6-K

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of August 2023

Commission File Number: 001-34848

SEANERGY MARITIME HOLDINGS CORP.

(Translation of registrant's name into English)

154 Vouliagmenis Avenue

166 74 Glyfada, Greece

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)7: ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is Management's Discussion and Analysis of Financial Condition and Results of Operations and the Unaudited Interim Consolidated Financial Statements of Seanergy Maritime Holdings Corp. (the “Company”) for the six month period ended June 30, 2023.

This Report on Form 6-K and the exhibits hereto are hereby incorporated by reference into the Company's Registration Statements on Form F-3 (File Nos. 333-257693, 333-253332, 333-238136, 333-237500, 333-166697, and 333-169813).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SEANERGY MARITIME HOLDINGS CORP.
	(Registrant)
Dated: August 9, 2023
	/s/ Stamatios Tsantanis
	By: Stamatios Tsantanis
	Chief Executive Officer

EX-99.1

EXHIBIT 99.1

Forward-Looking Statements

This report contains certain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.

Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. In addition to these important factors and matters discussed elsewhere herein and in the documents incorporated by reference herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things:

• changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand;

• changes in seaborne and other transportation patterns;

• changes in the supply of or demand for drybulk commodities, including drybulk commodities carried by sea, generally or in particular regions;

• changes in the number of newbuildings under construction in the drybulk shipping industry;

• changes in the useful lives and the value of our vessels and the related impact on our compliance with loan covenants;

• the aging of our fleet and increases in operating costs;

• changes in our ability to complete future, pending or recent acquisitions or dispositions;

• our ability to achieve successful utilization of our expanded fleet;

• changes to our financial condition and liquidity, including our ability to pay amounts that we owe and obtain additional financing to fund capital expenditures, acquisitions and other general corporate activities;

• risks related to our business strategy, areas of possible expansion or expected capital spending or operating expenses;

• changes in the availability of crew, number of off-hire days, classification survey requirements and insurance costs for the vessels in our fleet;

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• changes in our ability to leverage the relationships and reputation in the drybulk shipping industry of V.Ships Greece Ltd., or V.Ships Greece, our technical manager, Anglo-Eastern Crew Management (Asia) Limited and Global Seaways S.A., our crew managers, and Fidelity Marine Inc., or Fidelity, our commercial manager;

• changes in our relationships with our contract counterparties, including the failure of any of our contract counterparties to comply with their agreements with us;

• loss of our customers, charters or vessels;

• damage to our vessels;

• potential liability from future litigation and incidents involving our vessels;

• our future operating or financial results;

• acts of terrorism, other hostilities, pandemics or other calamities;

• risks associated with the worldwide coronavirus, or COVID-19, including its effects on demand for dry bulk products, crew changes and the transportation thereof;

• changes in global and regional economic and political conditions, including without limitation, increased inflationary pressures and increases in the interest rates set by central banks;

• general domestic and international political conditions or events, including “trade wars”, the war between Russia and Ukraine and related sanctions;

• changes in governmental rules and regulations or actions taken by regulatory authorities, particularly with respect to the drybulk shipping industry;

• our ability to continue as a going concern; and

• other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the U.S. Securities and Exchange Commission, including our most recent annual report on Form 20-F.

Should one or more of the foregoing risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management’s discussion and analysis should be read in conjunction with our unaudited interim consolidated financial statements and related notes included herein. Unless the context indicates otherwise, references to the “Company”, “we” or “our” include Seanergy Maritime Holdings Corp. and its subsidiaries. This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements.

Operating Results

Factors Affecting our Results of Operations Overview

We are an international shipping company specializing in the worldwide seaborne transportation of dry bulk commodities, primarily iron ore and coal. We currently operate 16 Capesize vessels with a cargo-carrying capacity of approximately 2,846,965 dwt and an average fleet age of 12.4 years. Upon delivery of a Newcastlemax dry bulk vessel (expected between August and December 2023) which we have agreed to charter in, our operating fleet will consist of 17 vessels with an aggregate cargo-carrying capacity of 3,054,820 dwt. We are the only pure-play Capesize shipping company publicly listed in the U.S.

