Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | Seanergy Maritime Holdings Corp. |
Entity Central Index Key | 0001448397 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 28,933 | $ 13,654 |
Restricted cash | 1,470 | 900 |
Accounts receivable trade, net | 904 | 1,763 |
Due from related parties | 6 | 0 |
Inventories | 3,364 | 3,862 |
Prepaid expenses | 553 | 400 |
Other current assets | 648 | 1,252 |
Deferred voyage expenses | 199 | 96 |
Total current assets | 36,077 | 21,927 |
Fixed assets: | ||
Vessels, net | 251,708 | 253,781 |
Advances for vessels acquisitions and other costs | 1,140 | 0 |
Other fixed assets, net | 327 | 386 |
Total fixed assets | 253,175 | 254,167 |
Other non-current assets: | ||
Deposits assets, non-current | 1,325 | 1,325 |
Deferred charges, non-current | 4,929 | 4,677 |
Right of use asset - leases | 381 | 426 |
Other non-current assets | 29 | 29 |
TOTAL ASSETS | 295,916 | 282,551 |
Current liabilities: | ||
Current portion of long-term debt and other financial liabilities, net of deferred finance costs of $2,061 and $2,443, respectively | 175,557 | 183,066 |
Trade accounts and other payables | 7,533 | 16,105 |
Due to related parties, net of deferred finance costs of $39 and $113, respectively | 23,311 | 24,237 |
Convertible notes, net of deferred finance costs of $9 and $17, respectively | 3,115 | 2,588 |
Accrued liabilities | 5,207 | 6,881 |
Lease liability | 136 | 108 |
Deferred revenue | 4,472 | 4,296 |
Total current liabilities | 219,331 | 237,281 |
Non-current liabilities: | ||
Long-term portion of convertible notes, net of deferred finance costs of $176 and $212, respectively | 13,953 | 12,020 |
Lease liability, non-current | 245 | 318 |
Deferred revenue, non-current | 4,364 | 3,074 |
Total liabilities | 237,893 | 252,693 |
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 June 30, 2020 and December 31, 2019; 30,018,557 and 1,681,253 shares issued and outstanding as at June 30, 2020 and December 31, 2019, respectively | 3 | 0 |
Additional paid-in capital | 453,890 | 406,099 |
Accumulated deficit | (395,870) | (376,241) |
Total Stockholders' equity | 58,023 | 29,858 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 295,916 | $ 282,551 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
STOCKHOLDERS EQUITY | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 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) | 30,018,557 | 1,681,253 |
Common stock, shares outstanding (in shares) | 30,018,557 | 1,681,253 |
Long-Term Debt and Other Financial Liabilities [Member] | ||
Current liabilities: | ||
Deferred finance costs, current | $ 2,061 | $ 2,443 |
Due to Related Parties [Member] | ||
Current liabilities: | ||
Deferred finance costs, current | 39 | 113 |
Convertible Notes [Member] | ||
Current liabilities: | ||
Deferred finance costs, current | 9 | 17 |
Non-current liabilities: | ||
Deferred finance costs, noncurrent | $ 176 | $ 212 |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statements of Loss - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues: | ||
Vessel revenues | $ 23,148 | $ 35,959 |
Commissions | (767) | (1,188) |
Vessel revenue, net | 22,381 | 34,771 |
Expenses: | ||
Voyage expenses | (10,060) | (19,977) |
Vessel operating expenses | (9,742) | (9,015) |
Management fees | (503) | (494) |
General and administration expenses | (3,145) | (3,174) |
Amortization of deferred dry-docking costs | (1,121) | (210) |
Depreciation | (6,187) | (5,462) |
Operating loss | (8,377) | (3,561) |
Other income / (expenses), net: | ||
Interest and finance costs | (6,472) | (8,166) |
Interest and finance costs - related party | (4,799) | (3,799) |
Interest and other income | 27 | 53 |
Foreign currency exchange losses, net | (8) | (11) |
Total other expenses, net | (11,252) | (11,923) |
Net loss before income taxes | (19,629) | (15,484) |
Income taxes | 0 | (59) |
Net loss | $ (19,629) | $ (15,543) |
Net loss per common share, basic and diluted (in dollars per share) | $ (2.05) | $ (50.92) |
Weighted average common shares outstanding, basic and diluted (in shares) | 9,588,854 | 305,224 |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2018 | $ 0 | $ 385,846 | $ (364,543) | $ 21,303 |
Balance (in shares) at Dec. 31, 2018 | 166,636 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock (including the exercise of warrants) (Note 11) | $ 0 | 18,712 | 0 | 18,712 |
Issuance of common stock and warrants (in shares) | 977,093 | |||
Related parties liabilities released | $ 0 | 96 | 0 | 96 |
Stock based compensation | $ 0 | 964 | 0 | 964 |
Stock based compensation (in shares) | 9,000 | |||
Net loss | $ 0 | 0 | (15,543) | (15,543) |
Balance at Jun. 30, 2019 | $ 0 | 405,618 | (380,086) | 25,532 |
Balance (in shares) at Jun. 30, 2019 | 1,152,729 | |||
Balance at Dec. 31, 2019 | $ 0 | 406,099 | (376,241) | 29,858 |
Balance (in shares) at Dec. 31, 2019 | 1,681,253 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock (including the exercise of warrants) (Note 11) | $ 3 | 47,202 | 0 | 47,205 |
Issuance of common stock and warrants (in shares) | 28,181,061 | |||
Stock based compensation | $ 0 | 589 | 0 | 589 |
Stock based compensation (in shares) | 156,243 | |||
Net loss | $ 0 | 0 | (19,629) | (19,629) |
Balance at Jun. 30, 2020 | $ 3 | $ 453,890 | $ (395,870) | $ 58,023 |
Balance (in shares) at Jun. 30, 2020 | 30,018,557 |
Unaudited Interim Consolidate_3
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Unaudited Interim Consolidated Statements of Cash Flows [Abstract] | ||
Net cash used in operating activities | $ (15,612) | $ (2,387) |
Cash flows from investing activities: | ||
Vessels' improvements and acquisitions | (7,128) | (2,567) |
Net cash used in investing activities | (7,128) | (2,567) |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock and warrants | 48,867 | 13,225 |
Proceeds from long term debt and financial liability | 0 | 1,127 |
Proceeds from related party debt | 0 | 5,000 |
Repayments of related party debt | (1,000) | 0 |
Repayments of long term debt and financial liabilities | (7,891) | (8,605) |
Payments of financing and stock issuance costs | (1,387) | (297) |
Net cash provided by financing activities | 38,589 | 10,450 |
Net increase in cash and cash equivalents and restricted cash | 15,849 | 5,496 |
Cash and cash equivalents and restricted cash at beginning of period | 14,554 | 7,444 |
Cash and cash equivalents and restricted cash at end of period | 30,403 | 12,940 |
Cash paid during the period for: | ||
Interest paid | 5,837 | 7,229 |
Noncash financing activities: | ||
Shares issued to settle unpaid interest in connection with financing - related party | 0 | 2,115 |
Shares issued in lieu of interest payments in connection with financing - related party | 0 | 3,846 |
Shares issued to settle deferred finance cost in connection with financing - related party | $ 0 | $ 239 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2020 | |
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 and an office in Hong Kong. The Company provides global transportation solutions in the dry bulk shipping sector through its subsidiaries. The accompanying unaudited interim consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2019 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 5, 2020 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2020. The consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. On June 30, 2020, the Company’s common stock began trading on a split-adjusted basis, following a June 25, 2020 approval from the Company’s Board of Directors to reverse split the Company’s common stock at a ratio of one-for-sixteen. No fractional shares were issued in connection with the reverse split. Shareholders who would otherwise hold a fractional share of the Company’s common stock will receive a cash payment in lieu of such fractional share (Note 15). All share and per share amounts disclosed in the unaudited interim consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented. a. Subsidiaries in Consolidation: Seanergy’s subsidiaries included in these unaudited interim consolidated financial statements as of June 30, 2020: Company Country of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Seanergy Management Corp. (1)(3) Marshall Islands N/A N/A N/A Seanergy Shipmanagement Corp. (1)(3) Marshall Islands N/A N/A N/A Sea Glorius Shipping Co. (1) Marshall Islands Gloriuship November 3, 2015 N/A Sea Genius Shipping Co. (1) Marshall Islands Geniuship October 13, 2015 N/A Leader Shipping Co. (1) Marshall Islands Leadership March 19, 2015 N/A Premier Marine Co. (1) Marshall Islands Premiership September 11, 2015 N/A Gladiator Shipping Co. (1)(Note 7) Marshall Islands Gladiatorship September 29, 2015 October 11, 2018 Guardian Shipping Co. (1)(Note 7) Marshall Islands Guardianship October 21, 2015 November 19, 2018 Champion Ocean Navigation Co. Limited (1)(6) Malta Championship December 7, 2015 November 7, 2018 Squire Ocean Navigation Co. (1) Liberia Squireship November 10, 2015 N/A Emperor Holding Ltd. (1) Marshall Islands N/A N/A N/A Knight Ocean Navigation Co. (1)(8)(Note 8) Liberia Knightship December 13, 2016 June 29, 2018 Lord Ocean Navigation Co. (1) Liberia Lordship November 30, 2016 N/A Partner Shipping Co. Limited (1)(7) Malta Partnership May 31, 2017 N/A Pembroke Chartering Services Limited (1)(4) Malta N/A N/A N/A Martinique International Corp. (1)(5) British Virgin Islands Bremen Max September 11, 2008 March 7, 2014 Harbour Business International Corp. (1)(5) British Virgin Islands Hamburg Max September 25, 2008 March 10, 2014 Maritime Capital Shipping Limited (1) Bermuda N/A N/A N/A Maritime Capital Shipping (HK) Limited (2)(3) Hong Kong N/A N/A N/A Maritime Glory Shipping Limited (2) British Virgin Islands Clipper Glory May 21, 2010 December 4, 2012 Maritime Grace Shipping Limited (2) British Virgin Islands Clipper Glory May 21, 2010 October 15, 2012 Fellow Shipping Co. (1)(Note 7) Marshall Islands Fellowship November 22, 2018 N/A Champion Marine Co. (1) Liberia N/A N/A N/A Champion Marine Co. (1)(8) Marshall Islands N/A N/A N/A Good Ocean Navigation Co. (1)(Note 7) Liberia N/A N/A N/A (1) Subsidiaries wholly owned (2) Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or “MCS”) (3) Management companies (4) Chartering services company (5) Dormant companies (6) Previously known as Champion Ocean Navigation Co., of the Republic of Liberia and redomiciled to the Republic of Malta on May 23, 2018 (7) Previously known as Partner Shipping Co., of the Republic of the Marshall Islands and redomiciled to the Republic of Malta on May 23, 2018 (8) Bareboat charterers |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
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, 2019, filed with the SEC on March 5, 2020. There have been no material changes to these policies in the six-month period ended June 30, 2020. Revenue Recognition Demurrage income, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the six-month periods ended June 30, 2020 and 2019 was $306 and $760, respectively. Despatch expense, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments to the charterer by the vessel owner when loading or discharging time is faster than the stipulated time in the voyage charter agreements. Despatch expense for the six-month periods ended June 30, 2020 and 2019 was $71 and $251, respectively. Disaggregation of Revenue The Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters). The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2020 and December 31, 2019: June 30, December 31, 2020 2019 Accounts receivable trade, net from spot charters 434 653 Accounts receivable trade, net from time charters 470 1,110 Total 904 1,763 Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. The current portion of Deferred revenue as of June 30, 2020 was $637 under ASC 606 and $3,835 under ASC 842. The non-current portion of Deferred revenue as of June 30, 2020 relates entirely to ASC 842 and is related to scrubber premiums (i.e. increased daily hire rates provided for by the chartering agreements) for scrubber-fitted vessels. The Deferred revenue is allocated on a straight-line basis over the minimum duration of each charter party. Revenue recognized in 2020 from amounts included in deferred revenue at the beginning of the period was $3,310. The following table presents the Company’s income statement figures derived from spot charters for the period ended June 30, 2020: June 30, 2020 Vessel revenues, net of commissions 11,970 Voyage expenses (9,282 ) Total 2,688 The following table presents the Company’s income statement figures derived from time charters for the period ended June 30, 2020: June 30, 2020 Vessel revenues, net of commissions 10,411 Voyage expenses (778 ) Total 9,633 Charterers individually accounting for more than 10% of revenues during the six-month periods ended June 30, 2020 and 2019 