UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report: Not applicable For the transition period from _______ ...

Exhibit 99.1 Seanergy Maritime Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2023 and Declares a Cash Dividend of $0.10 Per Share | Highlights | | | | | | --- | --- | --- | --- | --- | | (in million USD, except EPS) | Q4 2023 | Q4 2022 | 12M 2023 | 12M 2022 | | Net revenues | $39.4 | $28.5 | $110.2 | $125.0 | | Net income | $10.8 | $0.5 | $2.3 | $17.2 | | 1 Adjusted net income | $11.4 | $0.9 | $11.9 | $23.3 | | EBITDA1 | $23.3 | $12.9 | $51.3 | $60.5 | | Adjusted EBIT ...

Financial Data and Key Metrics Changes - The company's net revenues for Q4 2023 were $39.4 million, a 38% increase year-on-year, with adjusted EBITDA at $23.9 million and net income at $10.8 million [4][51] - For the full year 2023, net revenues totaled $110.2 million, slightly lower than the previous year, with adjusted EBITDA of $53 million and net income of $2.3 million [5][7] - The cash position at the end of 2023 was strong at $24.9 million, approximately $1.5 million per vessel, despite consistent dividend payments and share buybacks [6][11] Business Line Data and Key Metrics Changes - The average time charter equivalent (TCE) for 2023 was $17,500, outperforming the BCI by approximately 7% [5][58] - The company achieved an adjusted EBITDA margin of 48% for the year, consistent with the previous year's performance [9] Market Data and Key Metrics Changes - The ton-mile demand for Capesize cargoes in 2023 was 6% higher than in 2022, with significant increases in iron ore, coal, and bauxite cargoes [15] - The Capesize market strengthened considerably in Q4 2023, leading to the highest BCI average rate in over a decade [16][50] - The overall net Capesize fleet growth is expected to be around 2.5% in 2024, lower than the projected ton-mile demand growth [68] Company Strategy and Development Direction - The company is focused on rewarding shareholders through capital returns, investing in fleet growth, and maintaining a strong balance sheet [18][56] - The strategic decision to increase the number of vessels managed in-house has contributed to operational efficiency [8] - The company plans to enhance its interest margin profile through financing for its latest Capesize acquisition [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about profitability in 2024, anticipating a significant increase in EBITDA, potentially reaching close to $115 million [14] - The demand for Capesize vessels is expected to remain strong due to ongoing infrastructure investments and a recovering global manufacturing sector [67] - Management noted that the effective supply of vessels will significantly influence freight rates in 2024 [90] Other Important Information - The company declared a total cash dividend of $0.10 per share for Q4 2023, including a special dividend of $0.075 [53] - The company successfully repaid its last outstanding convertible note of $3.2 million, simplifying its capital structure [55] Q&A Session Summary Question: When is the special dividend payable? - The special dividend is expected to be payable around April 10 [72] Question: Can you discuss the recent acquisition and deal flow in the market? - The company has seen significant transaction activity recently, with older ships being sold at firm values, indicating a strong market position for their recent acquisition [24] Question: Will the $34 million expenditure for the Iconship acquisition fall into the second quarter? - Yes, the full expenditure and delivery of the vessel are expected by the end of the second quarter [28] Question: What are the plans for dry docking ships in 2024? - The dry docking schedule for 2024 is expected to be light and manageable [29] Question: Can you explain the rise in interest and other income in Q4? - There are no major items expected in the interest and other income line, with interest expenses remaining stable [30] Question: What is the outlook for demand and supply in the Capesize market? - Demand remains strong, with expectations of continued healthy demand in 2024, influenced by effective vessel supply and geopolitical factors [32][90]