Important Measures for Analyzing Results of Operations

We use a variety of financial and operational terms and concepts. These include the following:

Ownership days. Ownership days are the total number of calendar days in a period during which we owned or chartered in on bareboat basis each vessel in our fleet. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses recorded during that period.

Available days. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. The shipping industry uses available days to measure the aggregate number of days in a period during which vessels are available to generate revenues.

Operating days. Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. Operating days include the days that our vessels are in ballast voyages without having fixed their next employment. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels could actually generate revenues.

Fleet utilization. Fleet utilization is the percentage of time that our vessels were generating revenues and is determined by dividing operating days by ownership days for the relevant period.

Off-hire. The period a vessel is not being chartered or is unable to perform the services for which it is required under a charter.

Dry-docking.  We periodically dry-dock each of our vessels for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements.

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Time charter. A time charter is a contract for the use of a vessel for a specific period of time (period time charter) or for a specific voyage (trip time charter) during which the charterer pays substantially all of the voyage expenses, including port charges, bunker expenses, canal charges and other commissions. The vessel owner pays the vessel operating expenses, which include crew costs, provisions, deck and engine stores and spares, lubricants, insurance, maintenance and repairs. The vessel owner is also responsible for each vessel’s dry-docking and intermediate and special survey costs. Time charter rates are usually fixed during the term of the charter. Prevailing time charter rates do fluctuate on a seasonal and year-to-year basis and may be substantially higher or lower from a prior time charter agreement when the subject vessel is seeking to renew the time charter agreement with the existing charterer or enter into a new time charter agreement with another charterer. Fluctuations in time charter rates are influenced by changes in spot charter rates.

Bareboat charter.  A bareboat charter is generally a contract pursuant to which a vessel owner provides its vessel to a charterer for a fixed period of time at a specified daily rate. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses and risk of operation.

Voyage charter.  A voyage charter is generally a contract to carry a specific cargo from a load port to a discharge port for an agreed-upon total amount. Under voyage charters, voyage expenses, such as port charges, bunker expenses, canal charges and other commissions, are paid by the vessel owner, who also pays vessel operating expenses.

TCE.  Time charter equivalent, or TCE, rate is defined as our net revenue less voyage expenses during a period divided by the number of our operating days during the period. Voyage expenses include port charges, bunker expenses, canal charges and other commissions.

Daily Vessel Operating Expenses. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses less pre-delivery expenses by ownership days for the relevant time periods. Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Vessel operating expenses before pre-delivery expenses exclude one-time pre-delivery and pre-joining expenses associated with initial crew manning and supply of stores of Company’s vessels upon delivery.

Principal Factors Affecting Our Business

The principal factors that affect our financial position, results of operations and cash flows include the following:

• number of vessels owned and operated;

• voyage charter rates;

• time charter trip rates;

• period time charter rates;

• the nature and duration of our voyage and time charters;

• vessel repositioning;

• vessel operating expenses and voyage costs;

• maintenance and upgrade work;

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• the age, condition and specifications of our vessels;

• issuance of our common shares and other securities;

• amount of debt obligations; and

• financing costs related to debt obligations.

We are also affected by the types of charters we enter into. Vessels operating on fixed-rate period time charters and bareboat time charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot charter market, either on trip time charters or voyage charters, during periods characterized by favorable market conditions.

Vessels operating in the spot charter market or on index-linked time charters generate revenues that are less predictable, but can yield increased profit margins during periods of improvements in dry bulk rates. Spot charters also expose vessel owners to the risk of declining dry bulk rates and rising fuel costs in the case of voyage charters. In the first half of 2023, all of our vessels were chartered under index-linked time charter arrangements, reflecting similar employment patterns as observed in the six-month period ended June 30, 2022.

