Seanergy Maritime Holdings Corp. · NASDAQ:SHIP

Seanergy Maritime — FY2011 Earnings Presentation

23 slides from Seanergy Maritime's earnings presentation, Feb 15, 2012

  1. Slide 1: Fourth Quarter and Full Year 2011 Earnings Presentation

    Fourth Quarter and Full Year 2011 Earnings Presentation February 15, 2012

  2. 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

  3. Slide 3: 1. Seanergy Highlights

    1. SEANERGY HIGHLIGHTS

  4. Slide 4: 4Q 2011 Highlights and Developments

    4Q 2011 Highlights and Developments 4Q 2011 Highlights  Net Revenue of $27.5 million  EBITDA of $15.6 million  Net Profit of $6.6 million 4Q 2011 Developments  Net Revenues increased by 6% as compared to the same quarter in 2010.  General and Administrative expenses decreased by 48%, or $1.5 mi

  5. 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 V/C Spo

  6. Slide 6: Charter Coverage: 2011

    Charter Coverage: 2011 2011 Contractual Employment Breakdown 2011 Coverage per Type of Vessel per Type of Charter Fleet 98% 9% 38% 26% Handymax/Handysize 100% Supramax 88% 6% 20% Panamax 99% Period Time Charter Period Bareboat Charter Index Linked Prof it Sharing Spot Time Charter Capesize 95%  In

  7. Slide 7: Seanergy's Fleet Charterers 4Q 2011

    Seanergy’s Fleet Charterers 4Q 2011 4Q 2011 Gross Revenue Breakdown per Charterer 8% 10%  Our fleet is chartered out to some of the most well known charterers in the industry. 18%  Regularly attracting well known and creditworthy charterers maximizes cash flow generation potential and is an 24% in

  8. Slide 8: Charter Coverage: 2012

    Charter Coverage: 2012 2012 Contractual Employment Breakdown 2012 Coverage per Type of Vessel per Type of Charter Fleet 70% 5% 24% 26% Handymax/Handysize 81% Supramax 57% 16% 30% Panamax 64% Period Time Charter Period Bareboat Charter Index Linked Prof it Sharing Capesize 54% Spot Time Charter  In

  9. Slide 9: 2. Financial Review

    2. FINANCIAL REVIEW

  10. Slide 10: FY & 4Q 2011 Financial Highlights

    FY & 4Q 2011 Financial Highlights (in million $, rounded) FY 2011 FY 2010 4Q 2011 4Q 2010 Net Revenues 104.1 95.9 27.5 25.9 EBITDA (148.1) 47.3 15.6 10.7 Adjusted EBITDA* 53.8 47.3 15.6 10.7 Net (Loss) Income (197.8) 0.1 6.6 (2.6) Adjusted Net Income (Loss) * 4.1 0.1 6.6 (2.6) EPS basic (Split Adjus

  11. Slide 11: FY & 4Q 2011 Operational Highlights

    FY & 4Q 2011 Operational Highlights FY 2011 FY 2010 4Q 2011 4Q 2010 Fleet Data Average number of vessels 20.0 16.6 20.0 20.0 Ownership days 7,300 6,040 1,840 1,840 Available days 7,133 5,662 1,833 1,642 Operating days 6,944 5,627 1,779 1,630 Fleet utilization 95.1% 93.2% 96.7% 88.6% Fleet utilizatio

  12. Slide 12: Consolidated Balance Sheet

    Consolidated Balance Sheet December 31, December 31, (in million $, rounded) 2011 2010 Cash & cash equivalents and restricted cash 37.3 64.2 Other current assets 6.2 4.3 Vessels, net 381.1 597.4 Goodwill 4.4 17.3 Other non-current assets & deferred charges 7.5 13.2 Total assets 436.5 696.4 Current p

  13. Slide 13: Consolidated Income Statement

    Consolidated Income Statement (in million $, rounded) FY 2011 FY 2010 4Q 2011 4Q 2010 Net Revenues 104.1 95.9 27.5 25.9 Voyage expenses (3.2) (2.8) (1.2) (1.0) Vessel operating expenses (34.7) (30.7) (8.6) (10.5) Management fees (3.0) (2.6) (0.6) (0.7) General and administration expenses (8.7) (8.3)

