Seanergy Maritime Holdings Corp. · NASDAQ:SHIP
Seanergy Maritime — Debt Investor Presentation (March 2025)
60 slides from Seanergy Maritime's debt investor presentation, Mar 28, 2025
Slide 1: USD 100m senior unsecured bond issue Credit investor presentation
USD 100m senior unsecured bond issue Credit investor presentation 27 March 2025
Slide 2: Important information and disclaimer (1/2)
Important information and disclaimer (1/2) This presentation, together with its appendices (collectively, the "Presentation") has been produced by Seanergy Maritime Holdings Corp. (the "Issuer" or the "Company", and together with its subsidiaries, the "Group") solely for information purposes for use
Slide 3: Important information and disclaimer (2/2)
Important information and disclaimer (2/2) This Presentation reflects the conditions and views as of the date set out on the front page of this Presentation. The information contained herein is subject to change, completion, or amendment without notice. In furnishing this Presentation, no Covered Pe
Slide 4: Summary of risk factors
Summary of risk factors RISKS RELATED TO THE GROUP'S INDUSTRY Charter hire rates for dry bulk vessels are cyclical and volatile. The Group is currently almost entirely dependent on index-linked charters. An over-supply of dry bulk vessel capacity may depress the current charter rates and vessel valu
Slide 5: Issuer characteristics
Issuer characteristics Notes: (1) Market capitalization as of 26th March 2025 Issuer overview Seanergy Maritime Holdings Corp. (the “Issuer” and together with its subsidiaries, “Seanergy”, the “Company” or the “Group” ) is a leading owner and operator of Capesize bulk carriers providing marine trans
Slide 6: Table of contents
Table of contents 1 Transaction summary 2 Company overview 3 Market outlook 4 Financial profile R Risk factors A Appendix
Slide 7: Transaction overview
Transaction overview Notes: (1) Market capitalization as of 26th March 2025; (2) As defined in the term sheet Seanergy is a leading owner and operator of Capesize bulk carriers with a fleet of 21 vessels, 2 Newcastlemaxes and 19 Capesizes, following 2 acquisitions in 2025 (Meiship and Blueship) The
Slide 8: Summary of key terms
Summary of key terms Note: Please refer to the term sheet for further information Issuer: Seanergy Maritime Holdings Corp. Issue amount: USD 100m Borrowing limit: USD 200m Use of proceeds: General corporate purposes incl. debt refinancing and acquisitions of vessels Status: Senior unsecured Tenor: 4
Slide 9: Key credit highlights
Listed on NASDAQ since 2008, with a USD 145m1 market capitalization, and proven access to equity capital markets having raised USD 180m of equity since 2020 Hybrid operating model with low-cost in-house technical management and proven commercial management platform through index outperformance since
Slide 10: Today's presenters
Today’s presenters Stamatis Tsantanis Chairman & CEO CEO of Seanergy since 2012; Chairman since 2013 Led Seanergy’s significant growth to a prominent pure-play Capesize dry bulk company with a carrying capacity of approximately 3.8 million dwt 27+ years of experience in shipping, banking and capital
Slide 11: Table of contents
Table of contents 1 Transaction summary 2 Company overview 3 Market outlook 4 Financial profile R Risk factors A Appendix
Slide 12: A leading NASDAQ-listed owner and operator of Capesize bulk carriers
Pure-play Capesize shipping company listed on Nasdaq since 2008 under ticker ‘SHIP’ Modern, high-quality fleet of Japanese and Korean vessels Highly experienced management team with more than 100 years of combined experience Strong corporate governance with a fundamental focus on ESG: No related par
Slide 13: Fleet list and charter coverage
Vessel DWT Built Yard Charterer Hire Scrubber profit Charter end1 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 Meiship 207 851 2013 Imabari Costamare Floor Rate + Profit-Share2 Apr-26 Patriotship 181 709 2010 Imabari Glencore Index-Linked Dec-25 Dukeship 181 453 2010 Sasebo NYK Index-Linked Jul-25
Slide 14: Continuous fleet optimization since re-launch in 2015
Continuous fleet optimization since re-launch in 2015 2015 - 2017 Acquisition of 6x Capesize and 2x Supramax vessels Acquisition of 2x Korean built Capesize vessels at market lows Acquisition of 1x Korean built Capesize vessel Long history of proven access to equity capital markets has facilitated f
Slide 15: Strong trading performance through firm index-linked charters
Strong trading performance through firm index-linked charters Index-linked charters with profit sharing enables market outperformance With most of its fleet on index-linked period charters at premiums to the BCI, Seanergy is able to secure close to 100% fleet utilization above market average rates T
Slide 16: Hybrid in-house operating model ensuring low all-in operating expenses