The coronavirus global pandemic outbreak temporarily decreased the demand and supply for the raw materials we transport and the rates that we are paid to carry them; any unpredictable consequences of this pandemic could adversely affect our business, results of operations, or financial condition.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus first identified in China and its subsequent spread around the world (COVID-19) a global pandemic. The measures taken by governments worldwide in response to the outbreak, which included numerous factory closures and restrictions on travel, as well as labor shortages resulting from the outbreak, have reduced production of goods worldwide and decreased the amount of dry bulk commodities exported and imported worldwide. In addition, the increase in coronavirus cases in areas that constituted the main iron ore and coal exporters, such as Brazil, resulted in lower demand for our services, leading to lower revenues, cash flow and profitability. While the majority of the economies have re-opened, a significant part of the world population has been vaccinated and the WHO has declared that the COVID-19 no longer constitutes a public health emergency, it is still difficult to predict its future impact on the global economy, since significant uncertainties remain around potential evolution of the virus and the governments’ response to further waves of the virus.

If economic conditions throughout the world decline, it will negatively impact our results of operations, financial condition and cash flows, and could cause the market price of our common shares to decline.

Economic, political and market conditions can adversely affect our business, results of operations and financial condition, including our revenue and profitability, which in turn could adversely affect our stock price. Our business is influenced by a range of factors that are beyond our control and that we have no comparative advantage in forecasting.

Macroeconomic developments such as the global or regional economic effects resulting from increasing inflation rates, limited liquidity, adverse developments affecting financial institutions, the current Russia-Ukraine war and related economic curtailment initiatives, evolving trade policies between the U.S. and international trade partners, or the occurrence of similar events in other countries that lead to uncertainty or instability in economic, political or market conditions could negatively affect our business, operating results, financial condition and outlook, which, in turn, could adversely affect our stock price.

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Any general weakening of worldwide manufacturing output or any weakening specifically related to China’s steel output could potentially cause a reduction in current or prospective demand for dry bulk transportation, which would worsen the supply and demand fundamentals in the dry bulk shipping sector and lead to lower revenues and profits for our vessels.

In addition, international, regional or domestic political unrest and the related potential impact on global stability, terrorist attacks and the potential for other hostilities in various parts of the world, public health crises and natural disasters continue to contribute to a climate of economic and political uncertainty that could adversely affect our results of operations and financial condition, including our revenue growth and profitability.

Recently, the continuing war in Ukraine led to increased economic uncertainty amidst fears of a more generalized military conflict or significant inflationary pressures, due to the increases in fuel and grain prices following the sanctions imposed on Russia. Whether the present dislocation in the markets and resultant inflationary pressures will transition to a long-term inflationary environment is uncertain, and the effects of such a development on charter rates, vessel demand and operating expenses in the sector in which we operate are uncertain.

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Results of Operations

Six months ended June 30, 2023 as compared to six months ended June 30, 2022

(In thousands of U.S. Dollars, except for share and per share data)

	Six months ended June 30,						Change
	2023			2022			Amount			%
Revenues:
Vessel revenue, net		45,030			62,513			(17,483	)		(28	)%
Fees from related parties		1,324			-			1,324			-
Revenue, net		46,354			62,513			(16,159	)		(26	)%
Expenses:
Voyage expenses		(1,308	)		(2,646	)		1,338			(51	)%
Vessel operating expenses		(21,089	)		(20,441	)		(648	)		3	%
Management fees		(374	)		(753	)		379			(50	)%
General and administrative expenses		(10,681	)		(8,520	)		(2,161	)		25	%
Depreciation and amortization		(14,180	)		(13,299	)		(881	)		7	%
Loss on forward freight agreements, net		(144	)		(72	)		(72	)		(100	)%
Gain on sale of vessels, net		8,094			-			8,094			-
Operating income		6,672			16,782			(10,110	)		(60	)%
Other expenses:
Interest and finance costs		(10,395	)		(6,172	)		(4,223	)		68	%
Loss on extinguishment of debt		(540	)		(1,285	)		745			(58	)%
Interest and other income		882			159			723			455	%
Other, net		(126	)		122			(248	)		(203	)%
Total other expenses, net:		(10,179	)		(7,176	)		(3,003	)		42	%
Net (loss) / income		(3,507	)		9,606			(13,113	)		(137	)%
Dividends to non-vested participating securities		(76	)		-			(76	)		-
Net (loss) / income attributable to common shareholders		(3,583	)		9,606			(13,189	)		(137	)%
Net (loss) / income per common share, basic		(0.20	)		0.56
Net (loss) / income per common share, diluted		(0.20	)		0.54
Weighted average number of common shares outstanding, basic		18,196,521			17,243,721
Weighted average number of common shares outstanding, diluted		18,196,521			17,807,487

