Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2024 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | Seanergy Maritime Holdings Corp. |
Entity Central Index Key | 0001448397 |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 32,674 | $ 19,378 |
Restricted cash | 50 | 50 |
Accounts receivable trade, net | 729 | 896 |
Inventories | 2,354 | 1,559 |
Prepaid expenses | 2,408 | 1,238 |
Total current assets | 46,950 | 25,085 |
Fixed assets: | ||
Vessels, net | 432,932 | 410,476 |
Finance lease, right-of-use asset | 28,904 | 29,562 |
Advances for vessel acquisition | 4,450 | 0 |
Other fixed assets, net | 342 | 423 |
Total fixed assets | 466,628 | 440,461 |
Other non-current assets: | ||
Deferred charges and other investments, non-current | 5,131 | 6,397 |
Restricted cash, non-current | 5,500 | 5,500 |
Intangible assets | 399 | 0 |
Operating lease, right of use asset | 341 | 405 |
Other non-current assets | 28 | 29 |
TOTAL ASSETS | 524,977 | 477,877 |
Current liabilities: | ||
Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of $1,836 and $1,175, respectively | 44,574 | 31,780 |
Finance lease liability, current | 20,699 | 21,778 |
Trade accounts and other payables | 6,910 | 5,489 |
Accrued liabilities | 7,529 | 7,736 |
Operating lease liability, current | 99 | 105 |
Deferred revenue | 2,081 | 2,136 |
Total current liabilities | 85,000 | 69,515 |
Non-current liabilities: | ||
Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of $2,652 and $1,746, respectively | 182,352 | 179,010 |
Operating lease liability, non-current | 242 | 300 |
Deferred revenue, non-current | 161 | 254 |
Other liabilities, non-current | 2,521 | 353 |
Total liabilities | 270,276 | 249,432 |
Commitments and contingencies | ||
STOCKHOLDERS EQUITY | ||
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; 20,000 and 20,000 shares issued and outstanding as at June 30, 2024 and December 31, 2023, respectively | 0 | 0 |
Common stock, $0.0001 par value; 500,000,000 authorized shares as at June 30, 2024 and December 31, 2023; 20,698,827 and 19,636,352 shares issued and outstanding as at June 30, 2024 and December 31, 2023, respectively | 2 | 2 |
Additional paid-in capital | 597,206 | 590,129 |
Accumulated deficit | (342,507) | (361,686) |
Total stockholders' equity | 254,701 | 228,445 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 524,977 | 477,877 |
Related Party [Member] | ||
Current assets: | ||
Other current assets | 5,895 | 308 |
Nonrelated Party [Member] | ||
Current assets: | ||
Other current assets | 2,840 | 1,656 |
Current liabilities: | ||
Other current liabilities | $ 3,108 | $ 491 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current liabilities: | ||
Deferred finance costs and debt discounts, current | $ 1,836 | $ 1,175 |
Non-current liabilities: | ||
Deferred finance costs and debt discounts, noncurrent | $ 2,652 | $ 1,746 |
STOCKHOLDERS EQUITY | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 20,000 | 20,000 |
Preferred stock, shares outstanding (in shares) | 20,000 | 20,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 20,698,827 | 19,636,352 |
Common stock, shares outstanding (in shares) | 20,698,827 | 19,636,352 |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Unaudited Interim Condensed Consolidated Statements of Operations [Abstract] | ||
Vessel revenue, net | $ 80,366 | $ 45,030 |
Fees from related parties | $ 1,060 | $ 1,324 |
Revenue, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Revenue, net | $ 81,426 | $ 46,354 |
Expenses: | ||
Voyage expenses | (1,760) | (1,308) |
Vessel operating expenses | (22,254) | (21,089) |
Management fees | (359) | (374) |
General and administration expenses | (8,932) | (10,681) |
Amortization of deferred dry-docking costs | (1,969) | (2,161) |
Depreciation and amortization | (11,942) | (12,019) |
Gain on sale of vessels, net | 0 | 8,094 |
Loss on forward freight agreements, net | (104) | (144) |
Operating income | 34,106 | 6,672 |
Other income / (expenses), net: | ||
Interest and finance costs | (9,716) | (10,395) |
Loss on extinguishment of debt | (649) | (540) |
Interest and other income | 490 | 882 |
Foreign currency exchange gain / (loss), net | 57 | (126) |
Total other expenses, net | (9,818) | (10,179) |
Net income / (loss) | $ 24,288 | $ (3,507) |
Net income / (loss) per common share, basic (in dollars per share) | $ 1.18 | $ (0.2) |
Net income / (loss) per common share, diluted (in dollars per share) | $ 1.18 | $ (0.2) |
Weighted average number of common shares outstanding, basic (in shares) | 19,533,621 | 18,196,521 |
Weighted average number of common shares outstanding, diluted (in shares) | 19,659,370 | 18,196,521 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] Series B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2022 | $ 0 | $ 2 | $ 583,691 | $ (361,994) | $ 221,699 |
Balance (in shares) at Dec. 31, 2022 | 20,000 | 18,191,614 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock based compensation (Note 15) | $ 0 | 6,127 | 0 | 6,127 | |
Stock based compensation (Note 15) (in shares) | 1,823,800 | ||||
Dividends (Note 11) | $ 0 | $ 0 | 0 | (991) | (991) |
Warrants buyback (Note 11) | 0 | 0 | (816) | 0 | (816) |
Share buyback (Note 11) | 0 | $ 0 | (1,583) | 0 | (1,583) |
Share buyback (Note 11) (in shares) | (362,161) | ||||
Redemption of fractional shares due to reverse stock split | 0 | $ 0 | (23) | 0 | (23) |
Redemption of fractional shares due to reverse stock split (in shares) | (4,297) | ||||
Net income / (loss) | 0 | $ 0 | 0 | (3,507) | (3,507) |
Balance at Jun. 30, 2023 | $ 0 | $ 2 | 587,396 | (366,492) | 220,906 |
Balance (in shares) at Jun. 30, 2023 | 20,000 | 19,648,956 | |||
Balance at Dec. 31, 2023 | $ 0 | $ 2 | 590,129 | (361,686) | 228,445 |
Balance (in shares) at Dec. 31, 2023 | 20,000 | 19,636,352 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock (including the exercise of warrants) (Note 11) | $ 0 | $ 0 | 885 | 0 | 885 |
Issuance of common stock (including the exercise of warrants) (Note 11) (in shares) | 180,000 | ||||
ATM offering (Note 11) | 0 | $ 0 | 4,897 | 0 | 4,897 |
ATM offering (Note 11) (in shares) | 576,120 | ||||
Stock based compensation (Note 15) | 0 | $ 0 | 3,017 | 0 | 3,017 |
Stock based compensation (Note 15) (in shares) | 501,667 | ||||
Dividends (Note 11) | 0 | $ 0 | 0 | (5,109) | (5,109) |
Share buyback (Note 11) | 0 | $ 0 | (1,722) | 0 | $ (1,722) |
Share buyback (Note 11) (in shares) | (195,312) | (195,312) | |||
Net income / (loss) | 0 | $ 0 | 0 | 24,288 | $ 24,288 |
Balance at Jun. 30, 2024 | $ 0 | $ 2 | $ 597,206 | $ (342,507) | $ 254,701 |
Balance (in shares) at Jun. 30, 2024 | 20,000 | 20,698,827 |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity [Abstract] | ||
Cash dividends declared per share (in dollars per share) | $ 0.25 | $ 0.05 |
Unaudited Interim Condensed C_6
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Unaudited Interim Condensed Consolidated Statements of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 35,048 | $ 1,604 |
Cash flows from investing activities: | ||
Proceeds from sale of vessels | 0 | 23,910 |
Vessels acquisitions and improvements | (34,313) | (134) |
Advance for vessel acquisition | (4,450) | 0 |
Finance lease prepayments and other initial direct costs | (305) | (3,500) |
Other fixed assets, net | 0 | (176) |
Deposits assets, non-current | 0 | 1,325 |
Net cash (used in) / provided by investing activities | (39,068) | 21,425 |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock and warrants | 5,823 | 0 |
Payments for repurchase of common stock | (1,722) | (1,583) |
Dividends paid | (2,492) | (5,048) |
Proceeds from long term debt and other financial liabilities | 58,279 | 53,750 |
Repayments of long term debt and other financial liabilities | (40,576) | (70,868) |
Repayments of convertible notes | 0 | (8,000) |
Payments of finance lease liabilities | (1,079) | 0 |
Payments of fractional shares due to reverse stock split | 0 | (23) |
Payments of financing and stock issuance costs | (917) | (1,282) |
Net cash provided by / (used in) financing activities | 17,316 | (33,054) |
Net increase / (decrease) in cash and cash equivalents and restricted cash | 13,296 | (10,025) |
Cash and cash equivalents and restricted cash at beginning of period | 24,928 | 32,477 |
Cash and cash equivalents and restricted cash at end of period | 38,224 | 22,452 |
Cash paid during the period for: | ||
Interest paid | 10,260 | 8,899 |
Noncash financing activities: | ||
Dividends declared but not paid | 3,108 | 491 |
Financing and stock issuance costs | $ 2,035 | $ 0 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2024 | |
