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Highlights of the Third Quarter of 2022: • Net revenues: $34.0 million in Q3 2022, as compared to $48.2 million in Q3 2021 • Net Income: $7.1 million in Q3 2022, as compared to $20.1 million in Q3 2021 • Adjusted Net Income1: $7.6 million in Q3 2022, as compared to $22.8 million in Q3 2021 • EBITDA 1: $18.6 million in Q3 2022, as compared to $30.1 million in Q3 2021 • Adjusted EBITDA1: $19.0 million in Q3 2022, as compared to $32.2 million in Q3 2021 • Earnings per share ("EPS") (basic & diluted): $0.04 • Adjusted EPS1 (basic & diluted): $0.04 Highlights of the Nine Months ended September 30, 2022: • Net revenues: $96.5 million in 9M 2022, as compared to $96.4 million in 9M 2021 • Net Income: $16.7 million in 9M 2022, as compared to $20.7 million in 9M 2021 • Adjusted Net Income1: $22.4 million in 9M 2022, as compared to $25.4 million in 9M 2021 • EBITDA1: $47.5 million in 9M 2022, as compared to $47.4 million in 9M 2021 • Adjusted EBITDA1: $53.1 million in 9M 2022, as compared to $51.4 million in 9M 2021 • Earnings per share ("EPS") (basic & diluted): $0.10 and $0.09 respectively • Adjusted EPS1 (basic & diluted): $0.13 Other Developments: • Quarterly dividend of $0.025 per share for Q3 2022 - total cash dividends of $0.125 per share in 2022 to date • Dividends represent 25% yield based on our closing price on November 29, 2022 • Total buybacks of convertible notes, warrants and shares of $26.7 million completed since Q4 2021 • New financing and refinancing transactions totaling $108.3 million within 2022 with improved pricing and overall loan terms - no remaining loan maturities until Q4 2023 November 30, 2022 - Athens, Greece
For the nine-month period ended September 30, 2022, Net Revenues were $96.5 million, compared to $96.4 million in same period of 2021. Adjusted EBITDA for the first nine months of 2022 was $53.1 million, compared to $51.4 million in the same period of 2021. The daily TCE of the fleet for the first nine months of 2022 was $20,996, compared to $23,449 in the first nine months of 2021. The average daily OPEX was $6,875, compared to $5,806 of the respective period of 2021. Cash, cash-equivalents and restricted cash, as of September 30, 2022, stood at $25.6 million. Shareholders' equity at the end of the third quarter was $225.5 million. Long-term debt (senior loans, convertible note and other financial liabilities) net of deferred charges stood at $243.5 million, while the book value of our fleet stood at $436.1 million. (1) Adjusted EPS, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted EPS, Adjusted Net Income, EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure. (2) TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure. Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated: "We are pleased to report another profitable quarter for Seanergy, despite the challenging macroeconomic and market conditions. Our Board of Directors has approved a cash dividend of $0.025 per share, consistent with our dividend policy and strategy of rewarding shareholders. Over the last four quarters, total cash dividend distributions have been approximately $22.5 million or $0.125 per share, which implies a 25% yield based on our closing price on November 29, 2022. Together with the successful execution of our two previous repurchase plans, we have deployed approximately $49.2 million to securities buybacks and cash dividends since Q4 2021. "Regarding our financial performance in the third quarter, we have achieved TCE Revenues of $32.1 million, resulting in a daily TCE of $20,614. This represents a 51% premium to the average Baltic Capesize Index ("BCI") earnings during the same period. For the first nine months of 2022 our daily TCE was $20,996, comparing favorably to the average daily BCI of $16,580. For Q1 2023, we also expect significant premium, compared to the relevant quoted forward freight agreements ("FFAs"), as we analyze further in this release. The decision to focus on acquiring premium quality vessels in combination with our commercial strategy and proactive freight hedging activities, have so far been able to mitigate the effects of a slowing dry bulk market. Adjusted EBITDA in the third quarter and nine months of 2022 amounted to $19.0 million and $53.1 million, respectively, while Net Income for the quarter and nine-month period was approximately $7.1 million and $16.7 million, respectively. "Concerning our commercial developments, four of our vessels secured new time charter ("T/C") employment or extended their existing agreements since our last update. The time charters are index-linked and all of them were concluded at premiums over the BCI. In addition, we managed to improve the scrubber profit sharing scheme for the scrubber-fitted vessels that were due for renewal. Within the next two quarters several of our scrubber-fitted vessels will start earning a considerably higher share of the scrubber premium, further strengthening our operational revenues. "On the ESG and energy efficiency front, during the quarter we continued the installation of energy saving devices on an additional vessel. Similar to the rest of our fleet, these improvements will ensure the marketability of this vessel well into the future by keeping pace with the high environmental demands of first-class charterers. We have also continued the biofuel trials with two major clients and are in process of evaluating similar prospects with more of our close charterers. "On the financing front, we continue our balance sheet optimization initiatives, having concluded $108.3 million in new financings and refinancing in 2022 to-date. In October, we closed a $28.0 million loan facility with a major European lender to refinance the $23.6 million indebtedness secured by two of our vessels on improved pricing terms. Following this refinancing, we have successfully addressed all remaining loan maturities for the current year, while ensuring sufficient liquidity that will allow us to mitigate a softer market environment and to evaluate opportunities to expand and renew our fleet. "With dry bulk fleet growth at the lowest levels on record, we remain confident in the long-term prospects of the market and are constantly evaluating our options with respect to returning capital to shareholders and accretive vessel acquisitions." Full report About Seanergy Maritime Holdings Corp. Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company's operating fleet consists of 17 Capesize vessels with an average age of approximately 12.5 years and an aggregate cargo carrying capacity of approximately 3,020,012 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP". Please visit our company website at: www.seanergymaritime.com. Seanergy Maritime Corp. press release 
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