were: Customer 2020 2019 A 16% 14% B 15% - C 15% - D 14% 10% E 13% - F - 20% G - 12% Total 73% 56% The outbreak of the COVID-19 virus has had a negative effect on the global economy and has adversely impacted the international dry-bulk shipping industry into which the Company operates. The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASU No. 2014-15. In light of the COVID-19 virus outbreak, the Company, as at June 30, 2020, evaluated whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued. In more detail, the Company reviewed and evaluated its revenue concentration risk, the recoverability of its Accounts receivable, trade and sensitized its future undiscounted cash flows on its impairment testing. As per the Company’s evaluation, it was determined that COVID-19 did not materially affect the above mentioned accounting considerations. The situation is rapidly evolving and, as such, it is difficult to predict the ultimate severity and long-term impact of the pandemic on the industry and the Company at this time. The Company is constantly monitoring the developing situation, as well as its charterers’ response to the severe market disruption via cost cutting and rationalization of their networks and fleets, and are making necessary preparations to address and mitigate, to the extent possible, the impact of COVID-19 to the Company. The initial phase of the shutdown of China’s economy due to “lockdown” policies coincided with the traditionally weak period of the dry bulk cycle, which was exacerbated by the exact timing of this year’s steel inventory cycle that prevented extensive iron ore restocking in the first months of 2020. As a result, the exact effect of Covid-19 on the Capesize market in particular has been hard to disaggregate from the general seasonal weakness. Furthermore, the recovery from the market trough in April 2020 has been as fast and powerful as in any other recent year. Lastly, as regards the recoverability of accounts receivable, the high iron ore prices over the past 2 years have strengthened the financial position of major iron ore miners considerably. All else being equal, this reduces the potential credit risk that the Company may face with most of its customers. Furthermore, Company’s vessels that are employed on long-term time-charters are employed on floating rates that fluctuate with the movement of the Baltic Capesize Index. This leaves little incentive for the charterers to renege on these contracts as this would potentially be done only on a fixed-rate charter in order for the charterer to take advantage of lower rates available in the spot market. As a result, it is hard to see what the exact negative effects of the Covid-19 outbreak would be, if any. Recent Accounting Pronouncements Adopted On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to topic 326, Financial Instruments-Credit Losses , On January 1, 2020, the Company adopted ASU No. 2018-13, Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement On January 1, 2020 , the FASB issued ASU 2019-08, Codification Improvements—Share-Based Consideration Payable to a Customer . The amendments in this update require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718. The grant date is the date at which a grantor (supplier) and a grantee (customer) reach a mutual understanding of the key terms and conditions of a share-based payment award. The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified and the grantee is no longer a customer. The adoption of ASU No. 2019-08 did not have a material effect in the Company’s unaudited interim consolidated financial statements and disclosures. Recent Accounting Pronouncements – Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. Currently the Company does not have any contracts that have been changed to a new reference rate, but will continue to evaluate its contracts and the effects of this standard on the Company’s consolidated financial position, results of operations, and cash flows. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2020 | |
Going Concern [Abstract] | |
Going Concern | 3. Going Concern: As described in Note 2 of the consolidated financial statements for the year ended December 31, 2019, included in the Company’s 2019 annual report on Form 20-F filed with the SEC on March 05, 2020, management is required under ASC 205-40, Going Concern, to evaluate whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued. As of December 31, 2019, the Company’s cash flow projections for the period after one year after the date that the financial statements were issued indicated that cash on hand and cash provided by operating activities would not be sufficient to cover the liquidity needs that became due within one year after the date that the financial statements were issued mainly due to the balloon payments that were due within the respective period. Any failure on the part of the Company to timely repay the balloons falling due within one year would result in the lenders demanding payment, which could potentially result in payment default that would trigger cross-default provisions in the Company’s remaining facilities. As such, as of December 31, 2019, the Company classified the long-term portion of its bank debt and other financial liabilities in current liabilities. Since as of the date of the issuance of those financial statements no definite plan had crystalized, the above conditions raised substantial doubts about the Company’s ability to continue as a going concern. On March 17, 2020, the Company entered into the fifth supplemental agreement with Alpha Bank A.E. regarding the Leader Alpha Bank Loan Facility. Pursuant to the terms of the supplemental agreement, among other things, the maturity date was extended from March 18, 2020 to December 31, 2022 (Note 8). On March 31, 2020, the Company entered into the fourth supplemental agreement with Alpha Bank A.E. regarding the Squire Alpha Bank Loan Facility. Pursuant to the terms of the supplemental agreement, among other things, the maturity date was extended from November 10, 2021 to December 31, 2022 (Note 8). During April through June 2020, the Company raised approximately $51,092 in gross proceeds, or $47,205 in net proceeds, from a follow-on public offering, four registered direct offerings, and from the partially exercises of Class D warrants issued in the follow-on public offering as well as the full exercise of all warrants issued in four private placements that took place concurrently with the registered direct offerings (Note 11). On June 26, 2020, the Company entered into a settlement agreement with Hamburg Commercial Bank AG, or HCOB, Geniuship Gloriuship On June 30, 2020, the Company obtained a two-month extension of the maturity of the facility which was due on June 30, 2020 with an outstanding balance of $5,900 (Note 4). As of June 30, 2020, the Company had scheduled installments and balloon payments that were due within one year as follows: • $66,897 final balloon installments together with the installments with respect to two of the Company’s loan facilities, including the $29,056 due under the HCOB facility described above. • $15,003 debt and other financial liabilities installments with respect to third party lenders. • $27,150 related party loans and notes final balloon installments. Any failure on the part of the Company to timely repay the balloons falling due within one year or obtain a waiver of the covenant breaches may result in the lenders demanding payment, which can potentially result in payment default that could trigger cross-default provisions in the Company’s remaining facilities. As such, as of June 30, 2020, the Company has classified the long-term portion of its bank debt and other financial liabilities in current liabilities and reported a working capital deficit of $183,254. Since as of the date of the issuance of these interim unaudited consolidated financial statements no definite plan has crystalized as to the remaining maturities that fall due within one year after the date that the interim unaudited consolidated financial statements are issued, the above conditions raised substantial doubts about the Company’s ability to continue as a going concern. Management plans to settle the loan interest and scheduled loan repayments with cash on hand and cash expected to be generated from operations. Concerning the remaining outstanding balance of the UniCredit loan facility as well as the related party facilities, management is engaged in ongoing discussions with the underlying lenders which it believes they will have a positive outcome and is exploring, on an ongoing basis, several alternatives, including refinancing the existing third party and related party facilities and extending the respective maturities, issuing additional debt or equity securities (Note 15) or a combination of the foregoing. In addition, in the event that none of the above materialize, Management may consider the sale of all the underlying collaterals (i.e., two vessels) and repay in full the UniCredit facility the maturity of which falls in December 2020, rectifying as such the underlying defaults and consequently the cross default provisions that might be triggered under the remaining facilities. Concerning 2020 maturities of the related party loans, the Company is engaged in discussions with the related party to address all the maturities in line with its previous track record concerning these loans. The unaudited interim consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Accordingly, they do not include any adjustments that might result in the event the Company is unable to continue as a going concern. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2020 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | 4. Transactions with Related Parties: a. Convertible Notes: Details of the Company’s convertible notes issued to our affiliate Jelco Delta Holding Corp., or Jelco are discussed in Note 4 of the consolidated financial statements for the year ended December 31, 2019, included in the Company’s 2019 annual report on Form 20-F filed with the SEC on March 05, 2020. March 12, 2015 - $4,000 Convertible Note (First Jelco Note) As of June 30, 2020, $3,800 was outstanding under the First Jelco Note. September 27, 2017 - $13,750 Convertible Note (Third Jelco Note) As of June 30, 2020, $13,750 was outstanding under the Third Jelco Note. The debt movement of the First and Third Jelco Notes is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2018 17,750 (14,389 ) 3,601 6,962 Amortization (Note 12) - - 1,138 1,138 Balance, June 30, 2019 17,750 (14,389 ) 4,739 8,100 Amortization (Note 12) - - 1,062 1,062 Balance, December 31, 2019 17,750 (14,389 ) 5,801 9,162 Amortization (Note 12) - - 1,283 1,283 Balance, June 30, 2020 17,750 (14,389 ) 7,084 10,445 The equity movement of the First and Third Jelco Notes is presented below: Additional paid-in capital Balance, December 31, 2018 14,189 Balance, June 30, 2019 14,189 Balance, December 31, 2019 14,189 Balance, June 30, 2020 14,189 September 7, 2015 - $24,665 Revolving Convertible Note (Second Jelco Note) As of June 30, 2020, $21,165 was outstanding under the Second Jelco Note. The debt movement of the Second Jelco Note is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2018 24,665 (21,165 ) 4,162 4,162 Amortization (Note 12) - - 647 647 Balance, June 30, 2019 24,665 (21,165 ) 4,809 4,809 Amortization - - 866 866 Balance, December 31, 2019 24,665 (21,165 ) 5,675 5,675 Amortization (Note 12) - - 1,133 1,133 Balance, June 30, 2020 24,665 (21,165 ) 6,808 6,808 The equity movement of the Second Jelco Note is presented below: Additional paid-in capital Balance, December 31, 2018 21,165 Balance, June 30, 2019 21,165 Balance, December 31, 2019 21,165 Balance, June 30, 2020 21,165 The Company refers to the First Jelco Note, the Second Jelco Note and the Third Jelco Note as the “Jelco Notes”. The Company may, by giving five business days prior written notice to Jelco at any time, prepay the whole or any part of the Jelco Notes in cash or, subject to Jelco’s prior written agreement on the price per share, in a number of fully paid and nonassessable shares of the Company equal to the amount of the note(s) being prepaid divided by the agreed price per share. At Jelco’s option, the Company’s obligation to repay the principal amount(s) under the Jelco Notes or any part thereof may be paid in common shares at a conversion price of $216 per share (adjusted to reflect the reverse stock split that took place on June 30, 2020 – b. Loan Agreements: Details of the Company’s loan agreements with related parties are discussed in Note 4 of the consolidated financial statements for the year ended December 31, 2019, included in the Company’s 2019 annual report on Form 20-F filed with the SEC on March 05, 2020. First Jelco Loan originally