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Seanergy Maritime Holdings Corp. announces results for second quarter and six months
Dale Ploughman, the Company’s Chief Executive Officer, stated: “The second quarter of 2010 was another milestone in the development of our Company. Without, in our opinion, sacrificing the strength of our balance sheet, we concluded another transformational transaction with the acquisition of a controlling interest in Maritime Capital Shipping Limited (‘MCS’). We expanded our controlled fleet to a total of 20 dry bulk
vessels and decreased its average age from 14.5 years to 12.8 years. In
addition, we enhanced our fleet’s operational versatility, as we
increased our presence in all dry bulk vessel classes. Furthermore, as a
result of the acquisition of MCS, our fleet now has a more balanced
charter portfolio which we believe will enable us to benefit both from
secured cash flows from period employment and from the market upside
with some of our vessels opening for re-chartering. MCS EBITDA
contribution to the Company in the second quarter of 2010 was $4.6
million. The projected MCS EBITDA contribution to the Company for the
remainder of 2010 and 2011 is estimated to be $22.2 million and $32.5
million.
“Our results during the second quarter of 2010 reflected
the volatile market environment. Our TCE rates were 67% lower compared
to the same period of last year and we incurred higher finance costs
resulting from our expanded fleet, as well as from losses related to
interest rate swap agreements. At the same time, we achieved fleet
utilization excluding scheduled drydocking off-hire days of 99.5% for
the second quarter of 2010.
“The Baltic Dry Index has shown signs of
life after a historic 35 consecutive day drop which was the result of a
combination of new fleet deliveries and China importing less iron ore.
We also believe the slowdown was seasonal as less demand for coal and
iron ore is normal during the summer months. The upcoming harvest season
in the northern hemisphere coupled with Russia cancelling all grain
export is expected to help rates improve from current levels.
Additionally, as stock piles of iron ore decrease in China, we expect
demand for the commodity to increase, as the country continues its pace
of robust growth. Coal, the other major commodity in the dry bulk
sector, should also see its demand grow as we enter winter months.
“In
the short period of just two years as an operating company we have more
than tripled our controlled fleet from six to 20 vessels and quadrupled
our cargo-carrying capacity. We will continue to work to build Seanergy
into a leading player in the global shipping industry with what we feel
are prudent, well-timed and accretive acquisitions. As a first step, we
expect to explore ways to acquire the minority shares of MCS and BET,
thereby bringing the full impact of their revenue and profit generation
capacity to Seanergy. We believe Seanergy is one of the most undervalued
companies amongst our peers and we will continue to make every effort
to increase Seanergy’s shareholder value.”
Christina Anagnostara,
the Company’s Chief Financial Officer, stated: “Our results for the
second quarter 2010 correspond to a daily TCE, or time charter
equivalent rate, of $17,276.
“As of June 30, 2010 and following the
MCS acquisition, our total assets are $727.9 million and our total debt
is $421.6 million. As of June 30, 2010 our cash reserves were $81.1
million, reflecting $16.4 million in cash generated from operations. Our
significant cash position enables us to meet remaining debt repayments
and anticipated capital expenditures in 2010.
“The Company now
operates a fleet of 20 vessels with secured period employment of 93% for
2010, 59% for 2011, 27% for 2012 and 19% for 2013 providing us with
significant cash flow visibility.
“On June 2, 2010, we entered into
an agreement with Marfin Bank and extended the waiver on our market
value to loan covenant from January 1, 2011 through January 3, 2012,
thereby enhancing our financial and operational flexibility.”
Second Quarter 2010 Financial Results
Net Revenues for the second quarter of 2010 slightly increased to $22.6 million from $22.1 million in the same quarter in 2009.
The
Company operated a fleet of 15.1 vessels on average during the second
quarter of 2010, earning a TCE rate of $17,276 as compared to an average
of 6 vessels and TCE rate of $52,292 during the second quarter of 2009.
For continuing operations the decreased TCE results from lower market
imposed time charter rates earned by our vessels whose original charters
expired during the third quarter of 2009. MCS contributed $6.0 million
into Seanergy’s revenue for the second quarter of 2010. MCS acquisition
was concluded at the end of May 2010; however it is consolidated as of
May 21, 2010 as the transaction was between two entities under common
control.
EBITDA was $10.2 million for the second quarter of 2010 as
compared to $16.3 million in the same quarter in 2009 due to lower
income received during the period, higher vessel operating expenses due
to increased owned fleet and loss on interest rate swap agreements.
Adjusted EBITDA which excludes losses on interest rate swap agreements
was $11.7 million for the second quarter of 2010.
Operating income
amounted to $4.0 million for the three months ended June 30, 2010, as
compared to an Operating income of $8.6 million for the same quarter in
2009 due to higher operating expenses from the addition of vessels to
our fleet.
Net Loss was $1.5 million, or $0.03 per basic and diluted
share for the three months ended June 30, 2010, as compared to Net
Income of $7.2 million, or $0.32 per basic and $0.30 per diluted share,
for the same quarter in 2009, based on weighted average common shares
outstanding of 60,200,170 basic and diluted for 2010, 22,361,227, basic,
and 24,621,227 diluted, for 2009.
The decrease in Net Income is
primarily the result of a 67% decrease in TCE to $17,276 per day for the
three months ended June 30, 2010 compared to $52,292 per day in the
prior period, as well as a $1.7 million increase in interest expense
from $1.5 million to $3.2 million in the respective period and losses of
$1.5 million relating to interest rate swap agreements associated with
the BET and MCS debt facilities as compared to nil in the prior period.
Six Months 2010 Financial Results
Net
Revenues for the first half of 2010 were $40.8 million compared $48.3
million in the same period in 2009. For continuing operations the
decrease in revenues is mainly attributable to lower TCE rates earned by
our vessels as a result of lower market imposed time charter rates
whose original charters expired during the third quarter of 2009 as
compared to the same period in 2009. Seanergy’s revenues for the first
half of the year incorporate MCS as of May 21, 2010.
The Company
operated a fleet of 13 vessels on average during the first half of 2010,
earning a TCE rate of $17,729 as compared to an average of 6 vessels
and TCE rate of $51,982 during the same period of 2009.
EBITDA was
$20.9 million for the first half of 2010 as compared to $37.6 million in
the same period in 2009 due to lower income received during the period
and loss on interest rate swap agreements. Adjusted EBITDA which
excludes loss on interest rate swap agreements was $23.6 million for the
first half of 2010.
Operating Income amounted to $9.2 million for
the six months ended June 30, 2010, as compared to an Operating Income
of $22.2 million for the same period in 2009.
Net Loss was $1.4
million, or $0.03 per basic and diluted share for the period ended June
30, 2010, as compared to Net Income of $19.3 million, or $0.86 per basic
and $0.80 per diluted share, for the same period in 2009, based on
weighted average common shares outstanding of 54,803,982 basic and
diluted for 2010 and 22,361,227, and 24,621,227 basic and diluted for
2009 respectively.
The decrease in Net Income is primarily the
result of a 66% decrease in TCE to $17,729 per day for the six months
ended June 30, 2010 compared to $51,982 per day in the prior period, as
well as a $2.3 million increase in interest expense from $3.1 million to
$5.4 million in the respective period and losses of $2.8 million
relating to interest rate swap agreements associated with the BET and
MCS debt facilities as compared to nil in the prior period.
Source: Seanergy Maritime Holdings Corp.
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