Seanergy Maritime Holdings Corp. · NASDAQ:SHIP
Seanergy Maritime — Q1 2012 Earnings Presentation
23 slides from Seanergy Maritime's earnings presentation, May 29, 2012
Slide 1: First Quarter 2012 Earnings Presentation
First Quarter 2012 Earnings Presentation May 29, 2012
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation 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 implem
Slide 3: 1. Seanergy Highlights
1. SEANERGY HIGHLIGHTS ©)
Slide 4: 1Q 2012 Highlights and Developments
1Q 2012 Highlights and Developments Highlights Net Revenue of $17.4 million EBITDA of $2.5 million and Adjusted* EBITDA of $4.9 million Net Loss of $6.4 million and Adjusted* Net Loss of $4.0 million Developments Entered into amendments to certain terms of the loan facilities with Marfin Egn
Slide 5: Fleet Employment Overview
Fleet Employment Overview Charter Vessels Built DWT Counterparty 2012 2013 Type BET Fighter 1992 173,149 Swissmarine T/C BCI Linked (1) BET Scouter 1995 172,173 Swissmarine T/C BCI Linked (1) Capesize BET Prince 1995 163,554 Swissmarine T/C BCI Linked (1) BET Commander 1991 149,507 Fair Wind | Vale
Slide 6: Charter Coverage: 2012
Charter Coverage: 2012 2012 Contractual Employment Breakdown 2012 Coverage per Type of Vessel per Type of Charter 7% Fleet 77% 22% 23% Handymax/Handysize 89% 27% Supramax 74% 21% Panamax 68% Period Time Charter Period Bareboat Charter Index Linked Prof it Sharing Spot Time Charter Capesize 57% In to
Slide 7: Seanergy’s Fleet Charterers 1Q 2012
Seanergy’s Fleet Charterers 1Q 2012 1Q 2012 Gross Revenue Breakdown per Charterer Our balanced charterer portfolio leads to diversification of counterparty risk. Our fleet is chartered out to some of the most well known charterers in the industry. Regularly employing our vessels with first cla
Slide 8: Strong Commercial Management Competence
Strong Commercial Management Competence Chartering at 44% above 1Q 65% 2012 average market rate Handysize 14,000 excl. 11,426 12,000 Vessels 10,000 Bremen Max under B/B 6,925 8,000 Charter 15% 6,000 4,000 7,946 2,000 Handysize 6,925 0 45% 12,553 Supramax TC Average of BPI Bremen Charter Rate 8,679 9
Slide 9: 2. Financial Review
2. FINANCIAL REVIEW ©)
Slide 10: 1Q 2012 Financial Highlights
1Q 2012 Financial Highlights (in million $, rounded) 1Q 2012 1Q 2011 Net Revenues 17.4 25.2 EBITDA 2.5 12.9 Adjusted* EBITDA 4.9 12.9 Net Loss (6.4) (1.5) Adjusted* Net Loss (4.0) (1.5) EPS basic (Split Adjusted) (0.54) (0.21) EPS diluted (Split Adjusted) (0.54) (0.21) Weighted Average Common Shares
Slide 11: 1Q 2012 Operational Highlights
1Q 2012 Operational Highlights 1Q 2012 1Q 2011 Fleet Data Average number of vessels 19.5 20.0 Ownership days 1,770 1,800 Available days 1,758 1,724 Operating days 1,626 1,678 Fleet utilization 91.9% 93.2% Fleet utilization excluding drydocking off hire days 92.5% 97.3% Average Daily Results (in $) T
Slide 12: Consolidated Balance Sheet
Consolidated Balance Sheet March 31, December 31, March 31, (in million $, rounded) 2012 2011 2011 Cash & cash equivalents and restricted 29.3 37.3 55.6 cash Other current assets 7.5 6.2 4.3 Vessels, net 370.8 381.1 589.3 Goodwill 4.4 4.4 17.3 Other non-current assets & deferred 6.1 7.5 12.7 charges
Slide 13: Consolidated Income Statement
