Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2016 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | Seanergy Maritime Holdings Corp. |
Entity Central Index Key | 1,448,397 |
Entity Filer Category | Non-accelerated Filer |
Document Type | F1 |
Document Period End Date | Jun. 30, 2016 |
Amendment Flag | false |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - 6K - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 3,909 | $ 3,304 |
Restricted cash | 50 | 50 |
Accounts receivable trade, net | 1,597 | 1,287 |
Inventories | 2,970 | 2,980 |
Other current assets | 497 | 657 |
Total current assets | 9,023 | 8,278 |
Fixed assets: | ||
Vessels, net | 193,539 | 199,840 |
Office equipment, net | 24 | 40 |
Total fixed assets | 193,563 | 199,880 |
Other assets: | ||
Deferred charges | 1,017 | 1,194 |
Other non-current assets | 5 | 0 |
TOTAL ASSETS | 203,608 | 209,352 |
Current liabilities: | ||
Current portion of long-term debt, net of deferred finance costs | 6,583 | 718 |
Current portion of convertible promissory notes | 822 | 103 |
Trade accounts and other payables | 4,777 | 5,979 |
Accrued liabilities | 1,581 | 2,296 |
Deferred revenue | 67 | 154 |
Total current liabilities | 13,830 | 9,250 |
Non-current liabilities: | ||
Long-term debt, net of current portion and deferred finance costs | 170,625 | 176,787 |
Long-term portion of convertible promissory notes | 0 | 31 |
Total liabilities | 184,455 | 186,068 |
Commitments and contingencies | ||
STOCKHOLDERS EQUITY | ||
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.0001 par value; 500,000,000 authorized shares as at September 30, 2016 and December 31, 2015; 20,694,410 and 19,522,413 shares issued and outstanding as at September 30, 2016 and December 31, 2015, respectively | 2 | 2 |
Additional paid-in capital | 350,720 | 337,121 |
Accumulated deficit | (331,569) | (313,839) |
Total Stockholders' equity | 19,153 | 23,284 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 203,608 | $ 209,352 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parentheticals) - 6K - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
STOCKHOLDERS EQUITY | |||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 20,694,410 | 19,522,413 | 3,977,854 |
Common stock, shares outstanding (in shares) | 20,694,410 | 19,522,413 | 3,977,854 |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Statements of Loss - 6K - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||||
Vessel revenue | $ 24,696 | $ 4,574 | $ 11,661 | $ 2,075 | $ 23,838 |
Commissions | (905) | (173) | (438) | (65) | (759) |
Vessel revenue, net | 23,791 | 4,401 | 11,223 | 2,010 | 23,079 |
Expenses: | |||||
Direct voyage expenses | (15,030) | (2,733) | (7,496) | (1,274) | (8,035) |
Vessel operating expenses | (10,112) | (1,917) | (5,639) | (1,006) | (11,086) |
Management fees | (648) | (107) | (336) | 0 | (194) |
General and administration expenses | (2,210) | (1,887) | (2,804) | (2,987) | (3,966) |
General and administration expenses - related party | 0 | (70) | (70) | (309) | (412) |
Amortization of deferred dry-docking costs | (360) | 0 | (38) | 0 | (232) |
Depreciation | (6,317) | (342) | (1,865) | (3) | (982) |
Operating (loss) / income | (10,886) | (2,655) | (7,055) | 81,810 | 19,271 |
Other expenses, net: | |||||
Interest and finance costs | (5,205) | (280) | (1,460) | (1,463) | (8,389) |
Interest and finance costs - related party | (1,612) | (146) | (399) | 0 | 0 |
Foreign currency exchange losses, net | (27) | (24) | (42) | (13) | 19 |
Total other expenses, net | (6,844) | (450) | (1,901) | (1,462) | (8,365) |
Net (loss) / income | $ (17,730) | $ (3,105) | $ (8,956) | $ 80,348 | $ 10,907 |
Net loss per common share | |||||
Basic and diluted (in dollars per share) | $ (0.90) | $ (0.38) | $ (0.83) | $ 30.06 | $ 4.56 |
Weighted average common shares outstanding | |||||
Basic and diluted (in shares) | 19,594,354 | 8,130,931 |
Unaudited Interim Condensed Co5
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - 6K - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2012 | $ 0 | $ 294,520 | $ (396,138) | $ (101,618) |
Balance (in shares) at Dec. 31, 2012 | 2,391,856 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Gain on extinguishment of convertible promissory notes | 0 | |||
Stock based compensation (Note 14) | $ 0 | (15) | 0 | (15) |
Net loss for the nine months ended | 0 | 0 | 10,907 | 10,907 |
Balance at Dec. 31, 2013 | $ 0 | 294,535 | (385,231) | (90,696) |
Balance (in shares) at Dec. 31, 2013 | 2,391,854 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock (Note 11) | $ 0 | 3,205 | 0 | 3,205 |
Issuance of common stock (Note 11) (in shares) | 1,586,000 | |||
Gain on extinguishment of convertible promissory notes | 0 | |||
Net loss for the nine months ended | $ 0 | 0 | 80,348 | 80,348 |
Balance at Dec. 31, 2014 | $ 0 | 307,559 | (304,883) | 2,676 |
Balance (in shares) at Dec. 31, 2014 | 3,977,854 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock (Note 11) | $ 2 | 10,689 | 0 | 10,691 |
Issuance of common stock (Note 11) (in shares) | 11,879,220 | |||
Issuance of convertible promissory notes (Note 3) | $ 0 | 6,800 | 0 | 6,800 |
Gain on extinguishment of convertible promissory notes | 0 | (200) | 0 | (200) |
Net loss for the nine months ended | 0 | 0 | (3,105) | (3,105) |
Balance at Sep. 30, 2015 | $ 2 | 324,848 | (307,988) | 16,862 |
Balance (in shares) at Sep. 30, 2015 | 15,857,074 | |||
Balance at Dec. 31, 2014 | $ 0 | 307,559 | (304,883) | 2,676 |
Balance (in shares) at Dec. 31, 2014 | 3,977,854 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock (Note 11) | $ 2 | 13,819 | 0 | 13,821 |
Issuance of common stock (Note 11) (in shares) | 15,355,559 | |||
Issuance of convertible promissory notes (Note 3) | $ 0 | 15,765 | 0 | 15,765 |
Gain on extinguishment of convertible promissory notes | 0 | (200) | 0 | (200) |
Stock based compensation (Note 14) | $ 0 | (178) | 0 | (178) |
Stock based compensation (Note 14) (in shares) | (189,000) | |||
Net loss for the nine months ended | $ 0 | 0 | (8,956) | (8,956) |
Balance at Dec. 31, 2015 | $ 2 | 337,121 | (313,839) | 23,284 |
Balance (in shares) at Dec. 31, 2015 | 19,522,413 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock (Note 11) | $ 0 | 4,080 | 0 | 4,080 |
Issuance of common stock (Note 11) (in shares) | 1,180,000 | |||
Issuance of convertible promissory notes (Note 3) | $ 0 | 9,400 | 0 | 9,400 |
Gain on extinguishment of convertible promissory notes | 0 | |||
Stock based compensation (Note 14) | $ 0 | 119 | 0 | 119 |
Stock based compensation (Note 14) (in shares) | (8,003) | |||
Net loss for the nine months ended | $ 0 | 0 | (17,730) | (17,730) |
Balance at Sep. 30, 2016 | $ 2 | $ 350,720 | $ (331,569) | $ 19,153 |
Balance (in shares) at Sep. 30, 2016 | 20,694,410 |
Unaudited Interim Condensed Co6
Unaudited Interim Condensed Consolidated Statements of Cash Flows - 6K - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||||
Net loss | $ (17,730) | $ (3,105) | $ (8,956) | $ 80,348 | $ 10,907 |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Depreciation | 6,317 | 342 | 1,865 | 3 | 982 |
Amortization of deferred dry-docking costs | 360 | 0 | 38 | 0 | 232 |
Amortization of deferred finance charges | 186 | 23 | 72 | 0 | 1,090 |
Amortization of convertible promissory note beneficial conversion feature | 688 | 227 | 334 | 0 | 0 |
Stock based compensation | 119 | 0 | 178 | 0 | 15 |
Gain on extinguishment of convertible promissory notes | 0 | (200) | (200) | 0 | 0 |
Changes in operating assets and liabilities: | |||||
Accounts receivable trade, net | (310) | (469) | (1,287) | 1,188 | 1,025 |
Inventories | 10 | (956) | (2,980) | 61 | (1,005) |
Other current assets | 160 | (244) | (353) | 661 | 1,113 |
Deferred charges | (183) | 0 | (1,232) | 0 | (1,041) |
Other non-current assets | (5) | 0 | 0 | 0 | 141 |
Trade accounts and other payables | (1,202) | 865 | 5,715 | (1,884) | (658) |
Due to related parties | 0 | (105) | (105) | 875 | 2,914 |
Accrued liabilities | (618) | 584 | 1,990 | (10,380) | 7,147 |
Deferred revenue | (87) | 193 | 154 | (205) | 315 |
Net cash (used in) / provided by operating activities | (12,295) | (2,845) | (4,737) | (14,858) | 1,030 |
Cash flows from investing activities: | |||||
Acquisition of vessels | 0 | (63,424) | (201,684) | 0 | 0 |
Net cash (used in) / provided by investing activities | 0 | (63,424) | (201,684) | 105,895 | 993 |
Cash flows from financing activities: | |||||
Net proceeds from issuance of common stock | 4,080 | 10,691 | 13,820 | 3,204 | 0 |
Proceeds from long-term debt | 0 | 47,813 | 179,047 | 0 | 0 |
Proceeds from convertible promissory notes | 9,400 | 6,800 | 15,765 | 0 | 0 |
Payments of financing costs | (30) | (339) | (930) | 0 | 0 |
Repayments of long-term debt | (550) | (400) | (600) | (94,443) | (5,246) |
Repayments of convertible promissory notes | 0 | (200) | (200) | 0 | 0 |
Net cash provided by / (used in) financing activities | 12,900 | 64,365 | 206,852 | (91,239) | (3,246) |
Net increase/(decrease) in cash and cash equivalents | 605 | (1,904) | 431 | (202) | (1,223) |
Cash and cash equivalents at beginning of period | 3,304 | 2,873 | 2,873 | 3,075 | 4,298 |
Cash and cash equivalents at end of period | 3,909 | 969 | 3,304 | 2,873 | 3,075 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||||
Cash paid for interest | $ 6,113 | $ 285 | $ 855 | $ 10,557 | $ 0 |
Consolidated Balance Sheets - 2
Consolidated Balance Sheets - 20F - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ||||||
Cash and cash equivalents | $ 3,909 | $ 3,304 | $ 969 | $ 2,873 | $ 3,075 | $ 4,298 |
Restricted cash | 50 | 50 | 0 | |||
Accounts receivable trade, net | 1,597 | 1,287 | 30 | |||
Inventories | 2,970 | 2,980 | 0 | |||
Other current assets | 497 | 657 | 304 | |||
Total current assets | 9,023 | 8,278 | 3,207 | |||
Fixed assets: | ||||||
Vessels, net | 193,539 | 199,840 | 0 | |||
Office equipment, net | 24 | 40 | 61 | |||
Total fixed assets | 193,563 | 199,880 | 61 | |||
Other assets: | ||||||
Deferred charges | 1,017 | 1,194 | 0 | |||
TOTAL ASSETS | 203,608 | 209,352 | 3,268 | |||
Current liabilities: | ||||||
Current portion of long-term debt, net of deferred finance costs | 6,583 | 718 | 0 | |||
Current portion of convertible promissory notes | 822 | 103 | 0 | |||
Trade accounts and other payables | 4,777 | 5,979 | 264 | |||
Due to related parties | 0 | 105 | ||||
Accrued liabilities | 1,581 | 2,296 | 223 | |||
Deferred revenue | 67 | 154 | 0 | |||
Total current liabilities | 13,830 | 9,250 | 592 | |||
Non-current liabilities: | ||||||
Long-term debt, net of current portion and deferred finance costs | 170,625 | 176,787 | 0 | |||
Long-term portion of convertible promissory notes | 0 | 31 | 0 | |||
Total liabilities | 184,455 | 186,068 | 592 | |||
Commitments and contingencies | ||||||
STOCKHOLDERS EQUITY | ||||||
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued | 0 | 0 | 0 | |||
Common stock, $0.0001 par value; 500,000,000 authorized shares as at December 31, 2015 and 2014; 19,522,413 and 3,977,854 shares issued and outstanding as at December 31, 2015 and 2014, respectively | 2 | 2 | 0 | |||
Additional paid-in capital | 350,720 | 337,121 | 307,559 | |||
Accumulated deficit | (331,569) | (313,839) | (304,883) | |||
Total Stockholders' equity | 19,153 | 23,284 | $ 16,862 | 2,676 | $ (90,696) | $ (101,618) |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 203,608 | $ 209,352 | $ 3,268 |
Consolidated Balance Sheets - 8
Consolidated Balance Sheets - 20F (Parentheticals) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
STOCKHOLDERS EQUITY | |||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 20,694,410 | 19,522,413 | 3,977,854 |
Common stock, shares outstanding (in shares) | 20,694,410 | 19,522,413 | 3,977,854 |
Consolidated Statements of Inco
Consolidated Statements of Income/(Loss) - 20F - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Vessel revenue | $ 11,661 | $ 2,075 | $ 23,838 |
Commissions | (438) | (65) | (759) |
Vessel revenue, net | 11,223 | 2,010 | 23,079 |
Expenses: | |||
Direct voyage expenses | (7,496) | (1,274) | (8,035) |
Vessel operating expenses | (5,639) | (1,006) | (11,086) |
Voyage expenses - related party | 0 | (24) | (313) |
Management fees - related party | 0 | (122) | (743) |
Management fees | (336) | 0 | (194) |
General and administration expenses | (2,804) | (2,987) | (3,966) |
General and administration expenses - related party | (70) | (309) | (412) |
Loss on bad debts | (30) | (38) | 0 |
Amortization of deferred dry-docking costs | (38) | 0 | (232) |
Depreciation | (1,865) | (3) | (982) |
Impairment loss for vessels and deferred charges | 0 | 0 | (3,564) |
Gain on disposal of subsidiaries | 0 | 0 | 25,719 |
Gain on restructuring | 0 | 85,563 | 0 |
Operating (loss) / income | (7,055) | 81,810 | 19,271 |
Other income / (expenses), net: | |||
Interest and finance costs | (1,460) | (1,463) | (8,389) |
Interest and finance costs - related party | (399) | 0 | 0 |
Interest income | 0 | 14 | 13 |
Loss on interest rate swaps | 0 | 0 | (8) |
Foreign currency exchange (losses) / gains, net | (42) | (13) | 19 |
Total other expenses, net | (1,901) | (1,462) | (8,365) |
(Loss) / income before taxes | (8,956) | 80,348 | 10,906 |
Income tax benefit | 0 | 0 | 1 |
Net (loss) / income | $ (8,956) | $ 80,348 | $ 10,907 |
Net (loss) / income per common share | |||
Basic and diluted (in dollars per share) | $ (0.83) | $ 30.06 | $ 4.56 |
Weighted average common shares outstanding | |||
Basic (in shares) | 10,773,404 | 2,672,945 | 2,391,628 |
Diluted (in shares) | 10,773,404 | 2,672,950 | 2,391,885 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity - 20F - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2012 | $ 0 | $ 294,520 | $ (396,138) | $ (101,618) |
Balance (in shares) at Dec. 31, 2012 | 2,391,856 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Cancellation of equity incentive plan shares | $ 0 | 0 | 0 | 0 |
Cancellation of equity incentive plan shares (in shares) | (2) | |||
Gain on extinguishment of convertible promissory notes | 0 | |||
Stock based compensation | $ 0 | 15 | 0 | 15 |
Net (loss) / income | 0 | 0 | 10,907 | 10,907 |
Balance at Dec. 31, 2013 | $ 0 | 294,535 | (385,231) | (90,696) |
Balance (in shares) at Dec. 31, 2013 | 2,391,854 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Related parties liabilities released | $ 0 | 9,819 | 0 | 9,819 |
Issuance of common stock | $ 0 | 3,205 | 0 | 3,205 |
Issuance of common stock (in shares) | 1,586,000 | |||
Gain on extinguishment of convertible promissory notes | 0 | |||
Net (loss) / income | $ 0 | 0 | 80,348 | 80,348 |
Balance at Dec. 31, 2014 | $ 0 | 307,559 | (304,883) | 2,676 |
Balance (in shares) at Dec. 31, 2014 | 3,977,854 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock | $ 2 | 10,689 | 0 | 10,691 |
Issuance of common stock (in shares) | 11,879,220 | |||
Issuance of convertible promissory notes | $ 0 | 6,800 | 0 | 6,800 |
Gain on extinguishment of convertible promissory notes | 0 | (200) | 0 | (200) |
Net (loss) / income | 0 | 0 | (3,105) | (3,105) |
Balance at Sep. 30, 2015 | $ 2 | 324,848 | (307,988) | 16,862 |
Balance (in shares) at Sep. 30, 2015 | 15,857,074 | |||
Balance at Dec. 31, 2014 | $ 0 | 307,559 | (304,883) | 2,676 |
Balance (in shares) at Dec. 31, 2014 | 3,977,854 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock | $ 2 | 13,819 | 0 | 13,821 |
Issuance of common stock (in shares) | 15,355,559 | |||
Issuance of convertible promissory notes | $ 0 | 15,765 | 0 | 15,765 |
Gain on extinguishment of convertible promissory notes | 0 | (200) | 0 | (200) |
Stock based compensation | $ 0 | 178 | 0 | 178 |
Stock based compensation (in shares) | 189,000 | |||
Net (loss) / income | $ 0 | 0 | (8,956) | (8,956) |
Balance at Dec. 31, 2015 | $ 2 | 337,121 | (313,839) | 23,284 |
Balance (in shares) at Dec. 31, 2015 | 19,522,413 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock | $ 0 | 4,080 | 0 | 4,080 |
Issuance of common stock (in shares) | 1,180,000 | |||
Gain on extinguishment of convertible promissory notes | 0 | |||
Stock based compensation | $ 0 | (119) | 0 | (119) |
Stock based compensation (in shares) | 8,003 | |||
Net (loss) / income | $ 0 | 0 | (17,730) | (17,730) |
Balance at Sep. 30, 2016 | $ 2 | $ 350,720 | $ (331,569) | $ 19,153 |
Balance (in shares) at Sep. 30, 2016 | 20,694,410 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - 20F - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net (loss) / income | $ (8,956) | $ 80,348 | $ 10,907 |
Adjustments to reconcile net (loss) / income to net cash (used in) / provided by operating activities: | |||
Depreciation | 1,865 | 3 | 982 |
Amortization of deferred dry-docking costs | 38 | 0 | 232 |
Amortization of deferred finance charges | 72 | 0 | 1,090 |
Amortization of convertible promissory note beneficial conversion feature | 334 | 0 | 0 |
Gain on extinguishment of convertible promissory notes | (200) | 0 | 0 |
Stock based compensation | 178 | 0 | 15 |
Loss on bad debt | 30 | 38 | 0 |
Gain on restructuring | 0 | (85,563) | 0 |
Impairment of vessels and deferred charges | 0 | 0 | 3,564 |
Gain on disposal of subsidiaries | 0 | 0 | (25,719) |
Change in fair value of financial instruments | 0 | 0 | 8 |
Changes in operating assets and liabilities: | |||
Accounts receivable trade, net | (1,287) | 1,188 | 1,025 |
Inventories | (2,980) | 61 | (1,005) |
Other current assets | (353) | 661 | 1,113 |
Deferred charges | (1,232) | 0 | (1,041) |
Other non-current assets | 0 | 0 | 141 |
Trade accounts and other payables | 5,715 | (1,884) | (658) |
Due to related parties | (105) | 875 | 2,914 |
Accrued liabilities | 1,990 | (10,380) | 7,147 |
Deferred revenue | 154 | (205) | 315 |
Net cash (used in) / provided by operating activities | (4,737) | (14,858) | 1,030 |
Cash flows from investing activities: | |||
Acquisition of vessels | (201,684) | 0 | 0 |
Net proceeds from sale of vessels | 0 | 105,959 | 3,998 |
Additions to office furniture & equipment | 0 | (64) | 0 |
Cash disposed of upon disposal of subsidiaries | 0 | 0 | (2,005) |
Cash paid at subsidiary disposal | 0 | 0 | (1,000) |
Net cash (used in) / provided by investing activities | (201,684) | 105,895 | 993 |
Cash flows from financing activities: | |||
Net proceeds from issuance of common stock | 13,820 | 3,204 | 0 |
Proceeds from long-term debt | 179,047 | 0 | 0 |
Proceeds from convertible promissory notes | 15,765 | 0 | 0 |
Payments of financing costs | (930) | 0 | 0 |
Repayments of long-term debt | (600) | (94,443) | (5,246) |
Repayments of convertible promissory notes | (200) | 0 | 0 |
Restricted cash (retained)/released | (50) | 0 | 2,000 |
Net cash provided by / (used in) financing activities | 206,852 | (91,239) | (3,246) |
Net increase/(decrease) in cash and cash equivalents | 431 | (202) | (1,223) |
Cash and cash equivalents at beginning of period | 2,873 | 3,075 | 4,298 |
Cash and cash equivalents at end of period | 3,304 | 2,873 | 3,075 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid for interest | $ 855 | $ 10,557 | $ 0 |
Basis of Presentation and Gener
Basis of Presentation and General Information - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
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 Athens, Greece. The Company provides global transportation solutions in the dry bulk shipping sector through its vessel-owning subsidiaries. On January 8, 2016, the Company's common stock began trading on a split-adjusted basis, following a December 22, 2015 approval from the Company's Board of Directors to reverse split the Company's common stock at a ratio of one-for-five. There was no change in the number of authorized shares or the par value of the Company's common stock. Following the reverse stock split, the number of shares issued and outstanding was reduced by 3 shares due to rounding. All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented. 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 Generally Accepted Accounting Principles in the United States of America ("U.S. GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") for certain financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2015, filed with the SEC on April 20, 2016. In the opinion of management, these unaudited interim condensed consolidated financial statements, 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 nine-month period ended September 30, 2016, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2016. a. Going Concern: The Company acquired eight vessels in 2015 in accordance with its business plan to expand the fleet. As of September 30, 2016, the Company was in compliance with or has cured any events of non-compliance of all its financial covenants and asset coverage ratios contained in its debt agreements as amended (Notes 7 and 15). Most financial covenants and asset coverage ratios will be tested commencing in mid 2017. Scheduled debt installment payments for the twelve month period ending September 30, 2017, amount to $6,840 (Note 7). Scheduled convertible promissory notes payments for the twelve month period ending September 30, 2017, amount to $3,500, of which an installment of $200 under the March 12, 2015 convertible promissory note can be deferred to the final maturity date (Note 3). Given the current dry bulk charter rates, the Company's cash flow projections indicate that cash on hand and cash provided by operating activities might not be sufficient to cover the liquidity needs that become due in the twelve-month period ending September 30, 2017, including any loan prepayments that may be required in the case of future non-compliance with loan terms and covenants . The Company, further to its efforts to raise equity in the public markets and from private investors, has relied on Jelco Delta Holding Corp., or Jelco, a company affiliated with Claudia Restis, who is also the Company's major shareholder, for both vessel acquisitions and funding for general corporate purposes during 2015 and for further funding during 2016 and 2017. In addition, the Company has undertaken a cost-cutting initiative to decrease its daily vessel operating expenses and in turn to reduce potential cash flow shortfall. On August 5, 2016, the Company entered into a securities purchase agreement with an unaffiliated third party, which is an institutional investor, under which the Company sold 1,180,000 of its common shares in a registered direct offering at a price of $4.15 per share. On August 10, 2016, the Company completed the registered direct offering for net proceeds of approximately $4,080, which proceeds were used for general corporate purposes. On September 26, 2016, the Company entered into separate agreements with an unaffiliated third party for the purchase of two second hand Capesize vessels for a gross purchase price of $20,750 per vessel. The first of the two vessels was delivered on November 30, 2016 and the second is expected to be delivered during December 2016, subject to the satisfaction of certain customary closing conditions (Notes 7 and 15). On October 28, 2016, the Company filed with the SEC a registration statement on Form F-1 in connection with a contemplated follow-on registered public offering of the Company’s securities, comprised of common shares, par value $0.0001 per share, Class A warrants to purchase common shares, and an underwriter’s warrant to purchase common shares. On November 29, 2016, the Company filed with the SEC an amendment to this registration statement on Form F-1 (Note 15). On November 18, 2016, the Company entered into a securities purchase agreement with unaffiliated third parties, which are institutional investors, under which the Company sold 1,305,000 of its common shares in a registered direct offering at a price of $2.75 per share. On November 23, 2016, the Company completed the registered direct offering for net proceeds of approximately $3,200, used for general corporate purposes, including funding of vessel acquisitions (Note 15). b. Subsidiaries in Consolidation: Seanergy's subsidiaries included in these consolidated financial statements as of September 30, 2016, are as follows: Company Country of Incorporation Date of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Financed by Seanergy Management Corp.(1) (3) Marshall Islands May 9, 2008 N/A N/A N/A N/A Seanergy Shipmanagement Corp.(1) (3) Marshall Islands September 16, 2014 N/A N/A N/A N/A Sea Glorius Shipping Co.(1) Marshall Islands September 16, 2014 Gloriuship November 3, 2015 N/A HSH Nordbank AG Sea Genius Shipping Co.(1) Marshall Islands September 16, 2014 Geniuship October 13, 2015 N/A HSH Nordbank AG Leader Shipping Co.(1) Marshall Islands January 15, 2015 Leadership March 19, 2015 N/A Alpha Bank A.E. Premier Marine Co.(1) Marshall Islands July 9, 2015 Premiership September 11, 2015 N/A UniCredit Bank AG Gladiator Shipping Co.(1) Marshall Islands July 9, 2015 Gladiatorship September 29, 2015 N/A UniCredit Bank AG Guardian Shipping Co.(1) Marshall Islands July 9, 2015 Guardianship October 21, 2015 N/A UniCredit Bank AG Champion Ocean Navigation Co.(1) Liberia August 6, 2015 Championship December 7, 2015 N/A Natixis Squire Ocean Navigation Co.(1) Liberia August 6, 2015 Squireship November 10, 2015 N/A Alpha Bank A.E. Emperor Holding Ltd.(1) Marshall Islands October 3, 2016 N/A N/A N/A N/A Knight Ocean Navigation Co.(1) Liberia October 3, 2016 N/A N/A N/A N/A Lord Ocean Navigation Co.(1) Liberia October 3, 2016 N/A N/A N/A N/A Pembroke Chartering Services Limited (4) Malta December 2, 2015 N/A N/A N/A N/A Amazons Management Inc.(1) Marshall Islands April 21, 2008 Davakis G. August 28, 2008 March 6, 2014 Piraeus Bank Lagoon Shipholding Ltd.(1) Marshall Islands April 21, 2008 Delos Ranger August 28, 2008 March 11, 2014 Piraeus Bank Cynthera Navigation Ltd.(1) Marshall Islands March 18, 2008 African Oryx August 28, 2008 April 10, 2013 Piraeus Bank Martinique International Corp.(1) British Virgin Islands May 14, 2008 Bremen Max September 11, 2008 March 7, 2014 Piraeus Bank Harbour Business International Corp.(1) British Virgin Islands April 1, 2008 Hamburg Max September 25, 2008 March 10, 2014 Piraeus Bank Waldeck Maritime Co.(1) Marshall Islands April 21, 2008 African Zebra September 25, 2008 February 15, 2012 Piraeus Bank Maritime Capital Shipping Limited (1) Bermuda April 30, 2007 N/A N/A N/A N/A Maritime Capital Shipping (HK) Limited (3) Hong Kong June 16, 2006 N/A N/A N/A N/A Maritime Glory Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Glory May 21, 2010 December 4, 2012 HSBC Maritime Grace Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Grace May 21, 2010 October 15, 2012 HSBC Atlantic Grace Shipping Limited (5) British Virgin Islands October 9, 2007 N/A N/A N/A N/A (1) Subsidiaries wholly owned (2) Vessel owning subsidiaries owned by Maritime Capital Shipping Limited (or “ MCS”) (3) Management company (4) Chartering services company (5) Dormant company | 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 Athens, Greece. The Company provides global transportation solutions in the drybulk shipping sector through its vessel-owning subsidiaries. On January 8, 2016, the Company effected a one-to-five reverse stock split on its issued and outstanding common stock (Note 16). In connection with the reverse stock split 181 fractional shares were issued. All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented. The accompanying consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the "Company" or "Seanergy"). a. Disposal of Subsidiaries: On January 29, 2013, Maritime Capital Shipping Limited ("MCS"), a wholly owned subsidiary of the Company, sold its 100% ownership interest in the four subsidiaries that owned the Handysize drybulk carriers Fiesta, Pacific Fantasy, Pacific Fighter and Clipper Freeway. During the year ended December 31, 2013, the Company recognized a gain from the sale of the four MCS subsidiaries, of $5,538. On July 19, 2013, MCS sold its 100% ownership interest in the three subsidiaries that owned the Handysize drybulk carriers African Joy, African Glory and Asian Grace. During the year ended December 31, 2013, the Company recognized a gain from the sale of the three MCS subsidiaries of $20,181. b. Disposal of Vessels On March 11, 2014, the Company closed on its delivery and settlement agreement with its then remaining lender, Piraeus Bank, for the sale of its then four remaining vessels, to a nominee of the lender, in exchange for a nominal cash consideration and full satisfaction of the underlying loan facilities. The Company provided a corporate guarantee for these facilities. The four vessels were the drybulk carriers M/V Bremen Max, M/V Hamburg Max, M/V Davakis G. and M/V Delos Ranger. In exchange for the sale, approximately $145,597 of outstanding debt and accrued interest were discharged and the Company's guarantee was fully released. For the year ended December 31, 2014, the Company recognized a gain from the sale of the four remaining vessels under the facility agreements with Piraeus Bank of $85,563. c. Vessels Acquisitions: On December 23, 2014 the Company entered into an agreement with an unaffiliated third party for the purchase of a second hand Capesize vessel, the 2001, 171,199 DWT vessel M/V Leadership. The acquisition was funded by secured senior bank debt, as well as financing by one of the Company's major shareholders. The transaction was approved by the Board of Directors. The vessel was delivered on March 19, 2015 (Note 7). On August 6, 2015, the Company entered into a purchase agreement with entities affiliated with certain of the Company's major shareholder to acquire seven secondhand drybulk vessels (Notes 3 and 7). d. Going Concern: The Company acquired eight vessels in 2015 in accordance with its business plan to grow the fleet on a sustainable basis. As of December 31, 2015, the Company was in compliance with all its financial covenants and asset coverage ratios contained in its debt agreements. Most financial covenants and asset coverage ratios will be tested commencing in 2017. Scheduled debt installment payments for 2016 amount to only $1,000, related to the Alpha Bank AE facility associated with the vessel Leadership. For the other facility agreements, debt repayments will commence in 2017 at the earliest. Given the current drybulk charter rates, the Company's cash flow projections indicate that cash on hand and cash provided by operating activities might not be sufficient to cover the liquidity needs that become due in the twelve-month period ending December 31, 2016. The Company has relied on Jelco Delta Holding Corp., or Jelco, a company affiliated with Claudia Restis, who is also the Company's major shareholder, for both vessel acquisitions and general corporate purposes during 2015 and for further funding during 2016. The Company also intends to apply additional measures to reduce potential cash flow shortfall if current drybulk charter rates remain at today's historical low levels. The Company has undertaken a cost-cutting initiative to decrease its daily vessel operating expenses. The Company is also exploring raising additional equity from both capital markets and private investors. These consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Accordingly, they do not include any adjustments relating to the recoverability and classification of recorded asset amounts, the amounts and classification of liabilities, or any other adjustments that might result in the event the Company is unable to continue as a going concern. e. Subsidiaries in Consolidation: Seanergy's subsidiaries included in these consolidated financial statements as of December 31, 2015 are as follows: Company Country of Incorporation Date of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Financed by Seanergy Management Corp.(1) (3) Marshall Islands May 9, 2008 N/A N/A N/A N/A Seanergy Shipmanagement Corp.(1) (3) Marshall Islands September 16, 2014 N/A N/A N/A N/A Sea Glorius Shipping Co.(1) Marshall Islands September 16, 2014 Gloriuship November 3, 2015 N/A HSH Nordbank AG Sea Genius Shipping Co.(1) Marshall Islands September 16, 2014 Geniuship October 13, 2015 N/A HSH Nordbank AG Leader Shipping Co.(1) Marshall Islands January 15, 2015 Leadership March 19, 2015 N/A Alpha Bank A.E. Premier Marine Co.(1) Marshall Islands July 9, 2015 Premiership September 11, 2015 N/A UniCredit Bank AG Gladiator Shipping Co.(1) Marshall Islands July 9, 2015 Gladiatorship September 29, 2015 N/A UniCredit Bank AG Guardian Shipping Co.(1) Marshall Islands July 9, 2015 Guardianship October 21, 2015 N/A UniCredit Bank AG Champion Ocean Navigation Co.(1) Liberia August 6, 2015 Championship December 7, 2015 N/A Natixis Squire Ocean Navigation Co.(1) Liberia August 6, 2015 Squireship November 10, 2015 N/A Alpha Bank A.E. Pembroke Chartering Services Limited (4) Malta December 2, 2015 N/A N/A N/A N/A Amazons Management Inc.(1) Marshall Islands April 21, 2008 Davakis G. August 28, 2008 March 6, 2014 Piraeus Bank Lagoon Shipholding Ltd.(1) Marshall Islands April 21, 2008 Delos Ranger August 28, 2008 March 11, 2014 Piraeus Bank Cynthera Navigation Ltd.(1) Marshall Islands March 18, 2008 African Oryx August 28, 2008 April 10, 2013 Piraeus Bank Martinique International Corp.(1) British Virgin Islands May 14, 2008 Bremen Max September 11, 2008 March 7, 2014 Piraeus Bank Harbour Business International Corp.(1) British Virgin Islands April 1, 2008 Hamburg Max September 25, 2008 March 10, 2014 Piraeus Bank Waldeck Maritime Co.(1) Marshall Islands April 21, 2008 African Zebra September 25, 2008 February 15, 2012 Piraeus Bank Maritime Capital Shipping Limited (1) Bermuda April 30, 2007 N/A May 21, 2010 N/A N/A Maritime Capital Shipping (HK) Limited (3) Hong Kong June 16, 2006 N/A May 21, 2010 N/A N/A Maritime Glory Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Glory May 21, 2010 December 4, 2012 HSBC Maritime Grace Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Grace May 21, 2010 October 15, 2012 HSBC Atlantic Grace Shipping Limited (5) British Virgin Islands October 9, 2007 N/A May 21, 2010 N/A N/A (1) Subsidiaries wholly owned (2) Vessel owning subsidiaries owned by MCS (3) Management company (4) Chartering services company (5) Dormant company |
Significant Accounting Policies
Significant Accounting Policies - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
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, 2015, filed with the SEC on April 20, 2016. There have been no material changes to these policies in the nine-month period ended September 30, 2016. On January 1, 2016, the Company adopted Consolidation (Topic 810): Amendments to the Consolidation Analysis On January 1, 2016, the Company adopted Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update) Recent accounting pronouncements The Financial Accounting Standards Board (“FASB”) issued the following amendments which clarifies the guidance in ASU No. 2014-09 and has the same effective date as the original standard: ASU No. 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230) – Restricted Cash (a) Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition. Customers individually accounting for more than 10% of the Company's revenues during the nine-month periods ended September 30, 2016 and 2015, were: Customer 2016 2015 A 19% - B 12% - C 10% 21% D - 56% E - 23% Total 41% 100% | 2. Significant Accounting Policies: (a) Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and include the accounts and operating results of Seanergy and its wholly-owned subsidiaries where Seanergy has control. Control is presumed to exist when Seanergy through direct or indirect ownership retains the majority of voting interest. In addition, Seanergy evaluates its relationships with other entities to identify whether they are variable interest entities and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. The Company deconsolidates a subsidiary or derecognizes a group of assets when the Company no longer controls the subsidiary or group of assets, and a gain or loss is recognized. When the Company does not have a controlling interest in an entity, but exerts a significant influence over the entity, the Company applies the equity method of accounting. All significant intercompany balances and transactions and any intercompany profit or loss on assets remaining with the Group have been eliminated in the accompanying consolidated financial statements. A parent company deconsolidates a subsidiary or derecognizes a group of assets when that parent company no longer controls the subsidiary or group of assets specified in ASC 810-10-40-3A. When control is lost, the parent-subsidiary relationship no longer exists and the parent derecognizes the assets and liabilities of the qualifying subsidiary or group of assets. The Financial Accounting Standards Board ("FASB") concluded that the loss of control and the related deconsolidation of a subsidiary or derecognition of a group of assets specified in ASC 810-10-40-3A is a significant economic event that changes the nature of the investment held in the subsidiary or group of assets. Based on this consideration, a gain or loss is recognized upon the deconsolidation of a subsidiary or derecognition of a group of assets. (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful lives, allocation of purchase price in a business combination, determination of vessels impairment and determination of goodwill impairment. (c) Foreign Currency Translation Seanergy's functional currency is the United States dollar since the Company's vessels operate in international shipping markets and therefore primarily transact business in US Dollars. The Company's books of accounts are maintained in US Dollars. Transactions involving other currencies are translated into the United States dollar using exchange rates, which are in effect at the time of the transaction. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to United States dollars at the foreign exchange rate prevailing at year-end. Gains or losses resulting from foreign currency translation are reflected in the consolidated statement of income/(loss). (d) Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition. Customers individually accounting for more than 10% of the Company's revenues during the years ended December 31, 2015, 2014 and 2013 were: Customer 2015 2014 2013 A 47% - - B 15% - - C 12% - - D 10% - - E - 59% 18% F - 29% - G - - 16% H - - 12% I - - 10% Total 84% 88% 56% (e) Cash and Cash Equivalents Seanergy considers time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash is excluded from cash and cash equivalents. Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company's borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets. (f) Accounts Receivable Trade, Net Accounts receivable trade, net at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. The provision for doubtful accounts at December 31, 2015 and 2014 amounted to $43 and $13, respectively. (g) Inventories Inventories consist of lubricants and bunkers which are stated at the lower of cost or market value. Cost is determined by the first in, first out method. (h) Insurance Claims The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses and for legal fees covered by directors' and officers' liability insurance. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company's fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies, the claim is not subject to litigation and the Company can make an estimate of the amount to be reimbursed. The classification of the insurance claims into current and non-current assets is based on management's expectations as to their collection dates. (i) Vessels Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel's initial voyage). Vessels acquired from entities under common control are recorded at historical cost. Subsequent expenditures for conversions and major improvements are capitalized, when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred. (j) Vessel Depreciation Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Up to September 30, 2015, management estimated the useful life of the Company's vessels to be 30 years from the date of initial delivery from the shipyard. On October 1, 2015, the Company changed that estimate to 25 years. This change increased depreciation expense by $289 (approximately $0.03 per share) for the year ended December 31, 2015. This change increased depreciation expense by $235 (approximately $0.02 per share) for the year ended December 31, 2015. (k) Impairment of Long-Lived Assets (Vessels) The Company reviews its long-lived assets for impairment whenever events or changes in circumstances, such as undiscounted projected operating cash flows, business plans to dispose a vessel earlier than the end of its useful life and prevailing market conditions, indicate that the carrying amount of the assets may not be recoverable. The current conditions in the drybulk market with decreased charter rates and decreased vessel market values are conditions that the Company considers indicators of a potential impairment for its vessels. The Company determines undiscounted projected operating cash flows, for each vessel and compares it to the vessel's carrying value. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and its eventual disposition are less than its carrying amount, the Company impairs the carrying amount of the vessel. Measurement of the impairment loss is based on the fair value of the asset as determined by independent valuators. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of 2-year forward freight agreements and the median of the trailing 10-year historical charter rates available for each type of vessel) adjusted for brokerage commissions and expected outflows for scheduled vessels' maintenance. The undiscounted projected operating cash outflows are determined by reference to the Company's actual vessel operating expenses, assuming an average annual inflation rate of 2%. Fleet utilization excluding dry-docking off-hire days is determined by reference to the actual utilization rate of the Company's fleet in the recent years. The Company recorded net impairment loss of $NIL, $ NIL and $3,564 for the years ended December 31, 2015, 2014 and 2013, respectively. During the year ended December 31, 2013, the Company recorded an impairment loss of $867 for the vessel African Oryx that was sold on April 10, 2013 and $10,697 for the vessels Davakis G. and Delos Ranger, which were measured at their fair values, upon classification of the vessels financed by the Piraeus Bank loan facilities to current assets as of June 30, 2013, as per the Company's restructuring plan. This was partially offset with the impairment re measurement of $1,000 relating to the UOB vessels, and the impairment re measurement of $7,000 of Davakis G. and Delos Ranger as of December 31, 2013. The impairment loss was measured as the amount by which the carrying amount of the vessel exceeded its fair value less cost to sell, which was determined using the valuation derived from market data available at December 31, 2013. (l) Office equipment, net Equipment consists of computer software and hardware. The useful life of the computer software and hardware is 3 years. Depreciation is calculated on a straight-line basis. (m) Dry-Docking and Special Survey Costs The Company follows the deferral method of accounting for dry-docking costs and special survey costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the expected date of the next dry-docking which is scheduled to become due in 2 to 3 years. Dry-docking costs which are not fully amortized by the next dry-docking period are expensed. In 2015, the Company changed the presentation of dry-docking and special survey costs on its consolidated statement of cash flows. Payments for dry-docking, shown as an adjustment to reconcile net income / (loss) to net cash provided by / (used in) operating activities was eliminated, and a new line "Deferred charges" under Changes in operating assets and liabilities was added to show gross additions for dry-docking and special survey costs. (n) Commitments and Contingencies Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. (o) Revenue Recognition Voyage revenues are generated from time charters, bareboat charters and voyage charters. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Some of the time charters also include profit sharing provisions, under which additional revenue can be realized in the event the spot rates are higher than the base rates under the time charters. A bareboat charter is a contract in which the vessel is provided to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance. Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo. Time charter revenue, including bareboat hire, is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is adjusted for a vessel's off hire days due to major repairs, dry dockings or special or intermediate surveys. Voyage charter revenue is recognized on a pro-rata basis over the duration of the voyage, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured. A voyage is deemed to commence upon signing the charter party or completion of previous voyage, whichever is later, and is deemed to end upon the completion of the discharge of the delivered cargo. Deferred revenue represents cash received prior to the balance sheet date and is related to revenue applicable to periods after such date. (p) Commissions Commissions, which include address and brokerage commissions, are recognized in the same period as the respective charter revenues. Address commissions to third parties are included in Commissions. Brokerage commissions to third parties are included in Direct voyage expenses. (q) Vessel Voyage Expenses Vessel voyage expenses primarily consist of port, canal, bunker expenses and brokerage commissions that are unique to a particular charter and are paid for by the charterer under time charter agreements and other non-specified voyage expenses. (r) Repairs and Maintenance All repair and maintenance expenses, including major overhauling and underwater inspection expenses are expensed in the year incurred. Such costs are included in Vessel operating expenses. (s) Financing Costs Underwriting, legal and other direct costs incurred with the issuance of long-term debt or to refinance existing debt are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid are expensed in the period the repayment is made. Following the early adoption of Accounting Standards Update ("ASU") 2015-03 "Interest – Imputation of Interest" to simplify the presentation of debt issuance costs, effective December 31, 2015, the Company presents unamortized deferred financing costs as a reduction of long term debt in the accompanying balance sheets. There was no retrospective effect as the Company had neither debt nor debt issuance costs at December 31, 2014. (t) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized, when applicable, for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administration expenses. Maritime Capital Shipping (HK) Limited, the Company's management office in Hong Kong, is subject to Hong Kong profits tax at a rate of 16.5% on the estimated assessable profit for the year. Seanergy Management Corp. ("Seanergy Management"), the Company's management company, established in Greece under Greek Law 89/67 (as amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros during 2012-2015 according to a tax bill passed in 2013 under the laws of the Republic of Greece. The tax bill was retroactive to 2012. The contribution to be paid in 2016 by Seanergy Management for 2015 is estimated at approximately $32. Pursuant to the Internal Revenue Code of the United States (the "Code"), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements: (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company's stock is owned, directly or indirectly, by individuals who are "residents" of the Company's country of organization or of another foreign country that grants an "equivalent exemption" to corporations organized in the United States (50% Ownership Test) or (ii) the Company's stock is "primarily and regularly traded on an established securities market" in its country of organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States (Publicly-Traded Test). Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company's stock will not be considered to be "regularly traded" on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company's outstanding stock ("5 Percent Override Rule"). The Company and each of its subsidiaries expects to qualify for this statutory tax exemption for the 2015 taxable year, and the Company takes this position for United States federal income tax return reporting purposes. However, there are factual circumstances beyond the Company's control that could cause it to lose the benefit of this tax exemption in future years and thereby become subject to United States federal income tax on its United States source income such as if, for a particular taxable year, other shareholders with a five percent or greater interest in the Company's stock were, in combination with the Company's existing 5% shareholders, to own 50% or more of the Company's outstanding shares of its stock on more than half the days during the taxable year. The Company estimates that since no more than the 50% of its shipping income would be treated as being United States source income, the effective tax rate is expected to be 2% and accordingly it anticipates that the impact on its results of operations will not be material. The Company has assessed that it satisfies the Publicly-Traded Test and all of its United States source shipping income is exempt from U.S. federal income tax for the years ended December 31, 2015, 2014, and 2013. Based on its U.S. source Shipping Income for 2015, 2014 and 2013, the Company would be subject to U.S. federal income tax of approximately $NIL, $NIL and $25, respectively, in the absence of an exemption under Section 883. (u) Stock-based Compensation Stock-based compensation represents vested and non-vested common stock granted to directors and employees for their services. The Company calculates stock-based compensation expense for the award based on its fair value on the grant date and recognizes it on an accelerated basis over the vesting period. (v) Earnings (Losses) per Share Basic earnings (losses) per common share are computed by dividing net income (loss) available to Seanergy's shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (losses) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. (w) Segment Reporting Seanergy reports financial information and evaluates its operations by total charter revenues and not by the length of vessel employment, customer, or type of charter. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus, Seanergy has determined that it operates under one reportable segment. Furthermore, when Seanergy charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, disclosure of geographic information is impracticable. (x) Financial Instruments Derivative instruments (including certain derivative instruments embedded in other contracts) are recorded in the balance sheet as either an asset or liability measured at its fair value, with changes in the derivatives' fair value recognized currently in earnings unless specific hedge accounting criteria are met. The Company was party to interest swap agreements where it received a floating interest rate and paid a fixed interest rate for a certain period in exchange. These contracts did not qualify for hedge accounting and as such changes in their fair values were reported to earnings. The fair value of those agreements equated to the amount that would be paid by the Company if the agreements were cancelled at the reporting date, taking into account current interest rates. (y) Fair Value Measurements The Company follows the provisions of ASC 820 "Fair Value Measurements and Disclosures", which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: · 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. (z) Troubled Debt Restructurings A restructuring of a debt constitutes a troubled debt restructuring if the lender or creditor for economic or legal reasons related to the Company's financial difficulties grants a concession to the Company that it would not otherwise consider. Troubled debt that is fully satisfied by foreclosure, repossession, or other transfer of assets or by grant of equity securities by the Company is included in the term troubled debt restructuring and is accounted as such. The Company, when issuing or otherwise granting an equity interest to a lender or creditor to settle fully a payable or debt, accounts for the equity interest granted at its fair value. The difference between the fair value of the equity interest granted and the carrying amount of the payable or debt settled is recognized as a gain on restructuring of payables or debt. Legal fees and other direct costs incurred in granting an equity interest to a creditor reduce the fair value of the equity interest issued. All other direct costs incurred in connection with a troubled debt restructuring are charged to expense as incurred. (aa) Convertible Promissory Notes and related Beneficial Conversion Features The convertible promissory notes are accounted in accordance with ASC 470-20 "Debt with Conversion and Other Options." The terms of each convertible promissory note included an embedded conversion feature which provided for a conversion at the option of the holder into shares of common stock at a predetermined rate. The Company determined that the conversion features were beneficial conversion features ("BCF") pursuant to Accounting for an embedded BCF in a convertible instrument requires that the BCF be recognized separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of the BCF to additional paid-in capital, resulting in a discount on the convertible instrument. This discount is accreted from the date on which the BCF is first recognized through the stated maturity date of the convertible instrument using the effective yield method. If the intrinsic value of the BCF is greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF is limited to the amount of the proceeds allocated to the convertible instrument. (ab) Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB and the International Accounting Standards Board ("IASB") jointly issued a standard that will supersede virtually all of the existing revenue recognition guidance in U.S. GAAP and is effective for annual periods beginning on or after December 15, 2016. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard's requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity's ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. Management is in the process of accessing the impact of the new standard on Company's financial position and performance. In August 2015, the FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date", which defers the effective date of ASU 2014-09 ("Revenue from Contracts with Customers (Topic 606)")" for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Presently, the Company is assessing what effect the adoption of these ASUs will have on its financial statements and accompanying notes. In August 2014, the FASB issued ASU 2014-15 – Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 requires an entity's management to evaluate at each reporting period based on the relevant conditions and events that are known at the date when financial statements are issued, whether there are conditions or events, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued and to disclose the necessary information. The guidance is effective for annual periods ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Management is in the process of assessing the impact of the new standard on the Company's consolidated financial position and performance. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis", which provides guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. In accordance with ASU 2015-02, all legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2015-02 on the consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory". Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments in this update require an entity to measure inventory within the scope of this update at the lower of cost and net realizable value. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. While the Company has not yet adopted this ASU, its adoption is not expected to have a material effect on the Company's financial statements and accompanying notes. In August 2015, the FASB issued ASU 2015-15 "Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)" to add to the FASB's Accounting Standards Codification SEC staff guidance that the SEC staff will not object to an entity presenting the costs of securing line-of-credit arrangements as an asset, regardless of whether there are any outstanding borrowings. This updated does not have any effect on the Company's financial statements and accompanying notes presented herein. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) which provides new guidance related to accounting for leases and supersedes existing U.S. GAAP on lease accounting. The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases, unless the lease is a short term lease. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and |
Transactions with Related Parti
Transactions with Related Parties - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Transactions with Related Parties [Abstract] | ||
Transactions with Related Parties | 3. Transactions with Related Parties: a. Convertible Promissory Notes: On March 12, 2015 ("commitment date"), the Company issued an unsecured convertible promissory note of $4,000 to Jelco for general corporate purposes. The convertible note is repayable in ten consecutive semi-annual installments of $200, along with a balloon installment of $2,000 payable on the final maturity date, March 19, 2020. The note bears interest of Libor plus a margin with quarterly interest payments. At Jelco's option, the outstanding principal amount under the convertible note may be paid at any time in common shares at a conversion price of $0.90 (as adjusted for the reverse stock split discussed in Note 1 above according to the terms of the convertible note) per share. The Company has the right to defer up to three consecutive installments to the final maturity date. The Company accounted for the issuance of the convertible promissory note in accordance with the beneficial conversion features (“BCF”) guidance of ASC 470-20. The intrinsic value of the BCF was determined as the number of shares converted from the convertible note times the positive difference between the fair value of the stock on the commitment date and the contractual conversion price. Since the intrinsic value of the BCF at the commitment date was greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF was limited to the amount of the proceeds allocated to the convertible instrument. As of December 31, 2015, the Company had paid the first installment, with the entire payment recorded as a reduction to Additional paid-in capital. As of September 30, 2016, the Company has deferred the installments due for payment on March 19, 2016 and September 19, 2016 to the final maturity date. The gain or loss on the extinguishment of the convertible debt instrument is the difference between the carrying amount and the consideration allocated to the debt instrument. The partial extinguishment of debt as a result of the payment is shown as a gain on extinguishment and is included under interest and finance costs – related party. The debt movement is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2014 - - - - Additions 4,000 (4,000 ) - - Amortization (Note 12) - - 225 225 Partial extinguishment of debt - - (200 ) (200 ) Balance, September 30, 2015 4,000 (4,000 ) 25 25 Amortization - - 78 78 Balance, December 31, 2015 4,000 (4,000 ) 103 103 Amortization (Note 12) - - 222 222 Balance, September 30, 2016 4,000 (4,000 ) 325 325 The equity movement is presented below: Additional paid-in capital Balance, December 31, 2014 - Intrinsic value of BCF 4,000 Consideration allocated to repurchase BCF (200 ) Balance, December 31, 2015 3,800 Balance, September 30, 2016 3,800 On September 7, 2015 ("commitment date"), the Company issued an unsecured revolving convertible promissory note of up to $6,765 (the "Applicable Limit") to Jelco for general corporate purposes. The revolving convertible promissory note has a tenor of up to five years after the first drawdown and the Applicable Limit will be reduced by $1,000 each year after the second year following the first drawdown. The note bears interest of Libor plus a margin with quarterly interest payments. At Jelco's option, the Company's obligation to repay the principal amount under the revolving convertible note may be paid in common shares at a conversion price of $0.90 (as adjusted for the reverse stock split discussed in Note 1 above according to the terms of the convertible note) per share. The unsecured revolving convertible promissory note has been amended seven times, increasing the maximum principal amount available to be drawn to $21,165, while also increasing the amount by which the Applicable Limit will be reduced to $3,100. The Company has drawn down the entire $21,165 as of September 30, 2016. The Company accounted for the issuance of the revolving convertible promissory note in accordance with the BCF guidance of ASC 470-20. The intrinsic value of the BCF was determined as the number of shares converted from the convertible note times the positive difference between the fair value of the stock on the commitment date and the contractual conversion price. Since the intrinsic value of the BCF at the commitment date was greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF was limited to the amount of the proceeds allocated to the convertible instrument. The debt movement is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2014 - - - - Additions 2,800 (2,800 ) - - Amortization (Note 12) - - 2 2 Balance, September 30, 2015 2,800 (2,800 ) 2 2 Additions 8,965 (8,965 ) - - Amortization (Note 12) - - 29 29 Balance, December 31, 2015 11,765 (11,765 ) 31 31 Additions 9,400 (9,400 ) - - Amortization (Note 12) - - 466 466 Balance, September 30, 2016 21,165 (21,165 ) 497 497 The equity movement is presented below: Additional paid-in capital Balance, December 31, 2014 - Intrinsic value of BCF 11,765 Balance, December 31, 2015 11,765 Intrinsic value of BCF 9,400 Balance, September 30, 2016 21,165 b. Vessel Acquisitions: On August 6, 2015, the Company entered into a purchase agreement with entities affiliated with certain of the Company's major shareholders to acquire seven secondhand dry bulk vessels, consisting of five Capesize and two Supramax vessels. The acquisition cost of the vessels was funded by senior secured loans, a shareholder's revolving convertible promissory note by Jelco and equity injections by Jelco. The transaction was completed on December 7, 2015, with the delivery of the last vessel. The transactions were approved by the independent committee of the Company's Board of Directors and the Company's Board of Directors. Below is a list of the vessels purchased under the purchase agreement: Vessel name Date of Delivery Vessel Class DWT Year Built Premiership September 11, 2015 Capesize 170,024 2010 Gladiatorship September 29, 2015 Supramax 56,819 2010 Geniuship October 13, 2015 Capesize 170,057 2010 Guardianship October 21, 2015 Supramax 56,884 2011 Gloriuship November 3, 2015 Capesize 171,314 2004 Squireship November 10, 2015 Capesize 170,018 2010 Championship December 7, 2015 Capesize 179,238 2011 c. Property Lease Agreement: Until March 15, 2015, the Company's executive offices were at premises leased from Waterfront S.A., a company affiliated with a member of the Restis family. On March 16, 2015, the Company relocated its executive offices to premises owned by an unaffiliated third party. The rent charged by Waterfront S.A. for the nine-month periods ended September 30, 2016 and 2015, amounted to $NIL and $70, respectively, and is included under general and administration expenses - related party. | 3. Transactions with Related Parties: a. Release from related parties liabilities: On March 5, 2014, the Company entered into an agreement with Enterprises Shipping and Trading SA ("EST") b. Convertible Promissory Notes: On March 12, 2015 ("commitment date"), the Company issued an unsecured convertible promissory note of $4,000 to Jelco for general corporate purposes. The convertible note is repayable in ten consecutive semi-annual installments of $200, along with a balloon installment of $2,000 payable on the final maturity date, March 19, 2020. The note bears interest of Libor plus a margin with quarterly interest payments. At Jelco's option, the principal amount under the convertible note may be paid at any time in common shares at a conversion price of $0.90 (adjusted for the reverse stock split discussed in Note 1 above according to the terms of the convertible note) per share. The Company has the right to defer up to three consecutive installments to the balloon installment. The Company accounted for the issuance of the convertible promissory note in accordance with the BCF guidance of ASC 470-20. The intrinsic value of the BCF was determined as the number of shares times the positive difference between the fair value of the stock on the commitment date and the contractual conversion price. Since the intrinsic value of the BCF at the commitment date was greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF was limited to the amount of the proceeds allocated to the convertible instrument. The Company has paid the first installment as of December 31, 2015, with the entire payment recorded as a reduction to Additional paid-in capital. The gain or loss on the extinguishment of the convertible debt instrument is the difference between the carrying amount and the consideration allocated to the debt instrument. The partial extinguishment of debt as a result of the payment is being shown as a gain on extinguishment (Note 13). The movement of the debt and equity during the year ended December 31, 2015 is presented below: December 31, 2015 Debt Convertible promissory notes 4,000 Debt discount (4,000 ) Amortization of debt discount (Note 13) 303 Partial extinguishment of debt (200 ) Balance convertible promissory note 103 Short term portion 103 Long term portion - Additional paid-in capital Intrinsic value of BCF 4,000 Consideration allocated to repurchase BCF (200 ) Balance of intrinsic value of BCF 3,800 On September 7, 2015 ("commitment date"), the Company issued an unsecured revolving convertible promissory note of up to $6,765 (the "Applicable Limit") to Jelco for general corporate purposes. The revolving convertible promissory note has a tenor of up to five years after the first drawdown and the Applicable Limit is reduced by $1,000 each year after the second year following the first drawdown. The note bears interest of Libor plus a margin with quarterly interest payments. At Jelco's option, the Company's obligation to repay the principal amount under the revolving convertible note may be paid in common shares at a conversion price of $0.90 (adjusted for the reverse stock split discussed in Note 1 above according to the terms of the convertible note) per share. On December 1, 2015, the unsecured revolving convertible promissory note was amended, increasing the maximum principal amount available to be drawn to $9,765. On December 14, 2015, the unsecured revolving convertible promissory note was further amended, increasing the maximum principal amount available to be drawn to $11,765, while also increasing the amount by which the Applicable Limit will be reduced from $1,000 to $2,000. The Company has drawn down the entire $11,765 as of December 31, 2015. The Company accounted for the issuance of the revolving convertible promissory note in accordance with the BCF guidance of ASC 470-20. The intrinsic value of the BCF was determined as the number of shares times the positive difference between the fair value of the stock on the commitment date and the contractual conversion price. Since the intrinsic value of the BCF at the commitment date was greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF was limited to the amount of the proceeds allocated to the convertible instrument. The movement of the debt and equity during the year ended December 31, 2015 is presented below: December 31, 2015 Debt Convertible promissory notes 11,765 Debt discount (11,765 ) Amortization of debt discount (Note 13) 31 Balance convertible promissory note 31 Short term portion - Long term portion 31 Additional paid-in capital Intrinsic value of BCF 11,765 Balance of intrinsic value of BCF 11,765 c. Vessel Acquisitions: On August 6, 2015, the Company entered into a purchase agreement with entities affiliated with certain of the Company's major shareholders to acquire seven secondhand drybulk vessels, consisting of five Capesize and two Supramax vessels. The acquisition cost of the vessels was funded by senior secured loans, a shareholder's revolving convertible promissory note by Jelco and equity injections by Jelco. The transaction was completed on December 7, 2015, with the delivery of the last vessel. The transactions were approved by the independent committee of the Company's Board of Directors and the Company's Board of Directors. Below is a list of the vessels under the purchase agreement: Vessel name Date of Delivery Vessel Class DWT Year Built Premiership September 11, 2015 Capesize 170,024 2010 Gladiatorship September 29, 2015 Supramax 56,819 2010 Geniuship October 13, 2015 Capesize 170,057 2010 Guardianship October 21, 2015 Supramax 56,884 2011 Gloriuship November 3, 2015 Capesize 171,314 2004 Squireship November 10, 2015 Capesize 170,018 2010 Championship December 7, 2015 Capesize 179,238 2011 d. Technical Management Agreement: A management agreement had been signed between the Company and EST for the provision of technical management services relating to certain vessels previously owned by Seanergy. The fixed daily fee per vessel for the years ended December 31, 2014 and 2013, was $0.45 The related expense for the years ended December 31, 2015, 2014 and 2013, amounted to $NIL, $122 and $743, respectively, e. Brokerage Agreement: Under the terms of the brokerage agreements, Safbulk Pty and Safbulk Maritime S.A., both affiliates, together referred to as "Safbulk," provided commercial brokerage services for certain vessels previously owned under the Company's fleet in accordance with the instructions of Seanergy Management. Safbulk was entitled to receive a commission of 1.25% calculated on the collected gross hire/freight/demurrage payable when such amounts were collected. The brokerage agreements were automatically terminated with the sale of Seanergy's fleet in March 2014 and Safbulk has released the Company from all its claims relating thereto. The fees charged by Safbulk amounted to $NIL, $24 and $313 for the years ended December 31, 2015, 2014 and 2013, respectively, and are separately reflected as voyage expenses — related party f. Property Lease Agreement: Until March 15, 2015, the Company's executive offices were at premises leased from Waterfront S.A., a company affiliated with a member of the Restis family. On March 16, 2015, the Company relocated its executive offices to premises owned by an unaffiliated third party. A three month rent guarantee of $55 is included in other current assets at December 31, 2014. The rent charged by Waterfront S.A. for the years ended December 31, 2015, 2014 and 2013, amounted to $70, $309 and $412, respectively, and is included under general and administration expenses - related party. |
Inventories - 6K
Inventories - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Inventories [Abstract] | ||
Inventories | 4. Inventories: The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Lubricants 441 739 Bunkers 2,529 2,241 Total 2,970 2,980 | 5. Inventories: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Lubricants 739 - Bunkers 2,241 - Total 2,980 - |
Other Current Assets - 6K
Other Current Assets - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Other Current Assets [Abstract] | ||
Other Current Assets | 5. Other Current Assets: The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Prepaid expenses 432 476 Insurance claims - 14 Other 65 167 Total 497 657 | 6. Other Current Assets: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Prepaid expenses 476 78 Insurance claims 14 22 Other 167 204 Total 657 304 |
Vessels, Net - 6K
Vessels, Net - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Vessels, Net [Abstract] | ||
Vessels, Net | 6. Vessels, Net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Cost: Beginning balance 201,684 - - Additions - 201,684 Ending balance 201,684 201,684 Accumulated depreciation: Beginning balance (1,844 ) - - Additions (6,301 ) (1,844 ) Ending balance (8,145 ) (1,844 ) Net book value 193,539 199,840 All vessels are mortgaged to secured loans (Note 7). On September 26, 2016, the Company entered into separate agreements with an unaffiliated third party for the purchase of two second hand Capesize vessels for a gross purchase price of $20,750 per vessel. On November 30, 2016, the Company acquired the first of the two vessels, the 2010 Capesize, 178,838 DWT vessel M/V Lordship. The acquisition was financed through a $7,500 loan with Northern Shipping Fund III LP, or NSF (Note 15), $10,250 was financed through the Jelco Loan Facility (Note 15) and $3,000 by cash on hand. The second vessel is expected to be delivered during December 2016, subject to the satisfaction of certain closing conditions. The initial deposit for the purchase of these two vessels was financed by a loan facility entered into with Jelco on October 4, 2016 (Note 15). | 7. Vessels, Net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Cost: Beginning balance - - - Additions 201,684 - Ending balance 201,684 - Accumulated depreciation: Beginning balance - - - Additions (1,844 ) - Ending balance (1,844 ) - Net book value 199,840 - On March 19, 2015, the Company acquired the 2001 Capesize, 171,199 DWT vessel M/V Leadership from an unaffiliated party, for a net purchase price of $17,127, of which $8,750 was financed through a loan with Alpha Bank A.E., $3,827 was financed through a shareholder's convertible promissory note by Jelco and $4,550 was financed through an equity injection on March 18, 2015 by Jelco in exchange for the issuance of 5,000,100 newly issuance shares of common stock. On August 6, 2015, the Company entered into a purchase agreement with entities affiliated with certain of the Company's major shareholder to acquire seven secondhand drybulk vessels, consisting of five Capesize and two Supramax vessels. These seven vessels were acquired as follows: · On September 11, 2015, the Company acquired the vessel M/V Premiership for a purchase price of $29,951, of which $25,420 was financed through a loan with UniCredit Bank AG, $1,030 was financed through a shareholder's revolving convertible promissory note by Jelco and $3,501 was financed through an equity injection on by Jelco in exchange for the issuance of newly issuance shares of common stock · On September 29, 2015, the Company acquired the vessel M/V Gladiatorship for a purchase price of $16,336, of which approximately $13,643 was financed through a loan with UniCredit Bank AG, $303 was financed through a shareholder's revolving convertible promissory note by Jelco and $2,390 was financed through an equity injection on by Jelco in exchange for the issuance of newly issuance shares of common stock · On October 13, 2015, the Company acquired the vessel M/V Geniuship for a purchase price of $27,597, which was financed through a loan with HSH Nordbank AG. · On October 21, 2015, the Company acquired the vessel M/V Guardianship for a purchase price of $17,168, of which approximately $13,642 was financed through a loan with UniCredit Bank AG, $397 was financed through a shareholder's revolving convertible promissory note by Jelco and $3,129 was financed through an equity injection on by Jelco in exchange for the issuance of newly issuance shares of common stock · On November 3, 2015, the Company acquired the vessel M/V Gloriuship for a purchase price of $16,833, which was financed through a loan with HSH Nordbank AG. · On November 10, 2015, the Company acquired the vessel M/V Squireship for a purchase price of $34,922, of which $33,750 was financed through a loan with Alpha Bank A.E. and $1,172 was financed through a shareholder's revolving convertible promissory note by Jelco. · On December 7, 2015, the Company acquired the vessel M/V Championship for a purchase price of $41,750, of which $39,412 was financed through a loan with Natixis and $2,338 was financed through a shareholder's revolving convertible promissory note by Jelco. All vessels are mortgaged to secured loans (Note 8). |
Long-Term Debt - 6K
Long-Term Debt - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Long-Term Debt [Abstract] | ||
Long-Term Debt | 7. Long-Term Debt: The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Secured loan facilities 178,064 178,447 Less: Deferred financing costs (856 ) (942 ) Total 177,208 177,505 Less - current portion (6,583 ) (718 ) Long-term portion 170,625 176,787 Secured credit facilities On March 6, 2015, the Company entered into a loan agreement with Alpha Bank A.E., for a secured loan facility in an amount of $8,750. The loan was used to partially finance the acquisition of the M/V Leadership On September 1, 2015, the Company entered into a loan agreement with HSH Nordbank AG, for a secured loan facility in an amount of $44,430. The loan was used to pay for the acquisition of the vessels M/V Geniuship M/V Gloriuship M/V Geniuship M/V Gloriuship On September 11, 2015, the Company entered into a facility agreement with UniCredit Bank AG, for a secured loan facility in an amount of $52,705. The loan was made available in three tranches to partially finance the acquisition of the vessels M/V Premiership M/V Gladiatorship M/V Guardianship M/V Premiership M/V Gladiatorship M/V Guardianship On November 4, 2015, the Company entered into a loan agreement with Alpha Bank A.E., for a secured loan facility in an amount of $33,750. The loan was used to partially finance the acquisition of the M/V Squireship On December 2, 2015, the Company entered into a facility agreement with Natixis, for a secured loan facility in an amount of $39,412. The loan was used to partially finance the acquisition of the M/V Championship The borrowers under each facility are the applicable vessel owning subsidiaries, and all of the above five facilities are guaranteed by Seanergy Maritime Holdings Corp. The September 30, 2016 are as follows: Twelve month periods ending Amount September 30, 2017 6,840 September 30, 2018 20,877 September 30, 2019 18,721 September 30, 2020 50,558 September 30, 2021 59,974 Thereafter 21,094 Total 178,064 | 8. Long-Term Debt: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Secured loan facilities 178,447 - Less: Deferred financing costs (942 ) - Total 177,505 - Less - current portion (718 ) - Long-term portion 176,787 - Secured credit facilities On March 6, 2015, as amended, the Company entered into a loan agreement with Alpha Bank A.E., for a secured loan facility in an amount of $8,750. The loan was used to partially finance the acquisition of the M/V Leadership. On March 17, 2015, the Company drew down the $8,750. The loan is repayable in twenty consecutive quarterly installments, the first four installments being $200 each and the next sixteen quarterly installments being $250 each, along with a balloon installment of $3,950 payable on the final maturity date, March 17, 2020. The loan bears interest of Libor plus a margin of 3.75% with quarterly interest payments. The loan is secured by a first priority mortgage over the vessel. The facility places a restriction on the Company's ability to distribute dividends to its shareholders. The amount of the dividends so declared shall not exceed 50% of Seanergy's net income except in case the cash and marketable securities are equal or greater than the amount required to meet Seanergy's consolidated installment and debt interest payments for the following eighteen-month period. The Company has paid the first three installments as of December 31, 2015. On September 1, 2015, the Company entered into a loan agreement with HSH Nordbank AG, for a secured loan facility in an amount of $44,430. The loan was used to pay for the acquisition of the vessels M/V Geniuship and M/V Gloriuship. The loan was available in two advances, each advance comprised of two tranches. On October 13, 2015, the Company drew the first advance of $27,597 in order to finance the acquisition of the M/V Geniuship. On November 3, 2015, the Company drew the second advance of $16,833 in order to finance the acquisition of the M/V Gloriuship. The loan is repayable in twelve consecutive quarterly installments being approximately $1,049 each, commencing on September 30, 2017, along with a balloon installment of $31,837 payable on the final maturity date, June 30, 2020. The loan bears interest of Libor plus margins between 3.25% and 3.6% with quarterly interest payments. The loan facility is secured by a first priority mortgage over the two vessels. On September 11, 2015, the Company entered into a facility agreement with UniCredit Bank AG, for a secured loan facility in an amount of $52,705. The loan was made available in three tranches to partially finance the acquisition of the vessels M/V Premiership, M/V Gladiatorship and M/V Guardianship. On September 11, 2015, the Company drew the first tranche of $25,420 in order to partly finance the acquisition of the M/V Premiership. On September 29, 2015, the Company drew the second tranche of $13,643 in order to partly finance the acquisition of the M/V Gladiatorship. On October 21, 2015, the Company drew the third tranche of $13,642 in order to partly finance the acquisition of the M/V Guardianship. The loan is repayable in fifteen consecutive quarterly installments being $1,552 each, commencing on June 26, 2017, along with a balloon installment of $29,425 payable on the final maturity date, December 28, 2020. The loan bears interest of Libor plus a margin of 3.20% if the value to loan ratio is lower than 125%, 3.00% if the value to loan ratio is between 125% and 166.67% and 2.75% if the value to loan is higher than 166.67% with quarterly interest payments. The loan bore a commitment fee of 1.00% calculated on the balance of the undrawn loan amount and amounted to $22. The loan is secured by a first priority mortgage over the three vessels. On November 4, 2015, the Company entered into a loan agreement with Alpha Bank A.E., for a secured loan facility in an amount of $33,750. The loan was used to partially finance the acquisition of the M/V Squireship. On November 10, 2015, the Company drew down the $33,750. The loan is repayable in sixteen consecutive quarterly installments being approximately $844 each, commencing on February 12, 2018, along with a balloon installment of $20,250 payable on the final maturity date, November 10, 2021. The loan bears interest of Libor plus a margin of 3.50% with quarterly interest payments. The loan is secured by a first priority mortgage over the vessel. The facility places a restriction on the Company's ability to distribute dividends to its shareholders. The amount of the dividends so declared shall not exceed 50% of Seanergy's net income except in case the cash and marketable securities are equal or greater than the amount required to meet Seanergy's consolidated installment and debt interest payments for the following eighteen-month period. On December 2, 2015, the Company entered into a facility agreement with Natixis, for a secured loan facility in an amount of $39,412. The loan was used to partially finance the acquisition of the M/V Championship. On December 7, 2015, the Company drew down the $39,412. The loan is repayable in fifteen consecutive quarterly installments being $985 each, commencing on June 30, 2017, along with a balloon installment of $24,637 payable on the final maturity date, February 26, 2021. The loan bears interest of Libor plus a margin of 2.50% with quarterly interest payments. The loan is secured by a first priority mortgage over the vessel. All of the above five facilities are guaranteed by Seanergy Maritime Holdings Corp., the Corporate Guarantor. The December 31, 2015 are as follows: Year ended December 31, Amount 2016 950 2017 10,710 2018 18,721 2019 18,721 2020 81,083 Thereafter 48,262 Total 178,447 |
Trade Accounts and Other Payabl
Trade Accounts and Other Payables - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Trade Accounts and Other Payables [Abstract] | ||
Trade Accounts and Other Payables | 8. Trade Accounts and Other Payables: The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Creditors 4,636 5,710 Insurances 108 162 Other 33 107 Total 4,777 5,979 | 9. Trade Accounts and Other Payables: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Creditors 5,710 184 Insurances 162 3 Other 107 77 Total 5,979 264 |
Financial Instruments - 6K
Financial Instruments - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Financial Instruments [Abstract] | ||
Financial Instruments | 9. Financial Instruments: (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) Interest Rate Risk Fair Value of Financial Instruments The fair values of the financial instruments shown in the consolidated balance sheets as of September 30, 2016 and December 31, 2015, represent management's best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances. 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. b. Long-term debt: The carrying value approximates the fair market value as the long-term debt bears interest at floating interest rate. | 10. Financial Instruments: (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) Interest Rate Risk Fair Value of Financial Instruments The fair values of the financial instruments shown in the consolidated balance sheets as of December 31, 2015 and 2014 represent management's best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances. 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, trade accounts and other payables and due to related parties: the carrying amounts approximate fair value because of the short maturity of these instruments. b. Long-term debt: The carrying value approximates the fair market value as the long-term debt bears interest at floating interest rate. |
Commitments and Contingencies -
Commitments and Contingencies - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | ||
Commitments and Contingencies | 10. Commitments and 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. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. 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, which 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. | 11. Commitments and 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. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. 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, which 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. |
Capital Structure - 6K
Capital Structure - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Capital Structure [Abstract] | ||