Basis of Presentation and General Information [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information: Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) was formed under the laws of the Republic of the Marshall Islands on January 4, 2008, with executive offices located in Glyfada, Greece. The Company’s common shares are listed on the Nasdaq Capital Market under the symbol “SHIP”. The accompanying unaudited interim condensed consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”). The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on April 3, 2024 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2024. The consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. As of June 30, 2024, the Company had a working capital deficit of $38,050, which includes an amount of $2,081 relating to pre-collected revenue and is included in deferred revenue in the accompanying unaudited interim condensed consolidated balance sheets. This amount represents current liabilities that do not require future cash settlement. The working capital deficit is mainly attributable to the repayments due under the Company’s long-term debt, its other financial liabilities and the Titanship finance lease liability. For the six-month period ended June 30, 2024, the Company realized a net income of $24,288 and generated cash flow from operations of $35,048. The Company is currently evaluating financing alternatives to finance the future commitment (Note 6) and the purchase option under its finance lease (Note 7). The Company considered the amount of time that the Company has available to finance the future commitment and the purchase option of the finance lease liability, the current market conditions and market outlook, management’s network of lenders and financiers and the past history of successful financing. Based on the above, the Company believes it has the ability to finance its existing obligation and future commitment to acquire vessels as they come due via cash from operations and financing options and thus continue as a going concern over the next twelve months following the date of the issuance of these interim condensed consolidated financial statements. Consequently, the unaudited interim condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. a. Subsidiaries in Consolidation: Seanergy’s subsidiaries included in these unaudited interim condensed consolidated financial statements as of June 30, 2024: Company Country of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Seanergy Management Corp. (1)(2) Marshall Islands N/A N/A N/A Seanergy Shipmanagement Corp. (1)(2) Marshall Islands N/A N/A N/A Emperor Holding Ltd. (1) Marshall Islands N/A N/A N/A Pembroke Chartering Services Limited (1)(3)(4) Malta N/A N/A N/A Sea Genius Shipping Co. (1) Marshall Islands Geniuship October 13, 2015 N/A Premier Marine Co. (1) Marshall Islands Premiership September 11, 2015 N/A Squire Ocean Navigation Co. (1) Liberia Squireship November 10, 2015 N/A Lord Ocean Navigation Co. (1)(5) Liberia Lordship November 30, 2016 April 28, 2023 Champion Marine Co. (1) Marshall Islands Championship November 7, 2018 N/A Fellow Shipping Co. (1) Marshall Islands Fellowship November 22, 2018 N/A Friend Ocean Navigation Co. (1) Liberia Friendship July 27, 2021 N/A World Shipping Co. (1) Marshall Islands Worldship August 30, 2021 N/A Duke Shipping Co. (1) Marshall Islands Dukeship November 26, 2021 N/A Partner Marine Co. (1)(5) Marshall Islands Partnership March 9, 2022 March 9, 2022 Honor Shipping Co. Marshall Islands Honorship June 27, 2022 N/A Paros Ocean Navigation Co. (1) Liberia Paroship December 27, 2022 N/A Knight Ocean Navigation Co. (1)(5) Liberia Knightship December 13, 2016 April 6, 2023 Flag Marine Co. (1)(5) Marshall Islands Flagship May 6, 2021 May 11, 2021 Hellas Ocean Navigation Co. (1)(5) Liberia Hellasship May 6, 2021 June 28, 2024 Patriot Shipping Co. (1)(5) Marshall Islands Patriotship June 1, 2021 June 28, 2024 Good Ocean Navigation Co. (1)(4) Liberia Goodship August 7, 2020 February 10, 2023 Traders Shipping Co. (1) (4) Marshall Islands Tradership June 9, 2021 February 28, 2023 Gladiator Shipping Co. (1)(4) Marshall Islands Gladiatorship September 29, 2015 October 11, 2018 Partner Shipping Co. Limited (1)(4) Malta Partnership May 31, 2017 March 9, 2022 Titan Ocean Navigation Co. (1)(5) Liberia Titanship October 24, 2023 N/A Icon Ocean Navigation Co. (1)(5) Liberia Iconship June 11, 2024 June 11, 2024 Martinique International Corp. (1)(6) British Virgin Islands Bremen Max September 11, 2008 March 7, 2014 Harbour Business International Corp. (1)(6) British Virgin Islands Hamburg Max September 25, 2008 March 10, 2014 Atsea Ventures Corp. (1) Marshall Islands N/A N/A N/A (1) Subsidiaries wholly owned (2) Management companies (3) Chartering services company (4) Dormant companies (5) Bareboat charterers (6) Dormant companies since 2018 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies: A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on April 3, 2024. There have been no material changes to these policies in the six-month period ended June 30, 2024, except as discussed below: Depreciation is computed using the straight-line method over the estimated useful life of the vessels (25 years from the date of their initial delivery from the shipyard), after considering the estimated salvage value. Salvage value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight ton (“LWT”). Salvage values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage values affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods. Effective January 1, 2024 and following management’s reassessment of the residual value of the vessels, the estimated scrap value per LWT was increased to $0.35 from $0.30. Management’s estimate was based on the average demolition prices prevailing in the market during for which historical data were available. The effect of this change in accounting estimate, which did not require retrospective application as per ASC 250 “Accounting Changes and Error Corrections”, was to increase net income for the six-month period ended June 30, 2024, by $957 or earnings per share by $0.05 (basic and diluted). The decrease in the annual depreciation expense is expected to amount to approximately $1,900 per annum based on the useful lives of the Company’s existing fleet. Recent Accounting Pronouncements In March 2024, the SEC adopted climate-related reporting rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “SEC Climate Reporting Rules”). The SEC Climate Reporting Rules require for accelerated filers the following financial statement disclosures: a) Expenditures and capitalized costs, excluding recoveries, incurred related to severe weather events and natural events are required, if such expenditures exceed defined disclosure thresholds. In addition, a description of material estimates and assumptions used to produce the financial statement disclosures are required; b) If the use of carbon offsets or renewable energy credits (RECs) are a material component of the registrant’s plans to achieve climate-related targets or goals, disclosure of carbon offsets and RECs beginning and ending balances, amounts expensed, capitalized costs and losses are presented in the financial statements; c) Disclosure of gross scope 1 and scope 2 greenhouse gas (GHG) emissions, if material, as well a description of the methodology, significant inputs and assumptions used to calculate the GHG emissions, organizational and operational boundaries and protocols or standards used. Scope 1 GHG emissions are direct GHG emissions from operations owned or controlled by the entity and scope 2 emissions are indirect GHG emissions from the generation of purchased or acquired electricity, steam, heat or cooling that is consumed by operations owned or controlled by the entity. The disclosures will be phased in, with the financial statement disclosures required for annual periods beginning in 2026 for accelerated filers. The Company continues to evaluate the additional disclosures required. Other than the above, there are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim condensed financial statements for the six-month period ended June 30, 2024. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2024 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties: Details of the Company’s transactions with related parties are discussed in Note 3 of the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report on Form 20-F filed with the SEC on April 3, 2024, and are supplemented by the below new activities within the period. Management Agreements: During the six-month period ended June 30, 2024 and 2023, fees charged from Seanergy to United Maritime Corporation (“United”) in relation to services provided under various management agreements entered into with respect to United’s fleet amounted to $1,060 and $1,324, respectively and are presented in “Fees from related parties” in the accompanying unaudited interim condensed statements of operations. As of June 30, 2024 and December 31, 2023, balance due from United amounted to $5,895 and $308, respectively and is included in “Due from related parties” in the accompanying unaudited interim condensed consolidated balance sheets, relating to United management fees and working capital advances. |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | 4 . Cash and Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited interim condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim condensed consolidated statements of cash flows: June 30, 2024 December 31, 2023 Cash and cash equivalents 32,674 19,378 Restricted cash 50 50 Restricted cash, non-current 5,500 5,500 Total 38,224 24,928 Restricted cash as of June 30, 2024 includes $2,000 of minimum liquidity requirements as per the Piraeus Bank Loan Facility, $2,000 of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility, $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility, $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility, $500 of minimum liquidity requirements as per the December 2022 Alpha Bank Loan Facility, and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company’s financial institutions. Minimum liquidity, not legally restricted, as of June 30, 2024, of $9,000 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents” Restricted cash as of December 31, 2023 includes $2,000 of minimum liquidity requirements as per the Piraeus Bank Loan Facility, $2,000 of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility, $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility, $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility, $500 of minimum liquidity requirements as per the December 2022 Alpha Bank Loan Facility, and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company’s financial institutions. Minimum liquidity, not legally restricted, as of December 31, 2023, of $9,600 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents ”. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Inventories [Abstract] | |
