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Highlights of the First Quarter of 2022: • Earnings per share ("EPS") (basic & diluted): $0.02 and Adjusted EPS1 (basic & diluted): $0.04 • Net revenues: $29.7 million in Q1 2022, as compared to $20.4 million in Q1 2021, up 46% • Net Income: $3.7 million in Q1 2022, as compared to Net Loss of $1.3 million in Q1 2021 • Adjusted Net Income1: $7.7 million in Q1 2022, as compared to Adjusted Net Income of $0.1 million in Q1 2021 • EBITDA1: $12.8 million in Q1 2022, as compared to $6.5 million in Q1 2021, up 97% • Adjusted EBITDA1: $16.8 million in Q1 2022, as compared to $7.9 million in Q1 2021, up 113% First Quarter & Recent Developments: • Declares a quarterly dividend of $0.025 per share for Q1 2022 • Dividend payable on or about July 14, 2022 to all shareholders of record as of June 28, 2022 • Buyback of $10.0 million of the outstanding convertible note within Q1 2022; total buybacks of convertible notes, common shares and warrants of $26.7 million in Q4 2021-Q1 2022 • New refinancing facility of $21.3 million with a prominent Japanese lender with improved pricing and overall loan terms • Continuous investment to upgrade the energy efficiency and environmental footprint of our fleet Glyfada, Greece - May 31, 2022
For the quarter ended March 31, 2022, the Company generated net revenues of $29.7 million, a 46% increase compared to the first quarter of 2021. Adjusted EBITDA for the quarter was $16.8 million, compared to $7.9 million in the same period of 2021. Net Income and Adjusted Net Income for the quarter were $3.7 million and $7.7 million respectively, compared to a Net Loss of $1.3 million and Adjusted Net Income of $0.1 million in the first quarter of 2021. The daily Time Charter Equivalent rate ("TCE rate")2 of the fleet for the first quarter of 2022 was $19,357, marking a 19% increase compared to $16,219 for the same period of 2021. Cash and cash-equivalents, restricted cash, term deposits, as of March 31, 2022, stood at $38.9 million, compared to $47.1 million as of December 31, 2021. Shareholders' equity at the end of the first quarter was $231.0 million, compared to $244.5 million on December 31, 2021, with the decrease mainly attributed to the adoption of a new accounting standard on the Company's remaining convertible note. Long-term debt (senior loans, convertible note and other financial liabilities) net of deferred charges stood at $221.8 million as of March 31, 2022, while the book value of our fleet as of the same date stood at $420.6 million. Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated: "Seanergy reported its strongest ever first quarter of a year, despite seasonally weaker day-rates. Our adjusted net income was $7.7 million and we recorded adjusted EBITDA of $16.8 million. In Q1 2022, our fleet TCE was $19,357, 31% higher than the average of the Baltic Capesize Index ("BCI"). This is attributed to our successful hedging strategy of proactively converting part of our fleet's index-linked rates to fixed in previous periods. Our estimated TCE for the first quarter of 2022 is $24,570 which reflects the strengthening freight environment. On the back of our Company's continuing solid financial performance, we are declaring a quarterly dividend of $0.025 per share for Q1 2022 which represents 58% of our adjusted net profit for the period. Over the last two quarters, we have distributed $0.075 per share to our shareholders. In addition, within the first quarter of 2022, we repurchased $10 million of our outstanding convertibles, bringing the total repurchases of shares and equity-linked instruments (convertible notes and warrants) to $26.7 million within the last 6 months. Including the dividends paid so far, in the first quarter only, a total of $18.9 million of the Company's cash was allocated to rewarding our shareholders through dividends and these repurchases. Concerning our fleet commercial and technical developments, in 2022 to date, we have continued our ambitious upgrade schedule aiming to fully comply with the upcoming environmental regulations without compromising on the competitiveness of our vessels. We have successfully completed installations of ballast water treatment systems ("BWTS") on 100% of our fleet and have moreover upgraded three vessels by installing Energy Saving Devices ("ESDs"), concurrently with the scheduled dry-dockings. In most cases, these projects were performed in cooperation with the underlying charterers and are accompanied by agreements to adjust the index-linked rate upwards to reflect the improved performance of the underlying vessel. The period of the respective time-charter is extended to reflect the payback period of our investments. At the same time, we are progressing on additional biofuel trials in cooperation with our prominent charterers. I strongly believe that these initiatives not only contribute to the optimal commercial positioning of our fleet, but also form a decisive step towards reducing our vessels' carbon footprint. My view on the Capesize market outlook continues to be very optimistic, backed by the strongest supply and demand fundamentals of the recent years. The record-low orderbook remains at 6% of the active fleet, while Capesize demand is further fueled by the global energy supply shortages, the geopolitical developments, as