Capital Structure | 11. Capital Structure: (a) Common Stock On March 12, 2015, the Company entered into a share purchase agreement under which the Company sold 5,000,100 of its common shares to Jelco for $4,500. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the adjusted book value method. On March 16, 2015, the Company completed the equity injection plan with the abovementioned entity. The shares to the entity were issued on March 18, 2015. On March 12, 2015, the Company entered into a share purchase agreement under which the Company sold 333,400 of its common shares to its Chief Executive Officer, or CEO, for $300. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the adjusted book value method. On March 16, 2015, the Company completed the equity injection plan with the abovementioned entity. The shares to the CEO were issued on March 18, 2015. The funds were contributed for general corporate purposes. On September 7, 2015, the Company entered into a share purchase agreement under which the Company sold 10,022,240 of its common shares in three tranches to Jelco for $9,020. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the capital market multiples and the discounted cash flow methods. On September 11, 2015, the first tranche of $3,501 was contributed in exchange for 3,889,980 common shares of the Company, which were issued on September 11, 2015. On September 29, 2015, the second tranche of $2,390 was contributed in exchange for 2,655,740 common shares of the Company, which were issued on September 29, 2015. On October 21, 2015, the third tranche of $3,129 was contributed in exchange for 3,476,520 common shares of the Company, which shares were issued on October 21, 2015. The transaction was approved by an independent committee of the Company's Board of Directors. The purchasers of all above issued shares have received customary registration rights. On January 8, 2016, the Company effected a one-for-five reverse stock split of the Company’s issued common stock (Note 1). The reverse stock split ratio and the implementation and timing of the reverse stock split were determined by the Company’s Board of Directors. The reverse stock split did not change the authorized number of shares or par value of the Company’s common stock or preferred stock, but did effect a proportionate adjustment to the number of shares of common stock issuable upon the vesting of restricted stock awards, and the number of shares of common stock eligible for issuance under the Plan. All applicable outstanding equity awards discussed below have been adjusted retroactively for the one-for-five reverse stock split. On August 5, 2016, the Company entered into a securities purchase agreement with an unaffiliated third party, which is an institutional investor, under which the Company sold 1,180,000 of its common shares in a registered direct offering at a price of $4.15 per share. On August 10, 2016, the Company completed the registered direct offering for net proceeds of approximately $4,080. The net proceeds of this offering are expected to be used for general corporate purposes. | 12. Capital Structure: (a) Common Stock On June 24, 2014, the Company had entered into a share purchase agreement under which the Company sold 378,000 of its common shares to Plaza Shipholding Corp. and Comet Shipholding Inc., companies affiliated with certain members of the Restis family, for $1,134. The common shares were sold at a price of $3.00 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using a build-up method, combining the Company's net asset value with the cost that a private company would incur to be listed on a U.S. stock exchange and with an additional option value to existing shareholders upon the consummation of the Asset Contribution calculated from the Black-Scholes options pricing model. On June 27, 2014, the Company completed the equity injection plan with the two abovementioned entities. The shares to the two entities were issued on June 27, 2014. On September 29, 2014, the Company had entered into a share purchase agreement under which the Company sold 320,000 of its common shares to Plaza Shipholding Corp. and Comet Shipholding Inc., companies affiliated with certain members of the Restis family, for $960. The common shares were sold at a price of $3.00 per share. The Company's Board of Directors obtained an updated fairness opinion from an independent third party for the share price. The price was determined using a build-up method, combining the Company's net asset value with the cost that a private company would incur to be listed on a U.S. stock exchange and with an additional option value to existing shareholders upon the consummation of the Asset Contribution calculated from the Black-Scholes options pricing model. On September 30, 2014, the Company completed the equity injection plan with the two abovementioned entities. The shares to the two entities were issued on September 30, 2014. On December 19, 2014, the Company had entered into a share purchase agreement under which the Company sold 888,000 of its common shares to Jelco for $1,110. The common shares were sold at a price of $1.25 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using a build-up method, combining the Company's net asset value with the cost that a private company would incur to be listed on a U.S. stock exchange. On December 30, 2014, the Company completed the equity injection plan with the abovementioned entity. The shares to the entity were issued on December 30, 2014. On March 12, 2015, the Company entered into a share purchase agreement under which the Company sold 5,000,100 of its common shares to Jelco for $4,500. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the adjusted book value method. On March 16, 2015, the Company completed the equity injection plan with the abovementioned entity. The shares to the entity were issued on March 18, 2015. On March 12, 2015, the Company entered into a share purchase agreement under which the Company sold 333,400 of its common shares to its Chief Executive Officer, or CEO, for $300. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the adjusted book value method. On March 16, 2015, the Company completed the equity injection plan with the abovementioned entity. The shares to the CEO were issued on March 18, 2015. The funds were contributed for general corporate purposes. On September 7, 2015, the Company entered into a share purchase agreement under which the Company sold 10,022,240 of its common shares in three tranches to Jelco for $9,020. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the capital market multiples and the discounted cash flow methods. On September 11, 2015, the first tranche of $3,501 was contributed in exchange for 3,889,980 common shares of the Company, which were issued on September 11, 2015. On September 29, 2015, the second tranche of $2,390 was contributed in exchange for 2,655,740 common shares of the Company, which were issued on September 29, 2015. On October 21, 2015, the third tranche of $3,129 was contributed in exchange for 3,476,520 common shares of the Company, which shares were issued on October 21, 2015. The transaction was approved by an independent committee of the Company's Board of Directors. The purchasers of all above issued shares have received customary registration rights. (b) Warrants and Unit Purchase Option In connection with the public offering of January 28, 2010, the Company granted 1,041,667 warrants with an exercise price of $19.80 each on February 3, 2010 and on March 19, 2010, Seanergy granted 97,250 additional warrants. The fair value of these warrants amounted to $1,053. The warrants were exercisable beginning on August 3, 2010 and expired on January 28, 2015. No expenses were recorded in connection with these warrants which were classified in equity. Following the Company's reverse stock split in June 2011, with respect to the warrants from the Company's 2010 secondary offering, as a result of the reverse stock split, each warrant reflected an increase in the per share exercise price and a decrease in the number of warrant shares at the same proportion as the reverse stock split. Accordingly, each warrant was exercisable for one-fifteenth of a share, following the reverse stock split at an exercise price of $19.80 for each such warrant share. As of December 31, 2015 and 2014, the Company had outstanding underwriters' warrants exercisable to purchase an aggregate of approximately NIL and 15,185 shares of Seanergy's common stock, respectively. (c) Preferred Stock As of December 31, 2015 and 2014, no shares of preferred stock have been issued. (d) Dividends The declaration and payment of any dividend is subject to the discretion of Seanergy's board of directors and is dependent upon its earnings, financial condition, cash requirements and availability and restrictions in any applicable loan agreements. No dividends were declared for the years ended December 31, 2015, 2014 and 2013. |
Interest and Finance Costs - 6K
Interest and Finance Costs - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Interest and Finance Costs [Abstract] | ||
Interest and Finance Costs | 12. Interest and Finance Costs: Interest and finance costs are analyzed as follows: Nine-month period ended September 30, 2016 2015 Interest on long-term debt 5,008 241 Amortization of debt issuance costs 186 23 Other 11 16 Total 5,205 280 Interest and finance costs-related party are analyzed as follows: Nine-month period ended September 30, 2016 2015 Convertible notes interest expense 924 119 Convertible notes amortization of debt discount (Note 3) 688 227 Gain on extinguishment of convertible notes - (200 ) Total 1,612 146 | 13. Interest and Finance Costs: Interest and finance costs are analyzed as follows: Year ended December 31 2015 2014 2013 Interest on long-term debt 1,353 811 5,075 Interest on revolving credit facility - 396 2,144 Amortization of debt issuance costs 72 - 1,090 Arrangement fees on undrawn facilities - 246 - Other 35 10 80 Total 1,460 1,463 8,389 Interest and finance costs-related party are analyzed as follows: Year ended December 31 2015 2014 2013 Convertible notes interest expense 265 - - Convertible notes amortization of debt discount 334 - - Gain on extinguishment of convertible notes (200 ) - - Total 399 - - |
Losses per Share - 6K
Losses per Share - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Earnings per Share [Abstract] | ||
Earnings per Share | 13. Losses per Share: The calculation of net earnings per common share is summarized below: Nine-month period ended September 30, 2016 2015 Net loss (17,730 ) (3,105 ) Weighted average common shares outstanding – basic and diluted 19,594,354 8,130,931 Net loss per common share – basic and diluted $ (0.90 ) $ (0.38 ) As of September 30, 2016 and 2015, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as mentioned above are: 2016 2015 Non-vested equity incentive plan shares (Note 14) 144,000 - Convertible promissory note shares (Note 3) 27,738,890 7,333,333 Total 27,882,890 7,333,333 | 14. Earnings per Share: The calculation of net earnings per common share is summarized below: For the years ended December 31 2015 2014 2013 Basic: Net (loss) / income (8,956 ) 80,348 10,907 Weighted average common shares outstanding – basic 10,773,404 2,672,945 2,391,628 Net (loss) / income per common share – basic $ (0.83 ) $ 30.06 $ 4.56 Diluted: Net (loss) / income (8,956 ) 80,348 10,907 Weighted average common shares outstanding – basic 10,773,404 2,672,945 2,391,628 Non-vested equity incentive shares - 5 227 Weighted average common shares outstanding – diluted 10,773,404 2,672,950 2,391,885 Net (loss) / income per common share – diluted $ (0.83 ) $ 30.06 $ 4.56 As of December 31, 2015, 2014 and 2013, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as mentioned above are: 2015 2014 2013 Non-vested equity incentive plan shares (Note 15) 152,000 - - Convertible promissory note shares (Note 3) 17,294,444 - - Private shares under warrants (Note 12) - 15,185 15,185 Total 17,446,444 15,185 15,185 |
Equity Incentive Plan - 6K
Equity Incentive Plan - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Equity Incentive Plan [Abstract] | ||
Equity Incentive Plan | 14. Equity Incentive Plan: On October 1, 2015, the Compensation Committee granted an aggregate of 189,000 restricted shares of common stock, pursuant to the 2011 Equity Incentive Plan. Of the total 189,000 shares issued, 36,000 shares were granted to Seanergy's board of directors and the other 153,000 shares were granted to certain of Seanergy's other employees. On February 3, 2016, 8,000 of the shares granted to certain of Seanergy's other employees were cancelled. The fair value of each share on the grant date was $3.70. The shares to Seanergy's board of directors will vest over a period of two years commencing on October 1, 2015. On October 1, 2015, 12,000 shares vested, 12,000 shares will vest on October 1, 2016 and 12,000 shares will vest on October 1, 2017. All the other shares granted to certain of Seanergy's other employees will vest over a period of three years, commencing on October 1, 2015. On October 1, 2015, 25,000 shares vested, 31,000 shares will vest on October 1, 2016, 42,000 shares will vest on October 1, 2017 and 47,000 shares will vest on October 1, 2018. The related expense for the nine month periods ended , 2016 and 2015, amounted to $119 and $NIL, respectively, | 15. Equity Incentive Plan: On January 12, 2011, the Board adopted the Seanergy Maritime Holdings Corp. 2011 Equity Incentive Plan ("Plan"). A total of 8,750,000 shares of common stock were reserved for issuance under the Plan, which is administered by the Compensation Committee of the Board of Directors. Under the Plan, officers, key employees, directors, consultants and service providers may be granted incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, unrestricted stock and restricted stock units at the discretion of the Compensation Committee. In May 2012, the total number of shares originally reserved under the Plan was adjusted to 583,334 shares to reflect the one-for-fifteen reverse stock split of June 24, 2011. On February 16, 2011, the Compensation Committee granted an aggregate of 666 restricted shares of common stock, pursuant to the Plan. Of the total 666 shares issued, 533 shares were granted to Seanergy's two executive directors and the other 133 shares were granted to certain of Seanergy's other employees. The fair value of each share on the grant date was $66.40 and was expensed over three years. All the shares vested proportionally over a period of three years, commencing on January 10, 2012. 223 shares vested on January 10, 2012, 222 shares vested on January 10, 2013 and 219 shares vested on January 10, 2014. On July 2, 2015, the total number of shares originally reserved under the Plan was increased to 856,667. On October 1, 2015, the Compensation Committee granted an aggregate of 189,000 restricted shares of common stock, pursuant to the Plan. Of the total 189,000 shares issued, 36,000 shares were granted to Seanergy's board of directors and the other 153,000 shares were granted to certain of Seanergy's other employees. The fair value of each share on the grant date was $3.70 and will be expensed over three years. The shares to Seanergy's board of directors will vest over a period of two years commencing on October 1, 2015. On October 1, 2015, 12,000 shares vested, 12,000 shares will vest on October 1, 2016 and 12,000 shares will vest on October 1, 2017. All the other shares granted to certain of Seanergy's other employees will vest over a period of three years, commencing on October 1, 2015. On October 1, 2015, 25,000 shares vested, 33,000 shares will vest on October 1, 2016, 44,000 shares will vest on October 1, 2017 and 51,000 shares will vest on October 1, 2018. The related expense for the years ended December 31, 2015, 2014 and 2013, amounted to $178, $NIL and $15, respectively, On January 8, 2016, we effected a one-for-five reverse stock split of our issued common stock (Note 16). The reverse stock split ratio and the implementation and timing of the reverse stock split were determined by our Board of Directors. The reverse stock split did not change the authorized number of shares or par value of our common stock or preferred stock, but did effect a proportionate adjustment to the number of shares of common stock issuable upon the vesting of restricted stock awards, and the number of shares of common stock eligible for issuance under our Plan. All applicable outstanding equity awards discussed above have been adjusted retroactively for the one-for-five reverse stock split. |
Subsequent Events - 6K
Subsequent Events - 6K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 15. Subsequent Events: The Company has evaluated subsequent events that occurred after the balance sheet date but before the issuance of these consolidated financial statements and, where it was deemed necessary, appropriate disclosures have been made. a) On October 4, 2016, the Company entered into the Jelco Loan Facility, initially a $4,150 loan facility with Jelco, to fund the initial deposit for the purchase of two second hand Capesize vessels (Note 6). On November 17, 2016 and November 28, 2016, the Company entered into amendments to the Jelco Loan Facility, which, among other things, increased the aggregate amount that the Company may borrow under the facility to up to $12,800. On November 28, 2016, the Company drew down $8,650 under the amended Jelco Loan Facility. b) On October 28, 2016, the Company filed with the SEC a registration statement on Form F-1 in connection with a contemplated follow-on registered public offering of the Company’s securities, comprised of common shares, par value $0.0001 per share, Class A warrants to purchase common shares, and an underwriter’s warrant to purchase common shares. On November 29, 2016, the Company filed with the SEC an amendment to this registration statement on Form F-1. c) On November 18, 2016, the Company entered into a securities purchase agreement with unaffiliated third parties, which are institutional investors, under which the Company sold 1,305,000 of its common shares in a registered direct offering at a price of $2.75 per share. On November 23, 2016, the Company completed the registered direct offering for net proceeds of approximately $3,200, which proceeds are expected to be used for general corporate purposes, including funding of vessel acquisitions. d) On November 28, 2016, the Company entered into a $32,000 secured term loan facility with NSF to partly finance the acquisition of the two second hand Capesize vessels (Note 6). The facility bears interest at 11% per annum, which is payable quarterly, and the principal is repayable in four consecutive quarterly installments of $900 each, commencing on March 31, 2019 and a final payment of $28,400 due on December 31, 2019 (initial termination date), assuming that the borrowers will not choose to further extend the facility for one or two in maximum yearly periods from each relevant future termination date. The facility may only be extended twice so that the final termination date shall never extend beyond the date falling on the fifth anniversary of the final drawdown date. The option to extend the facility for up to another two years from the initial termination date is subject to an extension fee of 1.75% per extended year of each relevant loan outstanding amount. On November 28, 2016, the Company drew down $7,500 under the NSF loan facility. e) On November 30, 2016, the Company acquired the 2010 Capesize, 178,838 DWT vessel M/V Lordship from an unaffiliated third party. The acquisition was financed through a $7,500 loan with NSF, $10,250 was financed through the Jelco Loan Facility and $3,000 by cash on hand. The vessel is being chartered by Oldendorff Carriers GMBH & CiE under her previous ownership for a period of 11 to 13 months at an index-linked rate plus 6% and is expected to be redelivered to the Company between May 2017 and July 2017. | 16. Subsequent Events: The Company has evaluated subsequent events that occurred after the balance sheet date but before the issuance of these consolidated financial statements and, where it was deemed necessary, appropriate disclosures have been made. a) On January 8, 2016, the Company's common stock began trading on a split-adjusted basis, following a December 22, 2015 approval from the Company's Board of Directors to reverse split the Company's common stock at a ratio of one-for-five. There was no change in the number of authorized shares or the par value of the Company's common stock. b) On January 27, 2016, the unsecured revolving convertible promissory note was further amended, increasing the maximum principal amount available to be drawn to $13,765. On January 29, 2016, the Company drew down the additional undrawn balance of $2,000. c) On January 27, 2016 the Company received a letter from The Nasdaq Stock Market confirming that it has regained compliance with the minimum bid price requirement. d) On March 7, 2016, the unsecured revolving convertible promissory note was further amended, increasing the maximum principal amount available to be drawn to $16,265, while also increasing the amount by which the Applicable Limit will be reduced from $2,000 to $2,500. On March 8, 2016, the Company drew down the additional undrawn balance of $2,500. |
Basis of Presentation and Gen27
Basis of Presentation and General Information - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
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 Athens, Greece. The Company provides global transportation solutions in the dry bulk shipping sector through its vessel-owning subsidiaries. On January 8, 2016, the Company's common stock began trading on a split-adjusted basis, following a December 22, 2015 approval from the Company's Board of Directors to reverse split the Company's common stock at a ratio of one-for-five. There was no change in the number of authorized shares or the par value of the Company's common stock. Following the reverse stock split, the number of shares issued and outstanding was reduced by 3 shares due to rounding. All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented. 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 Generally Accepted Accounting Principles in the United States of America ("U.S. GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") for certain financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2015, filed with the SEC on April 20, 2016. In the opinion of management, these unaudited interim condensed consolidated financial statements, 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 nine-month period ended September 30, 2016, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2016. a. Going Concern: The Company acquired eight vessels in 2015 in accordance with its business plan to expand the fleet. As of September 30, 2016, the Company was in compliance with or has cured any events of non-compliance of all its financial covenants and asset coverage ratios contained in its debt agreements as amended (Notes 7 and 15). Most financial covenants and asset coverage ratios will be tested commencing in mid 2017. Scheduled debt installment payments for the twelve month period ending September 30, 2017, amount to $6,840 (Note 7). Scheduled convertible promissory notes payments for the twelve month period ending September 30, 2017, amount to $3,500, of which an installment of $200 under the March 12, 2015 convertible promissory note can be deferred to the final maturity date (Note 3). Given the current dry bulk charter rates, the Company's cash flow projections indicate that cash on hand and cash provided by operating activities might not be sufficient to cover the liquidity needs that become due in the twelve-month period ending September 30, 2017, including any loan prepayments that may be required in the case of future non-compliance with loan terms and covenants . The Company, further to its efforts to raise equity in the public markets and from private investors, has relied on Jelco Delta Holding Corp., or Jelco, a company affiliated with Claudia Restis, who is also the Company's major shareholder, for both vessel acquisitions and funding for general corporate purposes during 2015 and for further funding during 2016 and 2017. In addition, the Company has undertaken a cost-cutting initiative to decrease its daily vessel operating expenses and in turn to reduce potential cash flow shortfall. On August 5, 2016, the Company entered into a securities purchase agreement with an unaffiliated third party, which is an institutional investor, under which the Company sold 1,180,000 of its common shares in a registered direct offering at a price of $4.15 per share. On August 10, 2016, the Company completed the registered direct offering for net proceeds of approximately $4,080, which proceeds were used for general corporate purposes. On September 26, 2016, the Company entered into separate agreements with an unaffiliated third party for the purchase of two second hand Capesize vessels for a gross purchase price of $20,750 per vessel. The first of the two vessels was delivered on November 30, 2016 and the second is expected to be delivered during December 2016, subject to the satisfaction of certain customary closing conditions (Notes 7 and 15). On October 28, 2016, the Company filed with the SEC a registration statement on Form F-1 in connection with a contemplated follow-on registered public offering of the Company’s securities, comprised of common shares, par value $0.0001 per share, Class A warrants to purchase common shares, and an underwriter’s warrant to purchase common shares. On November 29, 2016, the Company filed with the SEC an amendment to this registration statement on Form F-1 (Note 15). On November 18, 2016, the Company entered into a securities purchase agreement with unaffiliated third parties, which are institutional investors, under which the Company sold 1,305,000 of its common shares in a registered direct offering at a price of $2.75 per share. On November 23, 2016, the Company completed the registered direct offering for net proceeds of approximately $3,200, used for general corporate purposes, including funding of vessel acquisitions (Note 15). b. Subsidiaries in Consolidation: Seanergy's subsidiaries included in these consolidated financial statements as of September 30, 2016, are as follows: Company Country of Incorporation Date of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Financed by Seanergy Management Corp.(1) (3) Marshall Islands May 9, 2008 N/A N/A N/A N/A Seanergy Shipmanagement Corp.(1) (3) Marshall Islands September 16, 2014 N/A N/A N/A N/A Sea Glorius Shipping Co.(1) Marshall Islands September 16, 2014 Gloriuship November 3, 2015 N/A HSH Nordbank AG Sea Genius Shipping Co.(1) Marshall Islands September 16, 2014 Geniuship October 13, 2015 N/A HSH Nordbank AG Leader Shipping Co.(1) Marshall Islands January 15, 2015 Leadership March 19, 2015 N/A Alpha Bank A.E. Premier Marine Co.(1) Marshall Islands July 9, 2015 Premiership September 11, 2015 N/A UniCredit Bank AG Gladiator Shipping Co.(1) Marshall Islands July 9, 2015 Gladiatorship September 29, 2015 N/A UniCredit Bank AG Guardian Shipping Co.(1) Marshall Islands July 9, 2015 Guardianship October 21, 2015 N/A UniCredit Bank AG Champion Ocean Navigation Co.(1) Liberia August 6, 2015 Championship December 7, 2015 N/A Natixis Squire Ocean Navigation Co.(1) Liberia August 6, 2015 Squireship November 10, 2015 N/A Alpha Bank A.E. Emperor Holding Ltd.(1) Marshall Islands October 3, 2016 N/A N/A N/A N/A Knight Ocean Navigation Co.(1) Liberia October 3, 2016 N/A N/A N/A N/A Lord Ocean Navigation Co.(1) Liberia October 3, 2016 N/A N/A N/A N/A Pembroke Chartering Services Limited (4) Malta December 2, 2015 N/A N/A N/A N/A Amazons Management Inc.(1) Marshall Islands April 21, 2008 Davakis G. August 28, 2008 March 6, 2014 Piraeus Bank Lagoon Shipholding Ltd.(1) Marshall Islands April 21, 2008 Delos Ranger August 28, 2008 March 11, 2014 Piraeus Bank Cynthera Navigation Ltd.(1) Marshall Islands March 18, 2008 African Oryx August 28, 2008 April 10, 2013 Piraeus Bank Martinique International Corp.(1) British Virgin Islands May 14, 2008 Bremen Max September 11, 2008 March 7, 2014 Piraeus Bank Harbour Business International Corp.(1) British Virgin Islands April 1, 2008 Hamburg Max September 25, 2008 March 10, 2014 Piraeus Bank Waldeck Maritime Co.(1) Marshall Islands April 21, 2008 African Zebra September 25, 2008 February 15, 2012 Piraeus Bank Maritime Capital Shipping Limited (1) Bermuda April 30, 2007 N/A N/A N/A N/A Maritime Capital Shipping (HK) Limited (3) Hong Kong June 16, 2006 N/A N/A N/A N/A Maritime Glory Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Glory May 21, 2010 December 4, 2012 HSBC Maritime Grace Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Grace May 21, 2010 October 15, 2012 HSBC Atlantic Grace Shipping Limited (5) British Virgin Islands October 9, 2007 N/A N/A N/A N/A (1) Subsidiaries wholly owned (2) Vessel owning subsidiaries owned by Maritime Capital Shipping Limited (or “ MCS”) (3) Management company (4) Chartering services company (5) Dormant company | 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 Athens, Greece. The Company provides global transportation solutions in the drybulk shipping sector through its vessel-owning subsidiaries. On January 8, 2016, the Company effected a one-to-five reverse stock split on its issued and outstanding common stock (Note 16). In connection with the reverse stock split 181 fractional shares were issued. All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented. The accompanying consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the "Company" or "Seanergy"). a. Disposal of Subsidiaries: On January 29, 2013, Maritime Capital Shipping Limited ("MCS"), a wholly owned subsidiary of the Company, sold its 100% ownership interest in the four subsidiaries that owned the Handysize drybulk carriers Fiesta, Pacific Fantasy, Pacific Fighter and Clipper Freeway. During the year ended December 31, 2013, the Company recognized a gain from the sale of the four MCS subsidiaries, of $5,538. On July 19, 2013, MCS sold its 100% ownership interest in the three subsidiaries that owned the Handysize drybulk carriers African Joy, African Glory and Asian Grace. During the year ended December 31, 2013, the Company recognized a gain from the sale of the three MCS subsidiaries of $20,181. b. Disposal of Vessels On March 11, 2014, the Company closed on its delivery and settlement agreement with its then remaining lender, Piraeus Bank, for the sale of its then four remaining vessels, to a nominee of the lender, in exchange for a nominal cash consideration and full satisfaction of the underlying loan facilities. The Company provided a corporate guarantee for these facilities. The four vessels were the drybulk carriers M/V Bremen Max, M/V Hamburg Max, M/V Davakis G. and M/V Delos Ranger. In exchange for the sale, approximately $145,597 of outstanding debt and accrued interest were discharged and the Company's guarantee was fully released. For the year ended December 31, 2014, the Company recognized a gain from the sale of the four remaining vessels under the facility agreements with Piraeus Bank of $85,563. c. Vessels Acquisitions: On December 23, 2014 the Company entered into an agreement with an unaffiliated third party for the purchase of a second hand Capesize vessel, the 2001, 171,199 DWT vessel M/V Leadership. The acquisition was funded by secured senior bank debt, as well as financing by one of the Company's major shareholders. The transaction was approved by the Board of Directors. The vessel was delivered on March 19, 2015 (Note 7). On August 6, 2015, the Company entered into a purchase agreement with entities affiliated with certain of the Company's major shareholder to acquire seven secondhand drybulk vessels (Notes 3 and 7). d. Going Concern: The Company acquired eight vessels in 2015 in accordance with its business plan to grow the fleet on a sustainable basis. As of December 31, 2015, the Company was in compliance with all its financial covenants and asset coverage ratios contained in its debt agreements. Most financial covenants and asset coverage ratios will be tested commencing in 2017. Scheduled debt installment payments for 2016 amount to only $1,000, related to the Alpha Bank AE facility associated with the vessel Leadership. For the other facility agreements, debt repayments will commence in 2017 at the earliest. Given the current drybulk charter rates, the Company's cash flow projections indicate that cash on hand and cash provided by operating activities might not be sufficient to cover the liquidity needs that become due in the twelve-month period ending December 31, 2016. The Company has relied on Jelco Delta Holding Corp., or Jelco, a company affiliated with Claudia Restis, who is also the Company's major shareholder, for both vessel acquisitions and general corporate purposes during 2015 and for further funding during 2016. The Company also intends to apply additional measures to reduce potential cash flow shortfall if current drybulk charter rates remain at today's historical low levels. The Company has undertaken a cost-cutting initiative to decrease its daily vessel operating expenses. The Company is also exploring raising additional equity from both capital markets and private investors. These consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Accordingly, they do not include any adjustments relating to the recoverability and classification of recorded asset amounts, the amounts and classification of liabilities, or any other adjustments that might result in the event the Company is unable to continue as a going concern. e. Subsidiaries in Consolidation: Seanergy's subsidiaries included in these consolidated financial statements as of December 31, 2015 are as follows: Company Country of Incorporation Date of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Financed by Seanergy Management Corp.(1) (3) Marshall Islands May 9, 2008 N/A N/A N/A N/A Seanergy Shipmanagement Corp.(1) (3) Marshall Islands September 16, 2014 N/A N/A N/A N/A Sea Glorius Shipping Co.(1) Marshall Islands September 16, 2014 Gloriuship November 3, 2015 N/A HSH Nordbank AG Sea Genius Shipping Co.(1) Marshall Islands September 16, 2014 Geniuship October 13, 2015 N/A HSH Nordbank AG Leader Shipping Co.(1) Marshall Islands January 15, 2015 Leadership March 19, 2015 N/A Alpha Bank A.E. Premier Marine Co.(1) Marshall Islands July 9, 2015 Premiership September 11, 2015 N/A UniCredit Bank AG Gladiator Shipping Co.(1) Marshall Islands July 9, 2015 Gladiatorship September 29, 2015 N/A UniCredit Bank AG Guardian Shipping Co.(1) Marshall Islands July 9, 2015 Guardianship October 21, 2015 N/A UniCredit Bank AG Champion Ocean Navigation Co.(1) Liberia August 6, 2015 Championship December 7, 2015 N/A Natixis Squire Ocean Navigation Co.(1) Liberia August 6, 2015 Squireship November 10, 2015 N/A Alpha Bank A.E. Pembroke Chartering Services Limited (4) Malta December 2, 2015 N/A N/A N/A N/A Amazons Management Inc.(1) Marshall Islands April 21, 2008 Davakis G. August 28, 2008 March 6, 2014 Piraeus Bank Lagoon Shipholding Ltd.(1) Marshall Islands April 21, 2008 Delos Ranger August 28, 2008 March 11, 2014 Piraeus Bank Cynthera Navigation Ltd.(1) Marshall Islands March 18, 2008 African Oryx August 28, 2008 April 10, 2013 Piraeus Bank Martinique International Corp.(1) British Virgin Islands May 14, 2008 Bremen Max September 11, 2008 March 7, 2014 Piraeus Bank Harbour Business International Corp.(1) British Virgin Islands April 1, 2008 Hamburg Max September 25, 2008 March 10, 2014 Piraeus Bank Waldeck Maritime Co.(1) Marshall Islands April 21, 2008 African Zebra September 25, 2008 February 15, 2012 Piraeus Bank Maritime Capital Shipping Limited (1) Bermuda April 30, 2007 N/A May 21, 2010 N/A N/A Maritime Capital Shipping (HK) Limited (3) Hong Kong June 16, 2006 N/A May 21, 2010 N/A N/A Maritime Glory Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Glory May 21, 2010 December 4, 2012 HSBC Maritime Grace Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Grace May 21, 2010 October 15, 2012 HSBC Atlantic Grace Shipping Limited (5) British Virgin Islands October 9, 2007 N/A May 21, 2010 N/A N/A (1) Subsidiaries wholly owned (2) Vessel owning subsidiaries owned by MCS (3) Management company (4) Chartering services company (5) Dormant company |
Significant Accounting Polici28
Significant Accounting Policies - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
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, 2015, filed with the SEC on April 20, 2016. There have been no material changes to these policies in the nine-month period ended September 30, 2016. On January 1, 2016, the Company adopted Consolidation (Topic 810): Amendments to the Consolidation Analysis On January 1, 2016, the Company adopted Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update) Recent accounting pronouncements The Financial Accounting Standards Board (“FASB”) issued the following amendments which clarifies the guidance in ASU No. 2014-09 and has the same effective date as the original standard: ASU No. 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230) – Restricted Cash (a) Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition. Customers individually accounting for more than 10% of the Company's revenues during the nine-month periods ended September 30, 2016 and 2015, were: Customer 2016 2015 A 19% - B 12% - C 10% 21% D - 56% E - 23% Total 41% 100% | 2. Significant Accounting Policies: (a) Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and include the accounts and operating results of Seanergy and its wholly-owned subsidiaries where Seanergy has control. Control is presumed to exist when Seanergy through direct or indirect ownership retains the majority of voting interest. In addition, Seanergy evaluates its relationships with other entities to identify whether they are variable interest entities and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. The Company deconsolidates a subsidiary or derecognizes a group of assets when the Company no longer controls the subsidiary or group of assets, and a gain or loss is recognized. When the Company does not have a controlling interest in an entity, but exerts a significant influence over the entity, the Company applies the equity method of accounting. All significant intercompany balances and transactions and any intercompany profit or loss on assets remaining with the Group have been eliminated in the accompanying consolidated financial statements. A parent company deconsolidates a subsidiary or derecognizes a group of assets when that parent company no longer controls the subsidiary or group of assets specified in ASC 810-10-40-3A. When control is lost, the parent-subsidiary relationship no longer exists and the parent derecognizes the assets and liabilities of the qualifying subsidiary or group of assets. The Financial Accounting Standards Board ("FASB") concluded that the loss of control and the related deconsolidation of a subsidiary or derecognition of a group of assets specified in ASC 810-10-40-3A is a significant economic event that changes the nature of the investment held in the subsidiary or group of assets. Based on this consideration, a gain or loss is recognized upon the deconsolidation of a subsidiary or derecognition of a group of assets. (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful lives, allocation of purchase price in a business combination, determination of vessels impairment and determination of goodwill impairment. (c) Foreign Currency Translation Seanergy's functional currency is the United States dollar since the Company's vessels operate in international shipping markets and therefore primarily transact business in US Dollars. The Company's books of accounts are maintained in US Dollars. Transactions involving other currencies are translated into the United States dollar using exchange rates, which are in effect at the time of the transaction. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to United States dollars at the foreign exchange rate prevailing at year-end. Gains or losses resulting from foreign currency translation are reflected in the consolidated statement of income/(loss). (d) Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition. Customers individually accounting for more than 10% of the Company's revenues during the years ended December 31, 2015, 2014 and 2013 were: Customer 2015 2014 2013 A 47% - - B 15% - - C 12% - - D 10% - - E - 59% 18% F - 29% - G - - 16% H - - 12% I - - 10% Total 84% 88% 56% (e) Cash and Cash Equivalents Seanergy considers time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash is excluded from cash and cash equivalents. Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company's borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets. (f) Accounts Receivable Trade, Net Accounts receivable trade, net at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. The provision for doubtful accounts at December 31, 2015 and 2014 amounted to $43 and $13, respectively. (g) Inventories Inventories consist of lubricants and bunkers which are stated at the lower of cost or market value. Cost is determined by the first in, first out method. (h) Insurance Claims The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses and for legal fees covered by directors' and officers' liability insurance. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company's fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies, the claim is not subject to litigation and the Company can make an estimate of the amount to be reimbursed. The classification of the insurance claims into current and non-current assets is based on management's expectations as to their collection dates. (i) Vessels Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel's initial voyage). Vessels acquired from entities under common control are recorded at historical cost. Subsequent expenditures for conversions and major improvements are capitalized, when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred. (j) Vessel Depreciation Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Up to September 30, 2015, management estimated the useful life of the Company's vessels to be 30 years from the date of initial delivery from the shipyard. On October 1, 2015, the Company changed that estimate to 25 years. This change increased depreciation expense by $289 (approximately $0.03 per share) for the year ended December 31, 2015. This change increased depreciation expense by $235 (approximately $0.02 per share) for the year ended December 31, 2015. (k) Impairment of Long-Lived Assets (Vessels) The Company reviews its long-lived assets for impairment whenever events or changes in circumstances, such as undiscounted projected operating cash flows, business plans to dispose a vessel earlier than the end of its useful life and prevailing market conditions, indicate that the carrying amount of the assets may not be recoverable. The current conditions in the drybulk market with decreased charter rates and decreased vessel market values are conditions that the Company considers indicators of a potential impairment for its vessels. The Company determines undiscounted projected operating cash flows, for each vessel and compares it to the vessel's carrying value. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and its eventual disposition are less than its carrying amount, the Company impairs the carrying amount of the vessel. Measurement of the impairment loss is based on the fair value of the asset as determined by independent valuators. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of 2-year forward freight agreements and the median of the trailing 10-year historical charter rates available for each type of vessel) adjusted for brokerage commissions and expected outflows for scheduled vessels' maintenance. The undiscounted projected operating cash outflows are determined by reference to the Company's actual vessel operating expenses, assuming an average annual inflation rate of 2%. Fleet utilization excluding dry-docking off-hire days is determined by reference to the actual utilization rate of the Company's fleet in the recent years. The Company recorded net impairment loss of $NIL, $ NIL and $3,564 for the years ended December 31, 2015, 2014 and 2013, respectively. During the year ended December 31, 2013, the Company recorded an impairment loss of $867 for the vessel African Oryx that was sold on April 10, 2013 and $10,697 for the vessels Davakis G. and Delos Ranger, which were measured at their fair values, upon classification of the vessels financed by the Piraeus Bank loan facilities to current assets as of June 30, 2013, as per the Company's restructuring plan. This was partially offset with the impairment re measurement of $1,000 relating to the UOB vessels, and the impairment re measurement of $7,000 of Davakis G. and Delos Ranger as of December 31, 2013. The impairment loss was measured as the amount by which the carrying amount of the vessel exceeded its fair value less cost to sell, which was determined using the valuation derived from market data available at December 31, 2013. (l) Office equipment, net Equipment consists of computer software and hardware. The useful life of the computer software and hardware is 3 years. Depreciation is calculated on a straight-line basis. (m) Dry-Docking and Special Survey Costs The Company follows the deferral method of accounting for dry-docking costs and special survey costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the expected date of the next dry-docking which is scheduled to become due in 2 to 3 years. Dry-docking costs which are not fully amortized by the next dry-docking period are expensed. In 2015, the Company changed the presentation of dry-docking and special survey costs on its consolidated statement of cash flows. Payments for dry-docking, shown as an adjustment to reconcile net income / (loss) to net cash provided by / (used in) operating activities was eliminated, and a new line "Deferred charges" under Changes in operating assets and liabilities was added to show gross additions for dry-docking and special survey costs. (n) Commitments and Contingencies Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. (o) Revenue Recognition Voyage revenues are generated from time charters, bareboat charters and voyage charters. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Some of the time charters also include profit sharing provisions, under which additional revenue can be realized in the event the spot rates are higher than the base rates under the time charters. A bareboat charter is a contract in which the vessel is provided to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance. Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo. Time charter revenue, including bareboat hire, is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is adjusted for a vessel's off hire days due to major repairs, dry dockings or special or intermediate surveys. Voyage charter revenue is recognized on a pro-rata basis over the duration of the voyage, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured. A voyage is deemed to commence upon signing the charter party or completion of previous voyage, whichever is later, and is deemed to end upon the completion of the discharge of the delivered cargo. Deferred revenue represents cash received prior to the balance sheet date and is related to revenue applicable to periods after such date. (p) Commissions Commissions, which include address and brokerage commissions, are recognized in the same period as the respective charter revenues. Address commissions to third parties are included in Commissions. Brokerage commissions to third parties are included in Direct voyage expenses. (q) Vessel Voyage Expenses Vessel voyage expenses primarily consist of port, canal, bunker expenses and brokerage commissions that are unique to a particular charter and are paid for by the charterer under time charter agreements and other non-specified voyage expenses. (r) Repairs and Maintenance All repair and maintenance expenses, including major overhauling and underwater inspection expenses are expensed in the year incurred. Such costs are included in Vessel operating expenses. (s) Financing Costs Underwriting, legal and other direct costs incurred with the issuance of long-term debt or to refinance existing debt are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid are expensed in the period the repayment is made. Following the early adoption of Accounting Standards Update ("ASU") 2015-03 "Interest – Imputation of Interest" to simplify the presentation of debt issuance costs, effective December 31, 2015, the Company presents unamortized deferred financing costs as a reduction of long term debt in the accompanying balance sheets. There was no retrospective effect as the Company had neither debt nor debt issuance costs at December 31, 2014. (t) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized, when applicable, for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administration expenses. Maritime Capital Shipping (HK) Limited, the Company's management office in Hong Kong, is subject to Hong Kong profits tax at a rate of 16.5% on the estimated assessable profit for the year. Seanergy Management Corp. ("Seanergy Management"), the Company's management company, established in Greece under Greek Law 89/67 (as amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros during 2012-2015 according to a tax bill passed in 2013 under the laws of the Republic of Greece. The tax bill was retroactive to 2012. The contribution to be paid in 2016 by Seanergy Management for 2015 is estimated at approximately $32. Pursuant to the Internal Revenue Code of the United States (the "Code"), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements: (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company's stock is owned, directly or indirectly, by individuals who are "residents" of the Company's country of organization or of another foreign country that grants an "equivalent exemption" to corporations organized in the United States (50% Ownership Test) or (ii) the Company's stock is "primarily and regularly traded on an established securities market" in its country of organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States (Publicly-Traded Test). Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company's stock will not be considered to be "regularly traded" on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company's outstanding stock ("5 Percent Override Rule"). The Company and each of its subsidiaries expects to qualify for this statutory tax exemption for the 2015 taxable year, and the Company takes this position for United States federal income tax return reporting purposes. However, there are factual circumstances beyond the Company's control that could cause it to lose the benefit of this tax exemption in future years and thereby become subject to United States federal income tax on its United States source income such as if, for a particular taxable year, other shareholders with a five percent or greater interest in the Company's stock were, in combination with the Company's existing 5% shareholders, to own 50% or more of the Company's outstanding shares of its stock on more than half the days during the taxable year. The Company estimates that since no more than the 50% of its shipping income would be treated as being United States source income, the effective tax rate is expected to be 2% and accordingly it anticipates that the impact on its results of operations will not be material. The Company has assessed that it satisfies the Publicly-Traded Test and all of its United States source shipping income is exempt from U.S. federal income tax for the years ended December 31, 2015, 2014, and 2013. Based on its U.S. source Shipping Income for 2015, 2014 and 2013, the Company would be subject to U.S. federal income tax of approximately $NIL, $NIL and $25, respectively, in the absence of an exemption under Section 883. (u) Stock-based Compensation Stock-based compensation represents vested and non-vested common stock granted to directors and employees for their services. The Company calculates stock-based compensation expense for the award based on its fair value on the grant date and recognizes it on an accelerated basis over the vesting period. (v) Earnings (Losses) per Share Basic earnings (losses) per common share are computed by dividing net income (loss) available to Seanergy's shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (losses) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. (w) Segment Reporting Seanergy reports financial information and evaluates its operations by total charter revenues and not by the length of vessel employment, customer, or type of charter. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus, Seanergy has determined that it operates under one reportable segment. Furthermore, when Seanergy charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, disclosure of geographic information is impracticable. (x) Financial Instruments Derivative instruments (including certain derivative instruments embedded in other contracts) are recorded in the balance sheet as either an asset or liability measured at its fair value, with changes in the derivatives' fair value recognized currently in earnings unless specific hedge accounting criteria are met. The Company was party to interest swap agreements where it received a floating interest rate and paid a fixed interest rate for a certain period in exchange. These contracts did not qualify for hedge accounting and as such changes in their fair values were reported to earnings. The fair value of those agreements equated to the amount that would be paid by the Company if the agreements were cancelled at the reporting date, taking into account current interest rates. (y) Fair Value Measurements The Company follows the provisions of ASC 820 "Fair Value Measurements and Disclosures", which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: · 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. (z) Troubled Debt Restructurings A restructuring of a debt constitutes a troubled debt restructuring if the lender or creditor for economic or legal reasons related to the Company's financial difficulties grants a concession to the Company that it would not otherwise consider. Troubled debt that is fully satisfied by foreclosure, repossession, or other transfer of assets or by grant of equity securities by the Company is included in the term troubled debt restructuring and is accounted as such. The Company, when issuing or otherwise granting an equity interest to a lender or creditor to settle fully a payable or debt, accounts for the equity interest granted at its fair value. The difference between the fair value of the equity interest granted and the carrying amount of the payable or debt settled is recognized as a gain on restructuring of payables or debt. Legal fees and other direct costs incurred in granting an equity interest to a creditor reduce the fair value of the equity interest issued. All other direct costs incurred in connection with a troubled debt restructuring are charged to expense as incurred. (aa) Convertible Promissory Notes and related Beneficial Conversion Features The convertible promissory notes are accounted in accordance with ASC 470-20 "Debt with Conversion and Other Options." The terms of each convertible promissory note included an embedded conversion feature which provided for a conversion at the option of the holder into shares of common stock at a predetermined rate. The Company determined that the conversion features were beneficial conversion features ("BCF") pursuant to Accounting for an embedded BCF in a convertible instrument requires that the BCF be recognized separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of the BCF to additional paid-in capital, resulting in a discount on the convertible instrument. This discount is accreted from the date on which the BCF is first recognized through the stated maturity date of the convertible instrument using the effective yield method. If the intrinsic value of the BCF is greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF is limited to the amount of the proceeds allocated to the convertible instrument. (ab) Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB and the International Accounting Standards Board ("IASB") jointly issued a standard that will supersede virtually all of the existing revenue recognition guidance in U.S. GAAP and is effective for annual periods beginning on or after December 15, 2016. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard's requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity's ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. Management is in the process of accessing the impact of the new standard on Company's financial position and performance. In August 2015, the FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date", which defers the effective date of ASU 2014-09 ("Revenue from Contracts with Customers (Topic 606)")" for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Presently, the Company is assessing what effect the adoption of these ASUs will have on its financial statements and accompanying notes. In August 2014, the FASB issued ASU 2014-15 – Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 requires an entity's management to evaluate at each reporting period based on the relevant conditions and events that are known at the date when financial statements are issued, whether there are conditions or events, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued and to disclose the necessary information. The guidance is effective for annual periods ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Management is in the process of assessing the impact of the new standard on the Company's consolidated financial position and performance. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis", which provides guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. In accordance with ASU 2015-02, all legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2015-02 on the consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory". Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments in this update require an entity to measure inventory within the scope of this update at the lower of cost and net realizable value. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. While the Company has not yet adopted this ASU, its adoption is not expected to have a material effect on the Company's financial statements and accompanying notes. In August 2015, the FASB issued ASU 2015-15 "Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)" to add to the FASB's Accounting Standards Codification SEC staff guidance that the SEC staff will not object to an entity presenting the costs of securing line-of-credit arrangements as an asset, regardless of whether there are any outstanding borrowings. This updated does not have any effect on the Company's financial statements and accompanying notes presented herein. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) which provides new guidance related to accounting for leases and supersedes existing U.S. GAAP on lease accounting. The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases, unless the lease is a short term lease. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and |
Transactions with Related Par29
Transactions with Related Parties - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Transactions with Related Parties [Abstract] | ||
Transactions with Related Parties | 3. Transactions with Related Parties: a. Convertible Promissory Notes: On March 12, 2015 ("commitment date"), the Company issued an unsecured convertible promissory note of $4,000 to Jelco for general corporate purposes. The convertible note is repayable in ten consecutive semi-annual installments of $200, along with a balloon installment of $2,000 payable on the final maturity date, March 19, 2020. The note bears interest of Libor plus a margin with quarterly interest payments. At Jelco's option, the outstanding principal amount under the convertible note may be paid at any time in common shares at a conversion price of $0.90 (as adjusted for the reverse stock split discussed in Note 1 above according to the terms of the convertible note) per share. The Company has the right to defer up to three consecutive installments to the final maturity date. The Company accounted for the issuance of the convertible promissory note in accordance with the beneficial conversion features (“BCF”) guidance of ASC 470-20. The intrinsic value of the BCF was determined as the number of shares converted from the convertible note times the positive difference between the fair value of the stock on the commitment date and the contractual conversion price. Since the intrinsic value of the BCF at the commitment date was greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF was limited to the amount of the proceeds allocated to the convertible instrument. As of December 31, 2015, the Company had paid the first installment, with the entire payment recorded as a reduction to Additional paid-in capital. As of September 30, 2016, the Company has deferred the installments due for payment on March 19, 2016 and September 19, 2016 to the final maturity date. The gain or loss on the extinguishment of the convertible debt instrument is the difference between the carrying amount and the consideration allocated to the debt instrument. The partial extinguishment of debt as a result of the payment is shown as a gain on extinguishment and is included under interest and finance costs – related party. The debt movement is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2014 - - - - Additions 4,000 (4,000 ) - - Amortization (Note 12) - - 225 225 Partial extinguishment of debt - - (200 ) (200 ) Balance, September 30, 2015 4,000 (4,000 ) 25 25 Amortization - - 78 78 Balance, December 31, 2015 4,000 (4,000 ) 103 103 Amortization (Note 12) - - 222 222 Balance, September 30, 2016 4,000 (4,000 ) 325 325 The equity movement is presented below: Additional paid-in capital Balance, December 31, 2014 - Intrinsic value of BCF 4,000 Consideration allocated to repurchase BCF (200 ) Balance, December 31, 2015 3,800 Balance, September 30, 2016 3,800 On September 7, 2015 ("commitment date"), the Company issued an unsecured revolving convertible promissory note of up to $6,765 (the "Applicable Limit") to Jelco for general corporate purposes. The revolving convertible promissory note has a tenor of up to five years after the first drawdown and the Applicable Limit will be reduced by $1,000 each year after the second year following the first drawdown. The note bears interest of Libor plus a margin with quarterly interest payments. At Jelco's option, the Company's obligation to repay the principal amount under the revolving convertible note may be paid in common shares at a conversion price of $0.90 (as adjusted for the reverse stock split discussed in Note 1 above according to the terms of the convertible note) per share. The unsecured revolving convertible promissory note has been amended seven times, increasing the maximum principal amount available to be drawn to $21,165, while also increasing the amount by which the Applicable Limit will be reduced to $3,100. The Company has drawn down the entire $21,165 as of September 30, 2016. The Company accounted for the issuance of the revolving convertible promissory note in accordance with the BCF guidance of ASC 470-20. The intrinsic value of the BCF was determined as the number of shares converted from the convertible note times the positive difference between the fair value of the stock on the commitment date and the contractual conversion price. Since the intrinsic value of the BCF at the commitment date was greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF was limited to the amount of the proceeds allocated to the convertible instrument. The debt movement is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2014 - - - - Additions 2,800 (2,800 ) - - Amortization (Note 12) - - 2 2 Balance, September 30, 2015 2,800 (2,800 ) 2 2 Additions 8,965 (8,965 ) - - Amortization (Note 12) - - 29 29 Balance, December 31, 2015 11,765 (11,765 ) 31 31 Additions 9,400 (9,400 ) - - Amortization (Note 12) - - 466 466 Balance, September 30, 2016 21,165 (21,165 ) 497 497 The equity movement is presented below: Additional paid-in capital Balance, December 31, 2014 - Intrinsic value of BCF 11,765 Balance, December 31, 2015 11,765 Intrinsic value of BCF 9,400 Balance, September 30, 2016 21,165 b. Vessel Acquisitions: On August 6, 2015, the Company entered into a purchase agreement with entities affiliated with certain of the Company's major shareholders to acquire seven secondhand dry bulk vessels, consisting of five Capesize and two Supramax vessels. The acquisition cost of the vessels was funded by senior secured loans, a shareholder's revolving convertible promissory note by Jelco and equity injections by Jelco. The transaction was completed on December 7, 2015, with the delivery of the last vessel. The transactions were approved by the independent committee of the Company's Board of Directors and the Company's Board of Directors. Below is a list of the vessels purchased under the purchase agreement: Vessel name Date of Delivery Vessel Class DWT Year Built Premiership September 11, 2015 Capesize 170,024 2010 Gladiatorship September 29, 2015 Supramax 56,819 2010 Geniuship October 13, 2015 Capesize 170,057 2010 Guardianship October 21, 2015 Supramax 56,884 2011 Gloriuship November 3, 2015 Capesize 171,314 2004 Squireship November 10, 2015 Capesize 170,018 2010 Championship December 7, 2015 Capesize 179,238 2011 c. Property Lease Agreement: Until March 15, 2015, the Company's executive offices were at premises leased from Waterfront S.A., a company affiliated with a member of the Restis family. On March 16, 2015, the Company relocated its executive offices to premises owned by an unaffiliated third party. The rent charged by Waterfront S.A. for the nine-month periods ended September 30, 2016 and 2015, amounted to $NIL and $70, respectively, and is included under general and administration expenses - related party. | 3. Transactions with Related Parties: a. Release from related parties liabilities: On March 5, 2014, the Company entered into an agreement with Enterprises Shipping and Trading SA ("EST") b. Convertible Promissory Notes: On March 12, 2015 ("commitment date"), the Company issued an unsecured convertible promissory note of $4,000 to Jelco for general corporate purposes. The convertible note is repayable in ten consecutive semi-annual installments of $200, along with a balloon installment of $2,000 payable on the final maturity date, March 19, 2020. The note bears interest of Libor plus a margin with quarterly interest payments. At Jelco's option, the principal amount under the convertible note may be paid at any time in common shares at a conversion price of $0.90 (adjusted for the reverse stock split discussed in Note 1 above according to the terms of the convertible note) per share. The Company has the right to defer up to three consecutive installments to the balloon installment. The Company accounted for the issuance of the convertible promissory note in accordance with the BCF guidance of ASC 470-20. The intrinsic value of the BCF was determined as the number of shares times the positive difference between the fair value of the stock on the commitment date and the contractual conversion price. Since the intrinsic value of the BCF at the commitment date was greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF was limited to the amount of the proceeds allocated to the convertible instrument. The Company has paid the first installment as of December 31, 2015, with the entire payment recorded as a reduction to Additional paid-in capital. The gain or loss on the extinguishment of the convertible debt instrument is the difference between the carrying amount and the consideration allocated to the debt instrument. The partial extinguishment of debt as a result of the payment is being shown as a gain on extinguishment (Note 13). The movement of the debt and equity during the year ended December 31, 2015 is presented below: December 31, 2015 Debt Convertible promissory notes 4,000 Debt discount (4,000 ) Amortization of debt discount (Note 13) 303 Partial extinguishment of debt (200 ) Balance convertible promissory note 103 Short term portion 103 Long term portion - Additional paid-in capital Intrinsic value of BCF 4,000 Consideration allocated to repurchase BCF (200 ) Balance of intrinsic value of BCF 3,800 On September 7, 2015 ("commitment date"), the Company issued an unsecured revolving convertible promissory note of up to $6,765 (the "Applicable Limit") to Jelco for general corporate purposes. The revolving convertible promissory note has a tenor of up to five years after the first drawdown and the Applicable Limit is reduced by $1,000 each year after the second year following the first drawdown. The note bears interest of Libor plus a margin with quarterly interest payments. At Jelco's option, the Company's obligation to repay the principal amount under the revolving convertible note may be paid in common shares at a conversion price of $0.90 (adjusted for the reverse stock split discussed in Note 1 above according to the terms of the convertible note) per share. On December 1, 2015, the unsecured revolving convertible promissory note was amended, increasing the maximum principal amount available to be drawn to $9,765. On December 14, 2015, the unsecured revolving convertible promissory note was further amended, increasing the maximum principal amount available to be drawn to $11,765, while also increasing the amount by which the Applicable Limit will be reduced from $1,000 to $2,000. The Company has drawn down the entire $11,765 as of December 31, 2015. The Company accounted for the issuance of the revolving convertible promissory note in accordance with the BCF guidance of ASC 470-20. The intrinsic value of the BCF was determined as the number of shares times the positive difference between the fair value of the stock on the commitment date and the contractual conversion price. Since the intrinsic value of the BCF at the commitment date was greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF was limited to the amount of the proceeds allocated to the convertible instrument. The movement of the debt and equity during the year ended December 31, 2015 is presented below: December 31, 2015 Debt Convertible promissory notes 11,765 Debt discount (11,765 ) Amortization of debt discount (Note 13) 31 Balance convertible promissory note 31 Short term portion - Long term portion 31 Additional paid-in capital Intrinsic value of BCF 11,765 Balance of intrinsic value of BCF 11,765 c. Vessel Acquisitions: On August 6, 2015, the Company entered into a purchase agreement with entities affiliated with certain of the Company's major shareholders to acquire seven secondhand drybulk vessels, consisting of five Capesize and two Supramax vessels. The acquisition cost of the vessels was funded by senior secured loans, a shareholder's revolving convertible promissory note by Jelco and equity injections by Jelco. The transaction was completed on December 7, 2015, with the delivery of the last vessel. The transactions were approved by the independent committee of the Company's Board of Directors and the Company's Board of Directors. Below is a list of the vessels under the purchase agreement: Vessel name Date of Delivery Vessel Class DWT Year Built Premiership September 11, 2015 Capesize 170,024 2010 Gladiatorship September 29, 2015 Supramax 56,819 2010 Geniuship October 13, 2015 Capesize 170,057 2010 Guardianship October 21, 2015 Supramax 56,884 2011 Gloriuship November 3, 2015 Capesize 171,314 2004 Squireship November 10, 2015 Capesize 170,018 2010 Championship December 7, 2015 Capesize 179,238 2011 d. Technical Management Agreement: A management agreement had been signed between the Company and EST for the provision of technical management services relating to certain vessels previously owned by Seanergy. The fixed daily fee per vessel for the years ended December 31, 2014 and 2013, was $0.45 The related expense for the years ended December 31, 2015, 2014 and 2013, amounted to $NIL, $122 and $743, respectively, e. Brokerage Agreement: Under the terms of the brokerage agreements, Safbulk Pty and Safbulk Maritime S.A., both affiliates, together referred to as "Safbulk," provided commercial brokerage services for certain vessels previously owned under the Company's fleet in accordance with the instructions of Seanergy Management. Safbulk was entitled to receive a commission of 1.25% calculated on the collected gross hire/freight/demurrage payable when such amounts were collected. The brokerage agreements were automatically terminated with the sale of Seanergy's fleet in March 2014 and Safbulk has released the Company from all its claims relating thereto. The fees charged by Safbulk amounted to $NIL, $24 and $313 for the years ended December 31, 2015, 2014 and 2013, respectively, and are separately reflected as voyage expenses — related party f. Property Lease Agreement: Until March 15, 2015, the Company's executive offices were at premises leased from Waterfront S.A., a company affiliated with a member of the Restis family. On March 16, 2015, the Company relocated its executive offices to premises owned by an unaffiliated third party. A three month rent guarantee of $55 is included in other current assets at December 31, 2014. The rent charged by Waterfront S.A. for the years ended December 31, 2015, 2014 and 2013, amounted to $70, $309 and $412, respectively, and is included under general and administration expenses - related party. |
Due to Related Parties - 20F
Due to Related Parties - 20F | 12 Months Ended |
Dec. 31, 2015 | |
Due to Related Parties [Abstract] | |
Due to Related Parties | 4. Due to Related Parties: As of December 31, 2015, due to related parties was $NIL. As of December 31, 2014, due to related parties of $105 consists of liabilities to Waterfront S.A. for common expenses for the leasehold property. |
Inventories - 20F
Inventories - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Inventories [Abstract] | ||
Inventories | 4. Inventories: The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Lubricants 441 739 Bunkers 2,529 2,241 Total 2,970 2,980 | 5. Inventories: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Lubricants 739 - Bunkers 2,241 - Total 2,980 - |
Other Current Assets - 20F
Other Current Assets - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Other Current Assets [Abstract] | ||
Other Current Assets | 5. Other Current Assets: The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Prepaid expenses 432 476 Insurance claims - 14 Other 65 167 Total 497 657 | 6. Other Current Assets: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Prepaid expenses 476 78 Insurance claims 14 22 Other 167 204 Total 657 304 |
Vessels, Net - 20F
Vessels, Net - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Vessels, Net [Abstract] | ||
Vessels, Net | 6. Vessels, Net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Cost: Beginning balance 201,684 - - Additions - 201,684 Ending balance 201,684 201,684 Accumulated depreciation: Beginning balance (1,844 ) - - Additions (6,301 ) (1,844 ) Ending balance (8,145 ) (1,844 ) Net book value 193,539 199,840 All vessels are mortgaged to secured loans (Note 7). On September 26, 2016, the Company entered into separate agreements with an unaffiliated third party for the purchase of two second hand Capesize vessels for a gross purchase price of $20,750 per vessel. On November 30, 2016, the Company acquired the first of the two vessels, the 2010 Capesize, 178,838 DWT vessel M/V Lordship. The acquisition was financed through a $7,500 loan with Northern Shipping Fund III LP, or NSF (Note 15), $10,250 was financed through the Jelco Loan Facility (Note 15) and $3,000 by cash on hand. The second vessel is expected to be delivered during December 2016, subject to the satisfaction of certain closing conditions. The initial deposit for the purchase of these two vessels was financed by a loan facility entered into with Jelco on October 4, 2016 (Note 15). | 7. Vessels, Net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Cost: Beginning balance - - - Additions 201,684 - Ending balance 201,684 - Accumulated depreciation: Beginning balance - - - Additions (1,844 ) - Ending balance (1,844 ) - Net book value 199,840 - On March 19, 2015, the Company acquired the 2001 Capesize, 171,199 DWT vessel M/V Leadership from an unaffiliated party, for a net purchase price of $17,127, of which $8,750 was financed through a loan with Alpha Bank A.E., $3,827 was financed through a shareholder's convertible promissory note by Jelco and $4,550 was financed through an equity injection on March 18, 2015 by Jelco in exchange for the issuance of 5,000,100 newly issuance shares of common stock. On August 6, 2015, the Company entered into a purchase agreement with entities affiliated with certain of the Company's major shareholder to acquire seven secondhand drybulk vessels, consisting of five Capesize and two Supramax vessels. These seven vessels were acquired as follows: · On September 11, 2015, the Company acquired the vessel M/V Premiership for a purchase price of $29,951, of which $25,420 was financed through a loan with UniCredit Bank AG, $1,030 was financed through a shareholder's revolving convertible promissory note by Jelco and $3,501 was financed through an equity injection on by Jelco in exchange for the issuance of newly issuance shares of common stock · On September 29, 2015, the Company acquired the vessel M/V Gladiatorship for a purchase price of $16,336, of which approximately $13,643 was financed through a loan with UniCredit Bank AG, $303 was financed through a shareholder's revolving convertible promissory note by Jelco and $2,390 was financed through an equity injection on by Jelco in exchange for the issuance of newly issuance shares of common stock · On October 13, 2015, the Company acquired the vessel M/V Geniuship for a purchase price of $27,597, which was financed through a loan with HSH Nordbank AG. · On October 21, 2015, the Company acquired the vessel M/V Guardianship for a purchase price of $17,168, of which approximately $13,642 was financed through a loan with UniCredit Bank AG, $397 was financed through a shareholder's revolving convertible promissory note by Jelco and $3,129 was financed through an equity injection on by Jelco in exchange for the issuance of newly issuance shares of common stock · On November 3, 2015, the Company acquired the vessel M/V Gloriuship for a purchase price of $16,833, which was financed through a loan with HSH Nordbank AG. · On November 10, 2015, the Company acquired the vessel M/V Squireship for a purchase price of $34,922, of which $33,750 was financed through a loan with Alpha Bank A.E. and $1,172 was financed through a shareholder's revolving convertible promissory note by Jelco. · On December 7, 2015, the Company acquired the vessel M/V Championship for a purchase price of $41,750, of which $39,412 was financed through a loan with Natixis and $2,338 was financed through a shareholder's revolving convertible promissory note by Jelco. All vessels are mortgaged to secured loans (Note 8). |
Long-Term Debt - 20F
Long-Term Debt - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Long-Term Debt [Abstract] | ||
Long-Term Debt | 7. Long-Term Debt: The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Secured loan facilities 178,064 178,447 Less: Deferred financing costs (856 ) (942 ) Total 177,208 177,505 Less - current portion (6,583 ) (718 ) Long-term portion 170,625 176,787 Secured credit facilities On March 6, 2015, the Company entered into a loan agreement with Alpha Bank A.E., for a secured loan facility in an amount of $8,750. The loan was used to partially finance the acquisition of the M/V Leadership On September 1, 2015, the Company entered into a loan agreement with HSH Nordbank AG, for a secured loan facility in an amount of $44,430. The loan was used to pay for the acquisition of the vessels M/V Geniuship M/V Gloriuship M/V Geniuship M/V Gloriuship On September 11, 2015, the Company entered into a facility agreement with UniCredit Bank AG, for a secured loan facility in an amount of $52,705. The loan was made available in three tranches to partially finance the acquisition of the vessels M/V Premiership M/V Gladiatorship M/V Guardianship M/V Premiership M/V Gladiatorship M/V Guardianship On November 4, 2015, the Company entered into a loan agreement with Alpha Bank A.E., for a secured loan facility in an amount of $33,750. The loan was used to partially finance the acquisition of the M/V Squireship On December 2, 2015, the Company entered into a facility agreement with Natixis, for a secured loan facility in an amount of $39,412. The loan was used to partially finance the acquisition of the M/V Championship The borrowers under each facility are the applicable vessel owning subsidiaries, and all of the above five facilities are guaranteed by Seanergy Maritime Holdings Corp. The September 30, 2016 are as follows: Twelve month periods ending Amount September 30, 2017 6,840 September 30, 2018 20,877 September 30, 2019 18,721 September 30, 2020 50,558 September 30, 2021 59,974 Thereafter 21,094 Total 178,064 | 8. Long-Term Debt: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Secured loan facilities 178,447 - Less: Deferred financing costs (942 ) - Total 177,505 - Less - current portion (718 ) - Long-term portion 176,787 - Secured credit facilities On March 6, 2015, as amended, the Company entered into a loan agreement with Alpha Bank A.E., for a secured loan facility in an amount of $8,750. The loan was used to partially finance the acquisition of the M/V Leadership. On March 17, 2015, the Company drew down the $8,750. The loan is repayable in twenty consecutive quarterly installments, the first four installments being $200 each and the next sixteen quarterly installments being $250 each, along with a balloon installment of $3,950 payable on the final maturity date, March 17, 2020. The loan bears interest of Libor plus a margin of 3.75% with quarterly interest payments. The loan is secured by a first priority mortgage over the vessel. The facility places a restriction on the Company's ability to distribute dividends to its shareholders. The amount of the dividends so declared shall not exceed 50% of Seanergy's net income except in case the cash and marketable securities are equal or greater than the amount required to meet Seanergy's consolidated installment and debt interest payments for the following eighteen-month period. The Company has paid the first three installments as of December 31, 2015. On September 1, 2015, the Company entered into a loan agreement with HSH Nordbank AG, for a secured loan facility in an amount of $44,430. The loan was used to pay for the acquisition of the vessels M/V Geniuship and M/V Gloriuship. The loan was available in two advances, each advance comprised of two tranches. On October 13, 2015, the Company drew the first advance of $27,597 in order to finance the acquisition of the M/V Geniuship. On November 3, 2015, the Company drew the second advance of $16,833 in order to finance the acquisition of the M/V Gloriuship. The loan is repayable in twelve consecutive quarterly installments being approximately $1,049 each, commencing on September 30, 2017, along with a balloon installment of $31,837 payable on the final maturity date, June 30, 2020. The loan bears interest of Libor plus margins between 3.25% and 3.6% with quarterly interest payments. The loan facility is secured by a first priority mortgage over the two vessels. On September 11, 2015, the Company entered into a facility agreement with UniCredit Bank AG, for a secured loan facility in an amount of $52,705. The loan was made available in three tranches to partially finance the acquisition of the vessels M/V Premiership, M/V Gladiatorship and M/V Guardianship. On September 11, 2015, the Company drew the first tranche of $25,420 in order to partly finance the acquisition of the M/V Premiership. On September 29, 2015, the Company drew the second tranche of $13,643 in order to partly finance the acquisition of the M/V Gladiatorship. On October 21, 2015, the Company drew the third tranche of $13,642 in order to partly finance the acquisition of the M/V Guardianship. The loan is repayable in fifteen consecutive quarterly installments being $1,552 each, commencing on June 26, 2017, along with a balloon installment of $29,425 payable on the final maturity date, December 28, 2020. The loan bears interest of Libor plus a margin of 3.20% if the value to loan ratio is lower than 125%, 3.00% if the value to loan ratio is between 125% and 166.67% and 2.75% if the value to loan is higher than 166.67% with quarterly interest payments. The loan bore a commitment fee of 1.00% calculated on the balance of the undrawn loan amount and amounted to $22. The loan is secured by a first priority mortgage over the three vessels. On November 4, 2015, the Company entered into a loan agreement with Alpha Bank A.E., for a secured loan facility in an amount of $33,750. The loan was used to partially finance the acquisition of the M/V Squireship. On November 10, 2015, the Company drew down the $33,750. The loan is repayable in sixteen consecutive quarterly installments being approximately $844 each, commencing on February 12, 2018, along with a balloon installment of $20,250 payable on the final maturity date, November 10, 2021. The loan bears interest of Libor plus a margin of 3.50% with quarterly interest payments. The loan is secured by a first priority mortgage over the vessel. The facility places a restriction on the Company's ability to distribute dividends to its shareholders. The amount of the dividends so declared shall not exceed 50% of Seanergy's net income except in case the cash and marketable securities are equal or greater than the amount required to meet Seanergy's consolidated installment and debt interest payments for the following eighteen-month period. On December 2, 2015, the Company entered into a facility agreement with Natixis, for a secured loan facility in an amount of $39,412. The loan was used to partially finance the acquisition of the M/V Championship. On December 7, 2015, the Company drew down the $39,412. The loan is repayable in fifteen consecutive quarterly installments being $985 each, commencing on June 30, 2017, along with a balloon installment of $24,637 payable on the final maturity date, February 26, 2021. The loan bears interest of Libor plus a margin of 2.50% with quarterly interest payments. The loan is secured by a first priority mortgage over the vessel. All of the above five facilities are guaranteed by Seanergy Maritime Holdings Corp., the Corporate Guarantor. The December 31, 2015 are as follows: Year ended December 31, Amount 2016 950 2017 10,710 2018 18,721 2019 18,721 2020 81,083 Thereafter 48,262 Total 178,447 |
Trade Accounts and Other Paya35
Trade Accounts and Other Payables - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Trade Accounts and Other Payables [Abstract] | ||
Trade Accounts and Other Payables | 8. Trade Accounts and Other Payables: The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Creditors 4,636 5,710 Insurances 108 162 Other 33 107 Total 4,777 5,979 | 9. Trade Accounts and Other Payables: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Creditors 5,710 184 Insurances 162 3 Other 107 77 Total 5,979 264 |
Financial Instruments - 20F
Financial Instruments - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Financial Instruments [Abstract] | ||
Financial Instruments | 9. Financial Instruments: (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) Interest Rate Risk Fair Value of Financial Instruments The fair values of the financial instruments shown in the consolidated balance sheets as of September 30, 2016 and December 31, 2015, represent management's best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances. 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. b. Long-term debt: The carrying value approximates the fair market value as the long-term debt bears interest at floating interest rate. | 10. Financial Instruments: (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) Interest Rate Risk Fair Value of Financial Instruments The fair values of the financial instruments shown in the consolidated balance sheets as of December 31, 2015 and 2014 represent management's best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances. 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, trade accounts and other payables and due to related parties: the carrying amounts approximate fair value because of the short maturity of these instruments. b. Long-term debt: The carrying value approximates the fair market value as the long-term debt bears interest at floating interest rate. |
Commitments and Contingencies37
Commitments and Contingencies - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | ||
Commitments and Contingencies | 10. Commitments and 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. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. 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, which 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. | 11. Commitments and 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. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. 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, which 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. |
Capital Structure - 20F
Capital Structure - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Capital Structure [Abstract] | ||
