Seanergy Maritime provides guidance on TCE and EBITDA

Seanergy Maritime offers orientation

on TCE and EBITDA

January 24, 2022 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) has upgraded its fourth quarter 2021 time charter equivalent (“TCE rate”) forecast and provided preliminary TCE forecast for first quarter 2022 and EBITDA -Forecasts for the financial year 2022.1 2

TCE guide

in the fourth quarter of 2021, the Company is expected to exceed an average TCE rate of approximately $36,000 per ship per day, exceeding our previously announced guidance of $35,200 per ship per day.3

As of the date of this press release, our estimated TCE rate for the first quarter of 2022 is expected to be around $19,0004. This estimate assumes that the remaining unspecified operating days of our index-linked vessels for this period equal the average Forward Freight Agreement (“FFA”) rate of $13,500 per day. Our Q1 TCE guidance includes certain index charter to fixed charter conversions that were completed in Q3 and Q4 2021 as part of our cargo hedging strategy.

EBITDA forecasts5

The chart below shows the Company’s estimates for its 2022 EBITDA based on different scenarios for the average TCE for the 5 T/C routes of the Baltic Capesize Index (“TC5” of the “BCI”).

Stamatis Tsantanis, the company’s Chairman and Chief Executive Officer, stated:

“As a result of our proactive hedging strategy in 2H21, we estimate that we will outperform the current spot rate by approximately 50% in the first quarter. Additionally, our robust capacity to generate EBITDA across multiple cargo environments validates our strong belief that our shares are currently significantly undervalued.

“Despite seasonal market weakness, we expect supply and demand fundamentals to drive a strong rebound in capesize rates in the coming months. Our solid balance sheet, modern fleet and strong relationships with the world’s leading charterers, combined with our significant operational leverage, puts Seanergy in an optimal position to deliver strong revenue and profitability in an improving charter rate environment.”

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure capesize shipowner to be publicly listed in the USA. Seanergy offers dry bulk marine transport services via a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of 11.7 years and a total cargo capacity of approximately 3,011,083 dwt.

The company is incorporated in the Marshall Islands with offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants trade under the symbol “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Note on Non-US GAAP Financial Measures

The Company reports its financial results in accordance with United States Generally Accepted Accounting Principles (“US GAAP”). EBITDA and TCE rate are non-GAAP financial measures.

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income/(loss) (the most directly comparable US GAAP measure), interest and financing costs, interest income, depreciation and amortization and, if present, income taxes for a period. EBITDA is not a recognized measurement under US GAAP.

EBITDA is presented because we believe this metric is useful to investors as a widely used means of evaluating operating profitability. The EBITDA presented here may not be comparable to similarly titled measures of other companies. This non-GAAP measure should not be viewed in isolation from, as a substitute for, or on a par with, financial measures prepared under US GAAP.

The TCE rate is defined as the company’s net income less travel expenses during a period divided by the number of company operating days during the period. Travel expenses include port dues, bunker costs (fuel oil and diesel oil), canal dues and other commissions. The Company includes the TCE rate, a non-GAAP measure, because it believes it provides additional meaningful information in conjunction with net revenue from ships, the most directly comparable US GAAP measure, and because it Assisted management of the company in making decisions regarding the deployment and use of the company’s ships and in evaluating their financial performance. The company’s calculation of the TCE rate may not be comparable to that reported by other companies.

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) with respect to future events. Words such as “may”, “should”, “expect”, “intend”, “plan”, “believe”, “anticipate”, “hope”, “estimate” 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 on a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. Actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, among others, the company’s operating or financial results; the Company’s liquidity, including its ability to service its debt; competitive factors in the market in which the company operates; trends in the shipping industry, including charter rates, ship values ​​and factors affecting ship supply and demand; future, pending or recent acquisitions and divestitures, business strategy, areas of possible expansion or contraction and anticipated capital expenditures or operating expenses; risks associated with operations outside of the United States; risks related to the duration and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its impact on bulk product demand and transportation; and other factors set forth in the company’s filings with the SEC from time to time, including its most recent Annual Report on Form 20-F. The company’s filings are available free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligation or undertaking to release 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 more information please contact:

Seanergy Investor Relations

Phone: +30 213 0181 522

E-mail: [email protected]

Capital Link, Inc.

Paul Lampoutis

230 Park Avenue-Suite 1536

New York, New York 10169

Tel: (212) 661-7566

Email: [email protected]

1 EBITDA and TCE rate are non-GAAP measures. For more information, see the discussion above under the heading “Note on Non-US-GAAP Financial Measures.”

2 Only non-US GAAP guidance is provided for TCE rate and EBITDA as information on various elements required to determine net revenue from vessels and net profit/(loss) is the most direct are comparable financial measures calculated and presented in accordance with US GAAP for TCE rate and EBITDA, respectively, on a forward-looking basis due to the uncertainty and inherent difficulty in predicting the occurrence and future impact of such items, including but not limited to Travel expenses, stock levels, not available. based remuneration and the non-recurring gain on the sale of ships and the gain on debt refinancing and certain exceptional price matters. Due to the uncertainty and variability in the nature and amount of such items, which could be material, the Company is unable to provide a quantitative reconciliation of the differences between the expected TCE rate and EBITDA and the most directly comparable financial measures that are appropriately calculated and provided using US GAAP without undue effort. The unavailable reconciliation items could materially affect the Company’s financial results for the periods herein forward-looking.

3 The Company has not yet completed the finalization of its fourth quarter financial statements. During this process, the Company may identify items that would require adjustments, including any material adjustments to these preliminary results.

4 These guidelines are based on certain assumptions, including projected usage, and there can be no assurance that these assumptions and the resulting TCE estimates will be realized. TCE estimates include certain floating (index) to fixed rate conversions completed in prior periods. For vessels with index-linked T/Cs, realized TCE will vary with the underlying index and for purposes of this guidance, assumed TCE for the remaining days of operation of an index-linked T/C is the average FFA rate of approximately $13,500 per day for the remaining days of the first quarter of 2022, based on the FFA curve as of January 19, 2022.

5 These projections are based on certain assumptions, including unchanged current fleet composition, fleet utilization or commissions and expenses, including operating and general and administrative expenses, based on the Company’s historical performance for the first nine months of 2021 The EBITDA projections close exceptional items such as gains/losses on ship sales, loan refinancing, etc. There can be no guarantee that these assumptions and the resulting forecasts will materialize. As a result, the above projections constitute forward-looking statements and are subject to risks and uncertainties, including the possibility of material adjustments to the projections disclosed. The Company is providing this information on a one-time basis subject to these assumptions, risks and uncertainties and does not intend to update this information.

  • 2022-1-24_SHIP_TCE EBITDA forecast

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