well as the infrastructure projects that are under development from East to West. The new environmental regulations are expected to further restrain effective vessel supply on the back of the slowing down of the global fleet, underscoring the importance of the energy efficiency improvements achieved on our vessels. Having successfully demonstrated our significant operating leverage, Seanergy is well positioned to capitalise on the strengthening freight market in the second half of the year. Aiming towards developing our Company in a sustainable manner, we will continue to monitor the markets for attractive opportunities and at the same time reward our committed stakeholders, balancing capital allocation between growth, commercial competitiveness and shareholder returns." (1) Adjusted EPS, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted EPS, Adjusted Net Income, EBITDA and adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure. (2) TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure. Company Fleet 
(1) Chartered by a European cargo operator and delivered to the charterer on June 7, 2021 for a period of about 12 to about 18 months. The daily charter hire is fixed at $31,000. (2) Chartered by a U.S. commodity trading company and delivered to the charterer on September 2, 2021 for a period of about 12 to about 16 months. The daily charter hire is fixed at $31,750. (3) Chartered by NYK and delivered to the charterer on May 10, 2021 for an initial period of minimum 11 to maximum 15 months, which was further extended until minimum December 2023 to maximum March 2024. The daily charter hire is based on the BCI. (4) Chartered by Anglo American, a leading global mining company, and delivered to the charterer on June 18, 2021 for a initial period of minimum 12 to about 15 months, which was further extended for a period of minimum 20 to about 24 months starting as of October 2022. The daily charter hire is based on the BCI. (5) Chartered by Cargill and delivered to the charterer on November 7, 2018 for a period of employment of 60 months, with an additional period of about 16 to about 18 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $1,740. (6) Chartered by a major European utility and energy company and delivered to the charterer on September 11, 2019 for an initial period of minimum 33 to maximum 37 months with two optional periods of about 11 to maximum 13 months. The time-charter ("T/C") was extended until October 2022 with two optional periods of about 11 to maximum 13 months. The daily charter hire is based on the BCI. (7) Chartered by Glencore and delivered to the charterer on May 15, 2020 for a period of about 36 to about 42 months with two optional periods of 11 to 13 months. The daily charter hire is based on the BCI. (8) Chartered by a major European utility and energy company and delivered on August 4, 2019 for a period of minimum 33 to maximum 37 months with an optional period of about 11 to maximum 13 months. The daily charter hire is based on the BCI. (9) Chartered by an international commodities trader and delivered to the charterer on November 12, 2021 for a period of about 9 to about 12 months. The daily charter hire is based on the BCI. (10) Chartered by NYK and delivered to the charterer on July 29, 2021 for an initial period of minimum 17 to maximum 24 months, which was extended until minimum December 2023 / maximum March 2024. The daily charter hire is based on the BCI. (11) Chartered by a major South Korean industrial company and delivered to the charterer on June 15, 2021 for a period of minimum 11 to maximum 15 months. The daily charter hire is based on the BCI. (12) Chartered by Cargill. The vessel was delivered to the charterer on May 10, 2021 for a period of 60 months. The daily charter hire is based at a premium over the BCI minus $1,325 per day. (13) Chartered by Pacbulk Shipping and delivered to the charterer on April 23, 2020 for a period of about 11 to about 15 months. In December 2021, the T/C was further extended until minimum December 16, 2022, up to maximum April 15, 2023. The daily charter hire is based on the BCI. (14) Chartered by NYK and delivered to the charterer on February 6, 2022 for a period of about 11 to about 15. The daily charter hire is based on the BCI. (15) Chartered by Glencore and delivered to the charterer on November 29, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055. (16) Chartered by Glencore and delivered to the charterer on December 19, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055. (17) Chartered by NYK and delivered to the charterer on December 1, 2021 for a period of about 13 to about 18 months. The daily charter hire is based on the BCI. (18) The Company has the option to convert the index-linked rate to a fixed one for a period ranging between 2 and 12 months, based on the prevailing Capesize FFA Rate for the selected period. Full report About Seanergy Maritime Holdings Corp. Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company's fleet consists of 17 Capesize vessels with an average age of 12.3 years and aggregate cargo carrying capacity of 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP". Please visit our company website at: www.seanergymaritime.com. Seanergy Maritime Corp. press release 
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