Inventories | 5 . Inventories: The amounts in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: June 30, 2024 December 31, 2023 Bunkers 781 - Lubricants 1,573 1,559 Total 2,354 1,559 |
Vessels, Net
Vessels, Net | 6 Months Ended |
Jun. 30, 2024 | |
Vessels, Net [Abstract] | |
Vessels, Net | 6 . Vessels, Net: The amounts in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: June 30, 2024 Cost: Beginning balance 511,935 - Additions 33,660 Ending balance 545,595 Accumulated depreciation: Beginning balance (101,459 ) - Depreciation for the period (11,204 ) Ending balance (112,663 ) Net book value 432,932 Acquisition On February 5, 2024, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel, the Iconship As of June 30, 2024, all vessels, except for the Knightship Lordship Flagship Partnership Hellasship Iconship Patriotship Advances for Vessel Acquisition On March 18, 2024, the Company entered into an agreement with an unaffiliated party for the purchase of a secondhand Capesize vessel, the Orange Tiara Kaizenship |
Finance Lease, Right-of-use Ass
Finance Lease, Right-of-use Asset and Finance Lease Liability | 6 Months Ended |
Jun. 30, 2024 | |
Finance Lease, Right-of-use Asset and Finance Lease Liability [Abstract] | |
Finance Lease, Right-of-use Asset and Finance Lease Liability | 7. Finance Lease, Right-of-use Asset and Finance Lease Liability: Details of the Company’s finance lease, right-of use asset and finance lease liability are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report on Form 20-F filed with the SEC on April 3, 2024. During the six-month period ended June 30, 2024 and 2023, the amortization of the right-of-use asset amounted to $658 and $ NIL NIL The annual lease payments under the Titanship bareboat charter agreement are as follows: Twelve month periods ending June 30, Amount 2025 21,038 Total undiscounted lease payments 21,038 Less: Discount based on incremental borrowing rate (339 ) Present value of finance lease liabilities 20,699 Finance lease liability, current 20,699 Finance lease liability, non-current - Present value of finance lease liabilities 20,699 |
Long-Term Debt and Other Financ
Long-Term Debt and Other Financial Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Long-Term Debt and Other Financial Liabilities | 8. Long-Term Debt and Other Financial Liabilities: The amounts in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: June 30, 2024 December 31, 2023 Long-term debt and other financial liabilities 231,414 213,711 Less: Deferred financing costs and debt discounts (4,488 ) (2,921 ) Total 226,926 210,790 Less - current portion (44,574 ) (31,780 ) Long-term portion 182,352 179,010 Details of the Company’s secured credit and other financial liabilities are discussed in Note 8 of the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report on Form 20-F filed with the SEC on April 3, 2024, and are supplemented by the below new activities within the period. Other Financial Liabilities – Sale and Leaseback Transactions New Sale and Leaseback Activities during the six-month period ended June 30, 2024 AVIC Iconship Sale and Leaseback On June 4, 2024, the Company entered into a $21,905 sale and leaseback agreement with Hao Cancer Limited (“Hao Cancer”), an affiliate of AVIC International Leasing Co., Ltd. to partially finance the acquisition of the Iconship Iconship SOFR AVIC Hellasship Sale and Leaseback On June 4, 2024, the Company entered into a $19,500 sale and leaseback agreement with Hao Leo Limited (“Hao Leo”), an affiliate of AVIC International Leasing Co., Ltd. to partially refinance the CMBFL Sale and Leaseback, secured by the Hellasship and Patriotship . The agreement became effective on June 28, 2024, upon the delivery of the Hellasship to the lessor. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth y ear. Under ASC 842-40, the transaction was accounted for as a financial liability, as control remains with the Company and the Hellaship The charterhire p SOFR . AVIC Patriotship Sale and Leaseback On June 4, 2024, the Company entered into a $16,874 sale and leaseback agreement with Hao Virgo Limited (“Hao Virgo”), an affiliate of AVIC International Leasing Co., Ltd. to partially refinance the CMBFL Sale and Leaseback, secured by the Hellasship and Patriotship . The agreement became effective on June 28, 2024, upon the delivery of the Patriotship to the lessor. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. Patriotship The charterhire principal amortizes in four quarterly installments of $600 followed by 16 quarterly installments of $311 along with a balloon payment of $9,500 at the expiry of the bareboat charter, bearing an interest rate of 3-month term SOFR The installments are paid in advance. . Sale and Leaseback Activities repaid during the six-month period ended June 30, 2024 CMBFL Sale and Leaseback On June 28, 2024, the Company exercised its options for the purchase of the Hellasship and Patriotship from CMB Financial Leasing Co., Ltd. (“CMBFL”) and took delivery of the vessels after full settlement of the outstanding balance of approximately $22,320. The was refinanced by the AVIC Hellasship Sale and Leaseback and the AVIC Patriotship Sale and Leaseback described above. On that date, as a result of the refinancing, an amount of $649 relating to deferred finance costs and other related expenses was recognized as loss on debt extinguishment according to the debt extinguishment guidance of ASC 470-50 “Debt Modifications and Extinguishments” and was included in “Loss on extinguishment of debt” in the . All of the Company’s secured facilities (i.e., long-term debt and other financial liabilities) bear either floating interest at SOFR plus a margin or fixed interest. Certain of the Company’s long-term debt and other financial liabilities contain financial covenants and undertakings requiring the Company to maintain various financial ratios, including: • a minimum borrower’s liquidity; • a minimum guarantor’s liquidity; • a security coverage requirement; and • a leverage ratio. As of June 30, 2024, the Company was in compliance with all covenants relating to its loan facilities as at that date. As of June 30, 2024, ten of the Company’s owned vessels, having a net carrying value of $262,317, were subject to first and second priority mortgages as collaterals to their long-term debt facilities. In addition, the Company’s seven bareboat chartered vessels, having a net carrying value of $170,615 as of June 30, 2024, have been financed through sale and leaseback agreements. As is typical leaseback agreements the title of ownership is held by the relevant lenders. The June 30, 2024 for all long-term debt and other financial liabilities are as follows: Twelve month periods ending June 30, Amount 2025 46,410 2026 54,520 2027 56,587 2028 29,917 Thereafter 43,980 Total 231,414 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Financial Instruments [Abstract] | |
Financial Instruments | 9. Financial Instruments: The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: • Level 1: Quoted market prices in active markets for identical assets or liabilities; • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data; • Level 3: Unobservable inputs that are not corroborated by market data. (a) Significant Risks and Uncertainties, including Business and Credit Concentration The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. (b) Fair Value of Financial Instruments The principal financial assets of the Company consist of Cash and cash equivalents, restricted cash, accounts receivable trade and other current assets. The principal financial liabilities of the Company consist of trade accounts and other payables long-term debt and other financial liabilities. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: a. Cash and cash equivalents, restricted cash, accounts receivable trade, other current assets and trade accounts and other payables: the carrying amounts approximate fair value because of the short maturity of these instruments. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current. b. Long-term debt and other financial liabilities: The carrying value of long-term debt and other financial liabilities with variable interest rates (obtained through Level 2 inputs of the fair value hierarchy) approximates the fair market value as the long-term debt and other financial liabilities bear interest at floating interest rate. The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Company believes the terms of its fixed interest long-term debt for the Flagship Cargill Sale and Leaseback are similar to those that could be procured as of June 30, 2024, and the carrying value of $14,164, is 4% higher than the fair market value of $13,544. The fair value of the fixed interest long-term debt has been obtained through Level 2 inputs of the fair value hierarchy. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies: Contingencies Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. On March 6, 2024, Sphinx Investment Corp., a purported shareholder of the Company, submitted a complaint in the High Court of the Republic of the Marshall Islands naming the Company and the members of its board of directors as defendants. The complaint alleges, among other things, violations of fiduciary duties in connection with the issuance of the Series B Preferred Shares in December 2021. On April 26, 2024, the defendants filed a motion to dismiss the lawsuit. Briefing on such motion concluded on July 2, 2024. The Company, although it cannot predict the outcome, believes it has substantial defenses and intends to vigorously defend against the lawsuit. As The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs. Commitments The Company operates certain of its vessels under lease agreements. Time charters typically may provide for charterers’ options to extend the lease terms and termination clauses. The Company’s time charters range from 11 to 60 months and extension periods vary from 7 to 26 months. In addition, the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes on freight market index. The Company has the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates. The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2024. For index-linked time charter contracts the calculation was made using the initial charter rates (these amounts do not include any assumed off-hire). Twelve month periods ending June 30 Amount 2025 110,375 2026 28,253 Total 138,628 The office rent expense for the periods ended June 30, 2024 and 2023 was $82 and $83, respectively. The following table sets forth the Company’s undiscounted office rental obligations as at June 30, 2024: Twelve month periods ending June 30 Amount 2025 128 2026 128 2027 128 2028 96 Thereafter - Total 480 Less: imputed interest (139 ) Present value of lease liabilities 341 Operating lease liability, current 99 Operating lease liability, non-current 242 Present value of lease liabilities 341 |
Capital Structure
Capital Structure | 6 Months Ended |
Jun. 30, 2024 | |
Capital Structure [Abstract] | |
Capital Structure | 11. Capital Structure: Details of the Company’s common stock and warrants are discussed in Note 12 of the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report on Form 20-F filed with the SEC on April 3, 2024 and are supplemented by the below new activities into the six-month period. (a) Common Stock i) At-the-market offering program During the six months ended June 30, 2024, 576,120 shares have been sold from the Company for gross proceeds of $5,091 under the “at-the-market” offering program and are shown in unaudited interim condensed consolidated statement of stockholder’s equity as of June 30, 2024, net of $194 offering expenses. ii) Dividends On May 15, 2024, the Company announced a regular quarterly cash dividend of $0.025 per share for the first quarter of 2024 and a special dividend of $0.125 per share, to all shareholders of record as of June 25, 2024 (Note 16). The dividends amounting to $3,108 were paid on July 10, 2024 (Note 16) and are included in “Other current liabilities” as of June 30, 2024 in the unaudited interim condensed consolidated balance sheets. On March 15, 2024, the Company announced a regular quarterly dividend of $0.025 per share for the fourth quarter of 2023 and a special dividend of $0.075 per share, to all shareholders of record as of March 25, 2024. The dividends amounting to $2,001 were paid on April 10, 2024. On January 10, 2024, the Company paid a regular quarterly dividend of $0.025 per share or $491 for the third quarter of 2023 to all shareholders of record as of December 22, 2023. Total dividends declared in the six-month period ended June 30, 2024, amounted to $5,109. iii) Buybacks In December 2023, the Board of Directors of the Company authorized a new share repurchase plan under which the Company may repurchase up to $25,000 of its outstanding common shares or warrants. As of June 30, 2024, the Company has repurchased 195,312 of its outstanding common shares at an average price of approximately $8.82 per share for a total of $1,722, inclusive of commissions and fees. All the repurchased shares have been cancelled as of June 30, 2024. (b) Warrants All warrants are classified in equity, according to the Company’s accounting policy Class E Warrants During the six-month period ended June 30, 2024, 180,000 shares were issued from Class E warrants, for proceeds of $885. As of June 30, 2024, the number of remaining Class E Warrants outstanding is 2,694,599 at an exercise price of $4.79 per share. Class D Warrants As of June 30, 2024, the number of remaining Class D Warrants outstanding is 4,368,750 at an exercise price of $13.79 per share. As of June 30, 2024, the number of common shares that can potentially be issued under each outstanding warrant are: Warrant Shares to be issued upon exercise of remaining warrants Class D 27,304 Class E 269,459 Total 296,763 |
Vessel Revenue
Vessel Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Vessel Revenue [Abstract] | |
Vessel Revenue | 12. Vessel Revenue: Vessel revenues for the six-month periods ended June 30, 2024 and 2023 was derived from time charters. The trade accounts receivable of $729 and $896 as of June 30, 2024 and December 31, 2023, respectively, relate to time charters. The current portion of Deferred revenue as of June 30, 2024 and December 31, 2023 was $2,081 and $2,136 and relates to cash received in advance of performance under operating leases and to premiums for energy saving devices (i.e. increased daily hire rates provided for by the chartering agreements) for specific equipment installed in the vessels. The non-current portion of Deferred revenue as of June 30, 2024 and December 31, 2023 was $161 and $254 and relates to premiums for energy saving devices for specific equipment installed in the vessels. The Deferred revenue is allocated on a straight-line basis over the minimum duration of each charter party, except for unearned revenue, which represents cash received in advance of services which have not yet been provided. Charterers individually accounting for more than 10% of revenues during the six-month periods ended June 30, 2024 and 2023 were: Customer 2024 2023 A 34 % 26 % B 23 % 26 % C 13 % 18 % D - 14 % Total 70 % 84 % |
Interest and Finance Costs
Interest and Finance Costs | 6 Months Ended |
Jun. 30, 2024 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 13. Interest and Finance Costs: Interest and finance costs are analyzed as follows: June 30, 2024 2023 Interest on long-term debt and other financial liabilities 8,408 8,767 Interest on finance lease liability 559 - Amortization of deferred finance costs and debt discounts 696 1,393 Convertible notes interest expense - 90 Amortization of deferred finance costs and debt discounts (shares issued to third party - non-cash) - 81 Other 53 64 Total 9,716 10,395 |
Earnings _ (Loss) per Share
Earnings / (Loss) per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings / (Loss) per Share [Abstract] | |
Earnings / (Loss) per Share | 14. Earnings / (Loss) per Share: The calculation of net income per common share is summarized below: June 30, 2024 2023 Net income / (loss) $ 24,288 $ (3,507 ) Less: Dividends to non-vested participating securities (246 ) (76 ) Less: Undistributed earnings to non-vested participating securities (936 ) - Net income / (loss) attributable to common shareholders, basic $ 23,106 $ (3,583 ) Undistributed earnings to non-vested participating securities 936 - Undistributed earnings reallocated to non-vested participating securities (930 ) - Net income / (loss) attributable to common shareholders, $ 23,112 $ (3,583 ) Weighted average number of common shares outstanding, basic 19,533,621 18,196,521 Effect of dilutive securities: Warrants 125,749 - Weighted average number of common shares outstanding, diluted 19,659,370 18,196,521 Net income / (loss) per share attributable to common shareholders, basic $ 1.18 $ (0.20 ) Net income / (loss) per share attributable to common shareholders, $ 1.18 $ (0.20 ) As of June 30, 2024, 1,001,997 Equity Incentive Plan |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2024 | |
Equity Incentive Plan [Abstract] | |
Equity Incentive Plan | 15. Equity Incentive Plan: Details of the Company’s Equity Incentive Plans are discussed in Note 16 of the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report on Form 20-F filed with the SEC on April 3, 2024 and are supplemented by the below new activities into the six-month period. On March 27, 2024, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 550,000 shares. On the same date, the Compensation Committee granted an aggregate of 502,500 restricted shares of common stock pursuant to the Plan. Of the total 502,500 shares issued on March 27, 2024, on the date of the issuance, March 27, 2024 During the six-month period ended June 30, 2024, 333 shares were forfeited from the March 2023 Equity Incentive Plan. The related expense for shares granted to the Company’s Board of Directors and certain of its employees for the six-month periods ended June 30, 2024 and 2023 2023, amounted to $79 and $198, respectively, and is included under voyage expenses The unrecognized cost for the non-vested shares granted to the Company’s Board of Directors and certain of its employees as of June 30, 2024 2023 2024 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events On July 10, 2024, the Company paid regular quarterly and special dividends of $3,108 to all shareholders of record as of June 25, 2024 (Note 11). On August 5, 2024, the Company declared a quarterly dividend of $0.25 per share for the second quarter of 2024, payable on or about October 10, 2024 to all shareholders of record as of September 27, 2024. As of the date of this report, the Company has repurchased 86,903 of its outstanding common shares at an average price of approximately $10.20 for a total of $886, inclusive of commissions and fees. All the repurchased shares have been cancelled. The Company has currently 20,611,924 shares issued and outstanding. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Basis of Presentation and General Information [Abstract] | |