Capital Structure | 11. Capital Structure: (a) Common Stock On March 12, 2015, the Company entered into a share purchase agreement under which the Company sold 5,000,100 of its common shares to Jelco for $4,500. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the adjusted book value method. On March 16, 2015, the Company completed the equity injection plan with the abovementioned entity. The shares to the entity were issued on March 18, 2015. On March 12, 2015, the Company entered into a share purchase agreement under which the Company sold 333,400 of its common shares to its Chief Executive Officer, or CEO, for $300. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the adjusted book value method. On March 16, 2015, the Company completed the equity injection plan with the abovementioned entity. The shares to the CEO were issued on March 18, 2015. The funds were contributed for general corporate purposes. On September 7, 2015, the Company entered into a share purchase agreement under which the Company sold 10,022,240 of its common shares in three tranches to Jelco for $9,020. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the capital market multiples and the discounted cash flow methods. On September 11, 2015, the first tranche of $3,501 was contributed in exchange for 3,889,980 common shares of the Company, which were issued on September 11, 2015. On September 29, 2015, the second tranche of $2,390 was contributed in exchange for 2,655,740 common shares of the Company, which were issued on September 29, 2015. On October 21, 2015, the third tranche of $3,129 was contributed in exchange for 3,476,520 common shares of the Company, which shares were issued on October 21, 2015. The transaction was approved by an independent committee of the Company's Board of Directors. The purchasers of all above issued shares have received customary registration rights. On January 8, 2016, the Company effected a one-for-five reverse stock split of the Company’s issued common stock (Note 1). The reverse stock split ratio and the implementation and timing of the reverse stock split were determined by the Company’s Board of Directors. The reverse stock split did not change the authorized number of shares or par value of the Company’s common stock or preferred stock, but did effect a proportionate adjustment to the number of shares of common stock issuable upon the vesting of restricted stock awards, and the number of shares of common stock eligible for issuance under the Plan. All applicable outstanding equity awards discussed below have been adjusted retroactively for the one-for-five reverse stock split. On August 5, 2016, the Company entered into a securities purchase agreement with an unaffiliated third party, which is an institutional investor, under which the Company sold 1,180,000 of its common shares in a registered direct offering at a price of $4.15 per share. On August 10, 2016, the Company completed the registered direct offering for net proceeds of approximately $4,080. The net proceeds of this offering are expected to be used for general corporate purposes. | 12. Capital Structure: (a) Common Stock On June 24, 2014, the Company had entered into a share purchase agreement under which the Company sold 378,000 of its common shares to Plaza Shipholding Corp. and Comet Shipholding Inc., companies affiliated with certain members of the Restis family, for $1,134. The common shares were sold at a price of $3.00 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using a build-up method, combining the Company's net asset value with the cost that a private company would incur to be listed on a U.S. stock exchange and with an additional option value to existing shareholders upon the consummation of the Asset Contribution calculated from the Black-Scholes options pricing model. On June 27, 2014, the Company completed the equity injection plan with the two abovementioned entities. The shares to the two entities were issued on June 27, 2014. On September 29, 2014, the Company had entered into a share purchase agreement under which the Company sold 320,000 of its common shares to Plaza Shipholding Corp. and Comet Shipholding Inc., companies affiliated with certain members of the Restis family, for $960. The common shares were sold at a price of $3.00 per share. The Company's Board of Directors obtained an updated fairness opinion from an independent third party for the share price. The price was determined using a build-up method, combining the Company's net asset value with the cost that a private company would incur to be listed on a U.S. stock exchange and with an additional option value to existing shareholders upon the consummation of the Asset Contribution calculated from the Black-Scholes options pricing model. On September 30, 2014, the Company completed the equity injection plan with the two abovementioned entities. The shares to the two entities were issued on September 30, 2014. On December 19, 2014, the Company had entered into a share purchase agreement under which the Company sold 888,000 of its common shares to Jelco for $1,110. The common shares were sold at a price of $1.25 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using a build-up method, combining the Company's net asset value with the cost that a private company would incur to be listed on a U.S. stock exchange. On December 30, 2014, the Company completed the equity injection plan with the abovementioned entity. The shares to the entity were issued on December 30, 2014. On March 12, 2015, the Company entered into a share purchase agreement under which the Company sold 5,000,100 of its common shares to Jelco for $4,500. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the adjusted book value method. On March 16, 2015, the Company completed the equity injection plan with the abovementioned entity. The shares to the entity were issued on March 18, 2015. On March 12, 2015, the Company entered into a share purchase agreement under which the Company sold 333,400 of its common shares to its Chief Executive Officer, or CEO, for $300. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the adjusted book value method. On March 16, 2015, the Company completed the equity injection plan with the abovementioned entity. The shares to the CEO were issued on March 18, 2015. The funds were contributed for general corporate purposes. On September 7, 2015, the Company entered into a share purchase agreement under which the Company sold 10,022,240 of its common shares in three tranches to Jelco for $9,020. The common shares were sold at a price of $0.90 per share. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using the capital market multiples and the discounted cash flow methods. On September 11, 2015, the first tranche of $3,501 was contributed in exchange for 3,889,980 common shares of the Company, which were issued on September 11, 2015. On September 29, 2015, the second tranche of $2,390 was contributed in exchange for 2,655,740 common shares of the Company, which were issued on September 29, 2015. On October 21, 2015, the third tranche of $3,129 was contributed in exchange for 3,476,520 common shares of the Company, which shares were issued on October 21, 2015. The transaction was approved by an independent committee of the Company's Board of Directors. The purchasers of all above issued shares have received customary registration rights. (b) Warrants and Unit Purchase Option In connection with the public offering of January 28, 2010, the Company granted 1,041,667 warrants with an exercise price of $19.80 each on February 3, 2010 and on March 19, 2010, Seanergy granted 97,250 additional warrants. The fair value of these warrants amounted to $1,053. The warrants were exercisable beginning on August 3, 2010 and expired on January 28, 2015. No expenses were recorded in connection with these warrants which were classified in equity. Following the Company's reverse stock split in June 2011, with respect to the warrants from the Company's 2010 secondary offering, as a result of the reverse stock split, each warrant reflected an increase in the per share exercise price and a decrease in the number of warrant shares at the same proportion as the reverse stock split. Accordingly, each warrant was exercisable for one-fifteenth of a share, following the reverse stock split at an exercise price of $19.80 for each such warrant share. As of December 31, 2015 and 2014, the Company had outstanding underwriters' warrants exercisable to purchase an aggregate of approximately NIL and 15,185 shares of Seanergy's common stock, respectively. (c) Preferred Stock As of December 31, 2015 and 2014, no shares of preferred stock have been issued. (d) Dividends The declaration and payment of any dividend is subject to the discretion of Seanergy's board of directors and is dependent upon its earnings, financial condition, cash requirements and availability and restrictions in any applicable loan agreements. No dividends were declared for the years ended December 31, 2015, 2014 and 2013. |
Interest and Finance Costs - 20
Interest and Finance Costs - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Interest and Finance Costs [Abstract] | ||
Interest and Finance Costs | 12. Interest and Finance Costs: Interest and finance costs are analyzed as follows: Nine-month period ended September 30, 2016 2015 Interest on long-term debt 5,008 241 Amortization of debt issuance costs 186 23 Other 11 16 Total 5,205 280 Interest and finance costs-related party are analyzed as follows: Nine-month period ended September 30, 2016 2015 Convertible notes interest expense 924 119 Convertible notes amortization of debt discount (Note 3) 688 227 Gain on extinguishment of convertible notes - (200 ) Total 1,612 146 | 13. Interest and Finance Costs: Interest and finance costs are analyzed as follows: Year ended December 31 2015 2014 2013 Interest on long-term debt 1,353 811 5,075 Interest on revolving credit facility - 396 2,144 Amortization of debt issuance costs 72 - 1,090 Arrangement fees on undrawn facilities - 246 - Other 35 10 80 Total 1,460 1,463 8,389 Interest and finance costs-related party are analyzed as follows: Year ended December 31 2015 2014 2013 Convertible notes interest expense 265 - - Convertible notes amortization of debt discount 334 - - Gain on extinguishment of convertible notes (200 ) - - Total 399 - - |
Earnings per Share - 20F
Earnings per Share - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Earnings per Share [Abstract] | ||
Earnings per Share | 13. Losses per Share: The calculation of net earnings per common share is summarized below: Nine-month period ended September 30, 2016 2015 Net loss (17,730 ) (3,105 ) Weighted average common shares outstanding – basic and diluted 19,594,354 8,130,931 Net loss per common share – basic and diluted $ (0.90 ) $ (0.38 ) As of September 30, 2016 and 2015, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as mentioned above are: 2016 2015 Non-vested equity incentive plan shares (Note 14) 144,000 - Convertible promissory note shares (Note 3) 27,738,890 7,333,333 Total 27,882,890 7,333,333 | 14. Earnings per Share: The calculation of net earnings per common share is summarized below: For the years ended December 31 2015 2014 2013 Basic: Net (loss) / income (8,956 ) 80,348 10,907 Weighted average common shares outstanding – basic 10,773,404 2,672,945 2,391,628 Net (loss) / income per common share – basic $ (0.83 ) $ 30.06 $ 4.56 Diluted: Net (loss) / income (8,956 ) 80,348 10,907 Weighted average common shares outstanding – basic 10,773,404 2,672,945 2,391,628 Non-vested equity incentive shares - 5 227 Weighted average common shares outstanding – diluted 10,773,404 2,672,950 2,391,885 Net (loss) / income per common share – diluted $ (0.83 ) $ 30.06 $ 4.56 As of December 31, 2015, 2014 and 2013, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as mentioned above are: 2015 2014 2013 Non-vested equity incentive plan shares (Note 15) 152,000 - - Convertible promissory note shares (Note 3) 17,294,444 - - Private shares under warrants (Note 12) - 15,185 15,185 Total 17,446,444 15,185 15,185 |
Equity Incentive Plan - 20F
Equity Incentive Plan - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Equity Incentive Plan [Abstract] | ||
Equity Incentive Plan | 14. Equity Incentive Plan: On October 1, 2015, the Compensation Committee granted an aggregate of 189,000 restricted shares of common stock, pursuant to the 2011 Equity Incentive Plan. Of the total 189,000 shares issued, 36,000 shares were granted to Seanergy's board of directors and the other 153,000 shares were granted to certain of Seanergy's other employees. On February 3, 2016, 8,000 of the shares granted to certain of Seanergy's other employees were cancelled. The fair value of each share on the grant date was $3.70. The shares to Seanergy's board of directors will vest over a period of two years commencing on October 1, 2015. On October 1, 2015, 12,000 shares vested, 12,000 shares will vest on October 1, 2016 and 12,000 shares will vest on October 1, 2017. All the other shares granted to certain of Seanergy's other employees will vest over a period of three years, commencing on October 1, 2015. On October 1, 2015, 25,000 shares vested, 31,000 shares will vest on October 1, 2016, 42,000 shares will vest on October 1, 2017 and 47,000 shares will vest on October 1, 2018. The related expense for the nine month periods ended , 2016 and 2015, amounted to $119 and $NIL, respectively, | 15. Equity Incentive Plan: On January 12, 2011, the Board adopted the Seanergy Maritime Holdings Corp. 2011 Equity Incentive Plan ("Plan"). A total of 8,750,000 shares of common stock were reserved for issuance under the Plan, which is administered by the Compensation Committee of the Board of Directors. Under the Plan, officers, key employees, directors, consultants and service providers may be granted incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, unrestricted stock and restricted stock units at the discretion of the Compensation Committee. In May 2012, the total number of shares originally reserved under the Plan was adjusted to 583,334 shares to reflect the one-for-fifteen reverse stock split of June 24, 2011. On February 16, 2011, the Compensation Committee granted an aggregate of 666 restricted shares of common stock, pursuant to the Plan. Of the total 666 shares issued, 533 shares were granted to Seanergy's two executive directors and the other 133 shares were granted to certain of Seanergy's other employees. The fair value of each share on the grant date was $66.40 and was expensed over three years. All the shares vested proportionally over a period of three years, commencing on January 10, 2012. 223 shares vested on January 10, 2012, 222 shares vested on January 10, 2013 and 219 shares vested on January 10, 2014. On July 2, 2015, the total number of shares originally reserved under the Plan was increased to 856,667. On October 1, 2015, the Compensation Committee granted an aggregate of 189,000 restricted shares of common stock, pursuant to the Plan. Of the total 189,000 shares issued, 36,000 shares were granted to Seanergy's board of directors and the other 153,000 shares were granted to certain of Seanergy's other employees. The fair value of each share on the grant date was $3.70 and will be expensed over three years. The shares to Seanergy's board of directors will vest over a period of two years commencing on October 1, 2015. On October 1, 2015, 12,000 shares vested, 12,000 shares will vest on October 1, 2016 and 12,000 shares will vest on October 1, 2017. All the other shares granted to certain of Seanergy's other employees will vest over a period of three years, commencing on October 1, 2015. On October 1, 2015, 25,000 shares vested, 33,000 shares will vest on October 1, 2016, 44,000 shares will vest on October 1, 2017 and 51,000 shares will vest on October 1, 2018. The related expense for the years ended December 31, 2015, 2014 and 2013, amounted to $178, $NIL and $15, respectively, On January 8, 2016, we effected a one-for-five reverse stock split of our issued common stock (Note 16). The reverse stock split ratio and the implementation and timing of the reverse stock split were determined by our Board of Directors. The reverse stock split did not change the authorized number of shares or par value of our common stock or preferred stock, but did effect a proportionate adjustment to the number of shares of common stock issuable upon the vesting of restricted stock awards, and the number of shares of common stock eligible for issuance under our Plan. All applicable outstanding equity awards discussed above have been adjusted retroactively for the one-for-five reverse stock split. |
Subsequent Events - 20F
Subsequent Events - 20F | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 15. Subsequent Events: The Company has evaluated subsequent events that occurred after the balance sheet date but before the issuance of these consolidated financial statements and, where it was deemed necessary, appropriate disclosures have been made. a) On October 4, 2016, the Company entered into the Jelco Loan Facility, initially a $4,150 loan facility with Jelco, to fund the initial deposit for the purchase of two second hand Capesize vessels (Note 6). On November 17, 2016 and November 28, 2016, the Company entered into amendments to the Jelco Loan Facility, which, among other things, increased the aggregate amount that the Company may borrow under the facility to up to $12,800. On November 28, 2016, the Company drew down $8,650 under the amended Jelco Loan Facility. b) On October 28, 2016, the Company filed with the SEC a registration statement on Form F-1 in connection with a contemplated follow-on registered public offering of the Company’s securities, comprised of common shares, par value $0.0001 per share, Class A warrants to purchase common shares, and an underwriter’s warrant to purchase common shares. On November 29, 2016, the Company filed with the SEC an amendment to this registration statement on Form F-1. c) On November 18, 2016, the Company entered into a securities purchase agreement with unaffiliated third parties, which are institutional investors, under which the Company sold 1,305,000 of its common shares in a registered direct offering at a price of $2.75 per share. On November 23, 2016, the Company completed the registered direct offering for net proceeds of approximately $3,200, which proceeds are expected to be used for general corporate purposes, including funding of vessel acquisitions. d) On November 28, 2016, the Company entered into a $32,000 secured term loan facility with NSF to partly finance the acquisition of the two second hand Capesize vessels (Note 6). The facility bears interest at 11% per annum, which is payable quarterly, and the principal is repayable in four consecutive quarterly installments of $900 each, commencing on March 31, 2019 and a final payment of $28,400 due on December 31, 2019 (initial termination date), assuming that the borrowers will not choose to further extend the facility for one or two in maximum yearly periods from each relevant future termination date. The facility may only be extended twice so that the final termination date shall never extend beyond the date falling on the fifth anniversary of the final drawdown date. The option to extend the facility for up to another two years from the initial termination date is subject to an extension fee of 1.75% per extended year of each relevant loan outstanding amount. On November 28, 2016, the Company drew down $7,500 under the NSF loan facility. e) On November 30, 2016, the Company acquired the 2010 Capesize, 178,838 DWT vessel M/V Lordship from an unaffiliated third party. The acquisition was financed through a $7,500 loan with NSF, $10,250 was financed through the Jelco Loan Facility and $3,000 by cash on hand. The vessel is being chartered by Oldendorff Carriers GMBH & CiE under her previous ownership for a period of 11 to 13 months at an index-linked rate plus 6% and is expected to be redelivered to the Company between May 2017 and July 2017. | 16. Subsequent Events: The Company has evaluated subsequent events that occurred after the balance sheet date but before the issuance of these consolidated financial statements and, where it was deemed necessary, appropriate disclosures have been made. a) On January 8, 2016, the Company's common stock began trading on a split-adjusted basis, following a December 22, 2015 approval from the Company's Board of Directors to reverse split the Company's common stock at a ratio of one-for-five. There was no change in the number of authorized shares or the par value of the Company's common stock. b) On January 27, 2016, the unsecured revolving convertible promissory note was further amended, increasing the maximum principal amount available to be drawn to $13,765. On January 29, 2016, the Company drew down the additional undrawn balance of $2,000. c) On January 27, 2016 the Company received a letter from The Nasdaq Stock Market confirming that it has regained compliance with the minimum bid price requirement. d) On March 7, 2016, the unsecured revolving convertible promissory note was further amended, increasing the maximum principal amount available to be drawn to $16,265, while also increasing the amount by which the Applicable Limit will be reduced from $2,000 to $2,500. On March 8, 2016, the Company drew down the additional undrawn balance of $2,500. |
Schedule I- Condensed Financial
Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only) - 20F | 12 Months Ended |
Dec. 31, 2015 | |
Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only) [Abstract] | |
Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only) | Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only) Balance Sheets December 31, 2015 and 2014 (In thousands of US Dollars, except for share and per share data) 2015 2014 ASSETS Current assets: Cash and cash equivalents 2,078 2,578 Restricted cash 50 - Other current assets 24 42 Total current assets 2,152 2,620 Non-current assets: Investments in subsidiaries* 21,613 271 Total non-current assets 21,613 271 TOTAL ASSETS 23,765 2,891 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Current portion of convertible promissory notes 103 - Trade accounts and other payables 171 100 Accrued liabilities 176 115 Total current liabilities 450 215 Non-current liabilities: Long-term portion of convertible promissory notes 31 - Total liabilities 481 215 Commitments and contingencies - - STOCKHOLDERS EQUITY Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued - - Common stock, $0.0001 par value; 500,000,000 authorized shares as at December 31, 2 - Additional paid-in capital 337,121 307,559 Accumulated deficit (313,839 ) (304,883 ) Total Stockholders' equity 23,284 2,676 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY 23,765 2,891 * Eliminated in consolidation Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only) Statements of Income / (Loss) For the years ended December 31, 2015, 2014 and 2013 (In thousands of US Dollars, except for share and per share data) 2015 2014 2013 Expenses: General and administration expenses (1,256 ) (1,123 ) (1,958 ) Operating loss (1,256 ) (1,123 ) (1,958 ) Other (expenses) / income, net: Interest and finance cost – related party (399 ) - - Other, net (9 ) 8 1 Total other (expenses) / income, net (408 ) 8 1 Equity in (loss)/earnings of subsidiaries* (7,292 ) 81,463 12,864 Net (loss) / income (8,956 ) 80,348 10,907 Net (loss) / income per common share Basic and diluted (0.83 ) 30.06 4.56 Weighted average common shares outstanding Basic 10,773,404 2,672,945 2,391,628 Diluted 10,773,404 2,672,950 2,391,885 * Eliminated in consolidation Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only) Statements of Cash Flows For the years ended December 31, 2015, 2014 and 2013 (In thousands of US Dollars) 2015 2014 2013 Net cash used in operating activities (1,202 ) (1,195 ) (2,806 ) Cash flows used in investing activities: Investments in subsidiaries (28,633 ) (2,198 ) - Net cash used in investing activities (28,633 ) (2,198 ) - Cash flows from financing activities: Net proceeds from issuance of common stock 13,820 3,204 - Proceeds from convertible promissory notes 15,765 - - Repayments of convertible promissory notes (200 ) - - Restricted cash retained (50 ) - - Due to subsidiaries - - 5,198 Net cash provided by financing activities 29,335 3,204 5,198 Net (decrease) / increase in cash and cash equivalents (500 ) (189 ) 2,392 Cash and cash equivalents at beginning of period 2,578 2,767 375 Cash and cash equivalents at end of period 2,078 2,578 2,767 SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest 222 - - Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only) Notes To The Condensed Financial Statements (All amounts in footnotes in thousands of US Dollars) 1. Basis of Presentation In the parent-company-only condensed financial statements, the Parent Company's (the "Company") investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries. The Parent Company did not receive cash dividends from its subsidiaries during the years ended December 31, 2015, 2014 and 2013. The parent-company-only condensed financial statements should be read in conjunction with the Company's consolidated financial statements. 2. Convertible Promissory Notes On March 12, 2015 ("commitment date"), the Company issued an unsecured convertible promissory note of $4,000 to Jelco Delta Holding Corp., or Jelco, a company affiliated with Claudia Restis, for general corporate purposes. The convertible note is repayable in ten consecutive semi-annual installments of $200, along with a balloon installment of $2,000 payable on the final maturity date, March 19, 2020. The note bears interest of Libor plus a margin with quarterly interest payments. At Jelco's option, the principal amount under the convertible note may be paid at any time in common shares at a conversion price of $0.90 (adjusted for the reverse stock split discussed in Note 1 of the consolidated financial statements according to the terms of the convertible note) per share. The Company has the right to defer up to three consecutive installments to the balloon installment. As of the date of this annual report the Company has deferred the installment due for payment on March 19, 2016 to the balloon installment. On September 7, 2015 ("commitment date"), the Company issued an unsecured revolving convertible promissory note of up to $6,765 (the "Applicable Limit") to Jelco for general corporate purposes. The revolving convertible promissory note has a tenor of up to five years after the first drawdown and the Applicable Limit is reduced by $1,000 each year after the second year following the first drawdown. The note bears interest of Libor plus a margin with quarterly interest payments. At Jelco's option, the Company's obligation to repay the principal amount under the revolving convertible note may be paid in common shares at a conversion price of $0.90 (adjusted for the reverse stock split discussed in Note 1 of the consolidated financial statements according to the terms of the convertible note) per share. On December 1, 2015, the unsecured revolving convertible promissory note was amended, increasing the maximum principal amount available to be drawn to $9,765. On December 14, 2015, the unsecured revolving convertible promissory note was further amended, increasing the maximum principal amount available to be drawn to $11,765, while also increasing the amount by which the Applicable Limit will be reduced from $1,000 to $2,000. The Company has drawn down the entire $11,765 as of December 31, 2015. See Note 3 "Transactions with Related Parties" to the consolidated financial statements for further information. 3. Guarantee All of the Company's vessel-owning subsidiaries have long-term facilities. Under the terms of the loan agreements, the Company has guaranteed the payment of all principal and interest. In the event of a default under the loan agreements, the Company will be directly liable to the lenders. The facilities mature at various times between 2020 and 2021. The maximum potential amount that the Company could be liable for under the guarantee as of December 31, 2015 is $178,447. See Note 8 "Long-Term Debt" to the consolidated financial statements for further information. |
Significant Accounting Polici44
Significant Accounting Policies - 6K (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | ||
Recent Accounting Pronouncements | Recent accounting pronouncements The Financial Accounting Standards Board (“FASB”) issued the following amendments which clarifies the guidance in ASU No. 2014-09 and has the same effective date as the original standard: ASU No. 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230) – Restricted Cash | (ab) Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB and the International Accounting Standards Board ("IASB") jointly issued a standard that will supersede virtually all of the existing revenue recognition guidance in U.S. GAAP and is effective for annual periods beginning on or after December 15, 2016. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard's requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity's ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. Management is in the process of accessing the impact of the new standard on Company's financial position and performance. In August 2015, the FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date", which defers the effective date of ASU 2014-09 ("Revenue from Contracts with Customers (Topic 606)")" for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Presently, the Company is assessing what effect the adoption of these ASUs will have on its financial statements and accompanying notes. In August 2014, the FASB issued ASU 2014-15 – Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 requires an entity's management to evaluate at each reporting period based on the relevant conditions and events that are known at the date when financial statements are issued, whether there are conditions or events, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued and to disclose the necessary information. The guidance is effective for annual periods ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Management is in the process of assessing the impact of the new standard on the Company's consolidated financial position and performance. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis", which provides guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. In accordance with ASU 2015-02, all legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2015-02 on the consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory". Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments in this update require an entity to measure inventory within the scope of this update at the lower of cost and net realizable value. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. While the Company has not yet adopted this ASU, its adoption is not expected to have a material effect on the Company's financial statements and accompanying notes. In August 2015, the FASB issued ASU 2015-15 "Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)" to add to the FASB's Accounting Standards Codification SEC staff guidance that the SEC staff will not object to an entity presenting the costs of securing line-of-credit arrangements as an asset, regardless of whether there are any outstanding borrowings. This updated does not have any effect on the Company's financial statements and accompanying notes presented herein. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) which provides new guidance related to accounting for leases and supersedes existing U.S. GAAP on lease accounting. The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases, unless the lease is a short term lease. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Management is in the process of assessing the impact of the new standard on the Company's consolidated financial position and performance. |
Concentration of Credit Risk | (a) Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition. Customers individually accounting for more than 10% of the Company's revenues during the nine-month periods ended September 30, 2016 and 2015, were: Customer 2016 2015 A 19% - B 12% - C 10% 21% D - 56% E - 23% Total 41% 100% | (d) Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition. Customers individually accounting for more than 10% of the Company's revenues during the years ended December 31, 2015, 2014 and 2013 were: Customer 2015 2014 2013 A 47% - - B 15% - - C 12% - - D 10% - - E - 59% 18% F - 29% - G - - 16% H - - 12% I - - 10% Total 84% 88% 56% |
Significant Accounting Polici45
Significant Accounting Policies - 20F (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | ||
Principles of Consolidation | (a) Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and include the accounts and operating results of Seanergy and its wholly-owned subsidiaries where Seanergy has control. Control is presumed to exist when Seanergy through direct or indirect ownership retains the majority of voting interest. In addition, Seanergy evaluates its relationships with other entities to identify whether they are variable interest entities and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. The Company deconsolidates a subsidiary or derecognizes a group of assets when the Company no longer controls the subsidiary or group of assets, and a gain or loss is recognized. When the Company does not have a controlling interest in an entity, but exerts a significant influence over the entity, the Company applies the equity method of accounting. All significant intercompany balances and transactions and any intercompany profit or loss on assets remaining with the Group have been eliminated in the accompanying consolidated financial statements. A parent company deconsolidates a subsidiary or derecognizes a group of assets when that parent company no longer controls the subsidiary or group of assets specified in ASC 810-10-40-3A. When control is lost, the parent-subsidiary relationship no longer exists and the parent derecognizes the assets and liabilities of the qualifying subsidiary or group of assets. The Financial Accounting Standards Board ("FASB") concluded that the loss of control and the related deconsolidation of a subsidiary or derecognition of a group of assets specified in ASC 810-10-40-3A is a significant economic event that changes the nature of the investment held in the subsidiary or group of assets. Based on this consideration, a gain or loss is recognized upon the deconsolidation of a subsidiary or derecognition of a group of assets. | |
Use of Estimates | (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful lives, allocation of purchase price in a business combination, determination of vessels impairment and determination of goodwill impairment. | |
Foreign Currency Translation | (c) Foreign Currency Translation Seanergy's functional currency is the United States dollar since the Company's vessels operate in international shipping markets and therefore primarily transact business in US Dollars. The Company's books of accounts are maintained in US Dollars. Transactions involving other currencies are translated into the United States dollar using exchange rates, which are in effect at the time of the transaction. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to United States dollars at the foreign exchange rate prevailing at year-end. Gains or losses resulting from foreign currency translation are reflected in the consolidated statement of income/(loss). | |
Concentration of Credit Risk | (a) Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition. Customers individually accounting for more than 10% of the Company's revenues during the nine-month periods ended September 30, 2016 and 2015, were: Customer 2016 2015 A 19% - B 12% - C 10% 21% D - 56% E - 23% Total 41% 100% | (d) Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition. Customers individually accounting for more than 10% of the Company's revenues during the years ended December 31, 2015, 2014 and 2013 were: Customer 2015 2014 2013 A 47% - - B 15% - - C 12% - - D 10% - - E - 59% 18% F - 29% - G - - 16% H - - 12% I - - 10% Total 84% 88% 56% |
Cash and Cash Equivalents | (e) Cash and Cash Equivalents Seanergy considers time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash is excluded from cash and cash equivalents. Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company's borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets. | |
Accounts Receivable Trade, Net | (f) Accounts Receivable Trade, Net Accounts receivable trade, net at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. The provision for doubtful accounts at December 31, 2015 and 2014 amounted to $43 and $13, respectively. | |
Inventories | (g) Inventories Inventories consist of lubricants and bunkers which are stated at the lower of cost or market value. Cost is determined by the first in, first out method. | |
Insurance Claims | (h) Insurance Claims The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses and for legal fees covered by directors' and officers' liability insurance. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company's fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies, the claim is not subject to litigation and the Company can make an estimate of the amount to be reimbursed. The classification of the insurance claims into current and non-current assets is based on management's expectations as to their collection dates. | |
Vessels | (i) Vessels Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel's initial voyage). Vessels acquired from entities under common control are recorded at historical cost. Subsequent expenditures for conversions and major improvements are capitalized, when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred. | |
Vessel Depreciation | (j) Vessel Depreciation Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Up to September 30, 2015, management estimated the useful life of the Company's vessels to be 30 years from the date of initial delivery from the shipyard. On October 1, 2015, the Company changed that estimate to 25 years. This change increased depreciation expense by $289 (approximately $0.03 per share) for the year ended December 31, 2015. This change increased depreciation expense by $235 (approximately $0.02 per share) for the year ended December 31, 2015. | |
Impairment of Long-Lived Assets (Vessels) | (k) Impairment of Long-Lived Assets (Vessels) The Company reviews its long-lived assets for impairment whenever events or changes in circumstances, such as undiscounted projected operating cash flows, business plans to dispose a vessel earlier than the end of its useful life and prevailing market conditions, indicate that the carrying amount of the assets may not be recoverable. The current conditions in the drybulk market with decreased charter rates and decreased vessel market values are conditions that the Company considers indicators of a potential impairment for its vessels. The Company determines undiscounted projected operating cash flows, for each vessel and compares it to the vessel's carrying value. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and its eventual disposition are less than its carrying amount, the Company impairs the carrying amount of the vessel. Measurement of the impairment loss is based on the fair value of the asset as determined by independent valuators. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of 2-year forward freight agreements and the median of the trailing 10-year historical charter rates available for each type of vessel) adjusted for brokerage commissions and expected outflows for scheduled vessels' maintenance. The undiscounted projected operating cash outflows are determined by reference to the Company's actual vessel operating expenses, assuming an average annual inflation rate of 2%. Fleet utilization excluding dry-docking off-hire days is determined by reference to the actual utilization rate of the Company's fleet in the recent years. The Company recorded net impairment loss of $NIL, $ NIL and $3,564 for the years ended December 31, 2015, 2014 and 2013, respectively. During the year ended December 31, 2013, the Company recorded an impairment loss of $867 for the vessel African Oryx that was sold on April 10, 2013 and $10,697 for the vessels Davakis G. and Delos Ranger, which were measured at their fair values, upon classification of the vessels financed by the Piraeus Bank loan facilities to current assets as of June 30, 2013, as per the Company's restructuring plan. This was partially offset with the impairment re measurement of $1,000 relating to the UOB vessels, and the impairment re measurement of $7,000 of Davakis G. and Delos Ranger as of December 31, 2013. The impairment loss was measured as the amount by which the carrying amount of the vessel exceeded its fair value less cost to sell, which was determined using the valuation derived from market data available at December 31, 2013. | |
Office equipment, net | (l) Office equipment, net Equipment consists of computer software and hardware. The useful life of the computer software and hardware is 3 years. Depreciation is calculated on a straight-line basis. | |
Dry-Docking and Special Survey Costs | (m) Dry-Docking and Special Survey Costs The Company follows the deferral method of accounting for dry-docking costs and special survey costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the expected date of the next dry-docking which is scheduled to become due in 2 to 3 years. Dry-docking costs which are not fully amortized by the next dry-docking period are expensed. In 2015, the Company changed the presentation of dry-docking and special survey costs on its consolidated statement of cash flows. Payments for dry-docking, shown as an adjustment to reconcile net income / (loss) to net cash provided by / (used in) operating activities was eliminated, and a new line "Deferred charges" under Changes in operating assets and liabilities was added to show gross additions for dry-docking and special survey costs. | |
Commitments and Contingencies | (n) Commitments and Contingencies Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. | |
Revenue Recognition | (o) Revenue Recognition Voyage revenues are generated from time charters, bareboat charters and voyage charters. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Some of the time charters also include profit sharing provisions, under which additional revenue can be realized in the event the spot rates are higher than the base rates under the time charters. A bareboat charter is a contract in which the vessel is provided to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance. Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo. Time charter revenue, including bareboat hire, is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is adjusted for a vessel's off hire days due to major repairs, dry dockings or special or intermediate surveys. Voyage charter revenue is recognized on a pro-rata basis over the duration of the voyage, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured. A voyage is deemed to commence upon signing the charter party or completion of previous voyage, whichever is later, and is deemed to end upon the completion of the discharge of the delivered cargo. Deferred revenue represents cash received prior to the balance sheet date and is related to revenue applicable to periods after such date. | |
Commissions | (p) Commissions Commissions, which include address and brokerage commissions, are recognized in the same period as the respective charter revenues. Address commissions to third parties are included in Commissions. Brokerage commissions to third parties are included in Direct voyage expenses. | |
Vessel Voyage Expenses | (q) Vessel Voyage Expenses Vessel voyage expenses primarily consist of port, canal, bunker expenses and brokerage commissions that are unique to a particular charter and are paid for by the charterer under time charter agreements and other non-specified voyage expenses. | |
Repairs and Maintenance | (r) Repairs and Maintenance All repair and maintenance expenses, including major overhauling and underwater inspection expenses are expensed in the year incurred. Such costs are included in Vessel operating expenses. | |
Financing Costs | (s) Financing Costs Underwriting, legal and other direct costs incurred with the issuance of long-term debt or to refinance existing debt are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid are expensed in the period the repayment is made. Following the early adoption of Accounting Standards Update ("ASU") 2015-03 "Interest – Imputation of Interest" to simplify the presentation of debt issuance costs, effective December 31, 2015, the Company presents unamortized deferred financing costs as a reduction of long term debt in the accompanying balance sheets. There was no retrospective effect as the Company had neither debt nor debt issuance costs at December 31, 2014. | |