entered into on October 4, 2016 The Company obtained a two-month extension of the maturity of this facility which was due on June 30, 2020, with an outstanding balance as of June 30, 2020 of $5,900, gross of deferred financing costs of $NIL. Following the extension, the interest rate margin of the facility was increased by 1% per annum. Second Jelco Loan originally entered into on May 24, 2017 As of June 30, 2020, an amount of $11,450, gross of deferred financing costs of $32, was outstanding under the Second Jelco Loan. Fourth Jelco Loan originally entered into on March 26, 2019 As of June 30, 2020, an amount of $6,000, gross of deferred financing costs $7, was outstanding under the Fourth Jelco Loan. The Company refers to the First Jelco Loan, the Second Jelco Loan and the Fourth Jelco Loan as the “Jelco Loans”. c. Frontier Services Agreement: On December 19, 2019, the Company entered into a services agreement with Frontier Tankers Corp., or Frontier, an entity associated with Jelco, which is engaged in the ownership of tanker vessels through wholly owned vessel-owning subsidiaries. Pursuant to the Frontier Services Agreement, the Company and Seanergy Management Corp., or Seanergy Management, the Company’s wholly owned subsidiary, assist Frontier and Frontier’s vessel-owning subsidiaries in their dealings with third parties and provide certain administration and management services. Each of Frontier’s vessel-owning subsidiaries pay Seanergy Management a quarterly fee of $0.90. The balance due from Frontier as of June 30, 2020 was $6 and is presented in the unaudited interim consolidated balance sheet. The income recognized from Frontier as of June 30, 2020 was $6 and is included in Management fees in the unaudited interim consolidated statement of loss. |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2020 | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | 5. Cash and Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the interim consolidated balance sheets that sum to the total of the same such amounts shown in the interim consolidated statements of cash flows: June 30, 2020 December 31, 2019 Cash and cash equivalents 28,933 13,654 Restricted cash 1,470 900 Total 30,403 14,554 Restricted cash as of June 30, 2020 includes $500 of minimum liquidity requirements as per the ATB Loan Facility (Note 8), the first pre-payment amount of $500 required to be held until August 26, 2020 under the Squire Alpha Bank Loan Facility pursuant to the terms of the fourth supplemental agreement (Note 8), $420 in a dry-docking reserve account as per the ATB Loan Facility and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company’s financial institutions. Minimum liquidity, not legally restricted, as of June 30, 2020, of $4,000 as per the Company’s credit facilities covenants, calculated as $500 per owned vessel, is included in Cash and cash equivalents. An aggregate amount of $2,925, not legally restricted, as per the Company’s effective sale and leaseback transactions is included in Cash and cash equivalents as of June 30, 2020 (Note 8). Restricted cash as of December 31, 2019 includes $500 of minimum liquidity requirements as per the ATB Loan Facility (Note 8), $350 in a dry-docking reserve account as per the ATB Loan Facility and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company’s financial institutions. Minimum liquidity, not legally restricted, as of December 31, 2019, of $4,000 as per the Company’s credit facilities covenants, calculated as $500 per owned vessel, is included in Cash and cash equivalents. An aggregate amount of $2,925, not legally restricted, as per the sale and leaseback transactions is included in Cash and cash equivalents as of December 31, 2019 (Note 8). |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Inventories | 6. Inventories: The amounts in the accompanying interim unaudited consolidated balance sheets are analyzed as follows: June 30, 2020 December 31, 2019 Lubricants 608 522 Bunkers 2,756 3,340 Total 3,364 3,862 |
Vessels, Net
Vessels, Net | 6 Months Ended |
Jun. 30, 2020 | |
Vessels, Net [Abstract] | |
Vessels, Net | 7. Vessels, Net: The amounts in the accompanying interim consolidated balance sheets are analyzed as follows: June 30, 2020 December 31, 2019 Cost: Beginning balance 292,280 270,814 - Additions for improvements 4,056 21,466 Ending balance 296,336 292,280 Accumulated depreciation: Beginning balance (38,499 ) (27,600 ) - Depreciation for the period (6,129 ) (10,899 ) Ending balance (44,628 ) (38,499 ) Net book value 251,708 253,781 During the six-month period ended June 30, 2020, the Company installed an exhaust gas cleaning system, or scrubber, on one of its vessels. The cost of this scrubber amounted to $3,673 in the aggregate. During 2019, the Company installed scrubbers on five of its vessels. The cost of these scrubbers amounted to $21,435 in the aggregate. The cost of the scrubbers was accounted as major improvement and was capitalized to vessels’ cost and will be depreciated over the remaining useful life of each vessel. Additionally, an amount of $383 and $31 of expenditures were capitalized during the six-month period and year ended June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020, all vessels, except for the Knightship Championship Advances for Vessels Acquisitions and Other Costs On May 26, 2020, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel built in 2005 at a Japanese shipyard, at a gross purchase price of $11,400. The Company expects to finance the vessel acquisition with cash on hand and delivery of the vessel from its sellers is expected to take place within August 2020. A deposit of $1,140 which has been paid to an escrow account is shown in the Advances for vessels acquisitions and other costs line item of the unaudited interim consolidated balance sheets. |
Long-Term Debt and Other Financ
Long-Term Debt and Other Financial Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Long-Term Debt and Other Financial Liabilities | 8. Long-Term Debt and Other Financial Liabilities: The amounts in the accompanying consolidated balance sheets are analyzed as follows: June 30, 2020 December 31, 2019 Long-term debt and other financial liabilities 177,618 185,509 Less: Deferred financing costs (2,061 ) (2,443 ) Total - current portion 175,557 183,066 Long-term debt Details of the Company’s secured credit and other financial liabilities are discussed in Note 8 of the consolidated financial statements for the year ended December 31, 2019, included in the Company’s 2019 annual report on Form 20-F filed with the SEC on March 5, 2020, and are supplemented by the below new activities within the period. On March 31, 2020, the Company entered into the fourth supplemental agreement with Alpha Bank A.E. regarding the Squire Alpha Bank Loan Facility. Pursuant to the terms of the supplemental agreement (i) the maturity date was extended from November 10, 2021 to December 31, 2022, (ii) the repayment of the facility will be made by two prepayments of $500 each on August 26, 2020 and October 1, 2020 as well as 11 consecutive quarterly repayments of $919 each followed by a balloon installment of $14,975 to be made on the maturity date, (iii) the ratio of the market value of the Squireship Squireship On March 17, 2020, the Company entered into the fifth supplemental agreement with Alpha Bank A.E. regarding the Leader Alpha Bank Loan Facility. Pursuant to the terms of the supplemental agreement (i) the maturity date was extended from March 18, 2020 to December 31, 2022, (ii) the repayment of the facility will be made by 11 consecutive quarterly repayments of $250 each followed by a balloon installment of $2,303 to be made on the maturity date, (iii) the financial covenants at the corporate guarantor level will not be applicable any longer save for the minimum liquidity covenant at guarantor level and (iv) that a 30-days moving average balance of $500 is maintained in the Earnings Account of the Leadership On June 26, 2020, the Company entered into a settlement agreement with HCOB related to the term loan facility secured by the Geniuship Gloriuship On June 26, 2020, the Company entered into a term-sheet with EnTrust Global, an existing third party lender of the Company, the proceeds of which were used for the settlement of the term loan facility provided by HCOB. The Company entered into this new $22,500 facility agreement on July 15, 2020 and the facility was fully drawn on July 16, 2020 (Note 15). Each of the facilities mentioned above are secured by a first priority mortgage over the respective vessel; the Squire Alpha Bank Loan Facility is additionally secured by a second priority mortgage over the Leadership Lordship Geniuship Gloriuship. All of the Company’s secured facilities (i.e., long-term debt and other financial liabilities) bear either floating interest at LIBOR plus a margin or fixed interest. Certain of the Company’s long-term debt and other financial liabilities contain financial covenants and undertakings requiring the Company to maintain various financial ratios, including: • a minimum earnings before interest, taxes, depreciation and amortization (“EBITDA”) to interest coverage ratio; • a minimum borrower’s liquidity; • a minimum guarantor’s liquidity; • a security coverage requirement; and • a leverage ratio. As of June 30, 2020, the Company was in compliance with all original covenants relating to its loan facilities as at that date, except for (i) the asset cover ratio or (ii) the interest coverage ratio of the loans held with UniCredit Bank AG, or UniCredit, and Amsterdam Trade Bank N.V., or ATB, Loan Facility. With respect to the breaches under the UniCredit loan agreement, the lender has confirmed that no remedies will be sought pursuant to the ongoing negotiations for a comprehensive restructuring, which will also address the upcoming maturity and the deferral of two installments, of $1,552 payments which were due within the first half of 2020 (Note 8). Furthermore, the Company is engaged in progressed discussions with ATB to cancel the application of the subject covenant effective June 30, 2020 (retrospectively) and for the remaining duration of the respective facility and expects to obtain approval within the third quarter of 2020. At June 30, 2020, eight of the Company’s owned vessels, having a net carrying value of $191,519, were subject to first and second priority mortgages as collateral to their long-term debt facilities. In addition, the Company’s two bareboat chartered vessels, having a net carrying value of $60,189 at June 30, 2020, have been financed through other financial liabilities (i.e., sale and leaseback agreements). The annual principal payments required to be made after June 30, 2020, without taking into consideration the classification of all long-term debt and other financial liabilities as current as discussed in Note 3 but taking into consideration the HCOB settlement agreement discussed in Note 3 and 15, are as follows: Twelve month periods ending June 30, Amount 2021 55,273 2022 16,309 2023 43,882 2024 23,299 Thereafter 38,855 Total 177,618 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Financial Instruments [Abstract] | |