Principles of Consolidation | The accompanying unaudited interim condensed consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”). |
Basis of Accounting | The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on April 3, 2024 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2024. The consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Significant Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2024, the SEC adopted climate-related reporting rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “SEC Climate Reporting Rules”). The SEC Climate Reporting Rules require for accelerated filers the following financial statement disclosures: a) Expenditures and capitalized costs, excluding recoveries, incurred related to severe weather events and natural events are required, if such expenditures exceed defined disclosure thresholds. In addition, a description of material estimates and assumptions used to produce the financial statement disclosures are required; b) If the use of carbon offsets or renewable energy credits (RECs) are a material component of the registrant’s plans to achieve climate-related targets or goals, disclosure of carbon offsets and RECs beginning and ending balances, amounts expensed, capitalized costs and losses are presented in the financial statements; c) Disclosure of gross scope 1 and scope 2 greenhouse gas (GHG) emissions, if material, as well a description of the methodology, significant inputs and assumptions used to calculate the GHG emissions, organizational and operational boundaries and protocols or standards used. Scope 1 GHG emissions are direct GHG emissions from operations owned or controlled by the entity and scope 2 emissions are indirect GHG emissions from the generation of purchased or acquired electricity, steam, heat or cooling that is consumed by operations owned or controlled by the entity. The disclosures will be phased in, with the financial statement disclosures required for annual periods beginning in 2026 for accelerated filers. The Company continues to evaluate the additional disclosures required. Other than the above, there are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim condensed financial statements for the six-month period ended June 30, 2024. |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Basis of Presentation and General Information [Abstract] | |
Subsidiaries in Consolidation | Seanergy’s subsidiaries included in these unaudited interim condensed consolidated financial statements as of June 30, 2024: Company Country of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Seanergy Management Corp. (1)(2) Marshall Islands N/A N/A N/A Seanergy Shipmanagement Corp. (1)(2) Marshall Islands N/A N/A N/A Emperor Holding Ltd. (1) Marshall Islands N/A N/A N/A Pembroke Chartering Services Limited (1)(3)(4) Malta N/A N/A N/A Sea Genius Shipping Co. (1) Marshall Islands Geniuship October 13, 2015 N/A Premier Marine Co. (1) Marshall Islands Premiership September 11, 2015 N/A Squire Ocean Navigation Co. (1) Liberia Squireship November 10, 2015 N/A Lord Ocean Navigation Co. (1)(5) Liberia Lordship November 30, 2016 April 28, 2023 Champion Marine Co. (1) Marshall Islands Championship November 7, 2018 N/A Fellow Shipping Co. (1) Marshall Islands Fellowship November 22, 2018 N/A Friend Ocean Navigation Co. (1) Liberia Friendship July 27, 2021 N/A World Shipping Co. (1) Marshall Islands Worldship August 30, 2021 N/A Duke Shipping Co. (1) Marshall Islands Dukeship November 26, 2021 N/A Partner Marine Co. (1)(5) Marshall Islands Partnership March 9, 2022 March 9, 2022 Honor Shipping Co. Marshall Islands Honorship June 27, 2022 N/A Paros Ocean Navigation Co. (1) Liberia Paroship December 27, 2022 N/A Knight Ocean Navigation Co. (1)(5) Liberia Knightship December 13, 2016 April 6, 2023 Flag Marine Co. (1)(5) Marshall Islands Flagship May 6, 2021 May 11, 2021 Hellas Ocean Navigation Co. (1)(5) Liberia Hellasship May 6, 2021 June 28, 2024 Patriot Shipping Co. (1)(5) Marshall Islands Patriotship June 1, 2021 June 28, 2024 Good Ocean Navigation Co. (1)(4) Liberia Goodship August 7, 2020 February 10, 2023 Traders Shipping Co. (1) (4) Marshall Islands Tradership June 9, 2021 February 28, 2023 Gladiator Shipping Co. (1)(4) Marshall Islands Gladiatorship September 29, 2015 October 11, 2018 Partner Shipping Co. Limited (1)(4) Malta Partnership May 31, 2017 March 9, 2022 Titan Ocean Navigation Co. (1)(5) Liberia Titanship October 24, 2023 N/A Icon Ocean Navigation Co. (1)(5) Liberia Iconship June 11, 2024 June 11, 2024 Martinique International Corp. (1)(6) British Virgin Islands Bremen Max September 11, 2008 March 7, 2014 Harbour Business International Corp. (1)(6) British Virgin Islands Hamburg Max September 25, 2008 March 10, 2014 Atsea Ventures Corp. (1) Marshall Islands N/A N/A N/A (1) Subsidiaries wholly owned (2) Management companies (3) Chartering services company (4) Dormant companies (5) Bareboat charterers (6) Dormant companies since 2018 |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited interim condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim condensed consolidated statements of cash flows: June 30, 2024 December 31, 2023 Cash and cash equivalents 32,674 19,378 Restricted cash 50 50 Restricted cash, non-current 5,500 5,500 Total 38,224 24,928 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventories [Abstract] | |
Inventories | The amounts in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: June 30, 2024 December 31, 2023 Bunkers 781 - Lubricants 1,573 1,559 Total 2,354 1,559 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Vessels, Net [Abstract] | |
Vessels, Net | The amounts in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: June 30, 2024 Cost: Beginning balance 511,935 - Additions 33,660 Ending balance 545,595 Accumulated depreciation: Beginning balance (101,459 ) - Depreciation for the period (11,204 ) Ending balance (112,663 ) Net book value 432,932 |
Finance Lease, Right-of-use A_2
Finance Lease, Right-of-use Asset and Finance Lease Liability (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Finance Lease, Right-of-use Asset and Finance Lease Liability [Abstract] | |
Annual Lease Payments | The annual lease payments under the Titanship bareboat charter agreement are as follows: Twelve month periods ending June 30, Amount 2025 21,038 Total undiscounted lease payments 21,038 Less: Discount based on incremental borrowing rate (339 ) Present value of finance lease liabilities 20,699 Finance lease liability, current 20,699 Finance lease liability, non-current - Present value of finance lease liabilities 20,699 |
Long-Term Debt and Other Fina_2
Long-Term Debt and Other Financial Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Long-Term Debt and Other Financial Liabilities | The amounts in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: June 30, 2024 December 31, 2023 Long-term debt and other financial liabilities 231,414 213,711 Less: Deferred financing costs and debt discounts (4,488 ) (2,921 ) Total 226,926 210,790 Less - current portion (44,574 ) (31,780 ) Long-term portion 182,352 179,010 |
Annual Principal Payments | The June 30, 2024 for all long-term debt and other financial liabilities are as follows: Twelve month periods ending June 30, Amount 2025 46,410 2026 54,520 2027 56,587 2028 29,917 Thereafter 43,980 Total 231,414 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies [Abstract] | |
Future Minimum Contractual Charter Revenue | The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2024. For index-linked time charter contracts the calculation was made using the initial charter rates (these amounts do not include any assumed off-hire). Twelve month periods ending June 30 Amount 2025 110,375 2026 28,253 Total 138,628 |
Office Rental Obligations | The following table sets forth the Company’s undiscounted office rental obligations as at June 30, 2024: Twelve month periods ending June 30 Amount 2025 128 2026 128 2027 128 2028 96 Thereafter - Total 480 Less: imputed interest (139 ) Present value of lease liabilities 341 Operating lease liability, current 99 Operating lease liability, non-current 242 Present value of lease liabilities 341 |
Capital Structure (Tables)
Capital Structure (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Capital Structure [Abstract] | |
Outstanding Warrants | As of June 30, 2024, the number of common shares that can potentially be issued under each outstanding warrant are: Warrant Shares to be issued upon exercise of remaining warrants Class D 27,304 Class E 269,459 Total 296,763 |
Vessel Revenue (Tables)