Hybrid in-house operating model ensuring low all-in operating expenses Notes: (1) Adjusted for 5yr drydocking cycles Seanergy has a hybrid model with mainly in-house technical management by Seanergy Shipmanagement Corp. (“SSC”), a wholly owned subsidiary of Seanergy SSC comprises a highly experience
Slide 17: Conservative cash breakeven, even with rapid deleveraging
Conservative cash breakeven, even with rapid deleveraging Notes: (1) Normalized docking costs over a 5-year cycle Sources: SIN Seanergy has a cost-efficient operating model with all-in opex and capex breakeven of USD ~9,600/day, and only USD ~3,550/day of interest expense pro-forma for the bond issu
Slide 18: Profitable, low-risk decarbonization of dry bulk shipping
Profitable, low-risk decarbonization of dry bulk shipping Establishing strong charterer partnerships facilitates for shared sustainability investments, which enables Seanergy to decarbonize without the need for excessive capital investments Charterers put strong emphasis on Seanergy’s transparency,
Slide 19: ESG is core to Seanergy's strategy
ESG is core to Seanergy’s strategy AI-driven voyage & speed optimization: Reducing fuel consumption and maximizing profitability Weather routing & trim optimization: Cutting waste and improving performance Blue Visby Solution: Eliminating idle time and reducing emissions Advanced silicon-based hull
Slide 20: Strategic priorities going forward
Strategic priorities going forward Net LTV < 50%Financial policy target Fleet utilization (%) No of vessels (YE) 2020 2021 2022 2023 2024 1 12 8 Japanese Korean Other Financial profile Conservative leverage to ensure financial flexibility through the cycles Financial policy: targeting Net LTV < 50%
Slide 21: Table of contents
Table of contents 1 Transaction summary 2 Company overview 3 Market outlook 4 Financial profile R Risk factors A Appendix
Slide 22: The seaborne dry bulk shipping market has constantly been growing
The seaborne dry bulk shipping market has constantly been growing Source: SIN Dry bulk demand is “always” growing Total dry volumes split by cargo Major bulk ton-miles split by cargo The dry bulk shipping market plays a crucial role in global trade, transporting commodities such as iron ore, coal, g
Slide 23: Low orderbook and ageing fleet make Capesize supply dynamics attractive
Low orderbook and an ageing fleet means that the Capesize segment has the most attractive supply dynamics of all commodity shipping segments Source: SIN On the back of rising newbuilding prices, higher interest rates, uncertainty regarding future fuels and an unclear market outlook, dry bulk orderin
Slide 24: Yard dynamics suggest great visibility for low supply growth
Yard dynamics suggest great visibility for low supply growth Source: SIN, BIMCO Capesize age profile by vessels delivered per year % of fleet >20 years Lead time current orderbook On the back of overall strong shipping markets, shipbuilders have seen a significant increase in order intake over the p
Slide 25: Capesize vessel supply could be shrinking if recycling normalizes
Capesize vessel supply could be shrinking if recycling normalizes Source: SIN Limited deliveries and an ageing fleet sets the stage for low Capesize fleet growth 2015 2016 2017 2018 2019 2020 2021 2022 -6 2023 -5 2024 8 -1 2025 2026 2027 2028 Actual deliveries Schedueld deliveries Scrapped Vessels c
Slide 26: China is dependent on the Capesize fleet to supply its growing economy
China is dependent on the Capesize fleet to supply its growing economy Source: SIN, Bloomberg With Chinese imports accounting for 76% of seaborne iron ore volumes and 31% of seaborne coal volumes, China remains the most important demand driver for dry bulk shipping in general and for the Capesize se
Slide 27: Growth in bauxite exports from West Africa has supported Capesize demand
Growth in bauxite exports from West Africa has supported Capesize demand Source: Arctic Securities Research, SIN, URSA Bauxite is the primary ore used to produce aluminum, a critical material for industries such as aerospace, automotive, and construction. It is refined into alumina through the Bayer
Slide 28: More Atlantic Basin iron ore volumes should drive ton-mile demand
More Atlantic Basin iron ore volumes should drive further ton-mile demand from 2025 Source: SIN, Vale, Rio Tinto The ramp-up in Atlantic Basin iron ore volumes will all else equal absorb more than the entire orderbook WCM Simfer Vargem Capanema S11D Total ~90 days RV ~105 days RV ~35 days RV The Sim
Slide 29: Capesizes are highly liquid, ensuring high precision in broker valuations
Capesizes are highly liquid commodity shipping vessels, ensuring high precision in broker valuations The Capesize market has historically been highly liquid with assets being sold both during stronger and softer markets Close to 1,400 vessels have been reported sold over the past 20 years, meaning t