Vessel Revenue, Net – The decrease is attributable mainly to the decrease in prevailing charter rates during the comparable periods. Our time charter equivalent rate for the first half of 2023 is 30% lower than that of 2022. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure. The decrease was partially offset by the increase in operating days as well as from the increased compensation we received from our charterers for the fuel cost savings produced by the use of scrubbers on our vessels. We had 2,963 operating days for the first six months of 2023 as compared to 2,823 operating days for the first six months of 2022.

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Voyage Expenses – The decrease was primarily attributable to the decrease of bunkers consumption as a result of the decrease of repairs and off-hire days. We had 32 repairs and off-hire days for the six month period ended June 30, 2023 as compared to 259 repairs and off-hire days during the first six months of 2022.

Vessel Operating Expenses – The increase was primarily attributable to increased inflation rates that affected mainly store supplies and increased crew costs. The increase was partially offset by the decrease in ownership days. We had 2,995 ownership days for the first six months of 2023 as compared to 3,081 ownership days for the first six months of 2022.

Management Fees – The decrease was attributable to the change in the volume of management services outsourced. As of June 30, 2023, we had 2 vessels under third party management compared to 7 vessels as of June 30, 2022.

General and Administrative Expenses – The increase is mainly attributable to an increase in staff costs, and mainly concerns stock based compensation amortization, a non-cash item, which was $6.1 million in the first six months of 2023 for shares granted pursuant to our 2011 Equity Incentive Plan, compared to $3.7 million in the first six months of 2022. This increase in staff costs derives from the increase of the Company’s headcount in order to support the growing needs of the in-house management for both Seanergy and the services provided to United Maritime Corporation.

Depreciation and Amortization – The increase was mainly attributable to the increased amortization of drydock expenses in 2023 as compared to 2022. Four vessels performed their scheduled drydocks in 2022. The increase in drydock amortization expense is partially offset by the decrease in ownership days. We had 2,995 ownership days for the first six months of 2023 as compared to 3,081 ownership days for the first six months of 2022.

Interest and Finance Costs – The increase is primarily attributable to the increase in the average interest rate on our outstanding indebtedness, mainly driven by the increased Libor and SOFR rates for our interest bearing securities. The weighted average interest rate on our outstanding debt and convertible note for the six months ended 2023 and 2022 was approximately 7.85% and 4.14%, respectively. Finally, non-cash interest expense of amortization of deferred finance costs and debt discounts for the six-month periods ended June 30, 2023 and 2022 was $1.5 million and $1.2 million, respectively.

Loss on extinguishment of debt – The loss for the six-month period ended June 30, 2023 is mainly attributable to the write-off of unamortized deferred finance costs and debt discounts upon the full settlement of the outstanding balance of the Hanchen Sale and Leaseback, the ABB Loan Facility, the Championship Cargill Sale and Leaseback and the partial prepayment of the August 2021 Alpha Bank Loan Facility (described below). The loss for the six-month period ended June 30, 2022, is due to $1.2 million related to the Second JDH Note and $0.1 million related to the February 2019 ATB Loan.

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Performance Indicators

The figures shown below are non-GAAP statistical ratios used by management to measure performance of our vessels. For the “Fleet Data” figures, there are no comparable U.S. GAAP measures.

	Six months ended June 30,
Fleet Data:	2023			2022
Ownership days		2,995			3,081
Available days(1)		2,995			2,845
Operating days(2)		2,963			2,823
Fleet utilization		98.9	%		91.6	%
Average Daily Results:
TCE rate(3)	$	14,756		$	21,207
Daily Vessel Operating Expenses(4)	$	6,921		$	6,510

(1) During the six months ended June 30, 2023, we incurred nil off-hire days for scheduled dry-dockings. During the six months ended June 30, 2022, we incurred 236 off-hire days for scheduled dry-dockings.