Financial Performance - For Q3 2023, the company reported net revenues of $24.5 million, a decrease of 28.8% from $34.0 million in Q3 2022[2] - The net loss for Q3 2023 was $5.0 million, compared to a net income of $7.1 million in Q3 2022, marking a significant decline[5] - Adjusted EBITDA for Q3 2023 was $9.5 million, down from $19.0 million in the same quarter of 2022, reflecting a 50% decrease[2] - For the nine-month period ended September 30, 2023, net revenues totaled $70.8 million, down 26.7% from $96.5 million in the same period of 2022[7] - Net loss for Q3 2023 was $(5,040) thousand, compared to a net income of $7,140 thousand in Q3 2022, representing a decline of 170.6% year-over-year[20] - Adjusted EBITDA for Q3 2023 was $9,531 thousand, down 50.0% from $19,041 thousand in Q3 2022[20] - Vessel revenue for Q3 2023 was $23,105,000, a decrease of 30% from $32,963,000 in Q3 2022[39] - Net revenue for the nine months ended September 30, 2023, was $70,806,000, down 26.7% from $96,493,000 in the same period of 2022[39] - Operating income for Q3 2023 was $21,000, compared to $8,232,000 in Q3 2022, reflecting a significant decline[39] - Net loss attributable to common shareholders for Q3 2023 was $5,078,000, compared to a net income of $7,140,000 in Q3 2022[39] - Net cash provided by operating activities for the nine months ended September 30, 2023, was $11,050,000, down 61.9% from $29,040,000 in the same period of 2022[40] - Total other expenses for Q3 2023 were $5,061,000, significantly higher than $1,092,000 in Q3 2022[39] - Cash paid for interest during the nine months ended September 30, 2023, was $13,652,000, compared to $8,283,000 in the same period of 2022[40] - The company has experienced a significant increase in general and administrative expenses, which rose to $6,104,000 in Q3 2023 from $4,524,000 in Q3 2022[39] Fleet and Operations - The daily TCE rate for the fleet in Q3 2023 was $15,298, a decline of 26.0% from $20,614 in Q3 2022[5] - Approximately 30% of the fleet is fixed for Q4 2023 at an average rate above $20,000, indicating a positive outlook for the upcoming quarter[6] - The company reported a total of 1,540 operating days in Q4 2023, with an average TCE rate estimated at $19,480 in the first scenario and $22,770 in the second scenario[27][32] - Approximately 59% of the fleet's expected operating days in Q4 2023 have been fixed at an estimated TCE rate of $21,640[26] - The company operates a fleet of 17 vessels with an average age of approximately 12.7 years and a total cargo carrying capacity of about 3,054,820 dwt[41] Dividends and Shareholder Information - The company declared a quarterly dividend of $0.025 per share for Q3 2023, maintaining a consistent dividend policy since March 2022[6] - The company declared a cash dividend of $0.025 per common share for Q3 2023, payable on or about January 10, 2024[29] - The weighted average number of common shares outstanding for Q3 2023 was 18,138,600, an increase from 17,570,670 in Q3 2022[24] Assets and Liabilities - The company reported a cash and cash-equivalents balance of $22.0 million as of September 30, 2023, with shareholders' equity at $217.8 million[8] - As of September 30, 2023, total assets decreased to $455,677 thousand from $513,600 thousand as of December 31, 2022, a decline of 11.3%[38] - Long-term debt decreased to $220,221 thousand from $244,866 thousand, a reduction of 10.1% year-over-year[38] New Developments - The company took delivery of the M/V Titanship, a Newcastlemax vessel, on October 24, 2023, which is expected to enhance commercial performance[12] - The company entered into a bareboat charter agreement for the M/V Titanship with a downpayment of $7.0 million and a daily charter rate of $9,000[30] - The Capesize market is expected to improve due to low commodity inventories and a historically low orderbook, which may enhance future performance[13]

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Q3 2023 Earnings Conference Call November 14, 2023 9:30 AM ET Company Participants Stamatis Tsantanis - Chairman & Chief Executive Officer Stavros Gyftakis - Chief Financial Officer Conference Call Participants Tate Sullivan - Maxim Group Kristoffer Barth Skeie - Arctic Securities Michael Heim - NOBLE Capital Markets Operator Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Corp. Conference Call on the Third Quarte ...

Exhibit 99.1 Seanergy Maritime Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2023 and Declares Dividend of $0.025 Per Share | Highlights | | | | | | --- | --- | --- | --- | --- | | (in million USD, except EPS) | Q2 2023 | Q2 2022 | 6M 2023 | 6M 2022 | | Net Revenues | $28.3 | $32.8 | $46.4 | $62.5 | | Net income / (loss) | $0.7 | $5.9 | $(3.5) | $9.6 | | 1 Adjusted net income | $3.4 | $7.1 | $3.1 | $14.8 | | EBITDA1 | $12.7 | $16.1 | $20.9 | $29.0 | | Adjusted EBITDA1 | $15. ...

$80.0 65.8% Adj. EBITDA as part of Revenue 64.3% I Adj. EBITDA Gross Revenue - - Adj. EBITDA Margin $70.0 55.7% 54.8% 54.5% $58.9 Mil. 50.8% $60.0 44.3% $50.0 Mil. $50.0 39.1% 37.5% $40.0 $34.1 Mil. $34.2 Mil. $30.8 Mil. $28.6 Mil. $28.9 Mil. $28.1 Mil. $30.0 21.7/% $21.2 Mil. $18 Mil. $20.0 $38.8 Mil. $32.2 Mil. $10.0 $19 Mil. $17.3 Mil. $ 16.8 Mil. $15.7 Mil. $12.5 Mil. $11.3 Mil. $7.9 Mil. $3.9 Mil. $0.0 2Q 2023 1Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2021 70.0% 60.0% 50.0% 40. ...