Income Taxes | (t) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized, when applicable, for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administration expenses. Maritime Capital Shipping (HK) Limited, the Company's management office in Hong Kong, is subject to Hong Kong profits tax at a rate of 16.5% on the estimated assessable profit for the year. Seanergy Management Corp. ("Seanergy Management"), the Company's management company, established in Greece under Greek Law 89/67 (as amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros during 2012-2015 according to a tax bill passed in 2013 under the laws of the Republic of Greece. The tax bill was retroactive to 2012. The contribution to be paid in 2016 by Seanergy Management for 2015 is estimated at approximately $32. Pursuant to the Internal Revenue Code of the United States (the "Code"), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements: (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company's stock is owned, directly or indirectly, by individuals who are "residents" of the Company's country of organization or of another foreign country that grants an "equivalent exemption" to corporations organized in the United States (50% Ownership Test) or (ii) the Company's stock is "primarily and regularly traded on an established securities market" in its country of organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States (Publicly-Traded Test). Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company's stock will not be considered to be "regularly traded" on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company's outstanding stock ("5 Percent Override Rule"). The Company and each of its subsidiaries expects to qualify for this statutory tax exemption for the 2015 taxable year, and the Company takes this position for United States federal income tax return reporting purposes. However, there are factual circumstances beyond the Company's control that could cause it to lose the benefit of this tax exemption in future years and thereby become subject to United States federal income tax on its United States source income such as if, for a particular taxable year, other shareholders with a five percent or greater interest in the Company's stock were, in combination with the Company's existing 5% shareholders, to own 50% or more of the Company's outstanding shares of its stock on more than half the days during the taxable year. The Company estimates that since no more than the 50% of its shipping income would be treated as being United States source income, the effective tax rate is expected to be 2% and accordingly it anticipates that the impact on its results of operations will not be material. The Company has assessed that it satisfies the Publicly-Traded Test and all of its United States source shipping income is exempt from U.S. federal income tax for the years ended December 31, 2015, 2014, and 2013. Based on its U.S. source Shipping Income for 2015, 2014 and 2013, the Company would be subject to U.S. federal income tax of approximately $NIL, $NIL and $25, respectively, in the absence of an exemption under Section 883. | |
Stock-Based Compensation | (u) Stock-based Compensation Stock-based compensation represents vested and non-vested common stock granted to directors and employees for their services. The Company calculates stock-based compensation expense for the award based on its fair value on the grant date and recognizes it on an accelerated basis over the vesting period. | |
Earnings (Losses) per Share | (v) Earnings (Losses) per Share Basic earnings (losses) per common share are computed by dividing net income (loss) available to Seanergy's shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (losses) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. | |
Segment Reporting | (w) Segment Reporting Seanergy reports financial information and evaluates its operations by total charter revenues and not by the length of vessel employment, customer, or type of charter. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus, Seanergy has determined that it operates under one reportable segment. Furthermore, when Seanergy charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, disclosure of geographic information is impracticable. | |
Financial Instruments | (x) Financial Instruments Derivative instruments (including certain derivative instruments embedded in other contracts) are recorded in the balance sheet as either an asset or liability measured at its fair value, with changes in the derivatives' fair value recognized currently in earnings unless specific hedge accounting criteria are met. The Company was party to interest swap agreements where it received a floating interest rate and paid a fixed interest rate for a certain period in exchange. These contracts did not qualify for hedge accounting and as such changes in their fair values were reported to earnings. The fair value of those agreements equated to the amount that would be paid by the Company if the agreements were cancelled at the reporting date, taking into account current interest rates. | |
Fair Value Measurements | (y) Fair Value Measurements The Company follows the provisions of ASC 820 "Fair Value Measurements and Disclosures", which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: · 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. | |
Troubled Debt Restructurings | (z) Troubled Debt Restructurings A restructuring of a debt constitutes a troubled debt restructuring if the lender or creditor for economic or legal reasons related to the Company's financial difficulties grants a concession to the Company that it would not otherwise consider. Troubled debt that is fully satisfied by foreclosure, repossession, or other transfer of assets or by grant of equity securities by the Company is included in the term troubled debt restructuring and is accounted as such. The Company, when issuing or otherwise granting an equity interest to a lender or creditor to settle fully a payable or debt, accounts for the equity interest granted at its fair value. The difference between the fair value of the equity interest granted and the carrying amount of the payable or debt settled is recognized as a gain on restructuring of payables or debt. Legal fees and other direct costs incurred in granting an equity interest to a creditor reduce the fair value of the equity interest issued. All other direct costs incurred in connection with a troubled debt restructuring are charged to expense as incurred. | |
Convertible Promissory Notes and Related Beneficial Conversion Features | (aa) Convertible Promissory Notes and related Beneficial Conversion Features The convertible promissory notes are accounted in accordance with ASC 470-20 "Debt with Conversion and Other Options." The terms of each convertible promissory note included an embedded conversion feature which provided for a conversion at the option of the holder into shares of common stock at a predetermined rate. The Company determined that the conversion features were beneficial conversion features ("BCF") pursuant to Accounting for an embedded BCF in a convertible instrument requires that the BCF be recognized separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of the BCF to additional paid-in capital, resulting in a discount on the convertible instrument. This discount is accreted from the date on which the BCF is first recognized through the stated maturity date of the convertible instrument using the effective yield method. If the intrinsic value of the BCF is greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF is limited to the amount of the proceeds allocated to the convertible instrument. | |
Recent Accounting Pronouncements | Recent accounting pronouncements The Financial Accounting Standards Board (“FASB”) issued the following amendments which clarifies the guidance in ASU No. 2014-09 and has the same effective date as the original standard: ASU No. 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230) – Restricted Cash | (ab) Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB and the International Accounting Standards Board ("IASB") jointly issued a standard that will supersede virtually all of the existing revenue recognition guidance in U.S. GAAP and is effective for annual periods beginning on or after December 15, 2016. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard's requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity's ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. Management is in the process of accessing the impact of the new standard on Company's financial position and performance. In August 2015, the FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date", which defers the effective date of ASU 2014-09 ("Revenue from Contracts with Customers (Topic 606)")" for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Presently, the Company is assessing what effect the adoption of these ASUs will have on its financial statements and accompanying notes. In August 2014, the FASB issued ASU 2014-15 – Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 requires an entity's management to evaluate at each reporting period based on the relevant conditions and events that are known at the date when financial statements are issued, whether there are conditions or events, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued and to disclose the necessary information. The guidance is effective for annual periods ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Management is in the process of assessing the impact of the new standard on the Company's consolidated financial position and performance. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis", which provides guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. In accordance with ASU 2015-02, all legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2015-02 on the consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory". Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments in this update require an entity to measure inventory within the scope of this update at the lower of cost and net realizable value. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. While the Company has not yet adopted this ASU, its adoption is not expected to have a material effect on the Company's financial statements and accompanying notes. In August 2015, the FASB issued ASU 2015-15 "Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)" to add to the FASB's Accounting Standards Codification SEC staff guidance that the SEC staff will not object to an entity presenting the costs of securing line-of-credit arrangements as an asset, regardless of whether there are any outstanding borrowings. This updated does not have any effect on the Company's financial statements and accompanying notes presented herein. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) which provides new guidance related to accounting for leases and supersedes existing U.S. GAAP on lease accounting. The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases, unless the lease is a short term lease. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Management is in the process of assessing the impact of the new standard on the Company's consolidated financial position and performance. |
Basis of Presentation and Gen46
Basis of Presentation and General Information - 6K (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Basis of Presentation and General Information [Abstract] | ||
Subsidiaries in Consolidation | Seanergy's subsidiaries included in these consolidated financial statements as of September 30, 2016, are as follows: Company Country of Incorporation Date of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Financed by Seanergy Management Corp.(1) (3) Marshall Islands May 9, 2008 N/A N/A N/A N/A Seanergy Shipmanagement Corp.(1) (3) Marshall Islands September 16, 2014 N/A N/A N/A N/A Sea Glorius Shipping Co.(1) Marshall Islands September 16, 2014 Gloriuship November 3, 2015 N/A HSH Nordbank AG Sea Genius Shipping Co.(1) Marshall Islands September 16, 2014 Geniuship October 13, 2015 N/A HSH Nordbank AG Leader Shipping Co.(1) Marshall Islands January 15, 2015 Leadership March 19, 2015 N/A Alpha Bank A.E. Premier Marine Co.(1) Marshall Islands July 9, 2015 Premiership September 11, 2015 N/A UniCredit Bank AG Gladiator Shipping Co.(1) Marshall Islands July 9, 2015 Gladiatorship September 29, 2015 N/A UniCredit Bank AG Guardian Shipping Co.(1) Marshall Islands July 9, 2015 Guardianship October 21, 2015 N/A UniCredit Bank AG Champion Ocean Navigation Co.(1) Liberia August 6, 2015 Championship December 7, 2015 N/A Natixis Squire Ocean Navigation Co.(1) Liberia August 6, 2015 Squireship November 10, 2015 N/A Alpha Bank A.E. Emperor Holding Ltd.(1) Marshall Islands October 3, 2016 N/A N/A N/A N/A Knight Ocean Navigation Co.(1) Liberia October 3, 2016 N/A N/A N/A N/A Lord Ocean Navigation Co.(1) Liberia October 3, 2016 N/A N/A N/A N/A Pembroke Chartering Services Limited (4) Malta December 2, 2015 N/A N/A N/A N/A Amazons Management Inc.(1) Marshall Islands April 21, 2008 Davakis G. August 28, 2008 March 6, 2014 Piraeus Bank Lagoon Shipholding Ltd.(1) Marshall Islands April 21, 2008 Delos Ranger August 28, 2008 March 11, 2014 Piraeus Bank Cynthera Navigation Ltd.(1) Marshall Islands March 18, 2008 African Oryx August 28, 2008 April 10, 2013 Piraeus Bank Martinique International Corp.(1) British Virgin Islands May 14, 2008 Bremen Max September 11, 2008 March 7, 2014 Piraeus Bank Harbour Business International Corp.(1) British Virgin Islands April 1, 2008 Hamburg Max September 25, 2008 March 10, 2014 Piraeus Bank Waldeck Maritime Co.(1) Marshall Islands April 21, 2008 African Zebra September 25, 2008 February 15, 2012 Piraeus Bank Maritime Capital Shipping Limited (1) Bermuda April 30, 2007 N/A N/A N/A N/A Maritime Capital Shipping (HK) Limited (3) Hong Kong June 16, 2006 N/A N/A N/A N/A Maritime Glory Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Glory May 21, 2010 December 4, 2012 HSBC Maritime Grace Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Grace May 21, 2010 October 15, 2012 HSBC Atlantic Grace Shipping Limited (5) British Virgin Islands October 9, 2007 N/A N/A N/A N/A (1) Subsidiaries wholly owned (2) Vessel owning subsidiaries owned by Maritime Capital Shipping Limited (or “ MCS”) (3) Management company (4) Chartering services company (5) Dormant company | Seanergy's subsidiaries included in these consolidated financial statements as of December 31, 2015 are as follows: Company Country of Incorporation Date of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Financed by Seanergy Management Corp.(1) (3) Marshall Islands May 9, 2008 N/A N/A N/A N/A Seanergy Shipmanagement Corp.(1) (3) Marshall Islands September 16, 2014 N/A N/A N/A N/A Sea Glorius Shipping Co.(1) Marshall Islands September 16, 2014 Gloriuship November 3, 2015 N/A HSH Nordbank AG Sea Genius Shipping Co.(1) Marshall Islands September 16, 2014 Geniuship October 13, 2015 N/A HSH Nordbank AG Leader Shipping Co.(1) Marshall Islands January 15, 2015 Leadership March 19, 2015 N/A Alpha Bank A.E. Premier Marine Co.(1) Marshall Islands July 9, 2015 Premiership September 11, 2015 N/A UniCredit Bank AG Gladiator Shipping Co.(1) Marshall Islands July 9, 2015 Gladiatorship September 29, 2015 N/A UniCredit Bank AG Guardian Shipping Co.(1) Marshall Islands July 9, 2015 Guardianship October 21, 2015 N/A UniCredit Bank AG Champion Ocean Navigation Co.(1) Liberia August 6, 2015 Championship December 7, 2015 N/A Natixis Squire Ocean Navigation Co.(1) Liberia August 6, 2015 Squireship November 10, 2015 N/A Alpha Bank A.E. Pembroke Chartering Services Limited (4) Malta December 2, 2015 N/A N/A N/A N/A Amazons Management Inc.(1) Marshall Islands April 21, 2008 Davakis G. August 28, 2008 March 6, 2014 Piraeus Bank Lagoon Shipholding Ltd.(1) Marshall Islands April 21, 2008 Delos Ranger August 28, 2008 March 11, 2014 Piraeus Bank Cynthera Navigation Ltd.(1) Marshall Islands March 18, 2008 African Oryx August 28, 2008 April 10, 2013 Piraeus Bank Martinique International Corp.(1) British Virgin Islands May 14, 2008 Bremen Max September 11, 2008 March 7, 2014 Piraeus Bank Harbour Business International Corp.(1) British Virgin Islands April 1, 2008 Hamburg Max September 25, 2008 March 10, 2014 Piraeus Bank Waldeck Maritime Co.(1) Marshall Islands April 21, 2008 African Zebra September 25, 2008 February 15, 2012 Piraeus Bank Maritime Capital Shipping Limited (1) Bermuda April 30, 2007 N/A May 21, 2010 N/A N/A Maritime Capital Shipping (HK) Limited (3) Hong Kong June 16, 2006 N/A May 21, 2010 N/A N/A Maritime Glory Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Glory May 21, 2010 December 4, 2012 HSBC Maritime Grace Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Grace May 21, 2010 October 15, 2012 HSBC Atlantic Grace Shipping Limited (5) British Virgin Islands October 9, 2007 N/A May 21, 2010 N/A N/A (1) Subsidiaries wholly owned (2) Vessel owning subsidiaries owned by MCS (3) Management company (4) Chartering services company (5) Dormant company |
Significant Accounting Polici47
Significant Accounting Policies - 6K (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | ||
Revenue from Major Customers | Customers individually accounting for more than 10% of the Company's revenues during the nine-month periods ended September 30, 2016 and 2015, were: Customer 2016 2015 A 19% - B 12% - C 10% 21% D - 56% E - 23% Total 41% 100% | Customers individually accounting for more than 10% of the Company's revenues during the years ended December 31, 2015, 2014 and 2013 were: Customer 2015 2014 2013 A 47% - - B 15% - - C 12% - - D 10% - - E - 59% 18% F - 29% - G - - 16% H - - 12% I - - 10% Total 84% 88% 56% |
Transactions with Related Par48
Transactions with Related Parties - 6K (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Transactions with Related Parties [Abstract] | ||
Vessel Acquisitions | Below is a list of the vessels purchased under the purchase agreement: Vessel name Date of Delivery Vessel Class DWT Year Built Premiership September 11, 2015 Capesize 170,024 2010 Gladiatorship September 29, 2015 Supramax 56,819 2010 Geniuship October 13, 2015 Capesize 170,057 2010 Guardianship October 21, 2015 Supramax 56,884 2011 Gloriuship November 3, 2015 Capesize 171,314 2004 Squireship November 10, 2015 Capesize 170,018 2010 Championship December 7, 2015 Capesize 179,238 2011 | Below is a list of the vessels under the purchase agreement: Vessel name Date of Delivery Vessel Class DWT Year Built Premiership September 11, 2015 Capesize 170,024 2010 Gladiatorship September 29, 2015 Supramax 56,819 2010 Geniuship October 13, 2015 Capesize 170,057 2010 Guardianship October 21, 2015 Supramax 56,884 2011 Gloriuship November 3, 2015 Capesize 171,314 2004 Squireship November 10, 2015 Capesize 170,018 2010 Championship December 7, 2015 Capesize 179,238 2011 |
Unsecured Convertible Promissory Note [Member] | ||
Transactions with Related Parties [Abstract] | ||
Movement of Debt and Equity | The debt movement is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2014 - - - - Additions 4,000 (4,000 ) - - Amortization (Note 12) - - 225 225 Partial extinguishment of debt - - (200 ) (200 ) Balance, September 30, 2015 4,000 (4,000 ) 25 25 Amortization - - 78 78 Balance, December 31, 2015 4,000 (4,000 ) 103 103 Amortization (Note 12) - - 222 222 Balance, September 30, 2016 4,000 (4,000 ) 325 325 The equity movement is presented below: Additional paid-in capital Balance, December 31, 2014 - Intrinsic value of BCF 4,000 Consideration allocated to repurchase BCF (200 ) Balance, December 31, 2015 3,800 Balance, September 30, 2016 3,800 | The movement of the debt and equity during the year ended December 31, 2015 is presented below: December 31, 2015 Debt Convertible promissory notes 4,000 Debt discount (4,000 ) Amortization of debt discount (Note 13) 303 Partial extinguishment of debt (200 ) Balance convertible promissory note 103 Short term portion 103 Long term portion - Additional paid-in capital Intrinsic value of BCF 4,000 Consideration allocated to repurchase BCF (200 ) Balance of intrinsic value of BCF 3,800 |
Unsecured Revolving Convertible Promissory Note [Member] | ||
Transactions with Related Parties [Abstract] | ||
Movement of Debt and Equity | The debt movement is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2014 - - - - Additions 2,800 (2,800 ) - - Amortization (Note 12) - - 2 2 Balance, September 30, 2015 2,800 (2,800 ) 2 2 Additions 8,965 (8,965 ) - - Amortization (Note 12) - - 29 29 Balance, December 31, 2015 11,765 (11,765 ) 31 31 Additions 9,400 (9,400 ) - - Amortization (Note 12) - - 466 466 Balance, September 30, 2016 21,165 (21,165 ) 497 497 The equity movement is presented below: Additional paid-in capital Balance, December 31, 2014 - Intrinsic value of BCF 11,765 Balance, December 31, 2015 11,765 Intrinsic value of BCF 9,400 Balance, September 30, 2016 21,165 | The movement of the debt and equity during the year ended December 31, 2015 is presented below: December 31, 2015 Debt Convertible promissory notes 11,765 Debt discount (11,765 ) Amortization of debt discount (Note 13) 31 Balance convertible promissory note 31 Short term portion - Long term portion 31 Additional paid-in capital Intrinsic value of BCF 11,765 Balance of intrinsic value of BCF 11,765 |
Inventories - 6K (Tables)
Inventories - 6K (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Inventories [Abstract] | ||
Inventories | The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Lubricants 441 739 Bunkers 2,529 2,241 Total 2,970 2,980 | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Lubricants 739 - Bunkers 2,241 - Total 2,980 - |
Other Current Assets - 6K (Tabl
Other Current Assets - 6K (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Other Current Assets [Abstract] | ||
Other Current Assets | The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Prepaid expenses 432 476 Insurance claims - 14 Other 65 167 Total 497 657 | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Prepaid expenses 476 78 Insurance claims 14 22 Other 167 204 Total 657 304 |
Vessels, Net - 6K (Tables)
Vessels, Net - 6K (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Vessels, Net [Abstract] | ||
Vessels, Net | The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Cost: Beginning balance 201,684 - - Additions - 201,684 Ending balance 201,684 201,684 Accumulated depreciation: Beginning balance (1,844 ) - - Additions (6,301 ) (1,844 ) Ending balance (8,145 ) (1,844 ) Net book value 193,539 199,840 | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Cost: Beginning balance - - - Additions 201,684 - Ending balance 201,684 - Accumulated depreciation: Beginning balance - - - Additions (1,844 ) - Ending balance (1,844 ) - Net book value 199,840 - |
Long-Term Debt - 6K (Tables)
Long-Term Debt - 6K (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Long-Term Debt [Abstract] | ||
Long-Term Debt | The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Secured loan facilities 178,064 178,447 Less: Deferred financing costs (856 ) (942 ) Total 177,208 177,505 Less - current portion (6,583 ) (718 ) Long-term portion 170,625 176,787 | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Secured loan facilities 178,447 - Less: Deferred financing costs (942 ) - Total 177,505 - Less - current portion (718 ) - Long-term portion 176,787 - |
Maturities of Long-Term Debt | The September 30, 2016 are as follows: Twelve month periods ending Amount September 30, 2017 6,840 September 30, 2018 20,877 September 30, 2019 18,721 September 30, 2020 50,558 September 30, 2021 59,974 Thereafter 21,094 Total 178,064 | The December 31, 2015 are as follows: Year ended December 31, Amount 2016 950 2017 10,710 2018 18,721 2019 18,721 2020 81,083 Thereafter 48,262 Total 178,447 |
Trade Accounts and Other Paya53
Trade Accounts and Other Payables - 6K (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Trade Accounts and Other Payables [Abstract] | ||
Trade Accounts and Other Payables | The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Creditors 4,636 5,710 Insurances 108 162 Other 33 107 Total 4,777 5,979 | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Creditors 5,710 184 Insurances 162 3 Other 107 77 Total 5,979 264 |
Interest and Finance Costs - 54
Interest and Finance Costs - 6K (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Interest and Finance Costs [Abstract] | ||
Interest and Finance Costs | Interest and finance costs are analyzed as follows: Nine-month period ended September 30, 2016 2015 Interest on long-term debt 5,008 241 Amortization of debt issuance costs 186 23 Other 11 16 Total 5,205 280 | Interest and finance costs are analyzed as follows: Year ended December 31 2015 2014 2013 Interest on long-term debt 1,353 811 5,075 Interest on revolving credit facility - 396 2,144 Amortization of debt issuance costs 72 - 1,090 Arrangement fees on undrawn facilities - 246 - Other 35 10 80 Total 1,460 1,463 8,389 |
Interest and Finance Costs - Related Party | Interest and finance costs-related party are analyzed as follows: Nine-month period ended September 30, 2016 2015 Convertible notes interest expense 924 119 Convertible notes amortization of debt discount (Note 3) 688 227 Gain on extinguishment of convertible notes - (200 ) Total 1,612 146 | Interest and finance costs-related party are analyzed as follows: Year ended December 31 2015 2014 2013 Convertible notes interest expense 265 - - Convertible notes amortization of debt discount 334 - - Gain on extinguishment of convertible notes (200 ) - - Total 399 - - |
Losses per Share - 6K (Tables)
Losses per Share - 6K (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Earnings per Share [Abstract] | ||
Net Earnings per Common Share | The calculation of net earnings per common share is summarized below: Nine-month period ended September 30, 2016 2015 Net loss (17,730 ) (3,105 ) Weighted average common shares outstanding – basic and diluted 19,594,354 8,130,931 Net loss per common share – basic and diluted $ (0.90 ) $ (0.38 ) | The calculation of net earnings per common share is summarized below: For the years ended December 31 2015 2014 2013 Basic: Net (loss) / income (8,956 ) 80,348 10,907 Weighted average common shares outstanding – basic 10,773,404 2,672,945 2,391,628 Net (loss) / income per common share – basic $ (0.83 ) $ 30.06 $ 4.56 Diluted: Net (loss) / income (8,956 ) 80,348 10,907 Weighted average common shares outstanding – basic 10,773,404 2,672,945 2,391,628 Non-vested equity incentive shares - 5 227 Weighted average common shares outstanding – diluted 10,773,404 2,672,950 2,391,885 Net (loss) / income per common share – diluted $ (0.83 ) $ 30.06 $ 4.56 |
Potentially Dilutive Securities | As of September 30, 2016 and 2015, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as mentioned above are: 2016 2015 Non-vested equity incentive plan shares (Note 14) 144,000 - Convertible promissory note shares (Note 3) 27,738,890 7,333,333 Total 27,882,890 7,333,333 | As of December 31, 2015, 2014 and 2013, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as mentioned above are: 2015 2014 2013 Non-vested equity incentive plan shares (Note 15) 152,000 - - Convertible promissory note shares (Note 3) 17,294,444 - - Private shares under warrants (Note 12) - 15,185 15,185 Total 17,446,444 15,185 15,185 |
Basis of Presentation and Gen56
Basis of Presentation and General Information - 20F (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Basis of Presentation and General Information [Abstract] | ||
Subsidiaries in Consolidation | Seanergy's subsidiaries included in these consolidated financial statements as of September 30, 2016, are as follows: Company Country of Incorporation Date of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Financed by Seanergy Management Corp.(1) (3) Marshall Islands May 9, 2008 N/A N/A N/A N/A Seanergy Shipmanagement Corp.(1) (3) Marshall Islands September 16, 2014 N/A N/A N/A N/A Sea Glorius Shipping Co.(1) Marshall Islands September 16, 2014 Gloriuship November 3, 2015 N/A HSH Nordbank AG Sea Genius Shipping Co.(1) Marshall Islands September 16, 2014 Geniuship October 13, 2015 N/A HSH Nordbank AG Leader Shipping Co.(1) Marshall Islands January 15, 2015 Leadership March 19, 2015 N/A Alpha Bank A.E. Premier Marine Co.(1) Marshall Islands July 9, 2015 Premiership September 11, 2015 N/A UniCredit Bank AG Gladiator Shipping Co.(1) Marshall Islands July 9, 2015 Gladiatorship September 29, 2015 N/A UniCredit Bank AG Guardian Shipping Co.(1) Marshall Islands July 9, 2015 Guardianship October 21, 2015 N/A UniCredit Bank AG Champion Ocean Navigation Co.(1) Liberia August 6, 2015 Championship December 7, 2015 N/A Natixis Squire Ocean Navigation Co.(1) Liberia August 6, 2015 Squireship November 10, 2015 N/A Alpha Bank A.E. Emperor Holding Ltd.(1) Marshall Islands October 3, 2016 N/A N/A N/A N/A Knight Ocean Navigation Co.(1) Liberia October 3, 2016 N/A N/A N/A N/A Lord Ocean Navigation Co.(1) Liberia October 3, 2016 N/A N/A N/A N/A Pembroke Chartering Services Limited (4) Malta December 2, 2015 N/A N/A N/A N/A Amazons Management Inc.(1) Marshall Islands April 21, 2008 Davakis G. August 28, 2008 March 6, 2014 Piraeus Bank Lagoon Shipholding Ltd.(1) Marshall Islands April 21, 2008 Delos Ranger August 28, 2008 March 11, 2014 Piraeus Bank Cynthera Navigation Ltd.(1) Marshall Islands March 18, 2008 African Oryx August 28, 2008 April 10, 2013 Piraeus Bank Martinique International Corp.(1) British Virgin Islands May 14, 2008 Bremen Max September 11, 2008 March 7, 2014 Piraeus Bank Harbour Business International Corp.(1) British Virgin Islands April 1, 2008 Hamburg Max September 25, 2008 March 10, 2014 Piraeus Bank Waldeck Maritime Co.(1) Marshall Islands April 21, 2008 African Zebra September 25, 2008 February 15, 2012 Piraeus Bank Maritime Capital Shipping Limited (1) Bermuda April 30, 2007 N/A N/A N/A N/A Maritime Capital Shipping (HK) Limited (3) Hong Kong June 16, 2006 N/A N/A N/A N/A Maritime Glory Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Glory May 21, 2010 December 4, 2012 HSBC Maritime Grace Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Grace May 21, 2010 October 15, 2012 HSBC Atlantic Grace Shipping Limited (5) British Virgin Islands October 9, 2007 N/A N/A N/A N/A (1) Subsidiaries wholly owned (2) Vessel owning subsidiaries owned by Maritime Capital Shipping Limited (or “ MCS”) (3) Management company (4) Chartering services company (5) Dormant company | Seanergy's subsidiaries included in these consolidated financial statements as of December 31, 2015 are as follows: Company Country of Incorporation Date of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Financed by Seanergy Management Corp.(1) (3) Marshall Islands May 9, 2008 N/A N/A N/A N/A Seanergy Shipmanagement Corp.(1) (3) Marshall Islands September 16, 2014 N/A N/A N/A N/A Sea Glorius Shipping Co.(1) Marshall Islands September 16, 2014 Gloriuship November 3, 2015 N/A HSH Nordbank AG Sea Genius Shipping Co.(1) Marshall Islands September 16, 2014 Geniuship October 13, 2015 N/A HSH Nordbank AG Leader Shipping Co.(1) Marshall Islands January 15, 2015 Leadership March 19, 2015 N/A Alpha Bank A.E. Premier Marine Co.(1) Marshall Islands July 9, 2015 Premiership September 11, 2015 N/A UniCredit Bank AG Gladiator Shipping Co.(1) Marshall Islands July 9, 2015 Gladiatorship September 29, 2015 N/A UniCredit Bank AG Guardian Shipping Co.(1) Marshall Islands July 9, 2015 Guardianship October 21, 2015 N/A UniCredit Bank AG Champion Ocean Navigation Co.(1) Liberia August 6, 2015 Championship December 7, 2015 N/A Natixis Squire Ocean Navigation Co.(1) Liberia August 6, 2015 Squireship November 10, 2015 N/A Alpha Bank A.E. Pembroke Chartering Services Limited (4) Malta December 2, 2015 N/A N/A N/A N/A Amazons Management Inc.(1) Marshall Islands April 21, 2008 Davakis G. August 28, 2008 March 6, 2014 Piraeus Bank Lagoon Shipholding Ltd.(1) Marshall Islands April 21, 2008 Delos Ranger August 28, 2008 March 11, 2014 Piraeus Bank Cynthera Navigation Ltd.(1) Marshall Islands March 18, 2008 African Oryx August 28, 2008 April 10, 2013 Piraeus Bank Martinique International Corp.(1) British Virgin Islands May 14, 2008 Bremen Max September 11, 2008 March 7, 2014 Piraeus Bank Harbour Business International Corp.(1) British Virgin Islands April 1, 2008 Hamburg Max September 25, 2008 March 10, 2014 Piraeus Bank Waldeck Maritime Co.(1) Marshall Islands April 21, 2008 African Zebra September 25, 2008 February 15, 2012 Piraeus Bank Maritime Capital Shipping Limited (1) Bermuda April 30, 2007 N/A May 21, 2010 N/A N/A Maritime Capital Shipping (HK) Limited (3) Hong Kong June 16, 2006 N/A May 21, 2010 N/A N/A Maritime Glory Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Glory May 21, 2010 December 4, 2012 HSBC Maritime Grace Shipping Limited (2) British Virgin Islands April 8, 2008 Clipper Grace May 21, 2010 October 15, 2012 HSBC Atlantic Grace Shipping Limited (5) British Virgin Islands October 9, 2007 N/A May 21, 2010 N/A N/A (1) Subsidiaries wholly owned (2) Vessel owning subsidiaries owned by MCS (3) Management company (4) Chartering services company (5) Dormant company |
Significant Accounting Polici57
Significant Accounting Policies - 20F (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | ||
Revenue from Major Customers | Customers individually accounting for more than 10% of the Company's revenues during the nine-month periods ended September 30, 2016 and 2015, were: Customer 2016 2015 A 19% - B 12% - C 10% 21% D - 56% E - 23% Total 41% 100% | Customers individually accounting for more than 10% of the Company's revenues during the years ended December 31, 2015, 2014 and 2013 were: Customer 2015 2014 2013 A 47% - - B 15% - - C 12% - - D 10% - - E - 59% 18% F - 29% - G - - 16% H - - 12% I - - 10% Total 84% 88% 56% |
Transactions with Related Par58
Transactions with Related Parties - 20F (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Vessel Acquisitions | Below is a list of the vessels purchased under the purchase agreement: Vessel name Date of Delivery Vessel Class DWT Year Built Premiership September 11, 2015 Capesize 170,024 2010 Gladiatorship September 29, 2015 Supramax 56,819 2010 Geniuship October 13, 2015 Capesize 170,057 2010 Guardianship October 21, 2015 Supramax 56,884 2011 Gloriuship November 3, 2015 Capesize 171,314 2004 Squireship November 10, 2015 Capesize 170,018 2010 Championship December 7, 2015 Capesize 179,238 2011 | Below is a list of the vessels under the purchase agreement: Vessel name Date of Delivery Vessel Class DWT Year Built Premiership September 11, 2015 Capesize 170,024 2010 Gladiatorship September 29, 2015 Supramax 56,819 2010 Geniuship October 13, 2015 Capesize 170,057 2010 Guardianship October 21, 2015 Supramax 56,884 2011 Gloriuship November 3, 2015 Capesize 171,314 2004 Squireship November 10, 2015 Capesize 170,018 2010 Championship December 7, 2015 Capesize 179,238 2011 |
Unsecured Convertible Promissory Note [Member] | ||
Related Party Transaction [Line Items] | ||
Movement of Debt and Equity | The debt movement is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2014 - - - - Additions 4,000 (4,000 ) - - Amortization (Note 12) - - 225 225 Partial extinguishment of debt - - (200 ) (200 ) Balance, September 30, 2015 4,000 (4,000 ) 25 25 Amortization - - 78 78 Balance, December 31, 2015 4,000 (4,000 ) 103 103 Amortization (Note 12) - - 222 222 Balance, September 30, 2016 4,000 (4,000 ) 325 325 The equity movement is presented below: Additional paid-in capital Balance, December 31, 2014 - Intrinsic value of BCF 4,000 Consideration allocated to repurchase BCF (200 ) Balance, December 31, 2015 3,800 Balance, September 30, 2016 3,800 | The movement of the debt and equity during the year ended December 31, 2015 is presented below: December 31, 2015 Debt Convertible promissory notes 4,000 Debt discount (4,000 ) Amortization of debt discount (Note 13) 303 Partial extinguishment of debt (200 ) Balance convertible promissory note 103 Short term portion 103 Long term portion - Additional paid-in capital Intrinsic value of BCF 4,000 Consideration allocated to repurchase BCF (200 ) Balance of intrinsic value of BCF 3,800 |
Unsecured Revolving Convertible Promissory Note [Member] | ||
Related Party Transaction [Line Items] | ||
Movement of Debt and Equity | The debt movement is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2014 - - - - Additions 2,800 (2,800 ) - - Amortization (Note 12) - - 2 2 Balance, September 30, 2015 2,800 (2,800 ) 2 2 Additions 8,965 (8,965 ) - - Amortization (Note 12) - - 29 29 Balance, December 31, 2015 11,765 (11,765 ) 31 31 Additions 9,400 (9,400 ) - - Amortization (Note 12) - - 466 466 Balance, September 30, 2016 21,165 (21,165 ) 497 497 The equity movement is presented below: Additional paid-in capital Balance, December 31, 2014 - Intrinsic value of BCF 11,765 Balance, December 31, 2015 11,765 Intrinsic value of BCF 9,400 Balance, September 30, 2016 21,165 | The movement of the debt and equity during the year ended December 31, 2015 is presented below: December 31, 2015 Debt Convertible promissory notes 11,765 Debt discount (11,765 ) Amortization of debt discount (Note 13) 31 Balance convertible promissory note 31 Short term portion - Long term portion 31 Additional paid-in capital Intrinsic value of BCF 11,765 Balance of intrinsic value of BCF 11,765 |
Inventories - 20F (Tables)
Inventories - 20F (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Inventories [Abstract] | ||
Inventories | The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Lubricants 441 739 Bunkers 2,529 2,241 Total 2,970 2,980 | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Lubricants 739 - Bunkers 2,241 - Total 2,980 - |
Other Current Assets - 20F (Tab
Other Current Assets - 20F (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Other Current Assets [Abstract] | ||
Other Current Assets | The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Prepaid expenses 432 476 Insurance claims - 14 Other 65 167 Total 497 657 | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Prepaid expenses 476 78 Insurance claims 14 22 Other 167 204 Total 657 304 |
Vessels, Net - 20F (Tables)
Vessels, Net - 20F (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Vessels, Net [Abstract] | ||
Vessels, Net | The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Cost: Beginning balance 201,684 - - Additions - 201,684 Ending balance 201,684 201,684 Accumulated depreciation: Beginning balance (1,844 ) - - Additions (6,301 ) (1,844 ) Ending balance (8,145 ) (1,844 ) Net book value 193,539 199,840 | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Cost: Beginning balance - - - Additions 201,684 - Ending balance 201,684 - Accumulated depreciation: Beginning balance - - - Additions (1,844 ) - Ending balance (1,844 ) - Net book value 199,840 - |
Long-Term Debt - 20F (Tables)
Long-Term Debt - 20F (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Long-Term Debt [Abstract] | ||
Long-Term Debt | The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Secured loan facilities 178,064 178,447 Less: Deferred financing costs (856 ) (942 ) Total 177,208 177,505 Less - current portion (6,583 ) (718 ) Long-term portion 170,625 176,787 | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Secured loan facilities 178,447 - Less: Deferred financing costs (942 ) - Total 177,505 - Less - current portion (718 ) - Long-term portion 176,787 - |
Maturities of Long-Term Debt | The September 30, 2016 are as follows: Twelve month periods ending Amount September 30, 2017 6,840 September 30, 2018 20,877 September 30, 2019 18,721 September 30, 2020 50,558 September 30, 2021 59,974 Thereafter 21,094 Total 178,064 | The December 31, 2015 are as follows: Year ended December 31, Amount 2016 950 2017 10,710 2018 18,721 2019 18,721 2020 81,083 Thereafter 48,262 Total 178,447 |
Trade Accounts and Other Paya63
Trade Accounts and Other Payables - 20F (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Trade Accounts and Other Payables [Abstract] | ||
Trade Accounts and Other Payables | The amounts in the accompanying consolidated balance sheets are analyzed as follows: September 30, 2016 December 31, 2015 Creditors 4,636 5,710 Insurances 108 162 Other 33 107 Total 4,777 5,979 | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2015 December 31, 2014 Creditors 5,710 184 Insurances 162 3 Other 107 77 Total 5,979 264 |
Interest and Finance Costs - 64
Interest and Finance Costs - 20F (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Interest and Finance Costs [Abstract] | ||
Interest and Finance Costs | Interest and finance costs are analyzed as follows: Nine-month period ended September 30, 2016 2015 Interest on long-term debt 5,008 241 Amortization of debt issuance costs 186 23 Other 11 16 Total 5,205 280 | Interest and finance costs are analyzed as follows: Year ended December 31 2015 2014 2013 Interest on long-term debt 1,353 811 5,075 Interest on revolving credit facility - 396 2,144 Amortization of debt issuance costs 72 - 1,090 Arrangement fees on undrawn facilities - 246 - Other 35 10 80 Total 1,460 1,463 8,389 |
Interest and Finance Costs - Related Party | Interest and finance costs-related party are analyzed as follows: Nine-month period ended September 30, 2016 2015 Convertible notes interest expense 924 119 Convertible notes amortization of debt discount (Note 3) 688 227 Gain on extinguishment of convertible notes - (200 ) Total 1,612 146 | Interest and finance costs-related party are analyzed as follows: Year ended December 31 2015 2014 2013 Convertible notes interest expense 265 - - Convertible notes amortization of debt discount 334 - - Gain on extinguishment of convertible notes (200 ) - - Total 399 - - |
Earnings per Share - 20F (Table
Earnings per Share - 20F (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Earnings per Share [Abstract] | ||
Net Earnings per Common Share | The calculation of net earnings per common share is summarized below: Nine-month period ended September 30, 2016 2015 Net loss (17,730 ) (3,105 ) Weighted average common shares outstanding – basic and diluted 19,594,354 8,130,931 Net loss per common share – basic and diluted $ (0.90 ) $ (0.38 ) | The calculation of net earnings per common share is summarized below: For the years ended December 31 2015 2014 2013 Basic: Net (loss) / income (8,956 ) 80,348 10,907 Weighted average common shares outstanding – basic 10,773,404 2,672,945 2,391,628 Net (loss) / income per common share – basic $ (0.83 ) $ 30.06 $ 4.56 Diluted: Net (loss) / income (8,956 ) 80,348 10,907 Weighted average common shares outstanding – basic 10,773,404 2,672,945 2,391,628 Non-vested equity incentive shares - 5 227 Weighted average common shares outstanding – diluted 10,773,404 2,672,950 2,391,885 Net (loss) / income per common share – diluted $ (0.83 ) $ 30.06 $ 4.56 |
Potentially Dilutive Securities | As of September 30, 2016 and 2015, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as mentioned above are: 2016 2015 Non-vested equity incentive plan shares (Note 14) 144,000 - Convertible promissory note shares (Note 3) 27,738,890 7,333,333 Total 27,882,890 7,333,333 | As of December 31, 2015, 2014 and 2013, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as mentioned above are: 2015 2014 2013 Non-vested equity incentive plan shares (Note 15) 152,000 - - Convertible promissory note shares (Note 3) 17,294,444 - - Private shares under warrants (Note 12) - 15,185 15,185 Total 17,446,444 15,185 15,185 |
Basis of Presentation and Gen66
Basis of Presentation and General Information - 6K (Details) | Jan. 08, 2016shares | Sep. 30, 2016 | Dec. 31, 2015 |
Basis of Presentation and General Information [Abstract] | |||
Country of incorporation | Republic of the Marshall Islands | Republic of the Marshall Islands | |
Date of incorporation | Jan. 4, 2008 | Jan. 4, 2008 | |
Reverse stock split ratio | 0.2 | ||
Number of shares reduced due to rounding (in shares) | 3 |
Basis of Presentation and Gen67
Basis of Presentation and General Information, Going Concern - 6K (Details) $ / shares in Units, $ in Thousands | Nov. 23, 2016USD ($)$ / sharesshares | Sep. 26, 2016USD ($)Vessel | Aug. 10, 2016USD ($)$ / sharesshares | Oct. 21, 2015USD ($)shares | Sep. 29, 2015USD ($)shares | Sep. 11, 2015USD ($)shares | Aug. 06, 2015Vessel | Mar. 12, 2015USD ($)$ / sharesshares | Dec. 19, 2014USD ($)$ / sharesshares | Oct. 21, 2015USD ($)shares | Sep. 30, 2016USD ($)$ / shares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Vessel$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) | Oct. 28, 2016$ / shares | Sep. 07, 2015$ / shares |
Related Party Transaction [Line Items] | |||||||||||||||||
Number of vessels acquired | Vessel | 8 | ||||||||||||||||
Scheduled debt installment payments for next twelve months | $ 6,840 | $ 950 | |||||||||||||||
Going Concern [Abstract] | |||||||||||||||||
Issuance of common stock (in shares) | shares | 1,180,000 | ||||||||||||||||
Price per share (in dollars per share) | $ / shares | $ 4.15 | ||||||||||||||||
Net proceeds from direct offering | $ 4,080 | $ 4,080 | $ 10,691 | $ 13,820 | $ 3,204 | $ 0 | |||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||
Capesize Vessel [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Number of vessels acquired | Vessel | 5 | ||||||||||||||||
Going Concern [Abstract] | |||||||||||||||||
Number of vessels to be acquired | Vessel | 2 | ||||||||||||||||
Purchase price per vessel | $ 20,750 | ||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Going Concern [Abstract] | |||||||||||||||||
Issuance of common stock (in shares) | shares | 1,305,000 | ||||||||||||||||
Price per share (in dollars per share) | $ / shares | $ 2.75 | ||||||||||||||||
Net proceeds from direct offering | $ 3,200 | ||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||
Jelco [Member] | |||||||||||||||||
Going Concern [Abstract] | |||||||||||||||||
Issuance of common stock (in shares) | shares | 3,476,520 | 2,655,740 | 3,889,980 | 5,000,100 | 888,000 | 10,022,240 | |||||||||||