(2) During the six months ended June 30, 2023, we incurred 32 off-hire days due to other unforeseen circumstances. During the six months ended June 30, 2022, we incurred 22 off-hire days due to other unforeseen circumstances.

(3) We include TCE rate (a measure of the average daily revenue performance), a non-GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles our net revenues from vessels to TCE rate.

	Six months ended June 30,
	2023			2022
(In thousands of US Dollars, except operating days and TCE rate)
Vessel revenue, net	$	45,030		$	62,513
Voyage expenses	$	(1,308	)	$	(2,646	)
Time charter equivalent revenues	$	43,722		$	59,867
Operating days		2,963			2,823
Daily time charter equivalent rate	$	14,756		$	21,207

(4) We include Daily Vessel Operating Expenses, a non-GAAP measure, as we believe it provides additional meaningful information and assists  management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Our calculation of Daily Vessel Operating Expenses may not be comparable to that reported by other companies. The following table reconciles our vessel operating expenses to Daily Vessel Operating Expenses.

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	Six months ended June 30,
	2023			2022
(In thousands of US Dollars, except ownership days and Daily Vessel Operating Expenses)
Vessel operating expenses	$	21,089		$	20,441
Less: Pre-delivery expenses		(362	)		(384	)
Vessel operating expenses before pre-delivery expenses	$	20,727		$	20,057
Ownership days		2,995			3,081
Daily Vessel Operating Expenses	$	6,921		$	6,510

EBITDA and Adjusted EBITDA

	Six months ended June 30,
	2023			2022
EBITDA and Adjusted EBITDA reconciliation:
Net (loss) / income	$	(3,507	)	$	9,606
Interest and finance cost, net		10,203			6,150
Depreciation and amortization		14,180			13,299
Taxes		-			(28	)
EBITDA(1)	$	20,876		$	29,027
Stock based compensation		6,127			3,842
Loss on extinguishment of debt		540			1,285
Loss on forward freight agreements, net		144			72
Gain on sale of vessels, net		(8,094	)		-
Adjusted EBITDA(1)	$	19,593		$	34,226

(1)         Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income/(loss), net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock based compensation, loss on forward freight agreements, net, and loss on extinguishment of debt, which the Company believes are not indicative of the ongoing performance of its core operations. EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

Liquidity and Capital Resources

Our principal source of funds have been our operating cash inflows, long-term borrowings from banks, sale and leaseback transactions and equity provided by the capital markets. Our principal use of funds has primarily been capital expenditures to establish our fleet, maintain the quality of our dry bulk vessels, comply with international shipping standards and environmental laws and regulations, fund working capital requirements, and make principal repayments and interest payments on our outstanding debt obligations.

Our funding and treasury activities are conducted in accordance with corporate policies to maximize investment returns while maintaining appropriate liquidity for both our short and long-term needs. This includes arranging borrowing facilities on a cost-effective basis. Cash and cash equivalents are held primarily in U.S. dollars, with minimal amounts held in Euros.

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As of June 30, 2023, we had cash and cash equivalents of $16.9 million, as compared to $26 million as of December 31, 2022.

Working capital is equal to current assets minus current liabilities, including the current portion of long-term debt. As of June 30, 2023, we had a working capital deficit of $24.9 million as compared to a deficit of $33.0 million as of December 31, 2022. As of June, 30, 2023, the deficit is primarily due to planned loan and convertible note repayments for the next 12 months, amounting to $36.7 million. The Company’s cash flow projections for the period after one year after the date that the financial statements are issued indicate that cash on hand and cash provided by operating activities will be sufficient to cover the liquidity needs that become due in the twelve-month period ending one year after the financial statements’ issuance.

As of June 30, 2023, the Company was in compliance with all covenants relating to its loan facilities as at that date.