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Q2 2023 Earnings Conference Call August 2, 2023 10:00 AM ET Company Participants Stamatis Tsantanis - Chairman & Chief Executive Officer Stavros Gyftakis - Chief Financial Officer Conference Call Participants Tate Sullivan - Maxim Group Operator Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Corp. Conference Call on the Second Quarter Ended 30th June, 2023 Financial Results. We have with us, Mr. Stamatis Tsantanis ...

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) [Q1 2023 Financial Performance Overview](index=1&type=section&id=Q1%202023%20Financial%20Performance%20Overview) Seanergy Maritime reported a significant decline in financial performance for Q1 2023 compared to Q1 2022, with net revenues decreasing by 39.4% and a shift from net income to net loss. Adjusted EBITDA also saw a substantial reduction, reflecting a challenging Capesize market Q1 2023 Financial Performance Overview (in million USD, except EPS) | Metric (in million USD, except EPS) | Q1 2023 | Q1 2022 | Change (YoY) | | :--------------------------------- | :------ | :------ | :----------- | | Net Revenues | $18.0 | $29.7 | -39.4% | | Net (loss) / income | $(4.2) | $3.7 | -213.5% | | Adjusted net (loss) / income | $(0.3) | $7.7 | -103.9% | | EBITDA | $8.2 | $12.8 | -35.9% | | Adjusted EBITDA | $3.9 | $16.8 | -76.8% | | (Loss) / earnings per Share Basic | $(0.23) | $0.21 | -209.5% | | Adjusted (loss) / earnings per share Basic | $(0.02) | $0.44 | -104.5% | | Daily Time Charter Equivalent (TCE) | $11,005 | $19,357 | -43.1% | - Cash and cash-equivalents and restricted cash stood at **$20.5 million** as of March 31, 2023 Shareholders' equity was **$219.9 million**, and long-term debt (net of deferred charges) was **$225.8 million**[5](index=5&type=chunk) [Other Key Developments](index=1&type=section&id=Other%20Key%20Developments) Seanergy Maritime declared a quarterly dividend of $0.025 per share for Q1 2023, bringing total dividends to $1.30 per share since March 2022. The company also secured new financing, significantly reduced its convertible note, and saw management purchase common shares - Declared a quarterly cash dividend of **$0.025 per share** for Q1 2023, contributing to a **total of $1.30 per share ($23.4 million)** in cash dividends since March 2022[8](index=8&type=chunk) - Completed new financing and refinancing transactions totaling **$53.8 million** on improved terms, adding approximately **$15.0 million** of extra liquidity[8](index=8&type=chunk) - Eliminated **92%** of the original **$38.7 million** convertible note, including an **$8.0 million** repayment in Q1 2023[8](index=8&type=chunk) - Seanergy's management purchased **$0.85 million** worth of common shares in the open market[8](index=8&type=chunk) - Repurchased **47%** of the outstanding Class E Warrants through a tender offer[8](index=8&type=chunk) [CEO Statement and Business Outlook](index=2&type=section&id=CEO%20Statement%20and%20Business%20Outlook) [Market Conditions and Commercial Performance](index=2&type=section&id=Market%20Conditions%20and%20Commercial%20Performance) The Capesize market experienced seasonal weakness in Q1 2023, with average rates of $9,144 per day, but has since recovered to profitable levels averaging $17,420 per day in Q2. Seanergy's fleet significantly outperformed the Baltic Capesize Index (BCI) with a daily TCE of $11,005 - Capesize market rates averaged **$9,144 per day** in Q1 2023, recovering to **$17,420 per day** in Q2[9](index=9&type=chunk) - Seanergy's daily TCE of **$11,005** in Q1 2023 **significantly outperformed** the BCI average of **$9,144**[10](index=10&type=chunk) - Approximately **25%** of remaining fleet days for 2023 have been converted to a fixed average daily rate of approximately **$20,500**, leveraging the improved Capesize FFA market[10](index=10&type=chunk) [Balance Sheet and Strategic Direction](index=2&type=section&id=Balance%20Sheet%20and%20Strategic%20Direction) The company maintains a strong balance sheet with a loan-to-value ratio below 50%, providing flexibility. Strategic actions include the sale of two older vessels for a significant gain and three refinancings in April, which released $15.0 million in additional liquidity and reduced debt costs, aligning with fleet renewal goals - Balance sheet remains strong with a loan to value ratio **below 50%** at the end of Q1 2023[11](index=11&type=chunk) - Delivered two older ships to United Maritime Corporation for a **sizeable gain**[11](index=11&type=chunk) - Completed three refinancings in April, releasing approximately **$15.0 million** of additional liquidity and decreasing the cost of debt[11](index=11&type=chunk) [Outlook and Shareholder Returns](index=2&type=section&id=Outlook%20and%20Shareholder%20Returns) Seanergy is optimistic about Capesize demand due to increased iron ore supply and low inventories in China, coupled with historically low fleet growth. The company aims to balance capital returns to shareholders with selective investments in high-return vessels, continuing its focus on modernizing the fleet and improving its carbon footprint - **Optimistic about Capesize demand** driven by increased seaborne iron ore supply and reduced iron ore inventories in China[12](index=12&type=chunk) - Expects **historically low fleet growth** to support a strong earnings environment for Capesize vessels[12](index=12&type=chunk) - Aims to **balance returning capital to shareholders with selective investments** in vessels for high returns, while modernizing the fleet and improving carbon footprint[12](index=12&type=chunk)[13](index=13&type=chunk) [Fleet Information and Operational Data](index=2&type=section&id=Fleet%20Information%20and%20Operational%20Data) [Company Fleet Details](index=2&type=section&id=Company%20Fleet%20Details) Seanergy Maritime operates a fleet of 16 Capesize vessels with an average age of 12.3 years and an aggregate cargo carrying capacity of approximately 2.85 million DWT. The fleet primarily operates on index-linked time charters, with options to convert to fixed rates based on FFA Company Fleet Details | Vessel Name | Capacity (DWT) | Year Built | Scrubber Fitted | Employment Type | T/C expiration (Min) | T/C expiration (Max) | Charterer | | :---------- | :------------- | :--------- | :-------------- | :-------------- | :------------------- | :------------------- | :-------- | | Fellowship | 179,701 | 2010 | - | T/C Index Linked | 06/2024 | 11/2024 | Anglo American | | Worldship | 181,415 | 2012 | Yes | T/C Index Linked | 09/2023 | 01/2024 | Cargill | | Championship| 179,238 | 2011 | Yes | T/C Index Linked | 04/2025 | 10/2025 | Cargill | | Flagship | 176,387 | 2013 | - | T/C Index Linked | 05/2026 | 07/2026 | Cargill | | Patriotship | 181,709 | 2010 | Yes | T/C Index Linked | 11/2023 | 06/2024 | Glencore | | Knightship | 178,978 | 2010 | Yes | T/C Index Linked | 10/2024 | 12/2024 | Glencore | | Premiership | 170,024 | 2010 | Yes | T/C Index Linked | 04/2024 | 06/2024 | Glencore | | Squireship | 170,018 | 2010 | Yes | T/C Index Linked | 05/2024 | 07/2024 | Glencore | | Dukeship | 181,453 | 2010 | - | T/C Index Linked | 04/2024 | 09/2024 | NYK | | Hellasship | 181,325 | 2012 | - | T/C Index Linked | 12/2023 | 03/2024 | NYK | | Honorship | 180,242 | 2010 | - | T/C Index Linked | 02/2024 | 07/2024 | NYK | | Geniuship | 170,057 | 2010 | - | T/C Index Linked | 04/2024 | 08/2024 | NYK | | Friendship | 176,952 | 2009 | - | T/C Index Linked | 12/2023 | 03/2024 | NYK | | Paroship | 181,415 | 2012 | Yes | T/C Index Linked | 10/2023 | 12/2023 | Oldendorff | | Partnership | 179,213 | 2012 | Yes | T/C Index Linked | 08/2023 | 11/2023 | Uniper | | Lordship | 178,838 | 2010 | Yes | T/C Index Linked | 07/2023 | 10/2023 | Uniper | | **Total / Average** | **2,846,965** | **12.3** | - | - | - | - | - | - The company has the option to convert index-linked rates to fixed rates for periods of 1 to 12 months based on prevailing Capesize FFA Rates[16](index=16&type=chunk) [Fleet Operational Metrics](index=4&type=section&id=Fleet%20Operational%20Metrics) In Q1 2023, Seanergy's fleet utilization improved to 98.8% from 96.9% in Q1 2022, despite a significant decrease in the Time Charter Equivalent (TCE) rate from $19,357 to $11,005. Daily Vessel Operating Expenses increased by 7.4% year-over-year Fleet Operational Metrics (U.S. Dollars in thousands) | Metric (U.S. Dollars in thousands) | Q1 2023 | Q1 2022 | Change (YoY) | | :--------------------------------- | :------ | :------ | :----------- | | Ownership days | 1,539 | 1,530 | +0.6% | | Operating days | 1,520 | 1,482 | +2.6% | | Fleet utilization | 98.8% | 96.9% | +1.9 pp | | TCE rate | $11,005 | $19,357 | -43.1% | | Daily Vessel Operating Expenses | $6,922 | $6,444 | +7.4% | TCE Rate Reconciliation (In thousands of U.S. Dollars) | Metric | Q1 2023 | Q1 2022 | | :------------------------ | :------ | :------ | | Vessel revenue, net | 17,384 | 29,666 | | Less: Voyage expenses | 657 | 979 | | Time