Seanergy: Investor day and Company Presentation in Manhattan



By Dimitri Soultogiannis
Special to the Hellenic News of America

New York, NY—On Friday, September 9th, 2012, Seanergy Maritime Holding Corp held an investor day at New York’s Harvard Club. Company officials briefed reporters and other businessmen on its current financial standing and future plans.

Seanergy is a Marshall Islands corporation with 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 current fleet includes 20 drybulk carriers (4 Capesize, 3 Panamax, 2 Supramax, 1 Handymax and 10 Handysize) with a total carrying capacity of 1,295,594 dwt and an average rate of 13,5 years.

According to its officials, the company has secured contract coverage of 93% for 2011, 64% for 2012 and 24% for 2013 as of today. Seanergy already trades on NASDAQ under ticker «SHIP» and «SHIPW». Its closing price as of September 1st, 2011 was $4,28 per share with the total number of shares up to 7,318,263.

Friday’s presenation was based on the 2011 (second quarter) highlights. The Company’s net revenue came up to $27,8 million, a significant decrease compared to 2010 ($95,9 million) and 2009 ($87,9 million). In 2011, the operating expenses came up to id=”mce_marker”3.5 million compared to the $44,4 million in 2010 and the $26,5 million in 2009. The average number of vessels was 20,0 in 2011, 16,6 in 2010 and 7,9 in 2009.

There is no question these are critical financial times for a lot of marine companies including seanergy. According to the financial Estimates given for the end of 2011 in Friday’s meeting the year’s revenue is expected to come up to $99,8 million with the Genereal and Administrative Expenses being $8,6 million.