Vessel Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Vessel Revenue [Abstract] | |
Revenue from Charterers | Charterers individually accounting for more than 10% of revenues during the six-month periods ended June 30, 2024 and 2023 were: Customer 2024 2023 A 34 % 26 % B 23 % 26 % C 13 % 18 % D - 14 % Total 70 % 84 % |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | Interest and finance costs are analyzed as follows: June 30, 2024 2023 Interest on long-term debt and other financial liabilities 8,408 8,767 Interest on finance lease liability 559 - Amortization of deferred finance costs and debt discounts 696 1,393 Convertible notes interest expense - 90 Amortization of deferred finance costs and debt discounts (shares issued to third party - non-cash) - 81 Other 53 64 Total 9,716 10,395 |
Earnings _ (Loss) per Share (Ta
Earnings / (Loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings / (Loss) per Share [Abstract] | |
Earnings / (Loss) per Share | The calculation of net income per common share is summarized below: June 30, 2024 2023 Net income / (loss) $ 24,288 $ (3,507 ) Less: Dividends to non-vested participating securities (246 ) (76 ) Less: Undistributed earnings to non-vested participating securities (936 ) - Net income / (loss) attributable to common shareholders, basic $ 23,106 $ (3,583 ) Undistributed earnings to non-vested participating securities 936 - Undistributed earnings reallocated to non-vested participating securities (930 ) - Net income / (loss) attributable to common shareholders, $ 23,112 $ (3,583 ) Weighted average number of common shares outstanding, basic 19,533,621 18,196,521 Effect of dilutive securities: Warrants 125,749 - Weighted average number of common shares outstanding, diluted 19,659,370 18,196,521 Net income / (loss) per share attributable to common shareholders, basic $ 1.18 $ (0.20 ) Net income / (loss) per share attributable to common shareholders, $ 1.18 $ (0.20 ) |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Basis of Presentation and General Information [Abstract] | |||
Working capital deficit | $ (38,050) | ||
Deferred revenue | 2,081 | $ 2,136 | |
Net income | 24,288 | $ (3,507) | |
Cash flow from operations | $ 35,048 | $ 1,604 | |
Seanergy Management [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Seanergy Shipmanagement [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Emperor Holding Ltd. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Pembroke Chartering Services Limited [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | O1 | ||
Sea Genius Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Geniuship | ||
Date of Delivery | Oct. 13, 2015 | ||
Premier Marine Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Premiership | ||
Date of Delivery | Sep. 11, 2015 | ||
Squire Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | N0 | ||
Vessel name | Squireship | ||
Date of Delivery | Nov. 10, 2015 | ||
Lord Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | N0 | ||
Vessel name | Lordship | ||
Date of Delivery | Nov. 30, 2016 | ||
Date of Sale/Disposal | Apr. 28, 2023 | ||
Champion Marine Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Championship | ||
Date of Delivery | Nov. 07, 2018 | ||
Fellow Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Fellowship | ||
Date of Delivery | Nov. 22, 2018 | ||
Friend Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | N0 | ||
Vessel name | Friendship | ||
Date of Delivery | Jul. 27, 2021 | ||
World Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Worldship | ||
Date of Delivery | Aug. 30, 2021 | ||
Duke Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Dukeship | ||
Date of Delivery | Nov. 26, 2021 | ||
Partner Marine Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Partnership | ||
Date of Delivery | Mar. 09, 2022 | ||
Date of Sale/Disposal | Mar. 09, 2022 | ||
Honor Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Honorship | ||
Date of Delivery | Jun. 27, 2022 | ||
Paros Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | N0 | ||
Vessel name | Paroship | ||
Date of Delivery | Dec. 27, 2022 | ||
Knight Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | N0 | ||
Vessel name | Knightship | ||
Date of Delivery | Dec. 13, 2016 | ||
Date of Sale/Disposal | Apr. 06, 2023 | ||
Flag Marine Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Flagship | ||
Date of Delivery | May 06, 2021 | ||
Date of Sale/Disposal | May 11, 2021 | ||
Hellas Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | N0 | ||
Vessel name | Hellasship | ||
Date of Delivery | May 06, 2021 | ||
Date of Sale/Disposal | Jun. 28, 2024 | ||
Patriot Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Patriotship | ||
Date of Delivery | Jun. 01, 2021 | ||
Date of Sale/Disposal | Jun. 28, 2024 | ||
Good Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | N0 | ||
Vessel name | Goodship | ||
Date of Delivery | Aug. 07, 2020 | ||
Date of Sale/Disposal | Feb. 10, 2023 | ||
Traders Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Tradership | ||
Date of Delivery | Jun. 09, 2021 | ||
Date of Sale/Disposal | Feb. 28, 2023 | ||
Gladiator Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T | ||
Vessel name | Gladiatorship | ||
Date of Delivery | Sep. 29, 2015 | ||
Date of Sale/Disposal | Oct. 11, 2018 | ||
Partner Shipping Co. Limited [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | O1 | ||
Vessel name | Partnership | ||
Date of Delivery | May 31, 2017 | ||
Date of Sale/Disposal | Mar. 09, 2022 | ||
Titan Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | N0 | ||
Vessel name | Titanship | ||
Date of Delivery | Oct. 24, 2023 | ||
Icon Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | N0 | ||
Vessel name | Iconship | ||
Date of Delivery | Jun. 11, 2024 | ||
Date of Sale/Disposal | Jun. 11, 2024 | ||
Martinique International Corp. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | D8 | ||
Vessel name | Bremen Max | ||
Date of Delivery | Sep. 11, 2008 | ||
Date of Sale/Disposal | Mar. 07, 2014 | ||
Harbour Business International Corp. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | D8 | ||
Vessel name | Hamburg Max | ||
Date of Delivery | Sep. 25, 2008 | ||
Date of Sale/Disposal | Mar. 10, 2014 | ||
Atsea Ventures Corp. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | 1T |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Change in Accounting Estimate [Abstract] | |||
Estimated residual scrap rate per light-weight ton | $ 0.35 | $ 0.3 | |
Net income | $ 24,288,000 | $ (3,507,000) | |
Net income per common share, basic (in dollars per share) | $ 1.18 | $ (0.2) | |
Net income per common share, diluted (in dollars per share) | $ 1.18 | $ (0.2) | |
Vessels [Member] | |||
Significant Accounting Policies [Abstract] | |||
Estimated useful life | 25 years | ||
Increase in Salvage Value [Member] | |||
Change in Accounting Estimate [Abstract] | |||
Net income | $ 957,000 | ||
Net income per common share, basic (in dollars per share) | $ 0.05 | ||
Net income per common share, diluted (in dollars per share) | $ 0.05 | ||
Decrease in annual depreciation expense | $ (1,900,000) |
Transactions with Related Par_2
Transactions with Related Parties (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Management Agreements [Abstract] | |||
Fees from related parties | $ 1,060 | $ 1,324 | |
United [Member] | |||
Management Agreements [Abstract] | |||
Fees from related parties | 1,060 | $ 1,324 | |
Due from related parties | $ 5,895 | $ 308 |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Restricted Cash (Details) $ in Thousands | Jun. 30, 2024 USD ($) FinancialInstitution | Dec. 31, 2023 USD ($) FinancialInstitution | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 32,674 | $ 19,378 | ||
Restricted cash | 50 | 50 | ||
Restricted cash, non-current | 5,500 | 5,500 | ||
Cash and cash equivalents and restricted cash | 38,224 | 24,928 | $ 22,452 | $ 32,477 |
Restricted deposits pledged as collateral | $ 50 | $ 50 | ||
Number of financial institutions where restricted deposits are pledged as collateral regarding credit card balances | FinancialInstitution | 1 | 1 | ||
Minimum liquidity requirements for credit facilities covenants | $ 9,000 | $ 9,600 | ||
Piraeus Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 2,000 | 2,000 | ||
October 2022 Danish Ship Finance Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 2,000 | 2,000 | ||
August 2021 Alpha Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 500 | 500 | ||
June 2022 Alpha Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 500 | 500 | ||
December 2022 Alpha Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | $ 500 | $ 500 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventories [Abstract] | ||
Inventories | $ 2,354 | $ 1,559 |
Bunkers [Member] | ||
Inventories [Abstract] | ||
Inventories | 781 | 0 |
Lubricants [Member] | ||
Inventories [Abstract] | ||
Inventories | $ 1,573 | $ 1,559 |
Vessels, Net, Net Book Value (D
Vessels, Net, Net Book Value (Details) - Vessels [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Cost [Abstract] | |
Beginning balance | $ 511,935 |
Additions | 33,660 |
Ending balance | 545,595 |
Accumulated Depreciation [Abstract] | |
Beginning balance | (101,459) |
Depreciation for the period | (11,204) |
Ending balance | (112,663) |
Net book value | $ 432,932 |
Vessels, Net, Acquisition and A
Vessels, Net, Acquisition and Advances for Vessel Acquisition (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 11, 2024 | Mar. 19, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 18, 2024 | |