Financial Instruments | 9. Financial Instruments: The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: • Level 1: Quoted market prices in active markets for identical assets or liabilities; • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data; • Level 3: Unobservable inputs that are not corroborated by market data. (a) Significant Risks and Uncertainties, including Business and Credit Concentration The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. (b) Fair Value of Financial Instruments The fair values of the financial instruments shown in the consolidated balance sheets as of June 30, 2020 and December 31, 2019, 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. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current. b. Long-term debt and other financial liabilities: The carrying value of long-term debt and other financial liabilities with variable interest rates approximates the fair market value as the long-term debt and other financial liabilities bear interest at floating interest rate. The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Company believes the terms of its fixed interest long-term debt are similar to those that could be procured as of June 30, 2020, and the carrying value of $6,000 approximates the fair market value of $6,002. The fair value of the fixed interest long-term debt has been obtained through Level 2 inputs of the fair value hierarchy. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies: Contingencies Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any material claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim 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 that should be disclosed, or for which a provision should be established in the accompanying unaudited interim consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs. Commitments The Company operates certain of its vessels under lease agreements. Time charters typically may provide for charterers’ options to extend the lease terms and termination clauses. The Company’s time charters range from 10 to 60 months and extension periods vary from 11 to 27 months. In addition, the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes on freight market index. The Company has the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates. The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2020 (these amounts do not include any assumed off-hire): Twelve month periods ending June 30, Amount 2021 49,209 2022 43,816 2023 14,279 2024 2,105 Total 109,409 In April 2018, the Company moved into its new office spaces under a five-year lease term, with a Company’s option to extend the lease term for another five-year term. The monthly rent is Euro 13,000 (or $15 based on the Euro/U.S. dollar exchange rate of €1.0000:$1.1198 as of June 30, 2020), which is adjusted annually by one percent for inflation. Under ASC 842, the lease is classified as an operating lease and a lease liability and right-of-use asset based on the present value of future minimum lease payments have been recognized on the balance sheet. The monthly rent expense is recorded in general and administration expenses. The rent expense for the periods ended June 30, 2020 and 2019 was $80 and $88, respectively. The following table sets forth the Company’s undiscounted office rental obligations as at June 30, 2020: Twelve month periods ending June 30, Amount 2021 164 2022 180 2023 144 Total 488 Less: imputed interest 107 Present value of lease liabilities 381 Lease liabilities, current 136 Lease liabilities, non-current 245 Present value of lease liabilities 381 |
Capital Structure
Capital Structure | 6 Months Ended |
Jun. 30, 2020 | |
Capital Structure [Abstract] | |
Capital Structure | 11. Capital Structure: Details of the Company’s common stock and warrants are discussed in Note 11 of the consolidated financial statements for the year ended December 31, 2019, included in the Company’s 2019 annual report on Form 20-F filed with the SEC on March 5, 2020 and are supplemented by the below new activities into the six-month period. (a) Common Stock i) NASDAQ Notification – Effect of Reverse Stock Split On July 15, 2019, the Company received a written notification from the NASDAQ Stock Market, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from May 31, 2019 to July 12, 2019, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance was 180 days, or until January 13, 2020. During the Company’s 2019 annual general meeting, the Company’s shareholders approved a reverse stock split of its issued and outstanding common stock at a ratio of not less than 1‑for‑2 and not more than 1‑for‑20, and granted the board of directors the authority to determine whether to implement any reverse stock split and, if so, to select an exchange ratio within the approved range. On January 14, 2020, the Company received a second written notification from the NASDAQ Stock Market, indicating that the Company was eligible for an additional 180 calendar day period, from January 13, 2020 to July 13, 2020, to regain compliance with the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, as the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). On April 17, 2020, the Company received a written notification from the NASDAQ Stock Market, granting an extension to the grace period for regaining compliance with the minimum $1.00 per share bid price requirement up to September 25, 2020. The above extension was granted as part of Nasdaq’s determination to toll the compliance periods for all public companies, not meeting the continued listing requirements, such as the bid price requirement, due to the extraordinary market conditions and unprecedented turmoil in U.S financial markets. The Company could cure this deficiency if the closing bid price of its common stock was $1.00 per share or higher for at least ten consecutive business days during the grace period. During this time, the Company’s common stock would continue to be listed and trade on the Nasdaq Capital Market. On June 30, 2020, the Company’s common stock began trading on a split-adjusted basis, following a June 25, 2020 approval from the Company’s Board of Directors to reverse split the Company’s common stock at a ratio of one-for-sixteen. All share and per share amounts disclosed in the unaudited interim consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented. The Company ii) Equity Offerings During April through June 2020, the Company raised approximately $51,092 in gross proceeds, or $47,205 in net proceeds, from a follow-on public offering, four registered direct offerings, and from the partially exercises of Class D warrants issued in the follow-on public offering as well as the full exercise of all warrants issued in four private placements that took place concurrently with the registered direct offerings (see below). On April 2, 2020, the Company completed a follow-on public offering of 2,536,468 over-allotment option of 330,843 units granted to the underwriters) 2,536,468 of its common shares or pre funded warrants in lieu of common shares and 40,583,500 Class D warrants to purchase an aggregate of 2,536,468 common shares of the Company, at a combined price of $2.72 per share and Class D warrant. On April 22, 2020, the exercise price of the Class D warrants was lowered from $2.72 per share initially to $1.92 per share and on June 8, 2020 was further reduced to $1.60 per share. The gross proceeds from the follow-on public offering were $6,899. On April 14, 2020, the Company sold of its common shares in a registered direct offering at a price of $2.16 per share and purchase an aggregate of common shares of the Company in a concurrent private placement. The gross proceeds from the registered direct offering were $6,750. On April 22, 2020, the Company sold of its common shares in a registered direct offering at a price of $1.92 per share and purchase an aggregate of common shares of the Company in a concurrent private placement. The gross proceeds from the registered direct offering were $6,090. On May 4, 2020, the Company sold of its common shares in a registered direct offering at a price of $1.92 per share and purchase an aggregate of common shares of the Company in a concurrent private placement. The gross proceeds from the registered direct offering were $5,154. On May 7, 2020, the Company sold of its common shares in a registered direct offering at a price of $1.92 per share and purchase an aggregate of common shares of the Company in a concurrent private placement. The gross proceeds from the registered direct offering were $5,202. (b) Warrants In connection with the public offering which closed on April 2, 2020, the Company granted to the representative of the underwriters 1,764,500 Class D warrants to purchase 110,281 common shares, at an exercise price of $3.40. The warrants expire in March 2023. On May 20, 2020, the Company entered into a warrant exercise agreement with each holder of private warrants issued in the private placements in April and May 2020, pursuant to which such holders agreed to exercise their warrants to purchase 2,507,812 of the Company’s common shares, and the Company agreed to reduce the exercise price of the warrants to $1.44 per common share solely with respect to the exercise of the warrants pursuant to such agreements. The initial exercise price of such warrants was $1.92. The Company’s gross proceeds were $3,611. On May 26, 2020, the Company entered into a warrant exercise agreement with each holder of private warrants issued in the private placements in April and May 2020, pursuant to which such holders agreed to exercise their warrants to purchase 4,953,813 of the Company’s common shares, and the Company agreed to reduce the exercise price of the warrants to $1.28 per common share solely with respect to the exercise of the warrants pursuant to such agreements. The initial exercise price of such warrants ranged from $2.16 and $1.92. The Company’s gross proceeds were $6,341. On June 5, 2020, holders of private warrants issued in the private placements in April and May 2020 exercised their warrants to purchase 556,250 common shares at an exercise price of $1.92. The Company’s gross proceeds were $1,068. On June 8, 2020, the Company entered into a warrant exercise agreement with each holder of private warrants issued in the private placements in April and May 2020, pursuant to which such holders agreed to exercise their warrants to purchase 3,672,750 of the Company’s common shares, and the Company agreed to reduce the exercise price of the warrants to $1.60 per common share solely with respect to the exercise of the warrants pursuant to such agreements. The initial exercise price of such warrants was $1.92. The Company’s gross proceeds were $5,877. Following this exercise, no warrants under the private placements remained unexercised. On June 8, 2020, the company entered into a warrant exercise agreement with each holder of Class D warrants pursuant to which public warrants were exercised to purchase 614,046 shares at a price of $1.60 per share. The Company’s gross proceeds were $982. As of June 30, 2020, out of the 40,583,500 Class D Warrants from the April 2020 follow-on public offering, the Company The warrants are classified in equity, according to the Company’s accounting policy As of June 30, 2020, the number of common shares that can potentially be issued under each outstanding warrant are: Warrant Shares to be issued upon exercise of remaining warrants Class A 47,916 Class B 415,845 Class D 273,046 Representative Warrants 123,406 Total 860,213 The Class A Warrants and Class B Warrants are listed on the Nasdaq Capital Market under the symbols “SHIPW” and “SHIPZ”, respectively. The Company has applied for the listing of its Class D Warrants on the Nasdaq Capital Market under the symbol “SHIPL” |
Interest and Finance Costs
Interest and Finance Costs | 6 Months Ended |
Jun. 30, 2020 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 12. Interest and Finance Costs: Interest and finance costs are analyzed as follows: June 30, 2020 2019 Interest on long-term debt and other financial liabilities 5,774 7,053 Amortization of debt issuance costs 349 546 Amortization of debt issuance costs (shares issued to third party - non-cash) 184 212 Other 165 355 Total 6,472 8,166 Interest and finance costs-related party are analyzed as follows: June 30, 2020 2019 Interest expense long term debt related party 944 420 Amortization of debt issuance costs related party - 59 Convertible notes interest expense 1,321 751 Convertible notes amortization of debt discount (non-cash) 2,416 1,785 Amortization of debt issuance costs (shares issued to related party - non-cash) 118 784 Total 4,799 3,799 |
Loss per Share
Loss per Share | 6 Months Ended |
Jun. 30, 2020 | |
Loss per Share [Abstract] | |
Loss per Share | 13. Loss per Share: The calculation of net loss per common share is summarized below: June 30, 2020 2019 Net loss (19,629 ) (15,543 ) Weighted average common shares outstanding – basic and diluted 9,588,854 305,224 Net loss per common share – basic and diluted $ (2.05 ) $ (50.92 ) As of June 30, 2020 and 2019, securities that could potentially dilute basic LPS in the future that were not included in the computation of diluted LPS, because to do so would have anti-dilutive effect, are any incremental shares of non-vested equity incentive plan shares (Note 14) and of unexercised warrants (Note 11), both calculated with the treasury stock method, as well as shares assumed to be converted with respect to the convertible notes (Note 4) calculated with the if-converted method. |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2020 | |
Equity Incentive Plan [Abstract] | |