  14. Slide 14: Debt Profile and Swaps Schedule

    Debt Profile and Swaps Schedule Debt Profile (in million $) 31-12-2011 30-9-2011 30-6-2011 31-3-2011 Marfin Term Loan 98.0 98.0 104.4 104.4 Marfin Revolving Facility 48.0 54.8 54.8 54.8 Citibank Loan 87.5 94.6 94.6 101.7 DVB Loan 48.4 48.4 48.4 53.2 HSBC Loan 24.9 27.5 30.1 32.7 UOB Loans (Senior an

  15. Slide 15: FY 2011 Margins

    FY 2011 Margins Daily Breakeven Analysis  Fleet TCE rate of $14,524  Net Income Margin – approx. 9% of TCE  Free Cash Flow Margin – approx. 37% of TCE $25,000 $25,000 Margin Margin $20,000 $20,000 Depreciation & Maintenance Capital Amortization Expenditures $15,000 Interest & $15,000 Interest & F

  16. Slide 16: 4Q 2011 Margins

    4Q 2011 Margins Daily Breakeven Analysis  Fleet TCE rate of $14,806  Net Income Margin – approx. 27% of TCE  Free Cash Flow Margin – approx. 45% of TCE $25,000 $25,000 Margin Margin $20,000 $20,000 Maintenance Depreciation & Capital Amortization Expenditures Interest & Finance $15,000 Interest &

  17. Slide 17: Dry Docking Schedule and Cost

    Dry Docking Schedule and Cost Dry docking schedule for 2012 Next Scheduled Vessel Name DWT Expected Cost Dry Docking Asian Grace 20,138 Apr/May 2012 $600,000 Hamburg Max 73,498 May 2012 $1,500,000 BET Fighter 173,149 Sep. 2012 $1,850,000 Clipper Grace 30,548 Oct. 2012 $500,000 BET Intruder 69,235 De

  18. Slide 18: 5. Dry Bulk Industry Overview

    5. DRY BULK INDUSTRY OVERVIEW

  19. Slide 19: Dry Bulk Demand: 2012 Outlook

    Dry Bulk Demand: 2012 Outlook  Steel production is set to slow in 2012 but still growing circa 4%: Global Iron Ore Trade Credit tightening in China and slowing production and export demand from developed economies. 1200 12% MT  Government policy responses in Asian markets and the eventual 1000 10%

  20. Slide 20: Dry Bulk Demand: Long Term Drivers

    Dry Bulk Demand: Long Term Drivers 1. Growth in Urbanization: Urban Population Projections, East Asia and Pacific Region In Millions 1,400 1,200  Urban population as a percentage of total in the OECD was 78% at the end of 2010 while in the East Asia and Pacific 1,000 region it was 49%. This transla

  21. Slide 21: Dry Bulk Orderbook and Supply Outlook

    Dry Bulk Orderbook and Supply Outlook Orderbook Outstanding by vessel type (MDWT): Vessel Type m.DWT %Fleet 2012 2013 2014  Anticipated deliveries are likely to fall significantly Capesize 87.2 36% 60.1 21.4 5.7 after mid 2013. Panamax 61.1 40% 41.5 16 3.6 Handymax 35.2 28% 24.2 9.6 1.5 Handysize 1

  22. Slide 22: Vessel Demolition

    Vessel Demolition  2011 demolition activity: up 246% year on Total Bulk Fleet (in million dwt) year in terms of deadweight tonnage. 4% 611.1 of the world fleet exited the market. 535.8 Total Fleet Scrapping Up 458.4 246% Up 14%  In 2012, intensity of demolition activity will depend on a number of

  23. Slide 23: Contacts

    Contacts Dale Ploughman, Chairman & Chief Executive Officer Christina Anagnostara, Chief Financial Officer Tel: +30 213 01 81 507 E-mail: ir@seanergymaritime.com E-mail: info@seanergymaritime.com.gr For more information please visit our website: http://www.seanergymaritime.com 23

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