Vessels, Net [Abstract] | |||||
Advance for vessel acquisition | $ 4,450 | $ 0 | |||
Iconship [Member] | |||||
Vessels, Net [Abstract] | |||||
Additions | $ 33,660 | ||||
Kaizenship [Member] | |||||
Vessels, Net [Abstract] | |||||
Purchase price | $ 35,600 | ||||
Advance for vessel acquisition | $ 4,450 |
Finance Lease, Right-of-use A_3
Finance Lease, Right-of-use Asset and Finance Lease Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Finance Lease, Right-of-use Asset and Finance Lease Liability [Abstract] | |||
Amortization of right-of use asset | $ 658 | $ 0 | |
Interest expense on finance lease liability | 559 | $ 0 | |
Right-of-use asset | $ 28,904 | $ 29,562 | |
Weighted average remaining lease term | 3 months 25 days | ||
Annual Lease Payments [Abstract] | |||
2025 | $ 21,038 | ||
Total undiscounted lease payments | 21,038 | ||
Less: Discount based on incremental borrowing rate | (339) | ||
Present value of finance lease liabilities | 20,699 | ||
Finance lease liability, current | 20,699 | $ 21,778 | |
Finance lease liability, non-current | $ 0 |
Long-Term Debt and Other Fina_3
Long-Term Debt and Other Financial Liabilities, Summary of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Long-Term Debt and Other Financial Liabilities [Abstract] | ||
Long-term debt and other financial liabilities | $ 231,414 | $ 213,711 |
Less: Deferred financing costs and debt discounts | (4,488) | (2,921) |
Total debt net of deferred financing costs and debt discounts | 226,926 | 210,790 |
Less - current portion | (44,574) | (31,780) |
Long-term portion | $ 182,352 | $ 179,010 |
Long-Term Debt and Other Fina_4
Long-Term Debt and Other Financial Liabilities, AVIC Iconship Sale and Leaseback (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 USD ($) Installment | Jun. 04, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||
Balance outstanding | $ 231,414 | $ 213,711 | |
AVIC Iconship Sale and Leaseback [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Financing amount | $ 21,905 | ||
Term of charter contract | 5 years | ||
Balloon payment | $ 11,500 | ||
Term of variable rate | 3 months | ||
Margin on variable rate | 2.55% | ||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:SecuredOvernightFinancingRateSofrMember | ||
Corporate leverage ratio | 75% | ||
Minimum value maintenance ratio to be maintained | 1.20 | ||
Balance outstanding | $ 21,155 | ||
AVIC Iconship Sale and Leaseback [Member] | First Four Installments [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Number of consecutive payment installments | Installment | 4 | ||
Installment payment | $ 750 | ||
AVIC Iconship Sale and Leaseback [Member] | Last Sixteen Installments [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Number of consecutive payment installments | Installment | 16 | ||
Installment payment | $ 463 |
Long-Term Debt and Other Fina_5
Long-Term Debt and Other Financial Liabilities, AVIC Hellasship Sale and Leaseback (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 USD ($) Installment | Jun. 04, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||
Balance outstanding | $ 231,414 | $ 213,711 | |
AVIC Hellasship Sale and Leaseback [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Financing amount | $ 19,500 | ||
Term of charter contract | 5 years | ||
Balloon payment | $ 10,500 | ||
Term of variable rate | 3 months | ||
Margin on variable rate | 2.55% | ||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:SecuredOvernightFinancingRateSofrMember | ||
Corporate leverage ratio | 75% | ||
Minimum value maintenance ratio to be maintained | 1.20 | ||
Balance outstanding | $ 18,800 | ||
AVIC Hellasship Sale and Leaseback [Member] | First Four Installments [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Number of consecutive payment installments | Installment | 4 | ||
Installment payment | $ 700 | ||
AVIC Hellasship Sale and Leaseback [Member] | Last Sixteen Installments [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Number of consecutive payment installments | Installment | 16 | ||
Installment payment | $ 388 |
Long-Term Debt and Other Fina_6
Long-Term Debt and Other Financial Liabilities, AVIC Patriotship Sale and Leaseback (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 USD ($) Installment | Jun. 04, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||
Balance outstanding | $ 231,414 | $ 213,711 | |
AVIC Patriotship Sale and Leaseback [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Financing amount | $ 16,874 | ||
Term of charter contract | 5 years | ||
Balloon payment | $ 9,500 | ||
Term of variable rate | 3 months | ||
Margin on variable rate | 2.55% | ||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:SecuredOvernightFinancingRateSofrMember | ||
Corporate leverage ratio | 75% | ||
Minimum value maintenance ratio to be maintained | 1.20 | ||
Balance outstanding | $ 16,274 | ||
AVIC Patriotship Sale and Leaseback [Member] | First Four Installments [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Number of consecutive payment installments | Installment | 4 | ||
Installment payment | $ 600 | ||
AVIC Patriotship Sale and Leaseback [Member] | Last Sixteen Installments [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Number of consecutive payment installments | Installment | 16 | ||
Installment payment | $ 311 |
Long-Term Debt and Other Fina_7
Long-Term Debt and Other Financial Liabilities, CMBFL Sale and Leaseback (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 28, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Sale and Leaseback Activities Repaid [Abstract] | |||
Balance outstanding | $ 40,576 | $ 70,868 | |
Loss on extinguishment of debt | (649) | $ (540) | |
CMBFL Sale and Leaseback [Member] | |||
Sale and Leaseback Activities Repaid [Abstract] | |||
Balance outstanding | $ 22,320 | ||
Loss on extinguishment of debt | $ (649) |
Long-Term Debt and Other Fina_8
Long-Term Debt and Other Financial Liabilities, Collateral (Details) $ in Thousands | Jun. 30, 2024 USD ($) Vessel |
Vessels Subject to Mortgages [Member] | |
Senior Long-Term Debt [Abstract] | |
Number of vessels serving as collateral | Vessel | 10 |
Net book value | $ | $ 262,317 |
Bareboat Chartered Vessels [Member] | |
Senior Long-Term Debt [Abstract] | |
Number of vessels serving as collateral | Vessel | 7 |
Net book value | $ | $ 170,615 |
Long-Term Debt and Other Fina_9
Long-Term Debt and Other Financial Liabilities, Annual Principal Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Annual Principal Payments [Abstract] | ||
Twelve month period ending June 30, 2025 | $ 46,410 | |
Twelve month period ending June 30, 2026 | 54,520 | |
Twelve month period ending June 30, 2027 | 56,587 | |
Twelve month period ending June 30, 2028 | 29,917 | |
Thereafter | 43,980 | |
Total | $ 231,414 | $ 213,711 |
Financial Instruments (Details)
Financial Instruments (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Financial Instruments [Abstract] | |
Percentage difference between carrying value and fair market value of fixed interest long-term debt | 4% |
Carrying Value [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 14,164 |
Fair Market Value [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 13,544 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Future Minimum Contractual Charter Revenue [Abstract] | |||
Twelve month period ended June 30, 2025 | $ 110,375 | ||
Twelve month period ended June 30, 2026 | 28,253 | ||
Total | 138,628 | ||
Office Lease [Abstract] | |||
Office rent expense | 82 | $ 83 | |
Office Rental Obligations [Abstract] | |||
Twelve month period ending June 30, 2025 | 128 | ||
Twelve month period ending June 30, 2026 | 128 | ||
Twelve month period ending June 30, 2027 | 128 | ||
Twelve month period ending June 30, 2028 | 96 | ||
Thereafter | 0 | ||
Total | 480 | ||
Less: imputed interest | (139) | ||
Present value of lease liabilities | 341 | ||
Operating lease liability, current | 99 | $ 105 | |
Operating lease liability, non-current | $ 242 | $ 300 | |
Minimum [Member] | |||
Commitments and Contingencies [Abstract] | |||
Term of time charter agreements | 11 months | ||
Renewal term of time charter agreements | 7 months | ||
Maximum [Member] | |||
Commitments and Contingencies [Abstract] | |||
Term of time charter agreements | 60 months | ||
Renewal term of time charter agreements | 26 months |
Capital Structure, Common Stock
Capital Structure, Common Stock - At-the-Market Offering Program (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
At the Market Offering Program [Abstract] | ||
Gross proceeds | $ 5,823 | $ 0 |
At-the-market Offering [Member] | ||
At the Market Offering Program [Abstract] | ||
Shares issued (in shares) | 576,120 | |
Gross proceeds | $ 5,091 | |
Offering expenses | $ 194 |
Capital Structure, Common Sto_2
Capital Structure, Common Stock - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||||
Jul. 10, 2024 | Mar. 05, 2024 | Jan. 10, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | May 15, 2024 | |
Dividends [Abstract] | ||||||
Dividends payable | $ 3,108 | $ 491 | ||||
Dividends paid | $ 2,001 | $ 491 | 2,492 | 5,048 | ||
Dividends declared | 5,109 | $ 991 | ||||
Other Current Liabilities [Member] | ||||||
Dividends [Abstract] | ||||||
Dividends payable | $ 3,108 | |||||
Subsequent Event [Member] | ||||||
Dividends [Abstract] | ||||||
Dividends paid | $ 3,108 | |||||
Regular Quarterly Dividend for Q1-2024 [Member] | ||||||
Dividends [Abstract] | ||||||