charter equivalent revenues | 16,727 | 28,687 | | Operating days | 1,520 | 1,482 | | TCE rate | $11,005 | $19,357 | Daily Vessel Operating Expenses Reconciliation (In thousands of U.S. Dollars) | Metric | Q1 2023 | Q1 2022 | | :----------------------------------- | :------ | :------ |\ | Vessel operating expenses | 10,913 | 9,912 | | Less: Pre-delivery expenses | 260 | 53 | | Vessel operating expenses before pre-delivery expenses | 10,653 | 9,859 | | Ownership days | 1,539 | 1,530 | | Daily Vessel Operating Expenses | $6,922 | $6,444 | [Financial Reconciliations and Non-GAAP Measures](index=5&type=section&id=Financial%20Reconciliations%20and%20Non-GAAP%20Measures) [EBITDA and Adjusted EBITDA Reconciliation](index=5&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) Seanergy provides reconciliations for non-GAAP measures EBITDA and Adjusted EBITDA. In Q1 2023, EBITDA decreased by 35.9% and Adjusted EBITDA by 76.8% year-over-year, primarily due to a net loss and a significant gain on vessel sales in the current quarter offsetting other expenses EBITDA and Adjusted EBITDA Reconciliation (In thousands of U.S. Dollars) | Metric | Q1 2023 | Q1 2022 | | :------------------------------ | :------ | :------ | | Net (loss) / income | (4,185) | 3,671 | | Net interest and finance cost | 5,261 | 2,850 | | Depreciation and amortization | 7,077 | 6,265 | | **EBITDA** | **8,153** | **12,786** | | Stock based compensation | 3,680 | 2,679 | | Loss on extinguishment of debt | 110 | 1,279 | | Loss on forward freight agreements, net | 50 | 36 | | Gain on sale of vessel | (8,094) | - | | **Adjusted EBITDA** | **3,899** | **16,780** | - EBITDA is defined as net income/(loss) plus net interest and finance costs, depreciation and amortization, and income taxes Adjusted EBITDA further excludes stock-based compensation, loss on forward freight agreements, loss on extinguishment of debt, and non-recurring gains on vessel sales[21](index=21&type=chunk) [Adjusted Net Income and EPS Reconciliation](index=6&type=section&id=Adjusted%20Net%20Income%20and%20EPS%20Reconciliation) Adjusted Net Income and Adjusted EPS are presented to provide a clearer view of core operating performance by excluding non-cash items. In Q1 2023, Adjusted Net Loss was $0.345 million, a significant decrease from Adjusted Net Income of $7.665 million in Q1 2022 Adjusted Net income / (loss) Reconciliation (In thousands of U.S. Dollars) | Metric | Q1 2023 | Q1 2022 | | :----------------------------------- | :------ | :------ | | Net (loss) / income | (4,185) | 3,671 | | Stock based compensation | 3,680 | 2,679 | | Loss on extinguishment of debt | 110 | 1,279 | | Loss on forward freight agreements, net | 50 | 36 | | **Adjusted net (loss) / income** | **(345)** | **7,665** | | Adjusted (loss) / earnings per common share, basic | (0.02) | 0.44 | | Adjusted (loss) / earnings per common share, diluted | (0.02) | 0.43 | | Weighted average number of common shares outstanding, basic | 17,929,142 | 17,231,175 | | Weighted average number of common shares outstanding, diluted | 17,929,142 | 17,721,863 | - Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share exclude non-cash items like gain/(loss) on extinguishment of debt to enhance comparability of performance[23](index=23&type=chunk) [Cash Interest and Finance Costs Reconciliation](index=6&type=section&id=Cash%20Interest%20and%20Finance%20Costs%20Reconciliation) The reconciliation of interest and finance costs to cash interest and finance costs shows that cash interest and finance costs increased to $4.238 million in Q1 2023 from $2.192 million in Q1 2022, primarily due to higher net interest and finance costs Interest and Finance Costs to Cash Interest and Finance Costs Reconciliation (In thousands of U.S. Dollars) | Metric | Q1 2023 | Q1 2022 | | :----------------------------------- | :------ | :------ | | Interest and finance costs, net | (5,261) | (2,850) | | Add: Amortization of deferred finance charges and other discounts | 959 | 576 | | Add: Amortization of other deferred charges (shares issued to third party) | 64 | 82 | | **Cash interest and finance costs** | **(4,238)** | **(2,192)** | [Q2 2023 TCE Guidance](index=6&type=section&id=Q2%202023%20TCE%20Guidance) Seanergy projects an estimated Time Charter Equivalent (TCE) of approximately $18,870 for the second quarter of 2023. This guidance is based on 75% of the fleet's expected operating days being fixed at an estimated TCE of $18,626, with the remaining index-linked days assumed