Price per share (in dollars per share) | $ / shares | $ 0.90 | $ 1.25 | $ 0.90 | ||||||||||||||
Net proceeds from direct offering | $ 3,129 | $ 2,390 | $ 3,501 | $ 4,500 | $ 1,110 | $ 9,020 | |||||||||||
Jelco [Member] | Unsecured Convertible Promissory Note [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Scheduled debt installment payments for next twelve months | $ 3,500 | ||||||||||||||||
Installment payment | $ 200 | $ 200 |
Basis of Presentation and Gen68
Basis of Presentation and General Information, Subsidiaries in Consolidation - 6K (Details) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | ||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | Republic of the Marshall Islands | Republic of the Marshall Islands | |||
Date of incorporation | Jan. 4, 2008 | Jan. 4, 2008 | |||
Seanergy Management Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [1],[2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [1],[2] | May 9, 2008 | May 9, 2008 | ||
Seanergy Shipmanagement Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [1],[2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [1],[2] | Sep. 16, 2014 | Sep. 16, 2014 | ||
Sea Glorius Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Sep. 16, 2014 | Sep. 16, 2014 | ||
Vessel name | Gloriuship | Gloriuship | |||
Date of delivery | Nov. 3, 2015 | Nov. 3, 2015 | |||
Financed by | HSH Nordbank AG | HSH Nordbank AG | |||
Sea Genius Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Sep. 16, 2014 | Sep. 16, 2014 | ||
Vessel name | Geniuship | Geniuship | |||
Date of delivery | Oct. 13, 2015 | Oct. 13, 2015 | |||
Financed by | HSH Nordbank AG | HSH Nordbank AG | |||
Leader Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Jan. 15, 2015 | Jan. 15, 2015 | ||
Vessel name | Leadership | Leadership | |||
Date of delivery | Mar. 19, 2015 | Mar. 19, 2015 | |||
Financed by | Alpha Bank A.E. | Alpha Bank A.E. | |||
Premier Marine Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Jul. 9, 2015 | Jul. 9, 2015 | ||
Vessel name | Premiership | Premiership | |||
Date of delivery | Sep. 11, 2015 | Sep. 11, 2015 | |||
Financed by | UniCredit Bank AG | UniCredit Bank AG | |||
Gladiator Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Jul. 9, 2015 | Jul. 9, 2015 | ||
Vessel name | Gladiatorship | Gladiatorship | |||
Date of delivery | Sep. 29, 2015 | Sep. 29, 2015 | |||
Financed by | UniCredit Bank AG | UniCredit Bank AG | |||
Guardian Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Jul. 9, 2015 | Jul. 9, 2015 | ||
Vessel name | Guardianship | Guardianship | |||
Date of delivery | Oct. 21, 2015 | Oct. 21, 2015 | |||
Financed by | UniCredit Bank AG | UniCredit Bank AG | |||
Champion Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Liberia | Liberia | ||
Date of incorporation | [2] | Aug. 6, 2015 | Aug. 6, 2015 | ||
Vessel name | Championship | Championship | |||
Date of delivery | Dec. 7, 2015 | Dec. 7, 2015 | |||
Financed by | Natixis | Natixis | |||
Squire Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Liberia | Liberia | ||
Date of incorporation | [2] | Aug. 6, 2015 | Aug. 6, 2015 | ||
Vessel name | Squireship | Squireship | |||
Date of delivery | Nov. 10, 2015 | Nov. 10, 2015 | |||
Financed by | Alpha Bank A.E. | Alpha Bank A.E. | |||
Emperor Holding Ltd. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | |||
Date of incorporation | [2] | Oct. 3, 2016 | |||
Knight Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Liberia | |||
Date of incorporation | [2] | Oct. 3, 2016 | |||
Lord Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Liberia | |||
Date of incorporation | [2] | Oct. 3, 2016 | |||
Pembroke Chartering Services Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [3] | Malta | Malta | ||
Date of incorporation | [3] | Dec. 2, 2015 | Dec. 2, 2015 | ||
Amazons Management Inc. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Apr. 21, 2008 | Apr. 21, 2008 | ||
Vessel name | Davakis G. | Davakis G. | |||
Date of delivery | Aug. 28, 2008 | Aug. 28, 2008 | |||
Date of sale/disposal | Mar. 6, 2014 | Mar. 6, 2014 | |||
Financed by | Piraeus Bank | Piraeus Bank | |||
Lagoon Shipholding Ltd. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Apr. 21, 2008 | Apr. 21, 2008 | ||
Vessel name | Delos Ranger | Delos Ranger | |||
Date of delivery | Aug. 28, 2008 | Aug. 28, 2008 | |||
Date of sale/disposal | Mar. 11, 2014 | Mar. 11, 2014 | |||
Financed by | Piraeus Bank | Piraeus Bank | |||
Cynthera Navigation Ltd. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Mar. 18, 2008 | Mar. 18, 2008 | ||
Vessel name | African Oryx | African Oryx | |||
Date of delivery | Aug. 28, 2008 | Aug. 28, 2008 | |||
Date of sale/disposal | Apr. 10, 2013 | Apr. 10, 2013 | |||
Financed by | Piraeus Bank | Piraeus Bank | |||
Martinique International Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | British Virgin Islands | British Virgin Islands | ||
Date of incorporation | [2] | May 14, 2008 | May 14, 2008 | ||
Vessel name | Bremen Max | Bremen Max | |||
Date of delivery | Sep. 11, 2008 | Sep. 11, 2008 | |||
Date of sale/disposal | Mar. 7, 2014 | Mar. 7, 2014 | |||
Financed by | Piraeus Bank | Piraeus Bank | |||
Harbour Business International Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | British Virgin Islands | British Virgin Islands | ||
Date of incorporation | [2] | Apr. 1, 2008 | Apr. 1, 2008 | ||
Vessel name | Hamburg Max | Hamburg Max | |||
Date of delivery | Sep. 25, 2008 | Sep. 25, 2008 | |||
Date of sale/disposal | Mar. 10, 2014 | Mar. 10, 2014 | |||
Financed by | Piraeus Bank | Piraeus Bank | |||
Waldeck Maritime Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Apr. 21, 2008 | Apr. 21, 2008 | ||
Vessel name | African Zebra | African Zebra | |||
Date of delivery | Sep. 25, 2008 | Sep. 25, 2008 | |||
Date of sale/disposal | Feb. 15, 2012 | Feb. 15, 2012 | |||
Financed by | Piraeus Bank | Piraeus Bank | |||
Maritime Capital Shipping Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Bermuda | Bermuda | ||
Date of incorporation | [2] | Apr. 30, 2007 | Apr. 30, 2007 | ||
Maritime Capital Shipping (HK) Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [1] | Hong Kong | Hong Kong | ||
Date of incorporation | [1] | Jun. 16, 2006 | Jun. 16, 2006 | ||
Maritime Glory Shipping Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | British Virgin Islands | [4] | British Virgin Islands | [5] | |
Date of incorporation | Apr. 8, 2008 | [4] | Apr. 8, 2008 | [5] | |
Vessel name | Clipper Glory | Clipper Glory | |||
Date of delivery | May 21, 2010 | May 21, 2010 | |||
Date of sale/disposal | Dec. 4, 2012 | Dec. 4, 2012 | |||
Financed by | HSBC | HSBC | |||
Maritime Grace Shipping Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | British Virgin Islands | [4] | British Virgin Islands | [5] | |
Date of incorporation | Apr. 8, 2008 | [4] | Apr. 8, 2008 | [5] | |
Vessel name | Clipper Grace | Clipper Grace | |||
Date of delivery | May 21, 2010 | May 21, 2010 | |||
Date of sale/disposal | Oct. 15, 2012 | Oct. 15, 2012 | |||
Financed by | HSBC | HSBC | |||
Atlantic Grace Shipping Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [6] | British Virgin Islands | British Virgin Islands | ||
Date of incorporation | [6] | Oct. 9, 2007 | Oct. 9, 2007 | ||
[1] | Management company | ||||
[2] | Subsidiaries wholly owned | ||||
[3] | Chartering services company | ||||
[4] | Vessel owning subsidiaries owned by Maritime Capital Shipping Limited (or "MCS") | ||||
[5] | Vessel owning subsidiaries owned by MCS | ||||
[6] | Dormant company |
Significant Accounting Polici69
Significant Accounting Policies - 6K (Details) - Sales Revenue [Member] - Customer Concentration Risk [Member] | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 41.00% | 100.00% | 84.00% | 88.00% | 56.00% |
Customer A [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 19.00% | 0.00% | 47.00% | 0.00% | 0.00% |
Customer B [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 12.00% | 0.00% | 15.00% | 0.00% | 0.00% |
Customer C [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 10.00% | 21.00% | 12.00% | 0.00% | 0.00% |
Customer D [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 0.00% | 56.00% | 10.00% | 0.00% | 0.00% |
Customer E [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 0.00% | 23.00% | 0.00% | 59.00% | 18.00% |
Transactions with Related Par70
Transactions with Related Parties, Convertible Promissory Notes - 6K (Details) $ / shares in Units, $ in Thousands | Mar. 12, 2015USD ($)Installment$ / shares | Dec. 31, 2015USD ($) | Sep. 30, 2016USD ($)InstallmentAmendment$ / shares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 16, 2016USD ($) | Dec. 14, 2015USD ($) | Dec. 01, 2015USD ($) | Sep. 07, 2015USD ($)$ / shares |
Applicable Limit [Abstract] | |||||||||||
Beginning balance | $ 178,447 | $ 0 | $ 0 | ||||||||
Additions | 9,400 | 6,800 | 15,765 | $ 0 | $ 0 | ||||||
Ending balance | $ 178,447 | 178,064 | 178,447 | 0 | |||||||
Accumulated Deficit [Abstract] | |||||||||||
Amortization of debt discount | 688 | 227 | 334 | 0 | 0 | ||||||
Partial extinguishment of debt | 0 | 200 | 200 | 0 | 0 | ||||||
Debt [Abstract] | |||||||||||
Partial extinguishment of debt | 0 | (200) | (200) | 0 | 0 | ||||||
Additional Paid-in Capital [Abstract] | |||||||||||
Intrinsic value of BCF | 6,800 | 15,765 | |||||||||
Intrinsic value of BCF | 9,400 | ||||||||||
Consideration allocated to repurchase of BCF | 0 | 200 | 200 | 0 | $ 0 | ||||||
Unsecured Convertible Promissory Note [Member] | |||||||||||
Convertible Promissory Notes [Abstract] | |||||||||||
Convertible promissory notes | 4,000 | 4,000 | |||||||||
Applicable Limit [Abstract] | |||||||||||
Beginning balance | 4,000 | 0 | 0 | ||||||||
Additions | 4,000 | ||||||||||
Ending balance | 4,000 | 4,000 | 4,000 | 4,000 | 0 | ||||||
Debt Discount [Abstract] | |||||||||||
Beginning balance | (4,000) | 0 | 0 | ||||||||
Additions | (4,000) | ||||||||||
Ending balance | (4,000) | (4,000) | (4,000) | (4,000) | 0 | ||||||
Accumulated Deficit [Abstract] | |||||||||||
Beginning balance | 103 | 0 | 0 | ||||||||
Amortization of debt discount | 78 | 222 | 225 | 303 | |||||||
Partial extinguishment of debt | (200) | (200) | |||||||||
Ending balance | 103 | 325 | 25 | 103 | 0 | ||||||
Debt [Abstract] | |||||||||||
Beginning balance | 103 | 0 | 0 | ||||||||
Amortization (Note 12) | 78 | 222 | 225 | ||||||||
Partial extinguishment of debt | (200) | (200) | |||||||||
Ending balance | 103 | 325 | 25 | 103 | 0 | ||||||
Additional Paid-in Capital [Abstract] | |||||||||||
Beginning balance | 3,800 | 0 | 0 | ||||||||
Intrinsic value of BCF | 4,000 | ||||||||||
Consideration allocated to repurchase of BCF | (200) | (200) | |||||||||
Ending balance | 3,800 | 3,800 | 3,800 | 0 | |||||||
Unsecured Revolving Convertible Promissory Note [Member] | |||||||||||
Convertible Promissory Notes [Abstract] | |||||||||||
Convertible promissory notes | 11,765 | 11,765 | |||||||||
Applicable Limit [Abstract] | |||||||||||
Beginning balance | 11,765 | 0 | 0 | ||||||||
Additions | 8,965 | 9,400 | 2,800 | ||||||||
Ending balance | 11,765 | 21,165 | 2,800 | 11,765 | 0 | ||||||
Debt Discount [Abstract] | |||||||||||
Beginning balance | (11,765) | 0 | 0 | ||||||||
Additions | (8,965) | (9,400) | (2,800) | ||||||||
Ending balance | (11,765) | (21,165) | (2,800) | (11,765) | 0 | ||||||
Accumulated Deficit [Abstract] | |||||||||||
Beginning balance | 31 | 0 | 0 | ||||||||
Amortization of debt discount | 29 | 466 | 2 | 31 | |||||||
Ending balance | 31 | 497 | 2 | 31 | 0 | ||||||
Debt [Abstract] | |||||||||||
Beginning balance | 31 | 0 | 0 | ||||||||
Amortization (Note 12) | 29 | 466 | 2 | ||||||||
Ending balance | 31 | 497 | 2 | 31 | 0 | ||||||
Additional Paid-in Capital [Abstract] | |||||||||||
Beginning balance | 11,765 | $ 0 | 0 | ||||||||
Intrinsic value of BCF | 11,765 | ||||||||||
Intrinsic value of BCF | 9,400 | ||||||||||
Ending balance | $ 11,765 | $ 21,165 | $ 11,765 | $ 0 | |||||||
Jelco [Member] | Unsecured Convertible Promissory Note [Member] | |||||||||||
Convertible Promissory Notes [Abstract] | |||||||||||
Convertible promissory notes | $ 4,000 | ||||||||||
Number of consecutive payment installments | Installment | 10 | 10 | |||||||||
Frequency of periodic payment | Semi-annual | ||||||||||
Installment payment | $ 200 | $ 200 | |||||||||
Balloon payment | $ 2,000 | $ 2,000 | |||||||||
Maturity date | Mar. 19, 2020 | Mar. 19, 2020 | |||||||||
Conversion price of convertible notes into common stock (in dollars per share) | $ / shares | $ 0.90 | $ 0.90 | |||||||||
Jelco [Member] | Unsecured Convertible Promissory Note [Member] | Maximum [Member] | |||||||||||
Convertible Promissory Notes [Abstract] | |||||||||||
Number of consecutive payment installments that can be deferred | Installment | 3 | 3 | |||||||||
Jelco [Member] | Unsecured Revolving Convertible Promissory Note [Member] | |||||||||||
Convertible Promissory Notes [Abstract] | |||||||||||
Conversion price of convertible notes into common stock (in dollars per share) | $ / shares | $ 0.90 | ||||||||||
Additional Paid-in Capital [Abstract] | |||||||||||
Maximum principal amount available to be drawn | $ 21,165 | $ 11,765 | $ 9,765 | $ 6,765 | |||||||
Decrease in Applicable Limit | $ (3,100) | $ (2,000) | $ (1,000) | ||||||||
Number of amendments | Amendment | 7 | ||||||||||
Jelco [Member] | Unsecured Revolving Convertible Promissory Note [Member] | Maximum [Member] | |||||||||||
Additional Paid-in Capital [Abstract] | |||||||||||
Tenor of note | 5 years | 5 years |
Transactions with Related Par71
Transactions with Related Parties, Vessel Acquisitions - 6K (Details) | Aug. 06, 2015Vessel | Sep. 30, 2016t | Dec. 31, 2015Vesselt |
Vessel Acquisitions [Abstract] | |||
Number of vessels acquired | Vessel | 8 | ||
Drybulk Vessel [Member] | |||
Vessel Acquisitions [Abstract] | |||
Number of vessels acquired | Vessel | 7 | ||
Capesize Vessel [Member] | |||
Vessel Acquisitions [Abstract] | |||
Number of vessels acquired | Vessel | 5 | ||
Supramax Vessel [Member] | |||
Vessel Acquisitions [Abstract] | |||
Number of vessels acquired | Vessel | 2 | ||
Premiership [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Sep. 11, 2015 | Sep. 11, 2015 | |
Vessel class | Capesize | Capesize | |
Dead weight tonnage | 170,024 | 170,024 | |
Year built | 2,010 | 2,010 | |
Gladiatorship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Sep. 29, 2015 | Sep. 29, 2015 | |
Vessel class | Supramax | Supramax | |
Dead weight tonnage | 56,819 | 56,819 | |
Year built | 2,010 | 2,010 | |
Geniuship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Oct. 13, 2015 | Oct. 13, 2015 | |
Vessel class | Capesize | Capesize | |
Dead weight tonnage | 170,057 | 170,057 | |
Year built | 2,010 | 2,010 | |
Guardianship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Oct. 21, 2015 | Oct. 21, 2015 | |
Vessel class | Supramax | Supramax | |
Dead weight tonnage | 56,884 | 56,884 | |
Year built | 2,011 | 2,011 | |
Gloriuship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Nov. 3, 2015 | Nov. 3, 2015 | |
Vessel class | Capesize | Capesize | |
Dead weight tonnage | 171,314 | 171,314 | |
Year built | 2,004 | 2,004 | |
Squireship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Nov. 10, 2015 | Nov. 10, 2015 | |
Vessel class | Capesize | Capesize | |
Dead weight tonnage | 170,018 | 170,018 | |
Year built | 2,010 | 2,010 | |
Championship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Dec. 7, 2015 | Dec. 7, 2015 | |
Vessel class | Capesize | Capesize | |
Dead weight tonnage | 179,238 | 179,238 | |
Year built | 2,011 | 2,011 |
Transactions with Related Par72
Transactions with Related Parties, Property Lease Agreement - 6K (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Lease Agreement [Abstract] | |||||
General and administration expenses | $ 0 | $ 70 | $ 70 | $ 309 | $ 412 |
Waterfront S.A. [Member] | Rent Expense for Property Lease Agreement for Executive Offices [Member] | |||||
Property Lease Agreement [Abstract] | |||||
General and administration expenses | $ 0 | $ 70 | $ 70 | $ 309 | $ 412 |
Inventories - 6K (Details)
Inventories - 6K (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | |||
Inventories | $ 2,970 | $ 2,980 | $ 0 |
Lubricants [Member] | |||
Inventories [Abstract] | |||
Inventories | 441 | 739 | 0 |
Bunkers [Member] | |||
Inventories [Abstract] | |||
Inventories | $ 2,529 | $ 2,241 | $ 0 |
Other Current Assets - 6K (Deta
Other Current Assets - 6K (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Other Current Assets [Abstract] | |||
Prepaid expenses | $ 432 | $ 476 | $ 78 |
Insurance claims | 0 | 14 | 22 |
Other | 65 | 167 | 204 |
Total | $ 497 | $ 657 | $ 304 |
Vessels, Net - 6K (Details)
Vessels, Net - 6K (Details) $ in Thousands | Nov. 30, 2016USD ($)t | Sep. 26, 2016USD ($)Vessel | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Accumulated Depreciation [Abstract] | |||||||
Additions | $ (6,317) | $ (342) | $ (1,865) | $ (3) | $ (982) | ||
Net book value | 193,563 | 199,880 | 61 | ||||
Vessel Acquisition [Abstract] | |||||||
Cash paid for acquired vessel | 0 | 63,424 | 201,684 | 0 | 0 | ||
Lordship [Member] | Subsequent Event [Member] | |||||||
Vessel Acquisition [Abstract] | |||||||
Dead weight tonnage | t | 178,838 | ||||||
Cash paid for acquired vessel | $ 3,000 | ||||||
Lordship [Member] | NSF Secured Term Loan Facility [Member] | Subsequent Event [Member] | |||||||
Vessel Acquisition [Abstract] | |||||||
Loan issued for acquired vessel | 7,500 | ||||||
Lordship [Member] | Jelco Loan Facility [Member] | Subsequent Event [Member] | |||||||
Vessel Acquisition [Abstract] | |||||||
Loan issued for acquired vessel | $ 10,250 | ||||||
Vessels [Member] | |||||||
Cost [Abstract] | |||||||
Beginning balance | 201,684 | 0 | 0 | 0 | |||
Additions | 0 | 201,684 | 0 | ||||
Ending balance | 201,684 | 201,684 | 0 | 0 | |||
Accumulated Depreciation [Abstract] | |||||||
Beginning balance | (1,844) | $ 0 | 0 | 0 | |||
Additions | (6,301) | (1,844) | 0 | ||||
Ending balance | (8,145) | (1,844) | 0 | $ 0 | |||
Net book value | $ 193,539 | $ 199,840 | $ 0 | ||||
Capesize Vessel [Member] | |||||||
Vessel Acquisition [Abstract] | |||||||
Number of vessels to be acquired | Vessel | 2 | ||||||
Purchase price per vessel | $ 20,750 |
Long-Term Debt, Summary of Long
Long-Term Debt, Summary of Long-Term Debt - 6K (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Long-Term Debt [Abstract] | |||
Secured loan facilities | $ 178,064 | $ 178,447 | $ 0 |
Less: Deferred financing costs | (856) | (942) | 0 |
Total | 177,208 | 177,505 | 0 |
Less-current portion | (6,583) | (718) | 0 |
Long-term portion | $ 170,625 | $ 176,787 | $ 0 |
Long-Term Debt, Secured Credit
Long-Term Debt, Secured Credit Facilities - 6K (Details) $ in Thousands | Jul. 28, 2016Installment | Dec. 07, 2015USD ($) | Dec. 02, 2015USD ($)Installment | Nov. 10, 2015USD ($) | Nov. 04, 2015USD ($)Installment | Nov. 03, 2015USD ($) | Oct. 21, 2015USD ($) | Oct. 13, 2015USD ($) | Sep. 29, 2015USD ($) | Sep. 11, 2015USD ($)VesselInstallmentTranche | Sep. 01, 2015USD ($)VesselInstallmentAdvanceTranche | Mar. 17, 2015USD ($) | Mar. 06, 2015USD ($)Installment | Sep. 30, 2016USD ($)InstallmentFacility | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)InstallmentFacility | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Proceeds from draw down | $ 0 | $ 47,813 | $ 179,047 | $ 0 | $ 0 | |||||||||||||
Long-term portion | $ 170,625 | $ 176,787 | $ 0 | |||||||||||||||
Number of facilities guaranteed by Seanergy Maritime Holdings Corp. | Facility | 5 | 5 | ||||||||||||||||
Loan Agreement dated March 6, 2015 [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Maximum borrowing capacity | $ 8,750 | |||||||||||||||||
Proceeds from draw down | $ 8,750 | |||||||||||||||||
Number of consecutive payment installments | Installment | 20 | |||||||||||||||||
Frequency of periodic payment | Quarterly | Quarterly | ||||||||||||||||
Balloon payment | $ 3,950 | |||||||||||||||||
Maturity date | Mar. 17, 2020 | Mar. 17, 2020 | ||||||||||||||||
Term to meet consolidated installment and debt interest payments | 18 months | 18 months | ||||||||||||||||
Number of installments paid | Installment | 6 | 3 | ||||||||||||||||
Number of consecutive payment installments that can be partially deferred | Installment | 4 | |||||||||||||||||
Long-term portion | $ 450 | |||||||||||||||||
Loan Agreement dated March 6, 2015 [Member] | Maximum [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Percentage of net income limit for declaring dividends | 50.00% | |||||||||||||||||
Loan Agreement dated March 6, 2015 [Member] | LIBOR [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Margin on variable rate | 3.75% | |||||||||||||||||
Loan Agreement dated March 6, 2015 [Member] | First Year [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Number of consecutive payment installments | Installment | 4 | |||||||||||||||||
Installment payment | $ 200 | |||||||||||||||||
Loan Agreement dated March 6, 2015 [Member] | After First Year [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Number of consecutive payment installments | Installment | 16 | |||||||||||||||||
Installment payment | $ 250 | |||||||||||||||||
Loan Agreement dated September 1, 2015 [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Maximum borrowing capacity | $ 44,430 | |||||||||||||||||
Proceeds from draw down | $ 16,833 | $ 27,597 | ||||||||||||||||
Number of consecutive payment installments | Installment | 12 | |||||||||||||||||
Frequency of periodic payment | Quarterly | Quarterly | ||||||||||||||||
Installment payment | $ 1,049 | |||||||||||||||||
Balloon payment | $ 31,837 | |||||||||||||||||
Maturity date | Jun. 30, 2020 | Jun. 30, 2020 | ||||||||||||||||
Number of advances | Advance | 2 | |||||||||||||||||
Number of tranches per advance | Tranche | 2 | |||||||||||||||||
Number of vessels secured by first priority mortgage | Vessel | 2 | |||||||||||||||||
Loan Agreement dated September 1, 2015 [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Margin on variable rate | 3.25% | |||||||||||||||||
Loan Agreement dated September 1, 2015 [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Margin on variable rate | 3.60% | |||||||||||||||||
Loan Agreement dated September 11, 2015 [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Maximum borrowing capacity | $ 52,705 | |||||||||||||||||
Proceeds from draw down | $ 13,642 | $ 13,643 | $ 25,420 | |||||||||||||||
Number of consecutive payment installments | Installment | 15 | |||||||||||||||||
Frequency of periodic payment | Quarterly | Quarterly | ||||||||||||||||
Installment payment | $ 1,552 | |||||||||||||||||
Balloon payment | $ 29,425 | |||||||||||||||||
Maturity date | Dec. 28, 2020 | Dec. 28, 2020 | ||||||||||||||||
Number of vessels secured by first priority mortgage | Vessel | 3 | |||||||||||||||||
Number of tranches | Tranche | 3 | |||||||||||||||||
Value to loan ratio, first threshold | 125.00% | |||||||||||||||||
Value to loan ratio, second threshold | 166.67% | |||||||||||||||||
Commitment fee percentage | 1.00% | |||||||||||||||||
Commitment fee | $ 22 | |||||||||||||||||
Loan Agreement dated September 11, 2015 [Member] | LIBOR [Member] | Loan to Value Ratio Less than 125% [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Margin on variable rate | 3.20% | |||||||||||||||||
Loan Agreement dated September 11, 2015 [Member] | LIBOR [Member] | Loan to Value Ratio Between 125% and 166.67% [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Margin on variable rate | 3.00% | |||||||||||||||||
Loan Agreement dated September 11, 2015 [Member] | LIBOR [Member] | Loan to Value Ratio Greater than 166.67% [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Margin on variable rate | 2.75% | |||||||||||||||||
Loan Agreement dated November 4, 2015 [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Maximum borrowing capacity | $ 33,750 | |||||||||||||||||
Proceeds from draw down | $ 33,750 | |||||||||||||||||
Number of consecutive payment installments | Installment | 16 | |||||||||||||||||
Frequency of periodic payment | Quarterly | Quarterly | ||||||||||||||||
Installment payment | $ 844 | |||||||||||||||||
Balloon payment | $ 20,250 | |||||||||||||||||
Maturity date | Nov. 10, 2021 | Nov. 10, 2021 | ||||||||||||||||
Term to meet consolidated installment and debt interest payments | 18 months | 18 months | ||||||||||||||||
Loan Agreement dated November 4, 2015 [Member] | Maximum [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Percentage of net income limit for declaring dividends | 50.00% | |||||||||||||||||
Loan Agreement dated November 4, 2015 [Member] | LIBOR [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Margin on variable rate | 3.50% | |||||||||||||||||
Loan Agreement dated December 2, 2015 [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Maximum borrowing capacity | $ 39,412 | |||||||||||||||||
Proceeds from draw down | $ 39,412 | |||||||||||||||||
Number of consecutive payment installments | Installment | 15 | |||||||||||||||||
Frequency of periodic payment | Quarterly | Quarterly | ||||||||||||||||
Installment payment | $ 985 | |||||||||||||||||
Balloon payment | $ 24,637 | |||||||||||||||||
Maturity date | Feb. 26, 2021 | Feb. 26, 2021 | ||||||||||||||||
Margin on variable rate | 2.50% | |||||||||||||||||
Loan Agreement dated December 2, 2015 [Member] | LIBOR [Member] | ||||||||||||||||||
Secured Credit Facilities [Abstract] | ||||||||||||||||||
Margin on variable rate | 2.50% |
Long-Term Debt, Maturities of L
Long-Term Debt, Maturities of Long-Term Debt - 6K (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Annual Principal Payments [Abstract] | |||
September 30, 2017 | $ 6,840 | $ 950 | |
September 30, 2018 | 20,877 | 10,710 | |
September 30, 2019 | 18,721 | 18,721 | |
September 30, 2020 | 50,558 | 18,721 | |
September 30, 2021 | 59,974 | 81,083 | |
Thereafter | 21,094 | 48,262 | |
Total | $ 178,064 | $ 178,447 | $ 0 |
Trade Accounts and Other Paya79
Trade Accounts and Other Payables - 6K (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Trade Accounts and Other Payables [Abstract] | |||
Creditors | $ 4,636 | $ 5,710 | $ 184 |
Insurances | 108 | 162 | 3 |
Other | 33 | 107 | 77 |
Total | $ 4,777 | $ 5,979 | $ 264 |
Capital Structure - 6K (Details
Capital Structure - 6K (Details) $ / shares in Units, $ in Thousands | Nov. 23, 2016USD ($)$ / sharesshares | Aug. 10, 2016USD ($)$ / sharesshares | Jan. 08, 2016 | Oct. 21, 2015USD ($)shares | Sep. 29, 2015USD ($)shares | Sep. 11, 2015USD ($)shares | Mar. 12, 2015USD ($)$ / sharesshares | Dec. 19, 2014USD ($)$ / sharesshares | Oct. 21, 2015USD ($)Trancheshares | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 07, 2015$ / shares |
Common Stock [Abstract] | |||||||||||||||
Issuance of common stock (in shares) | shares | 1,180,000 | ||||||||||||||
Reverse stock split ratio | 0.2 | ||||||||||||||
Net proceeds from issuance of common stock | $ | $ 4,080 | $ 4,080 | $ 10,691 | $ 13,820 | $ 3,204 | $ 0 | |||||||||
Price per share (in dollars per share) | $ / shares | $ 4.15 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of common stock (in shares) | shares | 1,305,000 | ||||||||||||||
Reverse stock split ratio | 0.2 | ||||||||||||||
Net proceeds from issuance of common stock | $ | $ 3,200 | ||||||||||||||
Price per share (in dollars per share) | $ / shares | $ 2.75 | ||||||||||||||
Jelco [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of common stock (in shares) | shares | 3,476,520 | 2,655,740 | 3,889,980 | 5,000,100 | 888,000 | 10,022,240 | |||||||||
Net proceeds from issuance of common stock | $ | $ 3,129 | $ 2,390 | $ 3,501 | $ 4,500 | $ 1,110 | $ 9,020 | |||||||||
Price per share (in dollars per share) | $ / shares | $ 0.90 | $ 1.25 | $ 0.90 | ||||||||||||
Number of tranches | Tranche | 3 | ||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Issuance of common stock (in shares) | shares | 333,400 | ||||||||||||||
Net proceeds from issuance of common stock | $ | $ 300 | ||||||||||||||
Price per share (in dollars per share) | $ / shares | $ 0.90 |
Interest and Finance Costs - 81
Interest and Finance Costs - 6K (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and Finance Costs [Abstract] | |||||
Interest on long-term debt | $ 5,008 | $ 241 | $ 1,353 | $ 811 | $ 5,075 |
Amortization of debt issuance costs | 186 | 23 | 72 | 0 | 1,090 |
Other | 11 | 16 | 35 | 10 | 80 |
Total | 5,205 | 280 | 1,460 | 1,463 | 8,389 |
Interest and Finance Costs - Related Party [Abstract] | |||||
Convertible notes interest expense | 924 | 119 | 265 | 0 | 0 |
Convertible notes amortization of debt discount | 688 | 227 | 334 | 0 | 0 |
Gain on extinguishment of convertible notes | 0 | (200) | (200) | 0 | 0 |
Total | $ 1,612 | $ 146 | $ 399 | $ 0 | $ 0 |
Losses per Share - 6K (Details)
Losses per Share - 6K (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings per Share [Abstract] | |||||
Net loss | $ (17,730) | $ (3,105) | $ (8,956) | $ 80,348 | $ 10,907 |
Weighted average common shares outstanding - basic and diluted (in shares) | 19,594,354 | 8,130,931 | |||
Net loss per common share - basic and diluted (in dollars per share) | $ (0.90) | $ (0.38) | $ (0.83) | $ 30.06 | $ 4.56 |
Losses per Share [Abstract] | |||||
Antidilutive securities not included in computation of diluted EPS (in shares) | 27,882,890 | 7,333,333 | 17,446,444 | 15,185 | 15,185 |
Non-vested Equity Incentive Plan Shares [Member] | |||||
Losses per Share [Abstract] | |||||
Antidilutive securities not included in computation of diluted EPS (in shares) | 144,000 | 0 | 152,000 | 0 | 0 |
Convertible Promissory Note Shares [Member] | |||||
Losses per Share [Abstract] | |||||
Antidilutive securities not included in computation of diluted EPS (in shares) | 27,738,890 | 7,333,333 | 17,294,444 | 0 | 0 |
Equity Incentive Plan - 6K (Det
Equity Incentive Plan - 6K (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 03, 2016 | Oct. 01, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Equity Incentive Plan [Abstract] | |||||||
Unrecognized cost for non-vested shares | $ 374 | $ 521 | $ 0 | ||||
2011 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares granted (in shares) | 189,000 | ||||||
Fair value of equity incentive plan per share (in dollars per share) | $ 3.70 | ||||||
2011 Equity Incentive Plan [Member] | Restricted Stock [Member] | Certain Other Employees [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares granted (in shares) | 153,000 | ||||||
Vesting period | 3 years | ||||||
Shares vested (in shares) | 25,000 | ||||||
Shares cancelled (in shares) | 8,000 | ||||||
2011 Equity Incentive Plan [Member] | Restricted Stock [Member] | Certain Other Employees [Member] | Vesting October 1, 2016 [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares outstanding (in shares) | 31,000 | ||||||
2011 Equity Incentive Plan [Member] | Restricted Stock [Member] | Certain Other Employees [Member] | Vesting October 1, 2017 [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares outstanding (in shares) | 42,000 | ||||||
2011 Equity Incentive Plan [Member] | Restricted Stock [Member] | Certain Other Employees [Member] | Vesting October 1, 2018 [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares outstanding (in shares) | 47,000 | ||||||
2011 Equity Incentive Plan [Member] | Restricted Stock [Member] | Board of Directors [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares granted (in shares) | 36,000 | ||||||
Vesting period | 2 years | ||||||
Shares vested (in shares) | 12,000 | ||||||
2011 Equity Incentive Plan [Member] | Restricted Stock [Member] | Board of Directors [Member] | Vesting October 1, 2016 [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares outstanding (in shares) | 12,000 | ||||||
2011 Equity Incentive Plan [Member] | Restricted Stock [Member] | Board of Directors [Member] | Vesting October 1, 2017 [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Shares outstanding (in shares) | 12,000 | ||||||
General and Administrative Expense [Member] | |||||||
Equity Incentive Plan [Abstract] | |||||||
Share-based compensation expense | $ 119 | $ 0 | $ 178 | $ 0 | $ 15 |
Subsequent Events - 6K (Details
Subsequent Events - 6K (Details) $ / shares in Units, $ in Thousands | Nov. 30, 2016USD ($)t | Nov. 28, 2016USD ($)InstallmentExtension | Nov. 23, 2016USD ($)$ / sharesshares | Aug. 10, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / shares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) | Oct. 28, 2016$ / shares | Oct. 04, 2016USD ($) | Sep. 26, 2016Vessel |
Secured Loan Facilities [Abstract] | ||||||||||||
Proceeds from draw down | $ 0 | $ 47,813 | $ 179,047 | $ 0 | $ 0 | |||||||
Common Stock [Abstract] | ||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Issuance of common stock (in shares) | shares | 1,180,000 | |||||||||||
Price per share (in dollars per share) | $ / shares | $ 4.15 | |||||||||||
Net proceeds from direct offering | $ 4,080 | $ 4,080 | 10,691 | $ 13,820 | $ 3,204 | 0 | ||||||
Vessel Acquisition [Abstract] | ||||||||||||
Cash paid for acquired vessel | $ 0 | $ 63,424 | $ 201,684 | $ 0 | $ 0 | |||||||
Capesize Vessel [Member] | ||||||||||||
Secured Loan Facilities [Abstract] | ||||||||||||
Number of vessels to be acquired | Vessel | 2 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Common Stock [Abstract] | ||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |||||||||||
Issuance of common stock (in shares) | shares | 1,305,000 | |||||||||||
Price per share (in dollars per share) | $ / shares | $ 2.75 | |||||||||||
Net proceeds from direct offering | $ 3,200 | |||||||||||
Subsequent Event [Member] | Jelco Loan Facility [Member] | ||||||||||||
Secured Loan Facilities [Abstract] | ||||||||||||
Face amount | $ 4,150 | |||||||||||
Maximum borrowing capacity | $ 12,800 | |||||||||||
Proceeds from draw down | 8,650 | |||||||||||
Subsequent Event [Member] | NSF Secured Term Loan Facility [Member] | ||||||||||||
Secured Loan Facilities [Abstract] | ||||||||||||
Face amount | 32,000 | |||||||||||
Proceeds from draw down | $ 7,500 | |||||||||||
Interest rate | 11.00% | |||||||||||
Number of consecutive payment installments | Installment | 4 | |||||||||||
Frequency of periodic payment | Quarterly | |||||||||||
Installment payment | $ 900 | |||||||||||
Balloon payment | $ 28,400 | |||||||||||
Initial termination date | Dec. 31, 2019 | |||||||||||
Term of extension | 1 year | |||||||||||
Extension fee percentage | 1.75% | |||||||||||
Subsequent Event [Member] | NSF Secured Term Loan Facility [Member] | Minimum [Member] | ||||||||||||
Secured Loan Facilities [Abstract] | ||||||||||||
Number of allowed extensions | Extension | 1 | |||||||||||
Subsequent Event [Member] | NSF Secured Term Loan Facility [Member] | Maximum [Member] | ||||||||||||
Secured Loan Facilities [Abstract] | ||||||||||||
Number of allowed extensions | Extension | 2 | |||||||||||
Subsequent Event [Member] | Lordship [Member] | ||||||||||||
Vessel Acquisition [Abstract] | ||||||||||||
Dead weight tonnage | t | 178,838 | |||||||||||
Cash paid for acquired vessel | $ 3,000 | |||||||||||
Margin on index-linked charter rate | 6.00% | |||||||||||
Subsequent Event [Member] | Lordship [Member] | Minimum [Member] | ||||||||||||
Vessel Acquisition [Abstract] | ||||||||||||
Term of charter for acquired vessel | 11 months | |||||||||||
Subsequent Event [Member] | Lordship [Member] | Maximum [Member] | ||||||||||||
Vessel Acquisition [Abstract] | ||||||||||||
Term of charter for acquired vessel | 13 months | |||||||||||
Subsequent Event [Member] | Lordship [Member] | Jelco Loan Facility [Member] | ||||||||||||
Vessel Acquisition [Abstract] | ||||||||||||
Loan issued for acquired vessel | $ 10,250 | |||||||||||
Subsequent Event [Member] | Lordship [Member] | NSF Secured Term Loan Facility [Member] | ||||||||||||
Vessel Acquisition [Abstract] | ||||||||||||
Loan issued for acquired vessel | $ 7,500 |
Basis of Presentation and Gen85
Basis of Presentation and General Information - 20F (Details) | Jan. 08, 2016shares | Sep. 30, 2016 | Dec. 31, 2015 |
Basis of Presentation and General Information [Abstract] | |||
Country of incorporation | Republic of the Marshall Islands | Republic of the Marshall Islands | |
Date of incorporation | Jan. 4, 2008 | Jan. 4, 2008 | |
Reverse stock split ratio | 0.2 | ||
Fractional shares issued (in shares) | 181 |
Basis of Presentation and Gen86
Basis of Presentation and General Information, Disposal of Subsidiaries - 20F (Details) $ in Thousands | Jul. 19, 2013 | Jan. 29, 2013 | Dec. 31, 2013USD ($)Entity |
Four Subsidiaries under DVB Facility [Member] | |||
Disposal of Subsidiaries [Abstract] | |||
Percentage in subsidiary sold | 100.00% | ||
Number of subsidiaries in which ownership interest sold | Entity | 4 | ||
Gain from sale of subsidiaries | $ | $ 5,538 | ||
Three Subsidiaries under UOB Facility [Member] | |||
Disposal of Subsidiaries [Abstract] | |||
Percentage in subsidiary sold | 100.00% | ||
Number of subsidiaries in which ownership interest sold | Entity | 3 | ||
Gain from sale of subsidiaries | $ | $ 20,181 |
Basis of Presentation and Gen87
Basis of Presentation and General Information, Disposal of Vessels - 20F (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014USD ($)Vessel | Mar. 11, 2014USD ($)Vessel | |
Basis of Presentation and General Information [Abstract] | ||
Number of remaining vessels for sale | Vessel | 4 | |
Outstanding debt and accrued interest | $ | $ 145,597 | |
Number of vessels sold | Vessel | 4 | |
Gain from sale of vessels | $ | $ 85,563 |
Basis of Presentation and Gen88
Basis of Presentation and General Information, Vessels Acquisitions - 20F (Details) | Aug. 06, 2015Vessel | Mar. 19, 2015t | Dec. 23, 2014t | Dec. 31, 2015Vessel |
Vessel Acquisitions [Abstract] | ||||
Number of vessels acquired | 8 | |||
Leadership [Member] | ||||
Vessel Acquisitions [Abstract] | ||||
Dead weight tonnage | t | 171,199 | 171,199 | ||
Dry Bulk Vessel [Member] | ||||
Vessel Acquisitions [Abstract] | ||||
Number of vessels acquired | 7 |
Basis of Presentation and Gen89
Basis of Presentation and General Information, Going Concern - 20F (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Vessel | Sep. 30, 2016USD ($) | |
Basis of Presentation and General Information [Abstract] | ||
Number of vessels acquired | Vessel | 8 | |
Basis of Presentation and General Information [Abstract] | ||
Scheduled debt installment payments for next twelve months | $ 950 | $ 6,840 |
Alpha Bank [Member] | ||
Basis of Presentation and General Information [Abstract] | ||
Scheduled debt installment payments for next twelve months | $ 1,000 |
Basis of Presentation and Gen90
Basis of Presentation and General Information, Subsidiaries in Consolidation - 20F (Details) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | ||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | Republic of the Marshall Islands | Republic of the Marshall Islands | |||
Date of incorporation | Jan. 4, 2008 | Jan. 4, 2008 | |||
Seanergy Management Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [1],[2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [1],[2] | May 9, 2008 | May 9, 2008 | ||
Seanergy Shipmanagement Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [1],[2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [1],[2] | Sep. 16, 2014 | Sep. 16, 2014 | ||
Sea Glorius Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Sep. 16, 2014 | Sep. 16, 2014 | ||
Vessel name | Gloriuship | Gloriuship | |||
Date of delivery | Nov. 3, 2015 | Nov. 3, 2015 | |||
Financier of vessel | HSH Nordbank AG | HSH Nordbank AG | |||
Sea Genius Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Sep. 16, 2014 | Sep. 16, 2014 | ||
Vessel name | Geniuship | Geniuship | |||
Date of delivery | Oct. 13, 2015 | Oct. 13, 2015 | |||
Financier of vessel | HSH Nordbank AG | HSH Nordbank AG | |||
Leader Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Jan. 15, 2015 | Jan. 15, 2015 | ||
Vessel name | Leadership | Leadership | |||
Date of delivery | Mar. 19, 2015 | Mar. 19, 2015 | |||
Financier of vessel | Alpha Bank A.E. | Alpha Bank A.E. | |||
Premier Marine Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Jul. 9, 2015 | Jul. 9, 2015 | ||
Vessel name | Premiership | Premiership | |||
Date of delivery | Sep. 11, 2015 | Sep. 11, 2015 | |||
Financier of vessel | UniCredit Bank AG | UniCredit Bank AG | |||
Gladiator Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Jul. 9, 2015 | Jul. 9, 2015 | ||
Vessel name | Gladiatorship | Gladiatorship | |||
Date of delivery | Sep. 29, 2015 | Sep. 29, 2015 | |||
Financier of vessel | UniCredit Bank AG | UniCredit Bank AG | |||
Guardian Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Jul. 9, 2015 | Jul. 9, 2015 | ||
Vessel name | Guardianship | Guardianship | |||
Date of delivery | Oct. 21, 2015 | Oct. 21, 2015 | |||
Financier of vessel | UniCredit Bank AG | UniCredit Bank AG | |||
Champion Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Liberia | Liberia | ||
Date of incorporation | [2] | Aug. 6, 2015 | Aug. 6, 2015 | ||
Vessel name | Championship | Championship | |||
Date of delivery | Dec. 7, 2015 | Dec. 7, 2015 | |||
Financier of vessel | Natixis | Natixis | |||
Squire Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Liberia | Liberia | ||
Date of incorporation | [2] | Aug. 6, 2015 | Aug. 6, 2015 | ||
Vessel name | Squireship | Squireship | |||
Date of delivery | Nov. 10, 2015 | Nov. 10, 2015 | |||
Financier of vessel | Alpha Bank A.E. | Alpha Bank A.E. | |||
Pembroke Chartering Services Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [3] | Malta | Malta | ||
Date of incorporation | [3] | Dec. 2, 2015 | Dec. 2, 2015 | ||
Amazons Management Inc. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Apr. 21, 2008 | Apr. 21, 2008 | ||
Vessel name | Davakis G. | Davakis G. | |||
Date of delivery | Aug. 28, 2008 | Aug. 28, 2008 | |||
Date of sale/disposal | Mar. 6, 2014 | Mar. 6, 2014 | |||
Financier of vessel | Piraeus Bank | Piraeus Bank | |||
Lagoon Shipholding Ltd. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Apr. 21, 2008 | Apr. 21, 2008 | ||
Vessel name | Delos Ranger | Delos Ranger | |||
Date of delivery | Aug. 28, 2008 | Aug. 28, 2008 | |||
Date of sale/disposal | Mar. 11, 2014 | Mar. 11, 2014 | |||
Financier of vessel | Piraeus Bank | Piraeus Bank | |||
Cynthera Navigation Ltd. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Mar. 18, 2008 | Mar. 18, 2008 | ||
Vessel name | African Oryx | African Oryx | |||
Date of delivery | Aug. 28, 2008 | Aug. 28, 2008 | |||
Date of sale/disposal | Apr. 10, 2013 | Apr. 10, 2013 | |||
Financier of vessel | Piraeus Bank | Piraeus Bank | |||
Martinique International Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | British Virgin Islands | British Virgin Islands | ||
Date of incorporation | [2] | May 14, 2008 | May 14, 2008 | ||
Vessel name | Bremen Max | Bremen Max | |||
Date of delivery | Sep. 11, 2008 | Sep. 11, 2008 | |||
Date of sale/disposal | Mar. 7, 2014 | Mar. 7, 2014 | |||
Financier of vessel | Piraeus Bank | Piraeus Bank | |||
Harbour Business International Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | British Virgin Islands | British Virgin Islands | ||
Date of incorporation | [2] | Apr. 1, 2008 | Apr. 1, 2008 | ||
Vessel name | Hamburg Max | Hamburg Max | |||
Date of delivery | Sep. 25, 2008 | Sep. 25, 2008 | |||
Date of sale/disposal | Mar. 10, 2014 | Mar. 10, 2014 | |||
Financier of vessel | Piraeus Bank | Piraeus Bank | |||
Waldeck Maritime Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Marshall Islands | Marshall Islands | ||
Date of incorporation | [2] | Apr. 21, 2008 | Apr. 21, 2008 | ||
Vessel name | African Zebra | African Zebra | |||
Date of delivery | Sep. 25, 2008 | Sep. 25, 2008 | |||
Date of sale/disposal | Feb. 15, 2012 | Feb. 15, 2012 | |||
Financier of vessel | Piraeus Bank | Piraeus Bank | |||
Maritime Capital Shipping Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | Bermuda | Bermuda | ||
Date of incorporation | [2] | Apr. 30, 2007 | Apr. 30, 2007 | ||
Maritime Capital Shipping (HK) Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [1] | Hong Kong | Hong Kong | ||
Date of incorporation | [1] | Jun. 16, 2006 | Jun. 16, 2006 | ||
Maritime Glory Shipping Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | British Virgin Islands | [4] | British Virgin Islands | [5] | |
Date of incorporation | Apr. 8, 2008 | [4] | Apr. 8, 2008 | [5] | |
Vessel name | Clipper Glory | Clipper Glory | |||
Date of delivery | May 21, 2010 | May 21, 2010 | |||
Date of sale/disposal | Dec. 4, 2012 | Dec. 4, 2012 | |||
Financier of vessel | HSBC | HSBC | |||
Maritime Grace Shipping Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | British Virgin Islands | [4] | British Virgin Islands | [5] | |
Date of incorporation | Apr. 8, 2008 | [4] | Apr. 8, 2008 | [5] | |
Vessel name | Clipper Grace | Clipper Grace | |||
Date of delivery | May 21, 2010 | May 21, 2010 | |||
Date of sale/disposal | Oct. 15, 2012 | Oct. 15, 2012 | |||
Financier of vessel | HSBC | HSBC | |||