Dividend payable, date declared | May 15, 2024 | |||||
Dividend payable per share (in dollars per share) | $ 0.025 | |||||
Dividend payable, date to be paid | Jul. 10, 2024 | |||||
Dividend payable, date of record | Jun. 25, 2024 | |||||
Special Dividend for Q1-2024 [Member] | ||||||
Dividends [Abstract] | ||||||
Dividend payable, date declared | May 15, 2024 | |||||
Dividend payable per share (in dollars per share) | $ 0.125 | |||||
Dividend payable, date to be paid | Jul. 10, 2024 | |||||
Dividend payable, date of record | Jun. 25, 2024 | |||||
Regular Quarterly Dividend for Q4-2023 [Member] | ||||||
Dividends [Abstract] | ||||||
Dividend payable, date declared | Mar. 15, 2024 | |||||
Dividend payable per share (in dollars per share) | $ 0.025 | |||||
Dividend payable, date to be paid | Apr. 10, 2024 | |||||
Dividend payable, date of record | Mar. 25, 2024 | |||||
Special Dividend for Q4-2023 [Member] | ||||||
Dividends [Abstract] | ||||||
Dividend payable, date declared | Mar. 15, 2024 | |||||
Dividend payable per share (in dollars per share) | $ 0.075 | |||||
Dividend payable, date to be paid | Apr. 10, 2024 | |||||
Dividend payable, date of record | Mar. 25, 2024 | |||||
Regular Quarterly Dividend for Q3-2023 [Member] | ||||||
Dividends [Abstract] | ||||||
Dividend payable per share (in dollars per share) | $ 0.025 | |||||
Dividend payable, date to be paid | Jan. 10, 2024 | |||||
Dividend payable, date of record | Dec. 22, 2023 |
Capital Structure, Common Sto_3
Capital Structure, Common Stock - Buybacks (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Buybacks [Abstract] | |||
Authorized amount under share repurchase plan | $ 25,000 | ||
Repurchase of common stock (in shares) | 195,312 | ||
Average price of repurchased shares (in dollars per share) | $ 8.82 | ||
Repurchase of common stock | $ 1,722 | $ 1,583 |
Capital Structure, Warrants (De
Capital Structure, Warrants (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | |
Warrants [Abstract] | |
Shares to be issued upon exercise of remaining warrants (in shares) | 296,763 |
Class D Warrants [Member] | |
Warrants [Abstract] | |
Number of warrants outstanding (in shares) | 4,368,750 |
Warrant exercise price (in dollars per share) | $ / shares | $ 13.79 |
Shares to be issued upon exercise of remaining warrants (in shares) | 27,304 |
Class E Warrants [Member] | |
Warrants [Abstract] | |
Number of warrants outstanding (in shares) | 2,694,599 |
Issuance of common stock (in shares) | 180,000 |
Warrant exercise price (in dollars per share) | $ / shares | $ 4.79 |
Proceeds from exercise of warrants | $ | $ 885 |
Shares to be issued upon exercise of remaining warrants (in shares) | 269,459 |
Vessel Revenue (Details)
Vessel Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Vessel Revenue [Abstract] | |||
Accounts receivable trade, net | $ 729 | $ 896 | |
Deferred revenue | 2,081 | 2,136 | |
Deferred Revenue, Non-current [Member] | |||
Vessel Revenue [Abstract] | |||
Deferred operating lease revenue and premiums for energy devices | $ 161 | $ 254 | |
Revenues [Member] | Customer Concentration Risk [Member] | Customers Accounting for More than 10% of Revenues [Member] | |||
Vessel Revenue [Abstract] | |||
Concentration risk percentage | 70% | 84% | |
Revenues [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||
Vessel Revenue [Abstract] | |||
Concentration risk percentage | 34% | 26% | |
Revenues [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||
Vessel Revenue [Abstract] | |||
Concentration risk percentage | 23% | 26% | |
Revenues [Member] | Customer Concentration Risk [Member] | Customer C [Member] | |||
Vessel Revenue [Abstract] | |||
Concentration risk percentage | 13% | 18% | |
Revenues [Member] | Customer Concentration Risk [Member] | Customer D [Member] | |||
Vessel Revenue [Abstract] | |||
Concentration risk percentage | 0% | 14% |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Interest and Finance Costs [Abstract] | ||
Interest on finance lease liability | $ 559 | $ 0 |
Amortization of deferred finance costs and debt discounts | 696 | 1,393 |
Amortization of deferred finance costs and debt discounts (shares issued to third party - non-cash) | 0 | 81 |
Other | 53 | 64 |
Total | 9,716 | 10,395 |
Long-Term Debt and Other Financial Liabilities [Member] | ||
Interest and Finance Costs [Abstract] | ||
Interest expense | 8,408 | 8,767 |
Convertible Notes [Member] | ||
Interest and Finance Costs [Abstract] | ||
Interest expense | $ 0 | $ 90 |
Earnings _ (Loss) per Share (De
Earnings / (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings / (Loss) per Share [Abstract] | ||
Net income / (loss) | $ 24,288 | $ (3,507) |
Less: Dividends to non-vested participating securities | (246) | (76) |
Less: Undistributed earnings to non-vested participating securities | (936) | 0 |
Net income / (loss) attributable to common shareholders, basic | 23,106 | (3,583) |
Undistributed earnings to non-vested participating securities | 936 | 0 |
Undistributed earnings reallocated to non-vested participating securities | (930) | 0 |
Net income / (loss) attributable to common shareholders, diluted | $ 23,112 | $ (3,583) |
Weighted average number of common shares outstanding, basic (in shares) | 19,533,621 | 18,196,521 |
Effect of Dilutive Securities [Abstract] | ||
Warrants (in shares) | 125,749 | 0 |
Weighted average number of common shares outstanding, diluted (in shares) | 19,659,370 | 18,196,521 |
Net income / (loss) per share attributable to common shareholders, basic (in dollars per share) | $ 1.18 | $ (0.2) |
Net income / (loss) per share attributable to common shareholders, diluted (in dollars per share) | $ 1.18 | $ (0.2) |
Non-vested participating shares (in shares) | 1,001,997 |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||||
Sep. 26, 2025 | Mar. 27, 2025 | Sep. 27, 2024 | Mar. 27, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
General and Administrative Expenses [Member] | Board of Directors and Certain Employees [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Stock-based compensation expense | $ 2,938 | $ 5,929 | |||||
Voyage Expenses [Member] | Non-Employees [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Stock-based compensation expense | 79 | $ 198 | |||||
Restricted Stock [Member] | |||||||
Unrecognized Cost for Non-vested Shares [Abstract] | |||||||
Unrecognized cost for non-vested shares | $ 2,783 | $ 1,572 | |||||
Recognition period for unrecognized cost for non-vested shares | 1 year 2 months 26 days | ||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2024 [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares reserved for issuance (in shares) | 550,000 | ||||||
Shares granted (in shares) | 502,500 | ||||||
Grant date fair value (in dollars per share) | $ 8.42 | ||||||
Shares vested (in shares) | 107,250 | ||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2024 [Member] | Plan [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares vested (in shares) | 144,000 | 108,000 | 142,750 | ||||
Forfeited (in shares) | (500) | ||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2024 [Member] | Non-Executive Members of Board of Directors and Executive Officers [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares granted (in shares) | 285,000 | ||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2024 [Member] | Non-Executive Employees and Non-Employee [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares granted (in shares) | 217,500 | ||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Forfeited (in shares) | (333) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||||||||
Aug. 05, 2024 | Jul. 10, 2024 | Mar. 05, 2024 | Jan. 10, 2024 | Aug. 07, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Aug. 08, 2024 | May 15, 2024 | Dec. 31, 2023 | |
Long-Term Debt and Other Financial Liabilities [Abstract] [Abstract] | ||||||||||
Dividends paid | $ 2,001 | $ 491 | $ 2,492 | $ 5,048 | ||||||
Repurchase of common stock (in shares) | 195,312 | |||||||||
Repurchase of common stock | $ 1,722 | $ 1,583 | ||||||||
Common stock, shares issued (in shares) | 20,698,827 | 19,636,352 | ||||||||
Common stock, shares outstanding (in shares) | 20,698,827 | 19,636,352 | ||||||||
Regular Quarterly Dividend for Q1-2024 [Member] | ||||||||||
Long-Term Debt and Other Financial Liabilities [Abstract] [Abstract] | ||||||||||
Dividend payable, date to be paid | Jul. 10, 2024 | |||||||||
Dividend payable, date of record | Jun. 25, 2024 | |||||||||
Dividend payable, date declared | May 15, 2024 | |||||||||
Dividend payable per share (in dollars per share) | $ 0.025 | |||||||||
Subsequent Event [Member] | ||||||||||
Long-Term Debt and Other Financial Liabilities [Abstract] [Abstract] | ||||||||||
Dividends paid | $ 3,108 | |||||||||
Repurchase of common stock (in shares) | 86,903 | |||||||||
Average price of repurchased shares (in dollars per share) | $ 10.2 | |||||||||
Repurchase of common stock | $ 886 | |||||||||
Common stock, shares issued (in shares) | 20,611,924 | |||||||||
Common stock, shares outstanding (in shares) | 20,611,924 | |||||||||
Subsequent Event [Member] | Regular Quarterly Dividend for Q2-2024 [Member] | ||||||||||
Long-Term Debt and Other Financial Liabilities [Abstract] [Abstract] | ||||||||||
Dividend payable, date to be paid | Oct. 10, 2024 | |||||||||
Dividend payable, date of record | Sep. 27, 2024 | |||||||||
Dividend payable, date declared | Aug. 05, 2024 | |||||||||
Dividend payable per share (in dollars per share) | $ 0.25 |