to be at the average Forward Freight Agreement (FFA) rate of $18,825 per day - Approximately **75%** of the fleet's expected operating days in Q2 2023 are fixed at an estimated TCE of **$18,626**[25](index=25&type=chunk) - Assuming the remaining index-linked operating days achieve an average FFA rate of **$18,825 per day**, the estimated TCE for Q2 2023 is approximately **$18,870**[25](index=25&type=chunk) Q2 2023 TCE Guidance Breakdown | Category | Operating Days | TCE | | :---------------------------- | :------------- | :------ | | TCE - fixed rate (index-linked conversion) | 455 | 21,079 | | TCE - fixed rate | 0 | N/A | | TCE – index-linked | 1,001 | 17,866 | | **Total / Average** | **1,456** | **18,870** | [First Quarter and Recent Developments](index=7&type=section&id=First%20Quarter%20and%20Recent%20Developments) [Dividend Distributions](index=7&type=section&id=Dividend%20Distributions) Seanergy paid a quarterly dividend of $0.025 per share for Q4 2022 on April 25, 2023, and declared another $0.025 per share dividend for Q1 2023, payable on or about July 6, 2023 - Paid Q4 2022 quarterly dividend of **$0.025 per share** on April 25, 2023[27](index=27&type=chunk) - Declared Q1 2023 cash dividend of **$0.025 per share**, payable around July 6, 2023[27](index=27&type=chunk) [Capital Structure and Shareholder Actions](index=7&type=section&id=Capital%20Structure%20and%20Shareholder%20Actions) [Buyback of Convertible Note](index=7&type=section&id=Buyback%20of%20Convertible%20Note) The company repaid $8.0 million of its convertible note on January 3, 2023, reducing the outstanding amount to approximately $3.2 million and preventing the potential issuance of 667,000 shares - Repaid **$8.0 million** of the convertible note on January 3, 2023, reducing the outstanding balance to approximately **$3.2 million**[28](index=28&type=chunk) - The buyback pre-empted the potential issuance of **667,000 shares** based on a $12 per share conversion price[28](index=28&type=chunk) [Stock Purchases by Management](index=7&type=section&id=Stock%20Purchases%20by%20Management) Seanergy's CEO, Stamatis Tsantanis, purchased 145,000 shares for approximately $750,000, and CFO, Stavros Gyftakis, purchased 18,510 shares for approximately $100,000 in the open market - CEO purchased **145,000 shares** at an average price of **$5.17 per share**, totaling approximately **$750,000**[29](index=29&type=chunk) - CFO purchased **18,510 shares** at an average price of **$5.40 per share**, totaling approximately **$100,000**[29](index=29&type=chunk) [Class E Warrants Tender Offer](index=7&type=section&id=Class%20E%20Warrants%20Tender%20Offer) The company completed a tender offer on January 10, 2023, to purchase Class E Warrants at $0.20 per warrant, repurchasing 4,038,114 warrants, representing approximately 47% of the outstanding Class E Warrants - Completed tender offer to purchase **4,038,114 Class E Warrants** at **$0.20 per warrant**, representing approximately **47%** of outstanding warrants[30](index=30&type=chunk) - Remaining outstanding Class E Warrants are exercisable for up to **449,459 common shares** at an exercise price of **$4.965 per share**[30](index=30&type=chunk) [Vessel Transactions and Commercial Updates](index=7&type=section&id=Vessel%20Transactions%20and%20Commercial%20Updates) Seanergy secured new time-charter agreements and extensions for several vessels, including a new 24-30 month index-linked charter for M/V Championship with a scrubber profit share, and extensions for M/V Knightship and M/V Geniuship. The company also profitably sold M/V Goodship and M/V Tradership for an aggregate price of $36.25 million, realizing an $8.1 million combined profit - M/V Championship commenced a new **24-30 month** index-linked time charter with a scrubber profit share scheme[31](index=31&type=chunk) - M/V Knightship's charterer exercised an option to extend the time charter for **11-13 months**[32](index=32&type=chunk) - M/V Geniuship's time charter agreement was extended for **11-15 months**[33](index=33&type=chunk) - Sold M/V Goodship and M/V Tradership for an aggregate price of **$36.25 million**, generating a combined profit of approximately **$8.1 million**[34](index=34&type=chunk) [Financing Updates](index=8&type=section&id=Financing%20Updates) Seanergy completed several financing transactions, including a $19.0 million sale and leaseback for M/V Lordship, a $15.8 million sustainability-linked loan for M/V Championship, and another $19.0 million