Benzinga | Sep 24, 2020 09:02AM EDT

Seanergy Maritime Offers Fleet Commercial Guidance, Other Shareholder Updates

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) ("Seanergy" or the "Company") announced today its third quarter 2020 commercial guidance and update on the purchase of shares by its Chairman and CEO.

Fleet commercial update and Third Quarter 2020 TCE Guidance

As of today, approximately 94% of our fleet operating days in the third quarter have been fixed at a time charter equivalent ("TCE") of approximately $16,3001 per ship per day, which is calculated on a load-to-discharge method of accounting2.

This follows (i) the improved earnings environment in the third quarter of 2020 when compared to the first half of the year, (ii) the fixtures of spot voyages for our four vessels that are not employed on index-linked time charters through various dates in September and (iii) management's decision to exercise the option to convert the floating rate under the index-linked charter of the M/V Lordship to a fixed gross rate of $22,000 per day for a 2-month period.

Fleet Employment Profile:

Vessel Capacity Year Earliest FixedVessel Name Class (DWT) Built Yard Employment Charterer Expiration Rate Option T/C Index A EuropeanPartnership Capesize 179,213 2012 Hyundai Linked utilities June 2022 Yes companyChampionship Capesize 179,238 2011 Sungdong T/C Index Cargill November Yes Linked 2023 T/C Index A EuropeanLordship Capesize 178,838 2010 Hyundai Linked utilities May 2022 Yes companyPremiership Capesize 170,024 2010 Sungdong T/C Index Glencore November n/a Linked 2022Squireship Capesize 170,018 2010 Sungdong T/C Index Glencore December n/a Linked 2022Knightship Capesize 178,978 2010 Hyundai T/C Index Glencore May 2023 n/a Linked T/C Index A Far Eastern FebruaryGloriuship Capesize 171,314 2004 Hyundai Linked dry bulk 2021 Yes operator AnFellowship Capesize 179,701 2010 Daewoo Voyage international Q4 2020 n/a Charter trading company AnGeniuship Capesize 170,058 2010 Sungdong Voyage international Q4-2020 n/a Charter trading companyGoodship Capesize 177,536 2005 Mitsui Voyage A mining Q4-2020 n/a Charter company AnLeadership Capesize 171,199 2001 Koyo Voyage international Q4-2020 n/a Charter trading companyTotal 1,926,117 11.5

Update on Stock Purchases by the CEO

As of today, the Company's Chairman and Chief Executive Officer, Mr. Stamatis Tsantanis, has purchased 200,000 of Seanergy's common shares in accordance with the previously announced plan for open-market purchases by Mr. Tsantanis. Further purchases will be announced in subsequent updates.