Q1 2021 Seanergy Maritime Holdings Corp Earnings Call
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Can you just stand back we have come from.
But then separately.
[music], Thank you for standing by ladies and gents on them.
From 2 percentage of Maritime conference call on the first quarter 'twenty 'twenty 1 financial results.
Mr. Samantha some kind of chairman and Chief Executive Officer on Mr. Staphos gift Heartless chief financial debt.
Chief Financial Officer after completely apologies at this time all participants are in a listen only mode there'll be a presentation followed by a question on session at which time if you wish to ask a question. Please press star 1 on your telephone keypad I don't know 10 assets be announced I must advise you that this conference is being recorded today.
Forward looking statements piece from please be reminded that the company publicly released its financial results, which are available to download on the synergy website, a synergy on maritime dotcom, if you're doing on hot a copy of the press release, you may contact capital link at 2126617566.
And then we'll be happy to send it to the third time on the credit assets and there's still some tenants who would like to remind you that this conference call contains forward looking statements as defined in section 27 O F. The CECO ease up of 19003. Other members on section 21 E of the C closing exchange out of 19 therapy.
As amended concerning future events on the company's growth starts to and measures to implement such strategy.
Words, such as expects intends plans believes anticipates hopes estimates and variations of such words and similar expressions are intended to identify forward looking statements.
Statements involved known and then this on a based upon a number of assumptions I'm estimates, which I had on hand.
No subject to significant uncertainties and contingencies, many of which are beyond the control of the company.
Actual results may differ materially from those expressed or implied by such forward looking statements factors that could cause actual results to differ materially include but are not limited to competitive factors in the market in which the company operates risks associated with the aperture operations outside the United States changing rules.
The machinations.
Click on to the shipping industry.
This included some times town and the countries I live report on form 20-F.
Sato sophisticated securities and Exchange Commission.
We see the company as follows kind of have to learn to fluids charge on the SEC's website.
W. W. But FCC book with the company expressly disclaims and reputation.
We plan to release publicly any updates or revisions to any forward looking statements on content and.
To reflect any change in the company's expectation with respect to any change in events conditions or circumstances on which an instant unless it's based.
Now I will pass the floor to Mr son Tennis. Please go ahead Sir.
And good day labor.
Hello, everyone and thank you for joining our call today.
<unk> will discuss our results for the first quarter because it doesn't do them and we will provide you with a general update of the major corporate event.
In place.
After going through it transformational year in 2000 on Prem.
So as you know.
Even though the solute them based on for the future through say whenever there's actions from the beginning with us on in 'twenty, 1 with a focus.
On pushing suddenly the company from them.
The strength, but I bet.
I would love to sort of outperforming on important medicines for the Clinton.
Religious fluke routes 16, Capesize vessels after a group 1 Medicare tests true since our last update.
This represents a 50% increase compared to the end of Q3.2020.
And this is a close a booth at the first quarter shipyards in Japan, and 2 of them come with exhaust gas scrubbers installed.
In the quarter delivered basis, when multiple value over fleet should be approximately 400 and play with moving and Dallas against debt outstanding of about 2.7.
$7 million.
If there's an investment of 154 per incident has been moved in 2000 on 'twenty 1 for these purchases.
With a new book with approximately $42.2 million will be added to our balance sheet that we ended Q2.2021.
This represents a minimum per value of approximately 73 per cent and with new vessels.
The weighted average interest data from new debt.
2 things 1 per se.
As we close out the message developments, we have and the 4 new period employment agreements.
3 of these 10 centers at index linked benefited benefiting directly from the strength in another month.
1 is at a fixed rate of 31000 barrels per day per flow for 2 minutes.
We will of.
And of course to see the best year for Capesize market.
On the many years.
Smoothed out to the first quarter 2021 day lead times after the approval of <unk>.
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Dennis.
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<unk> <unk> 2 per cent for them in the first quarter of proposed on them.
Adjusted EBITDA was equal to 7.9 million slightly up from $1 million in the same quarter last year.
The amendment north of 95 per cent of absolute days from for the second quarter.
It looks at the level of approximately 22400 Boes per day.
And consequently, we expect a sequential improvement from and so performance.
Cash on cash equivalents as of March 31st 2021 stood at 54 from foreign media debt as compared to 23.7 day mill as of December 31st 2020.
They're spending at the end of per quarter was approximately $151.5 million.
So I hope this equity at the end of the first quarter of 2021 was 138.1 million compared to $95.9 million barrels at the end of the fourth quarter because on incentive.
Let's move on to discuss the most important developments since our last earnings call.
And most of them 2021, we took a deliberate effort to keep the vessel with Payless shoes.
The ship was built in.
With us on in Japan.
ZIP on them and this was a food delivery over the phone over the 5 groups has agreed to be acquired within 2007 from 2.1.
The ship was fixed with a major centers and that 11 to 15 month index linked debt.
During the same week. The company also took delivery of the flagship.
Book in 2015 close friends at that.
The peso has commenced a separate agreement with Covid.
It was in line and index linked rates for a period of 5 years.
And as I mentioned before cash will fund the installation of energy saving devices on the ship in order to improve its environmental performance.
In June because an important to them.
I also expect the dilutive over 3 day should in the partnership which were acquired from February and March 2021.
The third and the fourth new acquisition for the year.
That's been a member of the vessels were built in because on the 6 in 2010, respectively. After the superbowl Japanese yards.
Our system pharma net position for the year. So far is a pip growth through 2012 deals in Japan instead vessel.
Also stupid with it from exists that's kind of per system.
We expect to lose any of our 16 per vessel your neighbors.
As a reminder, especially sort of volume ballast water treatment system installation. So their vessels was completed by the previous and current owners and therefore, we do not anticipate incurring significant capital expenditure for at least the next 2 years.
Moreover, 2 vessels come stupid with an exhaust gas scrubber system.
This is volumes have been on a clear upward trajectory in the past months and given the support from 10 separate on market conditions I strongly believe that says and improvements are well within reach.
Moving on to so many of our Memphis facilities, we have.
The definitive agreements on 3 new financing transactions.
First Avenue for growth.
Moving to multi tenant boost shortly.
But the total amount from Moody's uplift from <unk> 73 per Midland and be on.
Interest rates will be approximately throughput on 1% Muslim overload.
This represents a much smaller of course, we'll stop there.
On the existing line facilities that were prepaid in the past few months.
It's a day when they left the most of them in a position to capitalize on improving market conditions.
Okay.