Equity Incentive Plan | 14. Equity Incentive Plan: On February 24, 2020, the Compensation Committee granted an aggregate of 156,250 restricted shares of common stock pursuant to the Plan. Of the total 156,250 shares issued, 45,000 shares were granted to the non-executive members of the board of directors, 42,812 were granted to the executive officers, 60,626 shares were granted to certain of the Company’s non-executive employees and 7,812 shares were granted to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $5.12. All the shares vest over a period of two years. 52,084 shares vested on February 24, 2020, 52,083 shares will vest on October 1, 2020 and 52,083 shares will vest on October 1, 2021. The related expense for shares granted to the Company’s board of directors and certain of its employees for the six-month periods ended June 30, 2020 and 2019, amounted to $578 and $951, respectively, and is included under general and administration expenses. The related expense for shares granted to non-employees for the six-month periods ended June 30, 2020 and 2019, amounted to $11 and $14, respectively, and is included under voyage expenses. The unrecognized cost for the non-vested shares granted to the Company’s Board of Directors and certain of its employees as of June 30, 2020 and December 31, 2019 amounted to $368 and $181, respectively. At June 30, 2020, the weighted-average period over which the total compensation cost related to non-vested awards granted to the Company’s board of directors and its other employees not yet recognized is expected to be recognized is 1.01 years. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events a) On July 15, 2020, the Company announced that The Nasdaq Stock Market had confirmed that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock. b) On July 15, 2020, the Company entered into a $22,500 loan agreement with Lucid Agency Services Limited and Lucid Trustee Services Limited, as facility agent and security agent, respectively, and certain nominees of EnTrust Global (an existing third-party lender of the Company) as lenders, or the “New Entrust Loan Facility”, the proceeds of which were used for the settlement of the term loan facility provided by HCOB. The Company drew down the $22,500 on July 16, 2020. The facility matures in July 2025 and is secured by first priority mortgages over the Gloriuship and the Geniuship , general assignments covering earnings, insurances and requisition compensation of each vessel, account pledge agreements concerning the earnings account of each vessel, share pledge agreements concerning each vessel-owning subsidiaries’ shares and relevant technical and commercial managers’ undertakings. In addition, the New Entrust Loan Facility was cross collateralized with the existing loan facility secured by the Lordship , as amended and restated on July 15, 2020. As a result, the New Entrust Loan Facility is further secured by a corporate guarantee from Lord Ocean Navigation Co., or “Lord Ocean”, being the vessel-owning subsidiary of the Lordship , a second preferred mortgage over the Lordship , second priority general assignment covering earnings, insurances and requisition compensation of the Lordship , a second priority account pledge agreement concerning the earnings account of Lord Ocean, a second priority share pledge agreement concerning Lord Ocean’s shares and second priority technical and commercial managers’ undertakings. c) On July 15, 2020, the Company entered into an amendment and restatement of the $24,500 loan agreement entered into on June 11, 2018 with certain nominees of EnTrust Global as lenders and Wilmington Trust, National Association as facility agent and security agent, or the “Amended and Restated Entrust Loan Facility”. Pursuant to the terms of the Amended and Restated Entrust Loan Facility (i) Wilmington Trust, National Association resigned as facility agent and security agent and Lucid Agency Services Limited and Lucid Trustee Services Limited were appointed as successor facility agent and security agent, respectively and (ii) the facility was cross-collateralized with the New Entrust Loan Facility with corporate guarantees from Sea Glorius Shipping Co. and Sea Genius Shipping Co., being the vessel-owning subsidiaries of the Gloriuship Geniuship Gloriuship Geniuship d) On July 17, 2020, the Company settled the full amount of the HCOB facility through a $23,500 payment with the funds obtained from the New Entrust Loan Facility and cash on hand, following which all securities created in favour of HCOB were irrevocably and unconditionally released. The Company expects to recognize a gain of $5,556, gross of deferred financing fees, in the third quarter of 2020. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Basis of Presentation and General Information [Abstract] | |
Principles of Consolidation | The accompanying unaudited interim consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”). |
Basis of Accounting | The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2019 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 5, 2020 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2020. The consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Significant Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition Demurrage income, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the six-month periods ended June 30, 2020 and 2019 was $306 and $760, respectively. Despatch expense, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments to the charterer by the vessel owner when loading or discharging time is faster than the stipulated time in the voyage charter agreements. Despatch expense for the six-month periods ended June 30, 2020 and 2019 was $71 and $251, respectively. Disaggregation of Revenue The Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters). The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2020 and December 31, 2019: June 30, December 31, 2020 2019 Accounts receivable trade, net from spot charters 434 653 Accounts receivable trade, net from time charters 470 1,110 Total 904 1,763 Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. The current portion of Deferred revenue as of June 30, 2020 was $637 under ASC 606 and $3,835 under ASC 842. The non-current portion of Deferred revenue as of June 30, 2020 relates entirely to ASC 842 and is related to scrubber premiums (i.e. increased daily hire rates provided for by the chartering agreements) for scrubber-fitted vessels. The Deferred revenue is allocated on a straight-line basis over the minimum duration of each charter party. Revenue recognized in 2020 from amounts included in deferred revenue at the beginning of the period was $3,310. The following table presents the Company’s income statement figures derived from spot charters for the period ended June 30, 2020: June 30, 2020 Vessel revenues, net of commissions 11,970 Voyage expenses (9,282 ) Total 2,688 The following table presents the Company’s income statement figures derived from time charters for the period ended June 30, 2020: June 30, 2020 Vessel revenues, net of commissions 10,411 Voyage expenses (778 ) Total 9,633 Charterers individually accounting for more than 10% of revenues during the six-month periods ended June 30, 2020 and 2019 were: Customer 2020 2019 A 16% 14% B 15% - C 15% - D 14% 10% E 13% - F - 20% G - 12% Total 73% 56% |
Recent Accounting Pronouncements Adopted and Not Yet Adopted | Recent Accounting Pronouncements Adopted On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to topic 326, Financial Instruments-Credit Losses , On January 1, 2020, the Company adopted ASU No. 2018-13, Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement On January 1, 2020 , the FASB issued ASU 2019-08, Codification Improvements—Share-Based Consideration Payable to a Customer . The amendments in this update require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718. The grant date is the date at which a grantor (supplier) and a grantee (customer) reach a mutual understanding of the key terms and conditions of a share-based payment award. The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified and the grantee is no longer a customer. The adoption of ASU No. 2019-08 did not have a material effect in the Company’s unaudited interim consolidated financial statements and disclosures. Recent Accounting Pronouncements – Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. Currently the Company does not have any contracts that have been changed to a new reference rate, but will continue to evaluate its contracts and the effects of this standard on the Company’s consolidated financial position, results of operations, and cash flows. |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Basis of Presentation and General Information [Abstract] | |
Subsidiaries in Consolidation | Seanergy’s subsidiaries included in these unaudited interim consolidated financial statements as of June 30, 2020: Company Country of Incorporation Vessel name Date of Delivery Date of Sale/Disposal Seanergy Management Corp. (1)(3) Marshall Islands N/A N/A N/A Seanergy Shipmanagement Corp. (1)(3) Marshall Islands N/A N/A N/A Sea Glorius Shipping Co. (1) Marshall Islands Gloriuship November 3, 2015 N/A Sea Genius Shipping Co. (1) Marshall Islands Geniuship October 13, 2015 N/A Leader Shipping Co. (1) Marshall Islands Leadership March 19, 2015 N/A Premier Marine Co. (1) Marshall Islands Premiership September 11, 2015 N/A Gladiator Shipping Co. (1)(Note 7) Marshall Islands Gladiatorship September 29, 2015 October 11, 2018 Guardian Shipping Co. (1)(Note 7) Marshall Islands Guardianship October 21, 2015 November 19, 2018 Champion Ocean Navigation Co. Limited (1)(6) Malta Championship December 7, 2015 November 7, 2018 Squire Ocean Navigation Co. (1) Liberia Squireship November 10, 2015 N/A Emperor Holding Ltd. (1) Marshall Islands N/A N/A N/A Knight Ocean Navigation Co. (1)(8)(Note 8) Liberia Knightship December 13, 2016 June 29, 2018 Lord Ocean Navigation Co. (1) Liberia Lordship November 30, 2016 N/A Partner Shipping Co. Limited (1)(7) Malta Partnership May 31, 2017 N/A Pembroke Chartering Services Limited (1)(4) Malta N/A N/A N/A Martinique International Corp. (1)(5) British Virgin Islands Bremen Max September 11, 2008 March 7, 2014 Harbour Business International Corp. (1)(5) British Virgin Islands Hamburg Max September 25, 2008 March 10, 2014 Maritime Capital Shipping Limited (1) Bermuda N/A N/A N/A Maritime Capital Shipping (HK) Limited (2)(3) Hong Kong N/A N/A N/A Maritime Glory Shipping Limited (2) British Virgin Islands Clipper Glory May 21, 2010 December 4, 2012 Maritime Grace Shipping Limited (2) British Virgin Islands Clipper Glory May 21, 2010 October 15, 2012 Fellow Shipping Co. (1)(Note 7) Marshall Islands Fellowship November 22, 2018 N/A Champion Marine Co. (1) Liberia N/A N/A N/A Champion Marine Co. (1)(8) Marshall Islands N/A N/A N/A Good Ocean Navigation Co. (1)(Note 7) Liberia N/A N/A N/A (1) Subsidiaries wholly owned (2) Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or “MCS”) (3) Management companies (4) Chartering services company (5) Dormant companies (6) Previously known as Champion Ocean Navigation Co., of the Republic of Liberia and redomiciled to the Republic of Malta on May 23, 2018 (7) Previously known as Partner Shipping Co., of the Republic of the Marshall Islands and redomiciled to the Republic of Malta on May 23, 2018 (8) Bareboat charterers |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Significant Accounting Policies [Abstract] | |
Net Trade Accounts Receivable Disaggregated by Revenue Source | The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2020 and December 31, 2019: June 30, December 31, 2020 2019 Accounts receivable trade, net from spot charters 434 653 Accounts receivable trade, net from time charters 470 1,110 Total 904 1,763 |
Income Derived from Charters | June 30, 2020 Vessel revenues, net of commissions 11,970 Voyage expenses (9,282 ) Total 2,688 The following table presents the Company’s income statement figures derived from time charters for the period ended June 30, 2020: June 30, 2020 Vessel revenues, net of commissions 10,411 Voyage expenses (778 ) Total 9,633 |
Revenue from Charterers | Charterers individually accounting for more than 10% of revenues during the six-month periods ended June 30, 2020 and 2019 were: Customer 2020 2019 A 16% 14% B 15% - C 15% - D 14% 10% E 13% - F - 20% G - 12% Total 73% 56% |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Convertible Notes [Member] | |
Transactions with Related Parties [Abstract] | |
Movement of Debt and Equity | The debt movement of the First and Third Jelco Notes is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2018 17,750 (14,389 ) 3,601 6,962 Amortization (Note 12) - - 1,138 1,138 Balance, June 30, 2019 17,750 (14,389 ) 4,739 8,100 Amortization (Note 12) - - 1,062 1,062 Balance, December 31, 2019 17,750 (14,389 ) 5,801 9,162 Amortization (Note 12) - - 1,283 1,283 Balance, June 30, 2020 17,750 (14,389 ) 7,084 10,445 The equity movement of the First and Third Jelco Notes is presented below: Additional paid-in capital Balance, December 31, 2018 14,189 Balance, June 30, 2019 14,189 Balance, December 31, 2019 14,189 Balance, June 30, 2020 14,189 |
Revolving Convertible Note [Member] | |
Transactions with Related Parties [Abstract] | |