As of June 30, 2023, we had outstanding borrowings of $234.7 million (including long-term debt and other financial liabilities and convertible note). Our primary known and estimated liquidity needs for the twelve-month period ending one year after the financial statements’ issuance include obligations related to scheduled principal payments of outstanding borrowings and respective interest expenses payments and estimated drydocking expenditures. Additional information on our annual scheduled obligations under our long-term debt and other financial liabilities are described in “Loan Arrangements” below and in Note 7 (“Long-Term Debt and Other Financial Liabilities”) and Note 8 (“Convertible Notes”) of our interim condensed financial statements included below. Generally, we expect that, in addition to the cash generated from our operations, our long-term funding sources will include bank borrowings, lease financings and the issuance of debt and equity securities.

Cash Flows

	Six months ended June 30,
	2023			2022
Cash Flow Data:
Net cash provided by operating activities	$	1,604		$	18,939
Net cash provided by / (used in) investing activities	$	21,425		$	(35,815	)
Net cash (used in) / provided by financing activities	$	(33,054	)	$	12,607

Six months ended June 30, 2023 as compared to six months ended June 30, 2022

Operating Activities: Net cash provided by operating activities amounted to $1.6 million for the six-month period ended June 30, 2023, compared to net cash provided by operating activities of $18.9 million for the six-month period ended June 30, 2022. The change is attributed to the decreased charter rates prevailed in the market for the six-month period ended June 30, 2023 as compared to the respective period in 2022.

Investing Activities: The 2023 cash inflow is related to $23.9 million of proceeds from the sale of two vessels, $1.3 million of release of deposits, $0.1 million for payments related to vessel improvements, $3.5 million finance lease prepayment and $0.2 million for payments of other fixed assets. The 2022 cash outflow is related to a $34.6 million payment for the acquisition of one vessel, $2.6 million for payments related to vessel improvements plus $1.5 million decrease in term deposits.

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Financing Activities: The 2023 cash outflow resulted from debt and other financial liabilities repayments of $70.9 million, convertible notes repayments of $8.0 million, dividend payments of $5.0 million, payments for repurchase of common shares of $1.6 million and $1.3 million of loan finance fees payments in respect with the loan amendments. The 2023 cash inflow resulted from proceeds of $53.8 million from secured long-term debt and other financial liabilities. The 2022 cash inflow resulted from proceeds of $80.3 million from secured long-term debt and $0.1 million proceeds from Class E warrant exercises. The 2022 cash inflow was offset by debt repayments of $47.9 million, convertible notes repayments of $10.0 million, dividend payments of $8.9 million and $1.0 million of loan finance fees payments in respect with the loan amendments.

Description of Indebtedness

Senior Facilities

Pre - Existing Loan Facilities

Sinopac Loan Facility

On December 20, 2021, we entered into a $15.0 million secured loan facility with Sinopac Capital International (HK) Limited for the purpose of refinancing the outstanding indebtedness of the Geniuship. The facility bears interest at LIBOR plus a margin of 3.5% and is repayable by four quarterly installments of $0.5 million, followed by sixteen quarterly installments of $0.4 million and a balloon installment of $6.7 million payable together with the final installment. In addition, the borrower shall ensure that the market value of the vessel plus any additional security shall not be less than 130% of the total facility outstanding.

As of June 30, 2023, $12.1 million was outstanding under the facility.

June 2022 Alpha Bank Loan Facility

On June 21, 2022, we entered into a facility agreement with Alpha Bank S.A. (“Alpha Bank”) for a $21.0 million term loan secured by the Dukeship. The loan facility bears interest of SOFR plus a margin of 2.95% and is repayable through four quarterly installments of $1.0 million followed by twelve quarterly installments of $0.5 million and a balloon of $11.0 million payable together with the final installment. The June 2022 Alpha Bank Loan Facility is cross collateralized with the August 2021 Alpha Bank Loan Facility. The Company is required to ensure that the security requirement ratio (as defined therein) shall not be less than 125% and the borrower is required to maintain minimum liquidity of $0.5 million in its operating account.

As of June 30, 2023, $17.0 million was outstanding under the facility.