Slide 30: The Capesize chartering market is strong, and FFAs suggest healthy rates
The Capesize chartering market is strong, and FFAs suggest healthy rates for the foreseeable future supporting continued deleveraging Source: SIN, FIS Capesize spot and TC rates 2015-2025YTD FFA curve March 2025 - 2027 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5,000 10,000 15,000 20,0
Slide 31: Table of contents
Table of contents 1 Transaction summary 2 Company overview 3 Market outlook 4 Financial profile R Risk factors A Appendix
Slide 32: Solid historical financial performance
USDm 2021 2022 2023 2024 Solid historical financial performance Adj. EBITDA # # of vessels % Net loan-to-value USDm Debt per vessel x Net leverage ratio % Equity ratio x Interest coverage ratio x Debt service coverage ratio 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2
Slide 33: Significant headroom for debt servicing in cash flow
Significant headroom for debt servicing in cash flow USDm 2024 cash flow waterfall Key figures Revenues Cash operating expenses Adj. EBITDA 3 Maintenance capex 5 Delta NWC Interest payments Debt amortization Free cash flow USD 98m Adj. EBITDA, 2024 2.3x Net leverage, 2024 5.3x Interest coverage, 202
Slide 34: Attractive portfolio of secured debt at very competitive credit margins
Attractive portfolio of secured debt at very competitive credit margins Seanergy has long-standing relationships with leading international shipping banks and lessors Bank margins have come down for the Company as its credit profile has improved over the last years and the most recent loan has a cre
Slide 35: Structural deleveraging through scheduled bank debt amortizations
Structural deleveraging through scheduled bank debt amortizations Notes; (1) Current debt structure pro forma adjusted for the contemplated bond issue; (2) Assuming balloon payments are refinanced and current repayment profile is maintained; (3) Gross debt less USD 114m cash pro-forma for bond issue
Slide 36: Proven access to equity capital markets
Proven access to equity capital markets Notes: (1) Market capitalization as of 26th March 2025 Source: Bloomberg USDm Seanergy has proven over many years that the Company is able to weather any storm and weakness in the dry bulk market Since 2016, the company has raised USD ~230m of equity, reshapin
Slide 37: Low net LTV and good bondholder protection through leverage covenant
Low net LTV and good bondholder protection through leverage ratio covenant Seanergy has a conservative LTV profile in line with its financial strategy 45% net LTV on broker values and only 38% LTV on newbuild parity values The leverage ratio covenant in the term sheet restricts the Issuer from havin
Slide 38: Summary
Attractive fleet of 19 Capesize and 2 Newcastlemax vessels worth USD 660m Leading role in push for sustainable bulk shipping as the first owner to cooperate with charterers to enhance the fleet's operational and environmental performance Attractive long-term Capesize market outlook with FFA curve le
Slide 39: Table of contents
Table of contents 1 Transaction summary 2 Company overview 3 Market outlook 4 Financial profile R Risk factors A Appendix
Slide 40: Risk factors (1/13)
Risk factors (1/13) Terms with capital letters shall have the meaning set forth in this Investor Presentation or in the Term Sheet. The terms and conditions of the Bonds will be regulated by certain bond terms (the "Bond Terms"). Investing in the bonds (the “Bonds”) to be issued by Seanergy Maritime
Slide 41: Risk factors (2/13)
Risk factors (2/13) The Group operates in markets that have historically exhibited seasonal variations in demand and, as a result, in charter hire rates. This seasonality may result in quarter-to-quarter volatility in the Group's operating results. The dry bulk shipping market is typically stronger
Slide 42: Risk factors (3/13)
Risk factors (3/13) Risks related to a recent proposal by the U.S. to impose new port fees on Chinese-linked vessels and to restrict a percentage of U.S. products to being transported on U.S. vessels. The United States Trade Representative (USTR) has recently put forward significant trade actions un
Slide 43: Risk factors (4/13)
Risk factors (4/13) Climate change and greenhouse gas restrictions may be imposed. Due to concern over the risk of climate change, several countries and the International Maritime Organisation (“IMO”), have adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse gas e
Slide 44: Risk factors (5/13)
Risk factors (5/13) The Group's vessels may call on ports located in or may operate in countries that are subject to restrictions or sanctions imposed by the United States, the European Union or other governments. The Group's vessels may call in the future on ports located in countries subject at th