Movement of Debt and Equity | The debt movement of the Second Jelco Note is presented below: Applicable limit Debt discount Accumulated deficit Debt Balance, December 31, 2018 24,665 (21,165 ) 4,162 4,162 Amortization (Note 12) - - 647 647 Balance, June 30, 2019 24,665 (21,165 ) 4,809 4,809 Amortization - - 866 866 Balance, December 31, 2019 24,665 (21,165 ) 5,675 5,675 Amortization (Note 12) - - 1,133 1,133 Balance, June 30, 2020 24,665 (21,165 ) 6,808 6,808 The equity movement of the Second Jelco Note is presented below: Additional paid-in capital Balance, December 31, 2018 21,165 Balance, June 30, 2019 21,165 Balance, December 31, 2019 21,165 Balance, June 30, 2020 21,165 |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the interim consolidated balance sheets that sum to the total of the same such amounts shown in the interim consolidated statements of cash flows: June 30, 2020 December 31, 2019 Cash and cash equivalents 28,933 13,654 Restricted cash 1,470 900 Total 30,403 14,554 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Inventories | The amounts in the accompanying interim unaudited consolidated balance sheets are analyzed as follows: June 30, 2020 December 31, 2019 Lubricants 608 522 Bunkers 2,756 3,340 Total 3,364 3,862 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Vessels, Net [Abstract] | |
Vessels, Net | The amounts in the accompanying interim consolidated balance sheets are analyzed as follows: June 30, 2020 December 31, 2019 Cost: Beginning balance 292,280 270,814 - Additions for improvements 4,056 21,466 Ending balance 296,336 292,280 Accumulated depreciation: Beginning balance (38,499 ) (27,600 ) - Depreciation for the period (6,129 ) (10,899 ) Ending balance (44,628 ) (38,499 ) Net book value 251,708 253,781 |
Long-Term Debt and Other Fina_2
Long-Term Debt and Other Financial Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Long-Term Debt and Other Financial Liabilities | The amounts in the accompanying consolidated balance sheets are analyzed as follows: June 30, 2020 December 31, 2019 Long-term debt and other financial liabilities 177,618 185,509 Less: Deferred financing costs (2,061 ) (2,443 ) Total - current portion 175,557 183,066 |
Maturities of Long-Term Debt | The annual principal payments required to be made after June 30, 2020, without taking into consideration the classification of all long-term debt and other financial liabilities as current as discussed in Note 3 but taking into consideration the HCOB settlement agreement discussed in Note 3 and 15, are as follows: Twelve month periods ending June 30, Amount 2021 55,273 2022 16,309 2023 43,882 2024 23,299 Thereafter 38,855 Total 177,618 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies [Abstract] | |
Future Minimum Contractual Charter Revenue | The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2020 (these amounts do not include any assumed off-hire): Twelve month periods ending June 30, Amount 2021 49,209 2022 43,816 2023 14,279 2024 2,105 Total 109,409 |
Office Rental Obligations | The following table sets forth the Company’s undiscounted office rental obligations as at June 30, 2020: Twelve month periods ending June 30, Amount 2021 164 2022 180 2023 144 Total 488 Less: imputed interest 107 Present value of lease liabilities 381 Lease liabilities, current 136 Lease liabilities, non-current 245 Present value of lease liabilities 381 |
Capital Structure (Tables)
Capital Structure (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Capital Structure [Abstract] | |
Outstanding Warrants | Warrant Shares to be issued upon exercise of remaining warrants Class A 47,916 Class B 415,845 Class D 273,046 Representative Warrants 123,406 Total 860,213 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | Interest and finance costs are analyzed as follows: June 30, 2020 2019 Interest on long-term debt and other financial liabilities 5,774 7,053 Amortization of debt issuance costs 349 546 Amortization of debt issuance costs (shares issued to third party - non-cash) 184 212 Other 165 355 Total 6,472 8,166 |
Interest and Finance Costs - Related Party | Interest and finance costs-related party are analyzed as follows: June 30, 2020 2019 Interest expense long term debt related party 944 420 Amortization of debt issuance costs related party - 59 Convertible notes interest expense 1,321 751 Convertible notes amortization of debt discount (non-cash) 2,416 1,785 Amortization of debt issuance costs (shares issued to related party - non-cash) 118 784 Total 4,799 3,799 |
Loss per Share (Tables)
Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Loss per Share [Abstract] | |
Net Loss per Common Share | The calculation of net loss per common share is summarized below: June 30, 2020 2019 Net loss (19,629 ) (15,543 ) Weighted average common shares outstanding – basic and diluted 9,588,854 305,224 Net loss per common share – basic and diluted $ (2.05 ) $ (50.92 ) |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Details) | Jun. 25, 2020 | Jun. 30, 2020 | |
Basis of Presentation and General Information [Abstract] | |||
Reverse stock split ratio | 0.0625 | ||
Seanergy Management Corp. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [1],[2] | 1T | |
Seanergy Shipmanagement Corp. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [1],[2] | 1T | |
Sea Glorius Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | 1T | |
Vessel name | Gloriuship | ||
Date of delivery | Nov. 3, 2015 | ||
Sea Genius Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | 1T | |
Vessel name | Geniuship | ||
Date of delivery | Oct. 13, 2015 | ||
Leader Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | 1T | |
Vessel name | Leadership | ||
Date of delivery | Mar. 19, 2015 | ||
Premier Marine Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | 1T | |
Vessel name | Premiership | ||
Date of delivery | Sep. 11, 2015 | ||
Gladiator Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | 1T | |
Vessel name | Gladiatorship | ||
Date of delivery | Sep. 29, 2015 | ||
Date of sale/disposal | Oct. 11, 2018 | ||
Guardian Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | 1T | |
Vessel name | Guardianship | ||
Date of delivery | Oct. 21, 2015 | ||
Date of sale/disposal | Nov. 19, 2018 | ||
Champion Ocean Navigation Co. Limited [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2],[3] | O1 | |
Vessel name | Championship | ||
Date of delivery | Dec. 7, 2015 | ||
Date of sale/disposal | Nov. 7, 2018 | ||
Squire Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | N0 | |
Vessel name | Squireship | ||
Date of delivery | Nov. 10, 2015 | ||
Emperor Holding Ltd. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | 1T | |
Knight Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2],[4] | N0 | |
Vessel name | Knightship | ||
Date of delivery | Dec. 13, 2016 | ||
Date of sale/disposal | Jun. 29, 2018 | ||
Lord Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | N0 | |
Vessel name | Lordship | ||
Date of delivery | Nov. 30, 2016 | ||
Partner Shipping Co. Limited [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2],[5] | O1 | |
Vessel name | Partnership | ||
Date of delivery | May 31, 2017 | ||
Pembroke Chartering Services Limited [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2],[6] | O1 | |
Martinique International Corp. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2],[7] | D8 | |
Vessel name | Bremen Max | ||
Date of delivery | Sep. 11, 2008 | ||
Date of sale/disposal | Mar. 7, 2014 | ||
Harbour Business International Corp. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2],[7] | D8 | |
Vessel name | Hamburg Max | ||
Date of delivery | Sep. 25, 2008 | ||
Date of sale/disposal | Mar. 10, 2014 | ||
Maritime Capital Shipping Limited [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | D0 | |
Maritime Capital Shipping (HK) Limited [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [1],[8] | K3 | |
Maritime Glory Shipping Limited [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [8] | D8 | |
Vessel name | Clipper Glory | ||
Date of delivery | May 21, 2010 | ||
Date of sale/disposal | Dec. 4, 2012 | ||
Maritime Grace Shipping Limited [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [8] | D8 | |
Vessel name | Clipper Glory | ||
Date of delivery | May 21, 2010 | ||
Date of sale/disposal | Oct. 15, 2012 | ||
Fellow Shipping Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | 1T | |
Vessel name | Fellowship | ||
Date of delivery | Nov. 22, 2018 | ||
Champion Marine Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | N0 | |
Champion Marine Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2],[4] | 1T | |
Good Ocean Navigation Co. [Member] | |||
Subsidiaries in Consolidation [Abstract] | |||
Country of incorporation | [2] | N0 | |
[1] | Management companies | ||
[2] | Subsidiaries wholly owned | ||
[3] | Previously known as Champion Ocean Navigation Co., of the Republic of Liberia and redomiciled to the Republic of Malta on May 23, 2018 | ||
[4] | Bareboat charterers | ||
[5] | Previously known as Partner Shipping Co., of the Republic of the Marshall Islands and redomiciled to the Republic of Malta on May 23, 2018 | ||
[6] | Chartering services company | ||
[7] | Dormant companies | ||
[8] | Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or "MCS") |
Significant Accounting Polici_4
Significant Accounting Policies, Revenue Recognition (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue Recognition [Abstract] | ||
Demurrage income | $ 306 | $ 760 |
Despatch expense | $ 71 | $ 251 |
Significant Accounting Polici_5
Significant Accounting Policies, Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disaggregation by Revenue Source [Abstract] | ||
Accounts receivable trade, net | $ 904 | $ 1,763 |
Current portion of deferred revenue | 4,472 | 4,296 |
Deferred revenue recognized | 3,310 | |
ASC 606 [Member] | ||
Disaggregation by Revenue Source [Abstract] | ||
Current portion of deferred revenue | 637 | |
ASC 842 [Member] | ||
Disaggregation by Revenue Source [Abstract] | ||
Current portion of deferred revenue | 3,835 | |
Spot Charter [Member] | ||
Disaggregation by Revenue Source [Abstract] | ||
Accounts receivable trade, net | 434 | 653 |
Time Charter [Member] | ||
Disaggregation by Revenue Source [Abstract] | ||
Accounts receivable trade, net | $ 470 | $ 1,110 |
Significant Accounting Polici_6
Significant Accounting Policies, Income Derived from Charters (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income from Charters [Abstract] | ||
Vessel revenues, net of commissions | $ 22,381 | $ 34,771 |
Voyage expenses | (10,060) | $ (19,977) |
Spot Charters [Member] | ||
Income from Charters [Abstract] | ||
Vessel revenues, net of commissions | 11,970 | |
Voyage expenses | (9,282) | |
Total | 2,688 | |
Time Charters [Member] | ||
Income from Charters [Abstract] | ||
Vessel revenues, net of commissions | 10,411 | |
Voyage expenses | (778) | |
Total | $ 9,633 |
Significant Accounting Polici_7
Significant Accounting Policies, Revenue from Charterers (Details) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue [Abstract] | ||
Number of years iron ore prices have been high | 2 years | |
Revenues [Member] | Customer Concentration Risk [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 73.00% | 56.00% |
Revenues [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 16.00% | 14.00% |
Revenues [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 15.00% | 0.00% |
Revenues [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 15.00% | 0.00% |
Revenues [Member] | Customer Concentration Risk [Member] | Customer D [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 14.00% | 10.00% |
Revenues [Member] | Customer Concentration Risk [Member] | Customer E [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 13.00% | 0.00% |
Revenues [Member] | Customer Concentration Risk [Member] | Customer F [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 0.00% | 20.00% |
Revenues [Member] | Customer Concentration Risk [Member] | Customer G [Member] | ||
Revenue [Abstract] | ||
Concentration risk percentage | 0.00% | 12.00% |
Significant Accounting Polici_8
Significant Accounting Policies, Recent Accounting Pronouncements Adopted (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($)Vessel | Jun. 30, 2019 | Dec. 31, 2019USD ($) | |
Recent Accounting Pronouncements Adopted [Abstract] | |||
Accounts receivable trade, net | $ 904 | $ 1,763 | |
Number of vessels employed under long-term time charters | Vessel | 7 | ||
Total number of vessels | Vessel | 10 | ||
Spot Charter [Member] | |||
Recent Accounting Pronouncements Adopted [Abstract] | |||
Accounts receivable trade, net | $ 434 | $ 653 | |
Accounts Receivable [Member] | Product Concentration Risk [Member] | Spot Charter [Member] | |||
Recent Accounting Pronouncements Adopted [Abstract] | |||
Accounts receivable trade, net | $ 434 | ||
Concentration risk percentage | 48.00% | 67.00% | 37.00% |
Going Concern (Details)
Going Concern (Details) $ in Thousands | Jul. 17, 2020USD ($) | Jul. 15, 2020USD ($) | Jun. 30, 2020USD ($)VesselOfferingPlacementFacility | Jun. 30, 2020USD ($)VesselFacilityInstallment | Jun. 30, 2019USD ($) | Jun. 26, 2020USD ($) | Dec. 31, 2019USD ($) |