Atlantic Grace Shipping Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [6] | British Virgin Islands | British Virgin Islands | ||
Date of incorporation | [6] | Oct. 9, 2007 | Oct. 9, 2007 | ||
[1] | Management company | ||||
[2] | Subsidiaries wholly owned | ||||
[3] | Chartering services company | ||||
[4] | Vessel owning subsidiaries owned by Maritime Capital Shipping Limited (or "MCS") | ||||
[5] | Vessel owning subsidiaries owned by MCS | ||||
[6] | Dormant company |
Significant Accounting Polici91
Significant Accounting Policies - 20F (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Sep. 30, 2015 | Dec. 31, 2015USD ($)Segment$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounts Receivable Trade, Net [Abstract] | |||||
Provision for doubtful accounts | $ 43 | $ 43 | $ 13 | ||
Impairment of Long-Lived Assets (Vessels) [Abstract] | |||||
Period of forward freight agreements | 2 years | ||||
Period within which historical charter rates available for each type of vessel | 10 years | ||||
Annual inflation rate assumed for asset impairment | 2.00% | ||||
Impairment loss for vessels | $ 0 | 0 | $ 3,564 | ||
Income Taxes [Abstract] | |||||
Minimum percentage for recognition of income tax position | 50.00% | ||||
Hong Kong tax rate | 16.50% | ||||
Foreign exchange tax | $ 32 | ||||
Minimum stock ownership percentage for tax exemption | 50.00% | 50.00% | |||
Minimum vote and value percentage of regularly traded stock | 50.00% | 50.00% | |||
Significant shareholder percentage | 5.00% | 5.00% | |||
Minimum percentages of shipping income would be treated as being United States source income | 50.00% | ||||
Tax rate on US source shipping income | 2.00% | 2.00% | |||
Unrecognized tax expense for tax exempt entity | $ 0 | $ 0 | 25 | ||
Segment Reporting [Abstract] | |||||
Number of reportable segments | Segment | 1 | ||||
Salvage Value Change [Member] | |||||
Asset Depreciation, Salvage Value and Estimated Useful Life [Abstract] | |||||
Increase in depreciation expense | $ 235 | ||||
Increase in depreciation expense (in dollars per share) | $ / shares | $ 0.02 | ||||
Estimated Useful Life Change [Member] | |||||
Asset Depreciation, Salvage Value and Estimated Useful Life [Abstract] | |||||
Increase in depreciation expense | $ 289 | ||||
Increase in depreciation expense (in dollars per share) | $ / shares | $ 0.03 | ||||
Computer Software and Hardware [Member] | |||||
Asset Depreciation, Salvage Value and Estimated Useful Life [Abstract] | |||||
Estimated useful life of property and equipment | 3 years | ||||
Vessel [Member] | |||||
Asset Depreciation, Salvage Value and Estimated Useful Life [Abstract] | |||||
Estimated useful life of property and equipment | 25 years | 30 years | |||
African Oryx [Member] | |||||
Vessels Held for Sale [Abstract] | |||||
Impairment loss | 867 | ||||
Vessels Davakis G. and Delos Ranger [Member] | |||||
Vessels Held for Sale [Abstract] | |||||
Impairment loss | 10,697 | ||||
Vessels remeasurement | 7,000 | ||||
UOB Vessels [Member] | |||||
Vessels Held for Sale [Abstract] | |||||
Vessels remeasurement | $ 1,000 | ||||
Minimum [Member] | |||||
Dry-Docking and Special Survey Costs [Abstract] | |||||
Dry-docking and special survey cost amortization period | 2 years | ||||
Maximum [Member] | |||||
Dry-Docking and Special Survey Costs [Abstract] | |||||
Dry-docking and special survey cost amortization period | 3 years |
Significant Accounting Polici92
Significant Accounting Policies - Concentration of Credit Risk - 20F (Details) - Sales Revenue [Member] - Customer Concentration Risk [Member] | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 41.00% | 100.00% | 84.00% | 88.00% | 56.00% |
Customer A [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 19.00% | 0.00% | 47.00% | 0.00% | 0.00% |
Customer B [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 12.00% | 0.00% | 15.00% | 0.00% | 0.00% |
Customer C [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 10.00% | 21.00% | 12.00% | 0.00% | 0.00% |
Customer D [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 0.00% | 56.00% | 10.00% | 0.00% | 0.00% |
Customer E [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 0.00% | 23.00% | 0.00% | 59.00% | 18.00% |
Customer F [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 0.00% | 29.00% | 0.00% | ||
Customer G [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 0.00% | 0.00% | 16.00% | ||
Customer H [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 0.00% | 0.00% | 12.00% | ||
Customer I [Member] | |||||
Concentration of Credit Risk [Abstract] | |||||
Concentration risk percentage | 0.00% | 0.00% | 10.00% |
Transactions with Related Par93
Transactions with Related Parties, Release from Related Parties Liabilities - 20F (Details) $ in Thousands | Mar. 11, 2014USD ($)Vessel |
Release from Related Parties Liabilities [Abstract] | |
Number of remaining vessels | 4 |
Seanergy, EST and Safbulk Pty Agreement [Member] | |
Release from Related Parties Liabilities [Abstract] | |
Number of remaining vessels | 4 |
Liabilities released | $ | $ 9,819 |
Transactions with Related Par94
Transactions with Related Parties, Convertible Promissory Notes - 20F (Details) $ / shares in Units, $ in Thousands | Mar. 12, 2015USD ($)Installment$ / shares | Dec. 31, 2015USD ($) | Sep. 30, 2016USD ($)Installment$ / shares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 16, 2016USD ($) | Dec. 14, 2015USD ($) | Dec. 01, 2015USD ($) | Sep. 07, 2015USD ($)$ / shares |
Debt [Abstract] | |||||||||||
Amortization of debt discount | $ 688 | $ 227 | $ 334 | $ 0 | $ 0 | ||||||
Partial extinguishment of debt | 0 | (200) | (200) | 0 | 0 | ||||||
Short term portion | $ 103 | 822 | 103 | 0 | |||||||
Long term portion | 31 | 0 | 31 | 0 | |||||||
Additional Paid-in Capital [Abstract] | |||||||||||
Intrinsic value of BCF | 6,800 | 15,765 | |||||||||
Consideration allocated to repurchase of BCF | 0 | 200 | 200 | 0 | $ 0 | ||||||
Unsecured Convertible Promissory Note [Member] | |||||||||||
Debt [Abstract] | |||||||||||
Convertible promissory notes | 4,000 | 4,000 | |||||||||
Debt discount | (4,000) | (4,000) | (4,000) | (4,000) | 0 | ||||||
Amortization of debt discount | 78 | 222 | 225 | 303 | |||||||
Partial extinguishment of debt | (200) | (200) | |||||||||
Balance convertible promissory note | 103 | 325 | 25 | 103 | 0 | ||||||
Short term portion | 103 | 103 | |||||||||
Long term portion | 0 | 0 | |||||||||
Additional Paid-in Capital [Abstract] | |||||||||||
Intrinsic value of BCF | 4,000 | ||||||||||
Consideration allocated to repurchase of BCF | (200) | (200) | |||||||||
Balance of intrinsic value of BCF | 3,800 | 3,800 | 3,800 | 0 | |||||||
Unsecured Revolving Convertible Promissory Note [Member] | |||||||||||
Debt [Abstract] | |||||||||||
Convertible promissory notes | 11,765 | 11,765 | |||||||||
Debt discount | (11,765) | (21,165) | (2,800) | (11,765) | 0 | ||||||
Amortization of debt discount | 29 | 466 | 2 | 31 | |||||||
Balance convertible promissory note | 31 | 497 | $ 2 | 31 | 0 | ||||||
Short term portion | 0 | 0 | |||||||||
Long term portion | 31 | 31 | |||||||||
Additional Paid-in Capital [Abstract] | |||||||||||
Intrinsic value of BCF | 11,765 | ||||||||||
Balance of intrinsic value of BCF | $ 11,765 | $ 21,165 | $ 11,765 | $ 0 | |||||||
Jelco [Member] | Unsecured Convertible Promissory Note [Member] | |||||||||||
Convertible Promissory Notes [Abstract] | |||||||||||
Number of consecutive payment installments | Installment | 10 | 10 | |||||||||
Semi-annual installment payment | $ 200 | $ 200 | |||||||||
Balloon payment | $ 2,000 | $ 2,000 | |||||||||
Maturity date | Mar. 19, 2020 | Mar. 19, 2020 | |||||||||
Conversion price of convertible notes into common stock (in dollars per share) | $ / shares | $ 0.90 | $ 0.90 | |||||||||
Debt [Abstract] | |||||||||||
Convertible promissory notes | $ 4,000 | ||||||||||
Jelco [Member] | Unsecured Convertible Promissory Note [Member] | Maximum [Member] | |||||||||||
Convertible Promissory Notes [Abstract] | |||||||||||
Number of consecutive payment installments that can be deferred | Installment | 3 | 3 | |||||||||
Jelco [Member] | Unsecured Revolving Convertible Promissory Note [Member] | |||||||||||
Convertible Promissory Notes [Abstract] | |||||||||||
Conversion price of convertible notes into common stock (in dollars per share) | $ / shares | $ 0.90 | ||||||||||
Additional Paid-in Capital [Abstract] | |||||||||||
Maximum principal amount available to be drawn | $ 21,165 | $ 11,765 | $ 9,765 | $ 6,765 | |||||||
Decrease in Applicable Limit | $ (3,100) | $ (2,000) | $ (1,000) | ||||||||
Jelco [Member] | Unsecured Revolving Convertible Promissory Note [Member] | Maximum [Member] | |||||||||||
Additional Paid-in Capital [Abstract] | |||||||||||
Tenor of note | 5 years | 5 years |
Transactions with Related Par95
Transactions with Related Parties, Vessel Acquisitions - 20F (Details) | Aug. 06, 2015Vessel | Sep. 30, 2016t | Dec. 31, 2015Vesselt |
Vessel Acquisitions [Abstract] | |||
Number of vessels acquired | Vessel | 8 | ||
Drybulk Vessel [Member] | |||
Vessel Acquisitions [Abstract] | |||
Number of vessels acquired | Vessel | 7 | ||
Capesize Vessel [Member] | |||
Vessel Acquisitions [Abstract] | |||
Number of vessels acquired | Vessel | 5 | ||
Supramax Vessel [Member] | |||
Vessel Acquisitions [Abstract] | |||
Number of vessels acquired | Vessel | 2 | ||
Premiership [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Sep. 11, 2015 | Sep. 11, 2015 | |
Vessel class | Capesize | Capesize | |
Dead weight tonnage | 170,024 | 170,024 | |
Year built | 2,010 | 2,010 | |
Gladiatorship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Sep. 29, 2015 | Sep. 29, 2015 | |
Vessel class | Supramax | Supramax | |
Dead weight tonnage | 56,819 | 56,819 | |
Year built | 2,010 | 2,010 | |
Geniuship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Oct. 13, 2015 | Oct. 13, 2015 | |
Vessel class | Capesize | Capesize | |
Dead weight tonnage | 170,057 | 170,057 | |
Year built | 2,010 | 2,010 | |
Guardianship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Oct. 21, 2015 | Oct. 21, 2015 | |
Vessel class | Supramax | Supramax | |
Dead weight tonnage | 56,884 | 56,884 | |
Year built | 2,011 | 2,011 | |
Gloriuship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Nov. 3, 2015 | Nov. 3, 2015 | |
Vessel class | Capesize | Capesize | |
Dead weight tonnage | 171,314 | 171,314 | |
Year built | 2,004 | 2,004 | |
Squireship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Nov. 10, 2015 | Nov. 10, 2015 | |
Vessel class | Capesize | Capesize | |
Dead weight tonnage | 170,018 | 170,018 | |
Year built | 2,010 | 2,010 | |
Championship [Member] | |||
Vessel Acquisitions [Abstract] | |||
Date of delivery | Dec. 7, 2015 | Dec. 7, 2015 | |
Vessel class | Capesize | Capesize | |
Dead weight tonnage | 179,238 | 179,238 | |
Year built | 2,011 | 2,011 |
Transactions with Related Par96
Transactions with Related Parties, Technical Management Agreement - 20F (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)$ / Vessel | Dec. 31, 2013USD ($)$ / Vessel | |
Technical Management Agreement [Abstract] | |||
Fixed daily fee per vessel | $ / Vessel | 0.45 | 0.45 | |
Management fees | $ | $ 0 | $ 122 | $ 743 |
Transactions with Related Par97
Transactions with Related Parties, Brokerage Agreement - 20F (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Brokerage Agreement [Abstract] | |||
Voyage expenses related parties | $ 0 | $ 24 | $ 313 |
Safbulk Brokerage Agreement [Member] | |||
Brokerage Agreement [Abstract] | |||
Brokerage commission | 1.25% | ||
Voyage expenses related parties | $ 0 | $ 24 | $ 313 |
Transactions with Related Par98
Transactions with Related Parties, Property Lease Agreement - 20F (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Lease Agreement [Abstract] | |||||
Expense from transactions with related party | $ 0 | $ 70 | $ 70 | $ 309 | $ 412 |
Waterfront S.A. [Member] | Rent Expense for Property Lease Agreement for Executive Offices [Member] | |||||
Property Lease Agreement [Abstract] | |||||
Number of months of rent guarantee | 3 months | ||||
Rent guarantee | $ 55 | ||||
Expense from transactions with related party | $ 0 | $ 70 | $ 70 | $ 309 | $ 412 |
Due to Related Parties - 20F (D
Due to Related Parties - 20F (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Due to Related Parties [Abstract] | ||
Due to related parties | $ 0 | $ 105 |
Inventories - 20F (Details)
Inventories - 20F (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | |||
Inventories | $ 2,970 | $ 2,980 | $ 0 |
Lubricants [Member] | |||
Inventories [Abstract] | |||
Inventories | 441 | 739 | 0 |
Bunkers [Member] | |||
Inventories [Abstract] | |||
Inventories | $ 2,529 | $ 2,241 | $ 0 |
Other Current Assets - 20F (Det
Other Current Assets - 20F (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Other Current Assets [Abstract] | |||
Prepaid expenses | $ 432 | $ 476 | $ 78 |
Insurance claims | 0 | 14 | 22 |
Other | 65 | 167 | 204 |
Total | $ 497 | $ 657 | $ 304 |
Vessels, Net, Net Book Value -
Vessels, Net, Net Book Value - 20F (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Depreciation [Abstract] | |||||
Additions | $ (6,317) | $ (342) | $ (1,865) | $ (3) | $ (982) |
Net book value | 193,563 | 199,880 | 61 | ||
Vessels [Member] | |||||
Cost [Abstract] | |||||
Beginning balance | 201,684 | 0 | 0 | 0 | |
Additions | 0 | 201,684 | 0 | ||
Ending balance | 201,684 | 201,684 | 0 | 0 | |
Accumulated Depreciation [Abstract] | |||||
Beginning balance | (1,844) | $ 0 | 0 | 0 | |
Additions | (6,301) | (1,844) | 0 | ||
Ending balance | (8,145) | (1,844) | 0 | $ 0 | |
Net book value | $ 193,539 | $ 199,840 | $ 0 |
Vessels, Net, Acquisitions - 20
Vessels, Net, Acquisitions - 20F (Details) $ in Thousands | Aug. 10, 2016USD ($)shares | Dec. 07, 2015USD ($) | Nov. 10, 2015USD ($) | Nov. 03, 2015USD ($) | Oct. 21, 2015USD ($)shares | Oct. 13, 2015USD ($) | Sep. 29, 2015USD ($)shares | Sep. 11, 2015USD ($)shares | Aug. 06, 2015Vessel | Mar. 19, 2015USD ($)t | Mar. 18, 2015USD ($)shares | Dec. 23, 2014t | Sep. 30, 2016USD ($)t | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Vesselt | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Vessels, Net [Abstract] | |||||||||||||||||
Equity injection for vessel acquired | $ 4,080 | $ 4,080 | $ 10,691 | $ 13,820 | $ 3,204 | $ 0 | |||||||||||
Shares issued to finance vessels acquired (in shares) | shares | 1,180,000 | ||||||||||||||||
Number of vessels | Vessel | 8 | ||||||||||||||||
Leadership [Member] | |||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||
Dead weight tonnage | t | 171,199 | 171,199 | |||||||||||||||
Purchase price of vessel | $ 17,127 | ||||||||||||||||
Loan issued for acquired vessel | 8,750 | ||||||||||||||||
Convertible promissory note issued for vessel acquired | $ 3,827 | ||||||||||||||||
Equity injection for vessel acquired | $ 4,550 | ||||||||||||||||
Shares issued to finance vessels acquired (in shares) | shares | 5,000,100 | ||||||||||||||||
Premiership [Member] | |||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||
Dead weight tonnage | t | 170,024 | 170,024 | |||||||||||||||
Purchase price of vessel | $ 29,951 | ||||||||||||||||
Loan issued for acquired vessel | 25,420 | ||||||||||||||||
Convertible promissory note issued for vessel acquired | 1,030 | ||||||||||||||||
Equity injection for vessel acquired | $ 3,501 | ||||||||||||||||
Shares issued to finance vessels acquired (in shares) | shares | 3,889,980 | ||||||||||||||||
Gladiatorship [Member] | |||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||
Dead weight tonnage | t | 56,819 | 56,819 | |||||||||||||||
Purchase price of vessel | $ 16,336 | ||||||||||||||||
Loan issued for acquired vessel | 13,643 | ||||||||||||||||
Convertible promissory note issued for vessel acquired | 303 | ||||||||||||||||
Equity injection for vessel acquired | $ 2,390 | ||||||||||||||||
Shares issued to finance vessels acquired (in shares) | shares | 2,655,740 | ||||||||||||||||
Geniuship [Member] | |||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||
Dead weight tonnage | t | 170,057 | 170,057 | |||||||||||||||
Purchase price of vessel | $ 27,597 | ||||||||||||||||
Guardianship [Member] | |||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||
Dead weight tonnage | t | 56,884 | 56,884 | |||||||||||||||
Purchase price of vessel | $ 17,168 | ||||||||||||||||
Loan issued for acquired vessel | 13,642 | ||||||||||||||||
Convertible promissory note issued for vessel acquired | 397 | ||||||||||||||||
Equity injection for vessel acquired | $ 3,129 | ||||||||||||||||
Shares issued to finance vessels acquired (in shares) | shares | 3,476,520 | ||||||||||||||||
Gloriuship [Member] | |||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||
Dead weight tonnage | t | 171,314 | 171,314 | |||||||||||||||
Purchase price of vessel | $ 16,833 | ||||||||||||||||
Squireship [Member] | |||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||
Dead weight tonnage | t | 170,018 | 170,018 | |||||||||||||||
Purchase price of vessel | $ 34,922 | ||||||||||||||||
Loan issued for acquired vessel | 33,750 | ||||||||||||||||
Convertible promissory note issued for vessel acquired | $ 1,172 | ||||||||||||||||
Championship [Member] | |||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||
Dead weight tonnage | t | 179,238 | 179,238 | |||||||||||||||
Purchase price of vessel | $ 41,750 | ||||||||||||||||
Loan issued for acquired vessel | 39,412 | ||||||||||||||||
Convertible promissory note issued for vessel acquired | $ 2,338 | ||||||||||||||||
Dry Bulk Vessel [Member] | |||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||
Number of vessels | Vessel | 7 | ||||||||||||||||
Capesize Vessel [Member] | |||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||
Number of vessels | Vessel | 5 | ||||||||||||||||
Supramax Vessel [Member] | |||||||||||||||||
Vessels, Net [Abstract] | |||||||||||||||||
Number of vessels | Vessel | 2 |
Long-Term Debt, Summary of L104
Long-Term Debt, Summary of Long-Term Debt - 20F (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Long-Term Debt [Abstract] | |||
Secured loan facilities | $ 178,064 | $ 178,447 | $ 0 |
Less: Deferred financing costs | (856) | (942) | 0 |
Total | 177,208 | 177,505 | 0 |
Less-current portion | (6,583) | (718) | 0 |
Long-term portion | $ 170,625 | $ 176,787 | $ 0 |
Long-Term Debt, Secured Cred105
Long-Term Debt, Secured Credit Facilities - 20F (Details) $ in Thousands | Dec. 07, 2015USD ($) | Dec. 02, 2015USD ($)Installment | Nov. 10, 2015USD ($) | Nov. 04, 2015USD ($)Installment | Nov. 03, 2015USD ($) | Oct. 21, 2015USD ($) | Oct. 13, 2015USD ($) | Sep. 29, 2015USD ($) | Sep. 11, 2015USD ($)VesselInstallmentTranche | Sep. 01, 2015USD ($)VesselInstallmentAdvanceTranche | Mar. 17, 2015USD ($) | Mar. 06, 2015USD ($)Installment | Sep. 30, 2016USD ($)InstallmentFacility | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)InstallmentFacility | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Secured Credit Facilities [Abstract] | |||||||||||||||||
Proceeds from draw down | $ 0 | $ 47,813 | $ 179,047 | $ 0 | $ 0 | ||||||||||||
Number of facilities guaranteed by Seanergy Maritime Holdings Corp. | Facility | 5 | 5 | |||||||||||||||
Loan Agreement dated March 6, 2015 [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Maximum borrowing capacity | $ 8,750 | ||||||||||||||||
Proceeds from draw down | $ 8,750 | ||||||||||||||||
Number of consecutive payment installments | Installment | 20 | ||||||||||||||||
Frequency of periodic payment | Quarterly | Quarterly | |||||||||||||||
Balloon payment | $ 3,950 | ||||||||||||||||
Maturity date | Mar. 17, 2020 | Mar. 17, 2020 | |||||||||||||||
Term to meet consolidated installment and debt interest payments | 18 months | 18 months | |||||||||||||||
Number of installments paid | Installment | 6 | 3 | |||||||||||||||
Loan Agreement dated March 6, 2015 [Member] | Maximum [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Percentage of net income limit for declaring dividends | 50.00% | ||||||||||||||||
Loan Agreement dated March 6, 2015 [Member] | LIBOR [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Margin on variable rate | 3.75% | ||||||||||||||||
Loan Agreement dated March 6, 2015 [Member] | First Year [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Number of consecutive payment installments | Installment | 4 | ||||||||||||||||
Installment payment | $ 200 | ||||||||||||||||
Loan Agreement dated March 6, 2015 [Member] | After First Year [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Number of consecutive payment installments | Installment | 16 | ||||||||||||||||
Installment payment | $ 250 | ||||||||||||||||
Loan Agreement dated September 1, 2015 [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Maximum borrowing capacity | $ 44,430 | ||||||||||||||||
Proceeds from draw down | $ 16,833 | $ 27,597 | |||||||||||||||
Number of consecutive payment installments | Installment | 12 | ||||||||||||||||
Frequency of periodic payment | Quarterly | Quarterly | |||||||||||||||
Installment payment | $ 1,049 | ||||||||||||||||
Balloon payment | $ 31,837 | ||||||||||||||||
Maturity date | Jun. 30, 2020 | Jun. 30, 2020 | |||||||||||||||
Number of advances | Advance | 2 | ||||||||||||||||
Number of tranches per advance | Tranche | 2 | ||||||||||||||||
Number of vessels secured by first priority mortgage | Vessel | 2 | ||||||||||||||||
Loan Agreement dated September 1, 2015 [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Margin on variable rate | 3.25% | ||||||||||||||||
Loan Agreement dated September 1, 2015 [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Margin on variable rate | 3.60% | ||||||||||||||||
Loan Agreement dated September 11, 2015 [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Maximum borrowing capacity | $ 52,705 | ||||||||||||||||
Proceeds from draw down | $ 13,642 | $ 13,643 | $ 25,420 | ||||||||||||||
Number of consecutive payment installments | Installment | 15 | ||||||||||||||||
Frequency of periodic payment | Quarterly | Quarterly | |||||||||||||||
Installment payment | $ 1,552 | ||||||||||||||||
Balloon payment | $ 29,425 | ||||||||||||||||
Maturity date | Dec. 28, 2020 | Dec. 28, 2020 | |||||||||||||||
Number of vessels secured by first priority mortgage | Vessel | 3 | ||||||||||||||||
Number of tranches | Tranche | 3 | ||||||||||||||||
Value to loan ratio, first threshold | 125.00% | ||||||||||||||||
Value to loan ratio, second threshold | 166.67% | ||||||||||||||||
Commitment fee percentage | 1.00% | ||||||||||||||||
Commitment fee | $ 22 | ||||||||||||||||
Loan Agreement dated September 11, 2015 [Member] | LIBOR [Member] | Loan to Value Ratio Less than 125% [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Margin on variable rate | 3.20% | ||||||||||||||||
Loan Agreement dated September 11, 2015 [Member] | LIBOR [Member] | Loan to Value Ratio Between 125% and 166.67% [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Margin on variable rate | 3.00% | ||||||||||||||||
Loan Agreement dated September 11, 2015 [Member] | LIBOR [Member] | Loan to Value Ratio Greater than 166.67% [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Margin on variable rate | 2.75% | ||||||||||||||||
Loan Agreement dated November 4, 2015 [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Maximum borrowing capacity | $ 33,750 | ||||||||||||||||
Proceeds from draw down | $ 33,750 | ||||||||||||||||
Number of consecutive payment installments | Installment | 16 | ||||||||||||||||
Frequency of periodic payment | Quarterly | Quarterly | |||||||||||||||
Installment payment | $ 844 | ||||||||||||||||
Balloon payment | $ 20,250 | ||||||||||||||||
Maturity date | Nov. 10, 2021 | Nov. 10, 2021 | |||||||||||||||
Term to meet consolidated installment and debt interest payments | 18 months | 18 months | |||||||||||||||
Loan Agreement dated November 4, 2015 [Member] | Maximum [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Percentage of net income limit for declaring dividends | 50.00% | ||||||||||||||||
Loan Agreement dated November 4, 2015 [Member] | LIBOR [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Margin on variable rate | 3.50% | ||||||||||||||||
Loan Agreement dated December 2, 2015 [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Maximum borrowing capacity | $ 39,412 | ||||||||||||||||
Proceeds from draw down | $ 39,412 | ||||||||||||||||
Number of consecutive payment installments | Installment | 15 | ||||||||||||||||
Frequency of periodic payment | Quarterly | Quarterly | |||||||||||||||
Installment payment | $ 985 | ||||||||||||||||
Balloon payment | $ 24,637 | ||||||||||||||||
Maturity date | Feb. 26, 2021 | Feb. 26, 2021 | |||||||||||||||
Margin on variable rate | 2.50% | ||||||||||||||||
Loan Agreement dated December 2, 2015 [Member] | LIBOR [Member] | |||||||||||||||||
Secured Credit Facilities [Abstract] | |||||||||||||||||
Margin on variable rate | 2.50% |
Long-Term Debt, Maturities o106
Long-Term Debt, Maturities of Long-Term Debt - 20F (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Annual Principal Payments [Abstract] | |||
2,016 | $ 6,840 | $ 950 | |
2,017 | 20,877 | 10,710 | |
2,018 | 18,721 | 18,721 | |
2,019 | 50,558 | 18,721 | |
2,020 | 59,974 | 81,083 | |
Thereafter | 21,094 | 48,262 | |
Total | $ 178,064 | $ 178,447 | $ 0 |
Trade Accounts and Other Pay107
Trade Accounts and Other Payables - 20F (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Trade Accounts and Other Payables [Abstract] | |||
Creditors | $ 4,636 | $ 5,710 | $ 184 |
Insurances | 108 | 162 | 3 |
Other | 33 | 107 | 77 |
Total | $ 4,777 | $ 5,979 | $ 264 |
Capital Structure - 20F (Detail
Capital Structure - 20F (Details) $ / shares in Units, $ in Thousands | Aug. 10, 2016USD ($)$ / sharesshares | Oct. 21, 2015USD ($)shares | Sep. 29, 2015USD ($)shares | Sep. 11, 2015USD ($)shares | Mar. 12, 2015USD ($)$ / sharesshares | Dec. 19, 2014USD ($)$ / sharesshares | Sep. 29, 2014USD ($)$ / sharesshares | Jun. 24, 2014USD ($)$ / sharesshares | Mar. 19, 2010USD ($)shares | Feb. 03, 2010shares | Oct. 21, 2015USD ($)Trancheshares | Jun. 30, 2011$ / shares | Mar. 19, 2010USD ($)$ / shares | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / shares | Sep. 07, 2015$ / shares | Jan. 28, 2010shares |
Common Stock [Abstract] | ||||||||||||||||||||
Issuance of common stock (in shares) | 1,180,000 | |||||||||||||||||||
Net proceeds from issuance of common stock | $ | $ 4,080 | $ 4,080 | $ 10,691 | $ 13,820 | $ 3,204 | $ 0 | ||||||||||||||
Price per share (in dollars per share) | $ / shares | $ 4.15 | |||||||||||||||||||
Warrants and Unit Purchase Option [Abstract] | ||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 19.80 | $ 19.80 | ||||||||||||||||||
Warrants granted during period (in shares) | 97,250 | 1,041,667 | ||||||||||||||||||
Fair value of warrants | $ | $ 1,053 | $ 1,053 | ||||||||||||||||||
Number of shares received upon exercise of warrant (in shares) | 0.0666667 | |||||||||||||||||||
Number of shares that can be purchased with outstanding warrants (in shares) | 0 | 15,185 | ||||||||||||||||||
Preferred Stock [Abstract] | ||||||||||||||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | |||||||||||||||||
Dividends [Abstract] | ||||||||||||||||||||
Common stock dividend declared (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Plaza Shipholding Corp. and Comet Shipholding Inc. [Member] | ||||||||||||||||||||
Common Stock [Abstract] | ||||||||||||||||||||
Issuance of common stock (in shares) | 320,000 | 378,000 | ||||||||||||||||||
Net proceeds from issuance of common stock | $ | $ 960 | $ 1,134 | ||||||||||||||||||
Price per share (in dollars per share) | $ / shares | $ 3 | $ 3 | ||||||||||||||||||
Jelco [Member] | ||||||||||||||||||||
Common Stock [Abstract] | ||||||||||||||||||||
Issuance of common stock (in shares) | 3,476,520 | 2,655,740 | 3,889,980 | 5,000,100 | 888,000 | 10,022,240 | ||||||||||||||
Net proceeds from issuance of common stock | $ | $ 3,129 | $ 2,390 | $ 3,501 | $ 4,500 | $ 1,110 | $ 9,020 | ||||||||||||||
Price per share (in dollars per share) | $ / shares | $ 0.90 | $ 1.25 | $ 0.90 | |||||||||||||||||
Number of tranches | Tranche | 3 | |||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||
Common Stock [Abstract] | ||||||||||||||||||||
Issuance of common stock (in shares) | 333,400 | |||||||||||||||||||
Net proceeds from issuance of common stock | $ | $ 300 | |||||||||||||||||||
Price per share (in dollars per share) | $ / shares | $ 0.90 |
Interest and Finance Costs -109
Interest and Finance Costs - 20F (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and Finance Costs [Abstract] | |||||
Interest on long-term debt | $ 5,008 | $ 241 | $ 1,353 | $ 811 | $ 5,075 |
Interest on revolving credit facility | 0 | 396 | 2,144 | ||
Amortization of debt issuance costs | 186 | 23 | 72 | 0 | 1,090 |
Arrangement fees on undrawn facilities | 0 | 246 | 0 | ||
Other | 11 | 16 | 35 | 10 | 80 |
Total | 5,205 | 280 | 1,460 | 1,463 | 8,389 |
Interest and Finance Costs - Related Party [Abstract] | |||||
Convertible notes interest expense | 924 | 119 | 265 | 0 | 0 |
Convertible notes amortization of debt discount | 688 | 227 | 334 | 0 | 0 |
Gain on extinguishment of convertible notes | 0 | (200) | (200) | 0 | 0 |
Total | $ 1,612 | $ 146 | $ 399 | $ 0 | $ 0 |
Earnings per Share - 20F (Detai
Earnings per Share - 20F (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic [Abstract] | |||||
Net (loss) / income | $ (17,730) | $ (3,105) | $ (8,956) | $ 80,348 | $ 10,907 |
Weighted average common shares outstanding - basic (in shares) | 10,773,404 | 2,672,945 | 2,391,628 | ||
Net (loss) / income per common share - basic (in dollars per share) | $ (0.83) | $ 30.06 | $ 4.56 | ||
Diluted [Abstract] | |||||
Net (loss) / income | $ (17,730) | $ (3,105) | $ (8,956) | $ 80,348 | $ 10,907 |
Weighted average common shares outstanding - basic (in shares) | 10,773,404 | 2,672,945 | 2,391,628 | ||
Non-vested equity incentive shares (in shares) | 0 | 5 | 227 | ||
Weighted average common shares outstanding - diluted (in shares) | 10,773,404 | 2,672,950 | 2,391,885 | ||
Net (loss) / income per common share - diluted (in dollars per share) | $ (0.83) | $ 30.06 | $ 4.56 | ||
Earnings per Share [Abstract] | |||||
Antidilutive securities not included in computation of diluted EPS (in shares) | 27,882,890 | 7,333,333 | 17,446,444 | 15,185 | 15,185 |
Non-vested Equity Incentive Plan Shares [Member] | |||||
Earnings per Share [Abstract] | |||||
Antidilutive securities not included in computation of diluted EPS (in shares) | 144,000 | 0 | 152,000 | 0 | 0 |
Convertible Promissory Note Shares [Member] | |||||
Earnings per Share [Abstract] | |||||
Antidilutive securities not included in computation of diluted EPS (in shares) | 27,738,890 | 7,333,333 | 17,294,444 | 0 | 0 |
Private Shares Under Warrants [Member] | |||||
Earnings per Share [Abstract] | |||||
Antidilutive securities not included in computation of diluted EPS (in shares) | 0 | 15,185 | 15,185 |
Equity Incentive Plan - 20F (De
Equity Incentive Plan - 20F (Details) $ / shares in Units, $ in Thousands | Jan. 08, 2016 | Oct. 01, 2015$ / sharesshares | Jan. 10, 2014shares | Jan. 10, 2013shares | Jan. 10, 2012shares | Jun. 24, 2011 | Feb. 16, 2011Director$ / sharesshares | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jul. 02, 2015shares | May 31, 2012shares | Jan. 12, 2011shares |
Equity Incentive Plan [Abstract] | |||||||||||||||
Shares of common stock reserved for issuance (in shares) | 856,667 | 583,334 | 8,750,000 | ||||||||||||
Common stock, reverse split ratio | 0.2 | ||||||||||||||
Unrecognized cost for non-vested shares | $ | $ 374 | $ 521 | $ 0 | ||||||||||||
Subsequent Event [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Common stock, reverse split ratio | 0.2 | ||||||||||||||
Equity Incentive Plan [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Common stock, reverse split ratio | 0.0666667 | ||||||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Shares granted (in shares) | 189,000 | 666 | |||||||||||||
Number of executive directors receiving grants of shares | Director | 2 | ||||||||||||||
Fair value of equity incentive plan per share (in dollars per share) | $ / shares | $ 3.70 | $ 66.40 | |||||||||||||
Shares vested (in shares) | 219 | 222 | 223 | ||||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Executive Directors [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Shares granted (in shares) | 36,000 | 533 | |||||||||||||
Vesting period | 3 years | ||||||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Certain Other Employees [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Shares granted (in shares) | 153,000 | 133 | |||||||||||||
Vesting period | 3 years | ||||||||||||||
Shares vested (in shares) | 25,000 | ||||||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Certain Other Employees [Member] | Vesting October 1, 2016 [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Shares outstanding (in shares) | 33,000 | ||||||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Certain Other Employees [Member] | Vesting October 1, 2017 [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Shares outstanding (in shares) | 44,000 | ||||||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Certain Other Employees [Member] | Vesting October 1, 2018 [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Shares outstanding (in shares) | 51,000 | ||||||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Board of Directors [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Vesting period | 2 years | ||||||||||||||
Shares vested (in shares) | 12,000 | ||||||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Board of Directors [Member] | Vesting October 1, 2016 [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Shares outstanding (in shares) | 12,000 | ||||||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Board of Directors [Member] | Vesting October 1, 2017 [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Shares outstanding (in shares) | 12,000 | ||||||||||||||
General and Administrative Expense [Member] | |||||||||||||||
Equity Incentive Plan [Abstract] | |||||||||||||||
Share-based compensation expense | $ | $ 119 | $ 0 | $ 178 | $ 0 | $ 15 |
Subsequent Events - 20F (Detail
Subsequent Events - 20F (Details) $ in Thousands | Mar. 08, 2016USD ($) | Jan. 29, 2016USD ($) | Jan. 08, 2016 | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 07, 2016USD ($) | Jan. 27, 2016USD ($) |
Subsequent Event [Line Items] | ||||||||||
Common stock, reverse split ratio | 0.2 | |||||||||
Draw down of undrawn balance | $ 9,400 | $ 6,800 | $ 15,765 | $ 0 | $ 0 | |||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common stock, reverse split ratio | 0.2 | |||||||||
Subsequent Event [Member] | Unsecured Revolving Convertible Notes [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Maximum principal amount available to be drawn | $ 16,265 | $ 13,765 | ||||||||
Draw down of undrawn balance | $ 2,500 | $ 2,000 |
Schedule I- Condensed Financ113
Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only), Balance Sheets - 20F (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Current assets: | |||||||
Cash and cash equivalents | $ 3,909 | $ 3,304 | $ 969 | $ 2,873 | $ 3,075 | $ 4,298 | |
Restricted cash | 50 | 50 | 0 | ||||
Other current assets | 497 | 657 | 304 | ||||
Total current assets | 9,023 | 8,278 | 3,207 | ||||
Non-current assets: | |||||||
TOTAL ASSETS | 203,608 | 209,352 | 3,268 | ||||
Current liabilities: | |||||||
Current portion of convertible promissory notes | 822 | 103 | 0 | ||||
Trade accounts and other payables | 4,777 | 5,979 | 264 | ||||
Accrued liabilities | 1,581 | 2,296 | 223 | ||||
Total current liabilities | 13,830 | 9,250 | 592 | ||||
Non-current liabilities: | |||||||
Long-term portion of convertible promissory notes | 0 | 31 | 0 | ||||
Total liabilities | 184,455 | 186,068 | 592 | ||||
Commitments and contingencies | |||||||
STOCKHOLDERS EQUITY | |||||||
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued | 0 | 0 | 0 | ||||
Common stock, $0.0001 par value; 500,000,000 authorized shares as at December 31, 2015 and 2014; 19,522,413 and 3,977,854 shares issued and outstanding as at December 31, 2015 and 2014, respectively | 2 | 2 | 0 | ||||
Additional paid-in capital | 350,720 | 337,121 | 307,559 | ||||
Accumulated deficit | (331,569) | (313,839) | (304,883) | ||||
Total Stockholders' equity | 19,153 | 23,284 | $ 16,862 | 2,676 | (90,696) | (101,618) | |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 203,608 | $ 209,352 | $ 3,268 | ||||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | 25,000,000 | ||||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | ||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Common stock, shares issued (in shares) | 20,694,410 | 19,522,413 | 3,977,854 | ||||
Common stock, shares outstanding (in shares) | 20,694,410 | 19,522,413 | 3,977,854 | ||||
Parent Company [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 2,078 | $ 2,578 | $ 2,767 | $ 375 | |||
Restricted cash | 50 | 0 | |||||
Other current assets | 24 | 42 | |||||
Total current assets | 2,152 | 2,620 | |||||
Non-current assets: | |||||||
Investments in subsidiaries | [1] | 21,613 | 271 | ||||
Total non-current assets | 21,613 | 271 | |||||
TOTAL ASSETS | 23,765 | 2,891 | |||||
Current liabilities: | |||||||
Current portion of convertible promissory notes | 103 | 0 | |||||
Trade accounts and other payables | 171 | 100 | |||||
Accrued liabilities | 176 | 115 | |||||
Total current liabilities | 450 | 215 | |||||
Non-current liabilities: | |||||||
Long-term portion of convertible promissory notes | 31 | 0 | |||||
Total liabilities | 481 | 215 | |||||
Commitments and contingencies | 0 | 0 | |||||
STOCKHOLDERS EQUITY | |||||||
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued | 0 | 0 | |||||
Common stock, $0.0001 par value; 500,000,000 authorized shares as at December 31, 2015 and 2014; 19,522,413 and 3,977,854 shares issued and outstanding as at December 31, 2015 and 2014, respectively | 2 | 0 | |||||
Additional paid-in capital | 337,121 | 307,559 | |||||
Accumulated deficit | (313,839) | (304,883) | |||||
Total Stockholders' equity | 23,284 | 2,676 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 23,765 | $ 2,891 | |||||
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) | 0 | 0 | |||||
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) | 19,522,413 | 3,977,854 | |||||
Common stock, shares outstanding (in shares) | 19,522,413 | 3,977,854 | |||||
[1] | Eliminated in consolidation |
Schedule I- Condensed Financ114
Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only), Statements of Income/(Loss) - 20F (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Expenses: | ||||||
General and administration expenses | $ (2,210) | $ (1,887) | $ (2,804) | $ (2,987) | $ (3,966) | |
Operating (loss) / income | (10,886) | (2,655) | (7,055) | 81,810 | 19,271 | |
Other (expenses) / income, net: | ||||||
Interest and finance costs - related party | (1,612) | (146) | (399) | 0 | 0 | |
Total other expenses, net | (6,844) | (450) | (1,901) | (1,462) | (8,365) | |
Net (loss) / income | $ (17,730) | $ (3,105) | $ (8,956) | $ 80,348 | $ 10,907 | |
Net loss per common share | ||||||
Basic and diluted (in dollars per share) | $ (0.90) | $ (0.38) | $ (0.83) | $ 30.06 | $ 4.56 | |
Weighted average common shares outstanding | ||||||
Basic (in shares) | 10,773,404 | 2,672,945 | 2,391,628 | |||
Diluted (in shares) | 10,773,404 | 2,672,950 | 2,391,885 | |||
Parent Company [Member] | ||||||
Expenses: | ||||||
General and administration expenses | $ (1,256) | $ (1,123) | $ (1,958) | |||
Operating (loss) / income | (1,256) | (1,123) | (1,958) | |||
Other (expenses) / income, net: | ||||||
Interest and finance costs - related party | (399) | 0 | 0 | |||
Other, net | (9) | 8 | 1 | |||
Total other expenses, net | (408) | 8 | 1 | |||
Equity in (loss)/earnings of subsidiaries | [1] | (7,292) | 81,463 | 12,864 | ||
Net (loss) / income | $ (8,956) | $ 80,348 | $ 10,907 | |||
Net loss per common share | ||||||
Basic and diluted (in dollars per share) | $ (0.83) | $ 30.06 | $ 4.56 | |||
Weighted average common shares outstanding | ||||||
Basic (in shares) | 10,773,404 | 2,672,945 | 2,391,628 | |||
Diluted (in shares) | 10,773,404 | 2,672,950 | 2,391,885 | |||
[1] | Eliminated in consolidation |
Schedule I- Condensed Financ115
Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only), Statements of Cash Flows - 20F (Details) - USD ($) $ in Thousands | Aug. 10, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statements of Cash Flows [Abstract] | ||||||
Net cash used in operating activities | $ (12,295) | $ (2,845) | $ (4,737) | $ (14,858) | $ 1,030 | |
Cash flows from investing activities: | ||||||
Net cash (used in) / provided by investing activities | 0 | (63,424) | (201,684) | 105,895 | 993 | |
Cash flows from financing activities: | ||||||
Net proceeds from issuance of common stock | $ 4,080 | 4,080 | 10,691 | 13,820 | 3,204 | 0 |
Proceeds from convertible promissory notes | 9,400 | 6,800 | 15,765 | 0 | 0 | |
Partial extinguishment of debt | 0 | (200) | (200) | 0 | 0 | |
Restricted cash retained | (50) | 0 | 2,000 | |||
Net cash provided by / (used in) financing activities | 12,900 | 64,365 | 206,852 | (91,239) | (3,246) | |
Net increase/(decrease) in cash and cash equivalents | 605 | (1,904) | 431 | (202) | (1,223) | |
Cash and cash equivalents at beginning of period | 3,304 | 2,873 | 2,873 | 3,075 | 4,298 | |
Cash and cash equivalents at end of period | 3,909 | 969 | 3,304 | 2,873 | 3,075 | |
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
Cash paid for interest | 6,113 | 285 | 855 | 10,557 | 0 | |
Parent Company [Member] | ||||||
Statements of Cash Flows [Abstract] | ||||||
Net cash used in operating activities | (1,202) | (1,195) | (2,806) | |||
Cash flows from investing activities: | ||||||
Investments in subsidiaries | (28,633) | (2,198) | 0 | |||
Net cash (used in) / provided by investing activities | (28,633) | (2,198) | 0 | |||
Cash flows from financing activities: | ||||||
Net proceeds from issuance of common stock | 13,820 | 3,204 | 0 | |||
Proceeds from convertible promissory notes | 15,765 | 0 | 0 | |||
Partial extinguishment of debt | (200) | 0 | 0 | |||
Restricted cash retained | (50) | 0 | 0 | |||
Due to subsidiaries | 0 | 0 | 5,198 | |||
Net cash provided by / (used in) financing activities | 29,335 | 3,204 | 5,198 | |||
Net increase/(decrease) in cash and cash equivalents | (500) | (189) | 2,392 | |||
Cash and cash equivalents at beginning of period | $ 2,078 | $ 2,578 | 2,578 | 2,767 | 375 | |
Cash and cash equivalents at end of period | 2,078 | 2,578 | 2,767 | |||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
Cash paid for interest | $ 222 | $ 0 | $ 0 |
Schedule I- Condensed Financ116
Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only), Notes to Financial Statements - 20F (Details) $ / shares in Units, $ in Thousands | Mar. 12, 2015USD ($)Installment$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2016USD ($) | Dec. 14, 2015USD ($) | Dec. 01, 2015USD ($) | Sep. 07, 2015USD ($)$ / shares |
Convertible Promissory Notes [Abstract] | ||||||||
Secured loan facilities | $ 178,447 | $ 0 | $ 178,064 | |||||
Parent Company [Member] | ||||||||
Basis of Presentation [Abstract] | ||||||||
Cash dividends from subsidiaries | 0 | $ 0 | $ 0 | |||||
Guarantee [Abstract] | ||||||||
Maximum potential amount under guarantee | $ 178,447 | |||||||
Parent Company [Member] | Unsecured Convertible Promissory Note [Member] | Jelco [Member] | ||||||||
Convertible Promissory Notes [Abstract] | ||||||||
Convertible promissory notes | $ 4,000 | |||||||
Number of periodic payments | Installment | 10 | |||||||
Frequency of periodic payment | Semi-annual | |||||||
Semi-annual installment payment | $ 200 | |||||||
Balloon payment | $ 2,000 | |||||||
Maturity date | Mar. 19, 2020 | |||||||
Conversion price of convertible notes into common stock (in dollars per share) | $ / shares | $ 0.90 | |||||||
Parent Company [Member] | Unsecured Convertible Promissory Note [Member] | Jelco [Member] | Maximum [Member] | ||||||||
Convertible Promissory Notes [Abstract] | ||||||||
Number of consecutive payment installments that can be deferred | Installment | 3 | |||||||
Parent Company [Member] | Unsecured Revolving Convertible Note [Member] | Jelco [Member] | ||||||||
Convertible Promissory Notes [Abstract] | ||||||||
Convertible promissory notes | $ 6,765 | |||||||
Decrease in Applicable Limit | $ (2,000) | $ (1,000) | ||||||
Conversion price of convertible notes into common stock (in dollars per share) | $ / shares | $ 0.90 | |||||||
Maximum principal amount available to be drawn | $ 11,765 | $ 9,765 | ||||||
Secured loan facilities | $ 11,765 | |||||||
Parent Company [Member] | Unsecured Revolving Convertible Note [Member] | Jelco [Member] | Maximum [Member] | ||||||||
Convertible Promissory Notes [Abstract] | ||||||||
Tenor of note | 5 years |