sale and leaseback for M/V Knightship. These transactions collectively released additional liquidity and reduced interest rates, while also prepaying $12.9 million in Aegean Baltic Bank Loan facilities related to vessel sales - Entered a **$19.0 million** sale and leaseback for M/V Lordship, releasing approximately **$6.6 million** in additional liquidity and reducing the interest rate by **50 bps**[35](index=35&type=chunk) - Amended and restated a loan facility to include a new **$15.8 million** tranche for M/V Championship, introducing a sustainability adjustment mechanism to the interest rate[36](index=36&type=chunk) - Completed a **$19.0 million** sale and leaseback for M/V Knightship, releasing approximately **$8.5 million** in additional liquidity and reducing the interest rate by **120 bps**[37](index=37&type=chunk) - Prepaid **$12.9 million** of the Aegean Baltic Bank Loan Facility in connection with the sales of M/V Goodship and M/V Tradership[38](index=38&type=chunk) [Conference Call Information](index=8&type=section&id=Conference%20Call%20Information) Seanergy Maritime hosted a conference call on May 25, 2023, at 10:00 a.m. Eastern Time to discuss its Q1 2023 financial results. An archived webcast of the call is available on the company's website - Conference call to discuss financial results was held on Thursday, **May 25, 2023, at 10:00 a.m. Eastern Time**[39](index=39&type=chunk) - A **live and archived webcast** of the conference call is available through the Company's website under the Investor Relations page[40](index=40&type=chunk) [Condensed Consolidated Financial Statements](index=10&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Unaudited Condensed Consolidated Balance Sheets](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, Seanergy's total assets decreased to $466.413 million from $513.600 million at year-end 2022, primarily due to a reduction in vessels, net, and cash. Total liabilities also decreased, while stockholders' equity remained relatively stable Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars) | ASSETS | March 31, 2023 | December 31, 2022* | | :----------------------------------------- | :------------- | :----------------- | | Cash and cash equivalents, restricted cash and term deposits | 20,511 | 32,477 | | Vessels, net and Vessels held for sale | 428,205 | 462,385 | | Other assets | 17,697 | 18,738 | | **TOTAL ASSETS** | **466,413** | **513,600** | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | Long-term debt and other financial liabilities | 222,922 | 244,866 | | Convertible notes | 2,910 | 10,833 | | Other liabilities | 20,726 | 36,202 | | Stockholders' equity | 219,855 | 221,699 | | **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | **466,413** | **513,600** | [Unaudited Condensed Consolidated Statements of Operations](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Seanergy reported a net loss of $4.185 million in Q1 2023, a significant decline from a net income of $3.671 million in Q1 2022. This was driven by lower net revenues, higher interest and finance costs, and increased general and administrative expenses, partially offset by a gain on vessel sales Unaudited Condensed Consolidated Statements of Operations (In thousands of U.S. Dollars) | Metric | Three months ended March 31, 2023 | Three months ended March 31, 2022 | | :----------------------------------------- | :-------------------------------- | :-------------------------------- | | Vessel revenue, net | 17,384 | 29,666 | | Fees from related parties | 642 | - | | **Revenue, net** | **18,026** | **29,666** | | Expenses: | | | | Voyage expenses | (657) | (979) | | Vessel operating expenses | (10,913) | (9,912) | | Management fees | (229) | (376) | | General and administrative expenses | (5,905) | (4,315) | | Depreciation and amortization | (7,077) | (6,265) | | Loss on forward freight agreements, net | (50) | (36) | | Gain on sale of vessel | 8,094 | - | | **Operating income** | **1,289** | **7,783** | | Other income / (expenses): | | | | Interest and finance costs, net | (5,261) | (2,850) | | Loss on extinguishment of debt | (110) | (1,279) | | Other, net | (103) | 17 | | **Total other expenses, net:** | **(5,474)** | **(4,112)** | | **Net (loss) / income** | **(4,185)** | **3,671** | | Net (loss) / income per common share, basic | (0.23) | 0.21 | | Net (loss) / income per common share, diluted | (0.23) | 0.21 | | Weighted average number of common shares outstanding, basic | 17,929,142 | 