Going Concern [Abstract] | |||||||
Gross proceeds | $ 51,092 | $ 48,867 | $ 13,225 | ||||
Net proceeds | $ 47,205 | ||||||
Number of registered direct offerings | Offering | 4 | ||||||
Number of private placements | Placement | 4 | ||||||
Settlement amount | 7,891 | $ 8,605 | |||||
Balance outstanding | $ 177,618 | 177,618 | $ 185,509 | ||||
Scheduled debt and other financial liabilities installments due within one year | 15,003 | 15,003 | |||||
Scheduled related party debt installments due within one year | 27,150 | 27,150 | |||||
Working capital deficit | (183,254) | (183,254) | |||||
HCOB Facility [Member] | |||||||
Going Concern [Abstract] | |||||||
Balance outstanding | $ 29,056 | ||||||
HCOB Facility [Member] | Subsequent Event [Member] | |||||||
Going Concern [Abstract] | |||||||
Settlement amount | $ 23,500 | ||||||
Company funds used to settle obligation | $ 1,000 | ||||||
New Entrust Loan Facility [Member] | Subsequent Event [Member] | |||||||
Going Concern [Abstract] | |||||||
Face amount | $ 22,500 | ||||||
Term of loan | 5 years | ||||||
Two Loan Facilities [Member] | |||||||
Going Concern [Abstract] | |||||||
Final balloon installments | $ 66,897 | $ 66,897 | |||||
Number of loan facilities with final balloon installments due within one year | Facility | 2 | 2 | |||||
UniCredit Bank Loan Facility [Member] | |||||||
Going Concern [Abstract] | |||||||
Number of installments deferred | Installment | 2 | ||||||
Installment payment | $ 1,552 | ||||||
Number of vessels serving as collateral | Vessel | 2 | 2 | |||||
Jelco [Member] | First Jelco Loan [Member] | |||||||
Going Concern [Abstract] | |||||||
Balance outstanding | $ 5,900 | $ 5,900 | |||||
Term of extension | 2 months |
Transactions with Related Par_3
Transactions with Related Parties, Convertible Notes (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Sep. 27, 2017 | Mar. 12, 2015 | |
Convertible Notes [Abstract] | |||||
Balance outstanding | $ 177,618 | $ 185,509 | |||
Accumulated Deficit [Abstract] | |||||
Amortization (Note 12) | 2,416 | $ 1,785 | |||
Jelco [Member] | Convertible Notes [Member] | |||||
Applicable Limit [Abstract] | |||||
Beginning balance | 17,750 | 17,750 | 17,750 | ||
Ending balance | 17,750 | 17,750 | 17,750 | ||
Debt Discount [Abstract] | |||||
Beginning balance | (14,389) | (14,389) | (14,389) | ||
Ending balance | (14,389) | (14,389) | (14,389) | ||
Accumulated Deficit [Abstract] | |||||
Beginning balance | 5,801 | 3,601 | 3,601 | ||
Amortization (Note 12) | 1,283 | 1,138 | 1,062 | ||
Ending balance | 7,084 | 4,739 | 5,801 | ||
Debt [Abstract] | |||||
Beginning balance | 9,162 | 6,962 | 6,962 | ||
Amortization (Note 12) | 1,283 | 1,138 | 1,062 | ||
Ending balance | 10,445 | 8,100 | 9,162 | ||
Additional Paid-in Capital [Abstract] | |||||
Beginning balance | 14,189 | 14,189 | 14,189 | ||
Ending balance | 14,189 | $ 14,189 | $ 14,189 | ||
Jelco [Member] | First Jelco Note [Member] | |||||
Convertible Notes [Abstract] | |||||
Face amount | $ 4,000 | ||||
Balance outstanding | 3,800 | ||||
Jelco [Member] | Third Jelco Note [Member] | |||||
Convertible Notes [Abstract] | |||||
Face amount | $ 13,750 | ||||
Balance outstanding | $ 13,750 |
Transactions with Related Par_4
Transactions with Related Parties, Revolving Convertible Note (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Sep. 07, 2015 | |
Revolving Convertible Note [Abstract] | ||||
Balance outstanding | $ 177,618 | $ 185,509 | ||
Accumulated Deficit [Abstract] | ||||
Amortization (Note 12) | 2,416 | $ 1,785 | ||
Jelco [Member] | Second Jelco Note [Member] | ||||
Revolving Convertible Note [Abstract] | ||||
Face amount | $ 24,665 | |||
Balance outstanding | 21,165 | |||
Applicable Limit [Abstract] | ||||
Beginning balance | 24,665 | 24,665 | 24,665 | |
Amortization | 0 | |||
Ending balance | 24,665 | 24,665 | 24,665 | |
Debt Discount [Abstract] | ||||
Beginning balance | (21,165) | (21,165) | (21,165) | |
Ending balance | (21,165) | (21,165) | (21,165) | |
Accumulated Deficit [Abstract] | ||||
Beginning balance | 5,675 | 4,162 | 4,162 | |
Amortization (Note 12) | 1,133 | 647 | 866 | |
Ending balance | 6,808 | 4,809 | 5,675 | |
Debt [Abstract] | ||||
Beginning balance | 5,675 | 4,162 | 4,162 | |
Amortization (Note 12) | 1,133 | 647 | 866 | |
Ending balance | 6,808 | 4,809 | 5,675 | |
Additional Paid-in Capital [Abstract] | ||||
Beginning balance | 21,165 | 21,165 | 21,165 | |
Ending balance | $ 21,165 | $ 21,165 | $ 21,165 | |
Notice period to prepay Jelco notes | 5 days | |||
Conversion price of convertible notes into common stock (in dollars per share) | $ 216 |
Transactions with Related Par_5
Transactions with Related Parties, First Jelco Loan (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Loan Agreement [Abstract] | ||
Balance outstanding | $ 177,618 | $ 185,509 |
Deferred financing costs | $ 2,061 | $ 2,443 |
Jelco [Member] | First Jelco Loan [Member] | ||
Loan Agreement [Abstract] | ||
Term of extension | 2 months | |
Balance outstanding | $ 5,900 | |
Deferred financing costs | ||
Increase in margin for deferral period | 1.00% |
Transactions with Related Par_6
Transactions with Related Parties, Second Jelco Loan (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loan Agreement [Abstract] | ||
Balance outstanding | $ 177,618 | $ 185,509 |
Deferred financing costs | 2,061 | $ 2,443 |
Jelco [Member] | Second Jelco Loan [Member] | ||
Loan Agreement [Abstract] | ||
Balance outstanding | 11,450 | |
Deferred financing costs | $ 32 |
Transactions with Related Par_7
Transactions with Related Parties, Fourth Jelco Loan (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loan Agreement [Abstract] | ||
Balance outstanding | $ 177,618 | $ 185,509 |
Deferred financing costs | 2,061 | $ 2,443 |
Jelco [Member] | Fourth Jelco Loan [Member] | ||
Loan Agreement [Abstract] | ||
Balance outstanding | 6,000 | |
Deferred financing costs | $ 7 |
Transactions with Related Par_8
Transactions with Related Parties, Frontier Services Agreement (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Services Agreement [Abstract] | ||
Balance outstanding | $ 177,618,000 | $ 185,509,000 |
Frontier [Member] | Frontier Services Agreement [Member] | ||
Services Agreement [Abstract] | ||
Quarterly services fee | 900 | |
Balance outstanding | 6,000 | |
Management fees | $ 6,000 |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Restricted Cash (Details) $ in Thousands | Jun. 30, 2020USD ($)FinancialInstitution | Dec. 31, 2019USD ($)FinancialInstitution | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 28,933 | $ 13,654 | ||
Restricted cash | 1,470 | 900 | ||
Total | 30,403 | 14,554 | $ 12,940 | $ 7,444 |
Minimum liquidity requirements per New ATB Loan Facility | 500 | 500 | ||
Moving average balance requirements per Squire Alpha Bank Loan Facility | 500 | |||
Dry-docking reserve account | 420 | 350 | ||
Restricted deposits pledged as collateral | $ 50 | $ 50 | ||
Number of financial institutions where restricted deposits are pledged as collateral regarding credit card balances | FinancialInstitution | 1 | 1 | ||
Minimum liquidity requirements for credit facilities covenants | $ 4,000 | $ 4,000 | ||
Minimum liquidity requirements per owned vessel | 500 | 500 | ||
Deposits made under sale and leaseback transactions | $ 2,925 | $ 2,925 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Inventories | $ 3,364 | $ 3,862 |
Lubricants [Member] | ||
Inventories [Abstract] | ||
Inventories | 608 | 522 |
Bunkers [Member] | ||
Inventories [Abstract] | ||
Inventories | $ 2,756 | $ 3,340 |
Vessels, Net, Net Book Value (D
Vessels, Net, Net Book Value (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Accumulated Depreciation [Abstract] | |||
Depreciation for the period | $ (6,187) | $ (5,462) | |
Net book value | 253,175 | $ 254,167 | |
Vessels [Member] | |||
Cost [Abstract] | |||
Beginning balance | 292,280 | 270,814 | 270,814 |
Additions for improvements | 4,056 | 21,466 | |
Ending balance | 296,336 | 292,280 | |
Accumulated Depreciation [Abstract] | |||
Beginning balance | (38,499) | $ (27,600) | (27,600) |
Depreciation for the period | (6,129) | (10,899) | |
Ending balance | (44,628) | (38,499) | |
Net book value | $ 251,708 | $ 253,781 |
Vessels, Net, Acquisitions and
Vessels, Net, Acquisitions and Sales (Details) $ in Thousands | May 26, 2020USD ($) | Jun. 30, 2020USD ($)Vessel | Dec. 31, 2019USD ($)Vessel |
Vessels, Net [Abstract] | |||
Advances for vessels acquisitions and other costs | $ 1,140 | $ 0 | |
Scrubbers [Member] | |||
Vessels, Net [Abstract] | |||
Number of vessels having scrubbers installed | Vessel | 1 | 5 | |
Additions | $ 3,673 | $ 21,435 | |
Capitalized Expenditures [Member] | |||
Vessels, Net [Abstract] | |||
Additions | 383 | $ 31 | |
Capesize Vessel [Member] | |||
Vessels, Net [Abstract] | |||
Purchase price | $ 11,400 | ||
Advances for vessels acquisitions and other costs | $ 1,140 |
Long-Term Debt and Other Fina_3
Long-Term Debt and Other Financial Liabilities, Summary of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Long-Term Debt and Other Financial Liabilities [Abstract] | ||
Long-term debt and other financial liabilities | $ 177,618 | $ 185,509 |
Less: Deferred financing costs | (2,061) | (2,443) |
Total - current portion | $ 175,557 | $ 183,066 |
Long-Term Debt and Other Fina_4
Long-Term Debt and Other Financial Liabilities, Squire Alpha Bank Loan Facility (Details) - Squire Alpha Bank Loan Facility [Member] $ in Thousands | Oct. 01, 2020USD ($) | Aug. 28, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($)InstallmentPrepayment |
Secured Credit Facilities [Abstract] | ||||
Maturity date | Dec. 31, 2022 | |||
Number of prepayments | Prepayment | 2 | |||
Number of consecutive payment installments | Installment | 11 | |||
Installment payment | $ 919 | |||
Frequency of periodic payment | Quarterly | |||
Balloon payment | $ 14,975 | |||
Amendment fee | $ 75 | |||
LIBOR [Member] | ||||
Secured Credit Facilities [Abstract] | ||||
Margin on variable rate | 3.50% | |||
Minimum [Member] | ||||
Secured Credit Facilities [Abstract] | ||||
Ratio of market value of Squireship to total facility outstanding for 2020 | 1 | |||
Ratio of market value of Squireship to total facility outstanding for 2021 | 1.1 | |||
Ratio of market value of Squireship to total facility outstanding until maturity | 1.15 | |||
Plan [Member] | ||||
Secured Credit Facilities [Abstract] | ||||
Installment payment | $ 500 | $ 500 |
Long-Term Debt and Other Fina_5
Long-Term Debt and Other Financial Liabilities, Leader Alpha Bank Loan Facility (Details) - Leader Alpha Bank Loan Facility [Member] $ in Thousands | Mar. 17, 2020USD ($) | Jun. 30, 2020USD ($)Installment |
Secured Credit Facilities [Abstract] | ||
Maturity date | Dec. 31, 2022 | |
Number of consecutive payment installments | Installment | 11 | |
Frequency of periodic payment | Quarterly | |
Installment payment | $ 250 | |
Balloon payment | $ 2,303 | |
Amendment fee | $ 50 | |
LIBOR [Member] | ||
Secured Credit Facilities [Abstract] | ||
Margin on variable rate | 3.75% |
Long-Term Debt and Other Fina_6
Long-Term Debt and Other Financial Liabilities, HCOB Facility (Details) - USD ($) $ in Thousands | Jul. 17, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 26, 2020 | Dec. 31, 2019 |
Secured Credit Facilities [Abstract] | |||||
Balance outstanding | $ 177,618 | $ 185,509 | |||
Settlement amount | $ 7,891 | $ 8,605 | |||
HCOB Facility [Member] | |||||
Secured Credit Facilities [Abstract] | |||||
Maturity date | Jun. 30, 2020 | ||||
Balance outstanding | $ 29,056 | ||||
HCOB Facility [Member] | Subsequent Event [Member] | |||||
Secured Credit Facilities [Abstract] | |||||
Settlement amount | $ 23,500 |
Long-Term Debt and Other Fina_7
Long-Term Debt and Other Financial Liabilities, New Entrust Loan Facility (Details) - USD ($) $ in Thousands | Jul. 16, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jul. 15, 2020 |
Secured Credit Facilities [Abstract] | ||||
Proceeds from drawdown | $ 0 | $ 1,127 | ||
New Entrust Loan Facility [Member] | Subsequent Event [Member] | ||||
Secured Credit Facilities [Abstract] | ||||
Face amount | $ 22,500 | |||
Proceeds from drawdown | $ 22,500 |
Long-Term Debt and Other Fina_8
Long-Term Debt and Other Financial Liabilities, Covenants (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($)VesselInstallment | Dec. 31, 2019USD ($) | |
Secured Credit Facilities [Abstract] | ||
Net book value | $ 253,175 | $ 254,167 |
Vessels Subject to Mortgages [Member] | ||
Secured Credit Facilities [Abstract] | ||
Number of vessels secured by first and second priority mortgages | Vessel | 8 | |
Net book value | $ 191,519 | |
Bareboat Chartered Vessels [Member] | ||
Secured Credit Facilities [Abstract] | ||
Net book value | $ 60,189 | |
Number of vessels serving as collateral | Vessel | 2 | |
