swaps (164) - (1,575) -
Foreign currency
exchange gains (losses),
net 36 (40) (44) (39)
Net Income (Loss) (1,629) (37,271) 31,569 (31,985)
Less: Net Income
Attributable to the
Noncontrolling interest 1,584 - 1,517 -
Net Income (Loss)
Attributable to Seanergy
Maritime Holdings (3,213) (37,271) 30,052 (31,985)
Net income (loss) per
common share
Basic (0.10) (1.67) 1.16 (1.21)
Diluted (0.10) (1.67) 1.00 (1.21)
Weighted average common
shares outstanding
Basic 33,255,170 22,341,857 25,882,967 26,452,291
Diluted 33,255,170 22,341,857 30,529,281 26,452,291
Seanergy Maritime Holdings Corp. and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(In thousands of US Dollars, except for share and per share
data, unless otherwise stated)
(Unaudited)
Retained
Common stock Additional earnings/
# of Par paid-in (Accumulated
Shares Value capital deficit)
Balance, January 1, 2008 28,600,000 3 146,925 1,441
Net (loss) for the year
ended December 31, 2008 - - - (31,985)
Dividends paid - - - (4,254)
Reclassification of
common stock no longer
subject to redemption (6,370,773) - 17,144 -
Reversal of underwriter
fees forfeited to
redeeming shareholders - - 1,433 -
Liquidation and
dissolution common stock
exchange - (1) 1 -
Warrants exercised 132,000 - 858 -
Balance, December 31,
2008 22,361,227 2 166,361 (34,798)
Issuance of common stock
to convert promissory
note 6,585,868 1 29,596 -
Issuance of common stock
due to earn-out 4,308,075 - 17,275 -
Non controlling interest - - - -
Net income for the year
ended December 31, 2009 - - - 30,052
Balance, December 31,
2009 33,255,170 3 213,232 (4,746)
(Table Continued)
Total
Seanergy Non
shareholders' controlling Total
equity interest equity
Balance, January 1, 2008 148,369 - 148,369
Net (loss) for the year ended
December 31, 2008 (31,985 - (31,985)
Dividends paid (4,254 - (4,254)
Reclassification of common
stock no longer subject to
redemption 17,144 - 17,144
Reversal of underwriter fees
forfeited to redeeming
shareholders 1,433 - 1,433
Liquidation and dissolution
common stock exchange - - -
Warrants exercised 858 - 858
Balance, December 31, 2008 131,565 - 131,565
Issuance of common stock to
convert promissory note 29,597 - 29,597
Issuance of common stock due
to earn-out 17,275 - 17,275
Non controlling interest - 16,813 16,813
Net income for the year ended
December 31, 2009 30,052 1,517 31,569
Balance, December 31, 2009 208,489 18,330 226,819
Seanergy Maritime Holdings Corp. and subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands of US Dollars, except for share and per share
data, unless otherwise stated)
(Unaudited)
2009 2008
Cash flows from operating activities:
Net income (loss) 31,569 (31,985 )
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Impairment of goodwill - 44,795
Impairment of vessels - 4,530
Depreciation 26,812 9,929
Amortization of deferred finance
charges 696 224
Amortization of deferred Drydocking
costs 1,045 -
Deferred Drydocking costs (7,119 ) -
Change in fair value of financial
instruments 189 -
Amortization of acquired time charters (125 ) -
Gain on acquisition (6,813 ) -
Changes in operating assets and
liabilities:
(Increase) decrease in -
Due from related parties 1,760 (577 )
Inventories 1,222 (872 )
Trade accounts and other receivables (263 ) -
Insurance claims (1,159 ) -
Other current assets 59 -
Other non-current assets (180 ) -
Prepaid insurance expenses 719 (495 )
Prepaid expenses and other current
assets - related parties 190 (248 )
Trade accounts and other payables (3,299 ) 86
Due to underwriters (400 ) (3,555 )
Accrued expenses (885 ) 541
Accrued charges on convertible note due
to shareholders 670 132
Premium amortization on convertible
note due to shareholders (379 ) -
Accrued interest 1,176 166
Deferred revenue - related party (2,523 ) 3,029
Deferred revenue 246 -
Net cash provided by operating
activities 43,208 25,700
Cash flows from investing activities:
Acquisition of business, net of cash
acquired 36,374 (375,833 )
Funds placed in (used from) trust
account from offerings - 232,923
Additions to office furniture and
equipment (21 ) (9 )
Net cash provided by (used in)
investing activities 36,353 (142,919 )
Cash flows from financing activities:
Redemption of common shares - (63,705 )
Proceeds from warrants exercised - 858
Proceeds from long term debt and
revolving facility - 219,845
Repayment of long term debt (54,878 ) (7,500 )
Dividends paid - (4,254 )
Restricted cash 1,381 -
Noncontrolling interest contribution 10,000 -
Deferred finance charges - (2,693 )
Net cash provided by (used in)
financing activities (43,497 ) 142,551
Net increase in cash and cash
equivalents 36,064 25,332
Cash and cash equivalents at beginning
of period 27,543 2,211
Cash and cash equivalents at end of
period 63,607 27,543
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 and two 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
("BET") which owns five drybulk carriers, four Capesize and one Panamax.
As a result, the Company's current controlled fleet includes
11 drybulk carriers (4 Capesize, 3 Panamax, 2 Supramax and 2 Handysize
vessels) with a total carrying capacity of 1,043,296 dwt and an average age
of 14 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
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 Securities and Exchange Commission. 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
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 at 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 at capitallink.com
Tags: Athens, greece, March 4, Seanergy Maritime Holdings Corp