17,231,175 | | Weighted average number of common shares outstanding, diluted | 17,929,142 | 17,721,863 | [Unaudited Condensed Consolidated Cash Flow Data](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Cash%20Flow%20Data) In Q1 2023, net cash used in operating activities was $0.264 million, a decrease from $7.549 million provided in Q1 2022. Net cash provided by investing activities significantly increased to $23.863 million due to proceeds from asset sales, while net cash used in financing activities increased to $35.565 million, primarily due to debt repayments and dividends paid Unaudited Condensed Consolidated Cash Flow Data (In thousands of U.S. Dollars) | Metric | March 31, 2023 | March 31, 2022 | | :----------------------------------------- | :------------- | :------------- | | Net cash (used in) / provided by operating activities | (264) | 7,549 | | Vessels acquisitions and improvements | - | (2,042) | | Proceeds from sale of assets | 23,910 | - | | Term deposits | - | 1,500 | | Other fixed assets, net | (47) | (18) | | **Net cash provided by / (used in) investing activities** | **23,863** | **(560)** | | Proceeds from long-term debt and other financial liabilities | - | 21,300 | | Repayments of long-term debt and other financial liabilities | (22,994) | (24,652) | | Repayments of convertible notes | (8,000) | (10,000) | | Payments for fractional shares of reverse stock split | (23) | - | | Payments of financing and stock issuance costs | - | (378) | | Dividends paid | (4,548) | - | | **Net cash used in financing activities** | **(35,565)** | **(13,730)** | | SUPPLEMENTAL CASH FLOW INFORMATION | | | | Cash paid during the period for interest | 4,422 | 2,324 | | Noncash investing activities | | | | Vessels acquisitions and improvements | - | 836 | | Noncash financing activities | | | | Dividends declared but not paid | 500 | 8,916 | [Company Information and Disclosures](index=12&type=section&id=Company%20Information%20and%20Disclosures) [About Seanergy Maritime Holdings Corp.](index=12&type=section&id=About%20Seanergy%20Maritime%20Holdings%20Corp.) Seanergy Maritime Holdings Corp. is a U.S. publicly listed pure-play Capesize ship-owner, providing marine dry bulk transportation services with a modern fleet of 16 Capesize vessels. The fleet has an average age of approximately 12.3 years and an aggregate cargo carrying capacity of about 2.85 million DWT - Seanergy Maritime Holdings Corp. is the **only pure-play Capesize ship-owner publicly listed in the U.S.**[46](index=46&type=chunk) - Operates a modern fleet of **16 Capesize vessels** with an average age of approximately **12.3 years** and an aggregate cargo carrying capacity of approximately **2,846,965 dwt**[46](index=46&type=chunk) - The company's common shares trade on the **Nasdaq Capital Market** under the symbol **'SHIP'**[47](index=47&type=chunk) [Forward-Looking Statements](index=12&type=section&id=Forward-Looking%20Statements) This section contains standard forward-looking statements, cautioning that future events and actual results may differ materially from expectations due to various known and unknown risks, including market conditions, competitive factors, shipping industry trends, and global events. The company disclaims any obligation to publicly update these statements - Statements regarding future events are forward-looking and involve known and unknown risks, uncertainties, and contingencies[49](index=49&type=chunk) - Factors that could cause actual results to differ include operating/financial results, liquidity, competitive factors, shipping industry trends, acquisitions/dispositions, and broader market impacts from global events[49](index=49&type=chunk) - The company expressly disclaims any obligation to publicly release updates or revisions to forward-looking statements, except as required by law[49](index=49&type=chunk) [Contact Information](index=12&type=section&id=Contact%20Information) Contact information for Seanergy Investor Relations and Capital Link, Inc. is provided for further inquiries - Contact details for **Seanergy Investor Relations** (Tel: +30 213 0181 522, E-mail: ir@seanergy.gr) and **Capital Link, Inc.** (Paul Lampoutis, Tel: (212) 661-7566, E-mail: seanergy@capitallink.com) are available[50](index=50&type=chunk)

Conference Call Participants Operator The archived webcast of the conference call will soon be made available on the Seanergy website www.seanergymaritime.com. Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in ...