December 2022 Alpha Bank Loan Facility

On December 15, 2022, the Company entered into a facility agreement with Alpha Bank for a $16.5 million term loan for the purpose of partly financing the acquisition cost of the Paroship. The interest rate of the facility is equal to term SOFR, for periods of 1, 3 months or any other available period subject to agreement between the parties of the agreement, plus a margin of 2.90%. The term of the loan facility is four years. The repayment schedule comprises four quarterly installments of $0.5 million followed by twelve quarterly installments of $0.4 million and a balloon of $9.6 million payable together with the final installment.  In addition, the Company is required to maintain a security requirement (as defined therein) of not less than 125%, while the borrower is required to maintain minimum liquidity of $0.5 million in its operating account.

As of June 30, 2023, $15.5 million was outstanding under the facility.

12

Loan Facilities amended during the six-month period ended June 30, 2023

October 2022 Danish Ship Finance Loan Facility

On October 10, 2022, we entered into a $28.0 million loan facility with Danish Ship Finance A/S to refinance the existing UniCredit Bank Loan Facility secured by the Premiership and Fellowship. The facility was divided in two equal tranches, has a term of five years, while the interest rate is 2.5% plus SOFR per annum. The repayment schedule of each tranche comprises six quarterly installments of $0.8 million followed by fourteen quarterly installments of $0.5 million and a balloon of $2.1 million payable together with the final installment. Pursuant to the terms of the facility, the Company is required to maintain a security cover higher than 133%, at any time the corporate leverage ratio (as defined therein) is equal to or less than 65%. If the corporate leverage ratio is higher than 65%, the Company is required to maintain a security cover ratio (as defined therein) higher than 143%. The Company is required to maintain a leverage ratio (as defined therein), that will not be higher than 85% until June 29, 2023 and 70% thereafter until the maturity of the loan. Each borrower is required to maintain minimum liquidity of $0.65 million in its retention account.

On April 18, 2023, the Company entered a deed of accession, amendment and restatement to the October 2022 Danish Ship Finance facility to refinance the existing Championship Cargill Sale and Leaseback secured by the Championship. Pursuant to the terms of the agreement the Championship acceded to the facility as an additional borrower under a new tranche for $15.8 million. The new tranche is payable through eight quarterly installments of $0.7 million followed by 12 quarterly instalments of $0.6 million and a balloon of $2.9 million payable together with the final installment bearing an interest rate of 2.65% plus 3-month Term SOFR per annum. Pursuant to the terms of the agreement, the minimum liquidity amount for the new tranche will be equal to $0.7 million while the security cover ratio and all other covenants continue to apply per the terms of the October 2022 Danish Ship Finance facility. Furthermore, a new sustainability linked margin adjustment mechanism was introduced to all three tranches of the October 2022 Danish Ship Finance facility, whereby the interest margin can be increased or decreased by 0.05% based on the achievement of certain emission reduction thresholds.

As of June 30, 2023, $40.6 million was outstanding under the facility.

June 2022 Piraeus Bank Loan Facility

On June 22, 2022, the Company entered into a facility agreement with Piraeus Bank S.A. for a $38.0 million sustainability-linked term loan. The purpose of the loan was to partly finance the acquisition cost of the Honorship, while also refinancing the November 2021 Piraeus Bank Loan Facility, which was secured by the Worldship. On July 3, 2023, the Company entered into an overriding agreement to replace the LIBOR with Term SOFR as reference rate which is effective following the upcoming interest payment. The facility bears interest at Term SOFR plus a margin of 3.00% and a credit adjustment spread (as defined therein) and is repayable through four quarterly installments of $2.0 million, two quarterly installments of $1.5 million, followed by fourteen quarterly installments of $0.8 million and a balloon of $16.5 million payable together with the final installment. The margin is subject to a sustainability pricing adjustment whereby it may be decreased by up to 0.10% upon meeting certain emission reduction targets during the term of the facility. The Company is required to maintain a security cover ratio (as defined therein) of not less than 125% until December 24, 2023, and 130% thereafter until the maturity of the loan. As per the supplemental agreement entered into on July 3, 2023, the corporate leverage ratio (as defined in the facility agreement) required by the Company was reduced from 85% to 70% effective from June 30, 2023 until the maturity of the loan. The borrowers are required to maintain an aggregate minimum liquidity of $2.0 million in their operating accounts.