Slide 45: Risk factors (6/13)
Risk factors (6/13) Risks Relating to the Group Risks related to a decrease in the market values of the Group's vessels. The fair market values of the Group's vessels are related to prevailing freight charter rates. While the fair market value of vessels and the freight charter market have a very cl
Slide 46: Risk factors (7/13)
Risk factors (7/13) Substantial debt levels could limit the Group's flexibility to obtain additional financing and pursue other business opportunities. As of December 31, 2024, the Group had $261.5 million in debt outstanding across the Group's loan facilities and sale and leaseback transactions. Mo
Slide 47: Risk factors (8/13)
Risk factors (8/13) If the Group fails to manage the Group's planned growth properly, the Group may not be able to successfully expand the Group's market share. The Group's fleet currently consists of 19 Capesize vessels and two Newcastlemax dry bulk vessels. Moreover, the Group may acquire addition
Slide 48: Risk factors (9/13)
Risk factors (9/13) The Group may not be able to attract and retain crew, key management personnel and other employees in the shipping industry, and higher crew costs may have a negative impact on the financial condition of the Group. The Group's success will depend to a significant extent upon the
Slide 49: Risk factors (10/13)
Risk factors (10/13) The shipping industry has inherent operational risks that may not be adequately covered by the Group's insurances. The Group procures insurance for the Group's fleet against risks commonly insured against by vessel owners and operators. The Group may not be adequately insured ag
Slide 50: Risk factors (11/13)
Risk factors (11/13) The Group may be subject to tax in the jurisdictions in which the Group or the Group's vessel-owning or management subsidiaries are incorporated or operate. In addition to the tax consequences discussed herein, the Group may be subject to tax in one or more other jurisdictions w
Slide 51: Risk factors (12/13)
Risk factors (12/13) Risk related to the Group's operations may be subject to economic substance requirements. The Council of the European Union, or the Council, routinely publishes a list of “non-cooperative jurisdictions” for tax purposes, which includes countries that the Council believes need to
Slide 52: Risk factors (13/13)
Risk factors (13/13) Option to redeem Under the Bond Terms, the Issuer has the possibility to redeem all outstanding Bonds before the final redemption date. If the Bonds are redeemed before the final redemption date, the holders of the Bonds will have the right to receive an early redemption amount
Slide 53: Table of contents
Table of contents 1 Transaction summary 2 Company overview 3 Market outlook 4 Financial profile R Risk factors A Appendix
Slide 54: Limited planned capex after heavy drydocking year in 2025
Limited planned capex expenditure after heavy drydocking year in 2025 Notes: (1) For one of the vessels in 1Q25 this relates only to the application of silicone paints Drydocking schedule and associated estimated capex budgets 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 4 vessels1 2
Slide 55: Board of directors & management
Board of directors & management Stamatis Tsantanis, Chairman & CEO CEO of Seanergy since 2012; Chairman since 2013 Led Seanergy’s significant growth to a prominent pure-play Capesize dry bulk company with a carrying capacity of approximately 3.4 million dwt 27+ years of experience in shipping, banki
Slide 56: Legal structure
Legal structure Note: All companies are owned 100% directly or indirectly by Seanergy Seanergy Maritime Holdings Corp. Marshall Islands Seanergy Management Corp. Marshall Islands Martinique International Corp. British Virgin Islands Harbour Business International Corp. British Virgin Islands Pembrok
Slide 57: Income statement
Income statement USD (In thousands, except share and per share data) 2021 2022 2023 2024 Vessel revenue, net 153,108 122,629 107,036 164,881 Fees from related parties - 2,391 3,198 2,578 Revenue, net 153,108 125,020 110,234 167,459 Expenses: Voyage expenses (16,469) (4,293) (2,851) (3,297) Vessel op
Slide 58: Balance sheet
Balance sheet Assets (In USD thousands) 2021 2022 2023 2024 Current assets: Cash and cash equivalents 41,496 26,027 19,378 21,866 Restricted cash 1,180 1,650 50 8,050 Accounts receivable trade, net - 720 896 404 Inventories 1,448 1,995 1,559 1,693 Prepaid expenses 1,118 1,096 1,238 3,528 Due from re
Slide 59: Cash flow statement
Cash flow statement Operating activities (In USD thousands) 2021 2022 2023 2024 Net income 41,348 17,239 2,282 43,472 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 17,151 23,417 24,676 25,493 Amortization of deferred dry-docking costs
Slide 60: Thank you
seanergy Thank you
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