Consolidated Income Statement (in million $, rounded) 1Q 2012 1Q 2011 Net Revenues 17.4 25.2 Voyage expenses (1.9) (0.8) Vessel operating expenses (8.3) (8.6) Management fees (0.6) (0.8) General and administration expenses (1.6) (2.0) Depreciation & Amortization (5.5) (10.7) Non-Cash Loss on Vessel
Slide 14: Debt Profile and Swaps Schedule
Debt Profile and Swaps Schedule Debt Profile (in million $, rounded) 31-3-2012 31-12-2011 30-9-2011 30-6-2011 Marfin Term Loan 94.0 98.0 98.0 104.4 Marfin Revolving Facility 44.8 48.0 54.8 54.8 Citibank Loan 87.5 87.5 94.6 94.6 DVB Loan 38.1 48.4 48.4 48.4 HSBC Loan 22.2 24.9 27.5 30.1 UOB Loans (Se
Slide 15: Dry Docking Schedule and Cost
Dry Docking Schedule and Cost Dry docking schedule for 2012 Next Scheduled Vessel Name DWT Expected Cost Dry Docking Hamburg Max 73,498 in progress $1,500,000 Asian Grace 20,412 Jul. 2012 $600,000 Clipper Grace 30,548 Oct. 2012 $500,000 The survey of Clipper Glory commenced on January 4, 2012 and
Slide 16: 5. Dry Bulk Industry Overview
5. DRY BULK INDUSTRY OVERVIEW
Slide 17: Dry Bulk Market Changing Direction after 1Q 2012
Dry Bulk Market Changing Direction after 1Q 2012 Annualized Steel Production, Million Tons 1Q 2012 Weakness: 1,650 1,600 1. All-time record of new vessel deliveries in January. 1,550 1,500 1,450 2. Seasonal slowdown relating to the Chinese New Year 1,400 celebration. 1,350 1,300 3. Adverse weather i
Slide 18: Long Term Demand for Vessels Remains Robust
Long Term Demand for Vessels Remains Robust Global Iron Ore Trade 1,200 Continuing development of infrastructure 1,150 projects is going to drive future steel manufacturing. 1,100 1,050 Large iron ore mining expansions in Australia 1,000 and Africa will lead to lower prices for seaborne iron ore
Slide 19: Timeline of Future Additions to the Fleet
Timeline of Future Additions to the Fleet Expected Deliveries, in Million DWT Expected Deliveries, in Million DWT 700 120 Total Existing: 641 2012: 102 600 85 100 10 500 131 80 19 2013: 65 400 60 6 163 33 300 12 Total Orders: 187 ~ 29% of existing 40 200 21 2014: 20 18 33 262 20 40 1 100 61 3 26 7 7
Slide 20: Age Distribution per Vessel Class
Age Distribution per Vessel Class Capesize Age Profile: % of fleet under age group Panamax Age Profile: % of fleet under age group 60% 50% 52% 50% 39% 40% 40% 30% 30% 20% 17% 18% 20% 15% 14% 15% 10% 10% 10% 10% 10% 0% 0% 0‐4 5‐9 10‐14 15‐19 20+ 0‐4 5‐9 10‐14 15‐19 20+ Handymax Age Profile: % of flee
Slide 21: Dry Bulk Demolition Activity
Dry Bulk Demolition Activity 4.0 3.5 3.4 3.2 3.2 3.0 2.7 2.5 Monthly Average: 2.3 2 Million DWT 2.0 2.1 2.0 1.9 1.8 1.8 1.5 1.5 1.4 1.2 1.0 1.0 0.8 0.5 0.0 2011/2012 Demolition in Million DWT Monthly Average 2012: demolition activity up 48% year on year in terms of deadweight tonnage, on an annual
Slide 22: Scrap Steel Price and Freight Rates Relationship
Scrap Steel Price and Freight Rates Relationship $ / LDT 600 12,000 500 10,000 400 8,000 300 6,000 200 4,000 100 2,000 - - Average Scrap Price [LHS] Baltic Exchange Dry Index [RHS] Two main factors affect demolition activity: Charter Market: Low rates will prompt more demolition sales. Demand
Slide 23: Contacts
Contacts Dale Ploughman, Chairman & Chief Executive Officer Christina Anagnostara, Chief Financial Officer Tel: +30 213 01 81 507 E-mail: [email protected] E-mail: [email protected] For more information please visit our website: http://www.seanergymaritime.com 23
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