UniCredit Bank Loan Facility [Member] | ||
Secured Credit Facilities [Abstract] | ||
Number of installments deferred | Installment | 2 | |
Installment payment | $ 1,552 |
Long-Term Debt and Other Fina_9
Long-Term Debt and Other Financial Liabilities, Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Annual Principal Payments [Abstract] | ||
2021 | $ 55,273 | |
2022 | 16,309 | |
2023 | 43,882 | |
2024 | 23,299 | |
Thereafter | 38,855 | |
Total | $ 177,618 | $ 185,509 |
Financial Instruments (Details)
Financial Instruments (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Carrying Value [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 6,000 |
Fair Market Value [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 6,002 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | May 26, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Future Minimum Contractual Charter Revenue [Abstract] | |||||
2021 | $ 49,209 | ||||
2022 | 43,816 | ||||
2023 | 14,279 | ||||
2024 | 2,105 | ||||
Total | $ 109,409 | ||||
Office Lease [Abstract] | |||||
Lease term of new office spaces | 5 years | ||||
Renewal term of new office spaces | 5 years | ||||
Monthly rent | $ 15 | € 13,000 | |||
Exchange rate | 1.1198 | ||||
Annual percentage inflation adjustment | 1.00% | ||||
Rent expense | $ 80 | $ 88 | |||
Office Rental Obligations [Abstract] | |||||
2021 | 164 | ||||
2022 | 180 | ||||
2023 | 144 | ||||
Total | 488 | ||||
Less: imputed interest | 107 | ||||
Present value of lease liabilities | 381 | ||||
Lease liabilities, current | 136 | $ 108 | |||
Lease liabilities, non-current | 245 | 318 | |||
Advances for Vessels Acquisitions and Other Costs [Abstract] | |||||
Advances for vessels acquisitions and other costs | $ 1,140 | $ 0 | |||
Minimum [Member] | |||||
Commitments and Contingencies [Abstract] | |||||
Term of time charter agreements | 10 months | ||||
Renewal term of time charter agreements | 11 months | ||||
Maximum [Member] | |||||
Commitments and Contingencies [Abstract] | |||||
Term of time charter agreements | 60 months | ||||
Renewal term of time charter agreements | 27 months | ||||
Capesize Vessel [Member] | |||||
Advances for Vessels Acquisitions and Other Costs [Abstract] | |||||
Purchase price | $ 11,400 | ||||
Advances for vessels acquisitions and other costs | $ 1,140 |
Capital Structure, Common Stock
Capital Structure, Common Stock (Details) $ / shares in Units, $ in Thousands | Jun. 25, 2020 | Jun. 08, 2020USD ($)$ / sharesshares | Jun. 05, 2020USD ($)$ / sharesshares | May 26, 2020USD ($)$ / sharesshares | May 20, 2020USD ($)$ / sharesshares | May 07, 2020USD ($)$ / sharesshares | May 04, 2020USD ($)$ / sharesshares | Apr. 22, 2020USD ($)$ / sharesshares | Apr. 14, 2020USD ($)$ / sharesshares | Apr. 02, 2020USD ($)$ / sharesshares | Oct. 17, 2019 | Jun. 30, 2020USD ($)OfferingPlacement$ / shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($) |
Common Stock [Abstract] | |||||||||||||||
Reverse stock split ratio | 0.0625 | ||||||||||||||
Gross proceeds | $ | $ 51,092 | $ 48,867 | $ 13,225 | ||||||||||||
Net proceeds | $ | $ 47,205 | ||||||||||||||
Number of registered direct offerings | Offering | 4 | ||||||||||||||
Number of Private Placements | Placement | 4 | ||||||||||||||
Class D Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Gross proceeds | $ | $ 982 | ||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 1.60 | $ 1.92 | $ 2.72 | $ 1.60 | $ 1.60 | $ 1.60 | |||||||||
Number of securities called by warrants (in shares) | 614,046 | ||||||||||||||
Public Offering [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Gross proceeds | $ | $ 6,899 | $ 4,100 | |||||||||||||
Number of units included in public offering (in shares) | 2,536,468 | ||||||||||||||
Number of securities included in units offered (in shares) | 2,536,468 | ||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 2.72 | ||||||||||||||
Issuance of common stock (in shares) | 2,263,421 | ||||||||||||||
Number of securities called by warrants (in shares) | 2,536,468 | ||||||||||||||
Public Offering [Member] | Class D Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Number of securities included in units offered (in shares) | 40,583,500 | ||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Number of units included in public offering (in shares) | 330,843 | ||||||||||||||
Over-Allotment Option [Member] | Class D Warrants [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 3.40 | ||||||||||||||
Number of securities called by warrants (in shares) | 110,281 | ||||||||||||||
Registered Direct Offering [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Gross proceeds | $ | $ 5,202 | $ 5,154 | $ 6,090 | $ 6,750 | |||||||||||
Issuance of common stock (in shares) | 2,709,375 | 2,684,375 | 3,171,875 | 3,125,000 | |||||||||||
Sales price per unit (in dollars per share) | $ / shares | $ 1.92 | $ 1.92 | $ 1.92 | $ 2.16 | |||||||||||
Private Placement [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Gross proceeds | $ | $ 5,877 | $ 1,068 | $ 6,341 | $ 3,611 | |||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 1.60 | $ 1.92 | $ 1.28 | $ 1.44 | |||||||||||
Number of securities called by warrants (in shares) | 3,672,750 | 556,250 | 4,953,813 | 2,507,812 | 2,709,375 | 2,684,375 | 3,171,875 | 3,125,000 | |||||||
Minimum [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Reverse stock split ratio | 0.5 | ||||||||||||||
Maximum [Member] | |||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Reverse stock split ratio | 0.05 |
Capital Structure, Warrants (De
Capital Structure, Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 08, 2020 | Jun. 05, 2020 | May 26, 2020 | May 20, 2020 | Apr. 02, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | May 07, 2020 | May 04, 2020 | Apr. 22, 2020 | Apr. 14, 2020 |
Warrants [Abstract] | |||||||||||||
Gross proceeds | $ 51,092 | $ 48,867 | $ 13,225 | ||||||||||
Shares to be issued upon exercise of remaining warrants | 860,213 | 860,213 | 860,213 | ||||||||||
Class A [Member] | |||||||||||||
Warrants [Abstract] | |||||||||||||
Shares to be issued upon exercise of remaining warrants | 47,916 | 47,916 | 47,916 | ||||||||||
Class B [Member] | |||||||||||||
Warrants [Abstract] | |||||||||||||
Shares to be issued upon exercise of remaining warrants | 415,845 | 415,845 | 415,845 | ||||||||||
Class D [Member] | |||||||||||||
Warrants [Abstract] | |||||||||||||
Number of securities called by warrants (in shares) | 614,046 | ||||||||||||
Warrant exercise price (in dollars per share) | $ 1.60 | $ 2.72 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.92 | |||||||
Gross proceeds | $ 982 | ||||||||||||
Unexercised warrants outstanding (in shares) | 4,368,750 | 4,368,750 | 4,368,750 | ||||||||||
Shares to be issued upon exercise of remaining warrants | 273,046 | 273,046 | 273,046 | ||||||||||
Representative Warrants [Member] | |||||||||||||
Warrants [Abstract] | |||||||||||||
Shares to be issued upon exercise of remaining warrants | 123,406 | 123,406 | 123,406 | ||||||||||
Over-Allotment Option [Member] | Class D [Member] | |||||||||||||
Warrants [Abstract] | |||||||||||||
Warrants issued (in shares) | 1,764,500 | ||||||||||||
Number of securities called by warrants (in shares) | 110,281 | ||||||||||||
Warrant exercise price (in dollars per share) | $ 3.40 | ||||||||||||
Private Placement [Member] | |||||||||||||
Warrants [Abstract] | |||||||||||||
Number of securities called by warrants (in shares) | 3,672,750 | 556,250 | 4,953,813 | 2,507,812 | 2,709,375 | 2,684,375 | 3,171,875 | 3,125,000 | |||||
Warrant exercise price (in dollars per share) | $ 1.60 | $ 1.92 | $ 1.28 | $ 1.44 | |||||||||
Original warrant exercise price (in dollars per share) | $ 1.92 | $ 1.92 | |||||||||||
Gross proceeds | $ 5,877 | $ 1,068 | $ 6,341 | $ 3,611 | |||||||||
Unexercised warrants outstanding (in shares) | 0 | ||||||||||||
Private Placement [Member] | Maximum [Member] | |||||||||||||
Warrants [Abstract] | |||||||||||||
Original warrant exercise price (in dollars per share) | $ 2.16 | ||||||||||||
Private Placement [Member] | Minimum [Member] | |||||||||||||
Warrants [Abstract] | |||||||||||||
Original warrant exercise price (in dollars per share) | $ 1.92 | ||||||||||||
Public Offering [Member] | |||||||||||||
Warrants [Abstract] | |||||||||||||
Number of securities included in units offered (in shares) | 2,536,468 | ||||||||||||
Issuance of common stock (in shares) | 2,263,421 | ||||||||||||
Number of securities called by warrants (in shares) | 2,536,468 | ||||||||||||
Warrant exercise price (in dollars per share) | $ 2.72 | ||||||||||||
Gross proceeds | $ 6,899 | $ 4,100 | |||||||||||
Public Offering [Member] | Class D [Member] | |||||||||||||
Warrants [Abstract] | |||||||||||||
Number of securities included in units offered (in shares) | 40,583,500 |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Interest and Finance Costs [Abstract] | ||
Interest on long-term debt and other financial liabilities | $ 5,774 | $ 7,053 |
Amortization of debt issuance costs | 349 | 546 |
Amortization of debt issuance costs (shares issued to third party non-cash) | 184 | 212 |
Other | 165 | 355 |
Total | 6,472 | 8,166 |
Interest and Finance Costs - Related Party [Abstract] | ||
Amortization of debt issuance costs related party | 0 | 59 |
Convertible notes amortization of debt discount (non-cash) | 2,416 | 1,785 |
Amortization of debt issuance costs (shares issued to related party non-cash) | 118 | 784 |
Total | 4,799 | 3,799 |
Long-term Debt [Member] | ||
Interest and Finance Costs - Related Party [Abstract] | ||
Interest expense | 944 | 420 |
Convertible Notes [Member] | ||
Interest and Finance Costs - Related Party [Abstract] | ||
Interest expense | $ 1,321 | $ 751 |
Loss per Share (Details)
Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Loss per Share [Abstract] | ||
Net loss | $ (19,629) | $ (15,543) |
Weighted average common shares outstanding - basic and diluted (in shares) | 9,588,854 | 305,224 |
Net loss per common share - basic and diluted (in dollars per share) | $ (2.05) | $ (50.92) |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 01, 2021 | Oct. 01, 2020 | Feb. 24, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
General and Administrative Expenses [Member] | Board of Directors and Certain Employees [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Stock-based compensation expense | $ 578 | $ 951 | ||||
Direct Voyage Expenses [Member] | Non-Employees [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Stock-based compensation expense | 11 | $ 14 | ||||
Restricted Stock [Member] | ||||||
Unrecognized Cost for Non-vested Shares [Abstract] | ||||||
Unrecognized cost for non-vested shares | $ 318 | $ 181 | ||||
Recognition period for unrecognized cost for non-vested shares | 1 year 4 days | |||||
Restricted Stock [Member] | Awarded February 24, 2020 [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares granted (in shares) | 156,250 | |||||
Weighted average grant date fair value (in dollars per share) | $ 5.12 | |||||
Vesting period | 2 years | |||||
Shares vested (in shares) | 52,084 | |||||
Restricted Stock [Member] | Awarded February 24, 2020 [Member] | Plan [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares vested (in shares) | 52,083 | 52,083 | ||||
Restricted Stock [Member] | Awarded February 24, 2020 [Member] | Board of Directors [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares granted (in shares) | 45,000 | |||||
Restricted Stock [Member] | Awarded February 24, 2020 [Member] | Executive Officers [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares granted (in shares) | 42,812 | |||||
Restricted Stock [Member] | Awarded February 24, 2020 [Member] | Certain Other Non-Executive Employees [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares granted (in shares) | 60,626 | |||||
Restricted Stock [Member] | Awarded February 24, 2020 [Member] | Non-Employees [Member] | ||||||
Equity Incentive Plan [Abstract] | ||||||
Shares granted (in shares) | 7,812 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Jul. 17, 2020 | Jul. 16, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jul. 15, 2020 | Jun. 11, 2018 |
Subsequent Events [Abstract] | |||||||
Proceeds from drawdown | $ 0 | $ 1,127 | |||||
Settlement amount | $ 7,891 | $ 8,605 | |||||
Wilmington Trust Loan Facility | |||||||
Subsequent Events [Abstract] | |||||||
Borrowing capacity | $ 24,500 | ||||||
HCOB Facility [Member] | Forecast [Member] | |||||||
Subsequent Events [Abstract] | |||||||
Gain on debt refinancing, gross of deferred financing fees | $ 5,556 | ||||||
Subsequent Event [Member] | New Entrust Loan Facility [Member] | |||||||
Subsequent Events [Abstract] | |||||||
Face amount | $ 22,500 | ||||||
Proceeds from drawdown | $ 22,500 | ||||||
Subsequent Event [Member] | HCOB Facility [Member] | |||||||
Subsequent Events [Abstract] | |||||||
Settlement amount | $ 23,500 |