As of June 30, 2023, $30.0 million was outstanding under the facility.

August 2021 Alpha Bank Loan Facility

On August 9, 2021, we entered into a $44.1 million secured loan facility with Alpha Bank for the purposes of (i) refinancing of a previous loan facility entered with Alpha Bank in May 2021 and (ii) financing of the previously unencumbered Friendship, effectively replacing the Leadership with the Friendship in the security structure and increasing the loan amount. The August 2021 Alpha Bank Loan Facility is divided in two tranches, which were fully drawn on August 11, 2021: the first tranche of $31.1 million was used to partly refinance the outstanding indebtedness over the Squireship and Lordship and the second tranche of $13.0 million was used to partly finance the acquisition cost of the Friendship. Following the transition from LIBOR to SOFR discussed below, the first tranche bears interest at Term SOFR plus a margin of 3.55% and the second tranche bears interest at Term SOFR plus a margin of 3.30%.

13

On April 28, 2023, the Company prepaid $12.0 million using the proceeds from the Village Seven Sale and Leaseback and as a result all the securities regarding the Lordship have been released. Following the prepayment of the Lordship, the first tranche is repayable by seven quarterly instalments of $0.6 million each and a balloon of $10.3 million payable together with the final instalment. The second tranche is repayable by eight quarterly instalments of $0.3 million each and a balloon of $3.9 million payable together with the final instalment. The repayment of instalments for both tranches will commence from the fourth quarter of 2023.

Furthermore, on May 22, 2023, the Company received a notice from Alpha Bank replacing the LIBOR with Term SOFR to be finalized through a supplemental agreement.

The August 2021 Alpha Bank Loan Facility is cross collateralized with the June 2022 Alpha Bank Loan Facility. In addition, the borrowers shall ensure that the security requirement ratio (as defined therein) shall not be less than 125%.

As of June 30, 2023, $20.5 million was outstanding under the facility.

All the facilities above are secured by first preferred mortgages on the financed vessels and guaranteed by the Company. Certain of our loan facilities discussed above are secured by first and second priority general assignments covering the respective vessels’ earnings, charter parties, insurances and requisition compensation; account pledge agreements covering the vessels’ earnings accounts; specific charterparty assignments, usually for charterparties exceeding twelve months in duration; technical and commercial managers’ undertakings; pledge agreements covering the shares of the applicable vessel-owning subsidiaries; and hedging assignment agreements.

Loan Facilities repaid during the six-month period ended June 30, 2023

ABB Loan Facility

On April 22, 2021, we entered into a $15.5 million secured loan facility with Aegean Baltic Bank S.A. (“ABB”). The loan was divided in two tranches of $7.5 million (“Tranche A”) and $8.0 million (“Tranche B”) to partly finance the acquisition cost of the Goodship and the Tradership, respectively. Each tranche bore an interest at LIBOR plus a margin 4.0% and was repayable in eighteen consecutive quarterly installments of $0.2 million each, commencing three months after the drawdown of each tranche, with a final balloon payment of $3.9 million due in October 2025, for Tranche A and $4.4 million due in December 2025, for Tranche B. On February 9, 2023, in connection with the disposal of the Goodship, the Company fully prepaid the outstanding loan amount of $6.1 million under the facility. On February 24, 2023, in connection with the disposal of the Tradership, the company fully prepaid the remaining outstanding loan amount of $6.8 million. Following the full prepayment of the ABB Loan Facility, all securities created in favor of ABB were irrevocably and unconditionally released.

Other Financial Liabilities: Sale and Leaseback Transactions

New Sale and Leaseback Activities during the six-month period ended June 30, 2023

Evahline Sale and Leaseback

On March 29, 2023, we entered into a $19.0 million sale and leaseback agreement with a subsidiary of Evahline Inc. (“Evahline”) for the refinancing of the Hanchen Sale and Leaseback. The agreement became effective on April 6, 2023, upon the delivery of the Knightship to the lessor. The Company sold and chartered back the vessel from Evahline on a bareboat basis for a six-year period. The financing’s applicable interest rate is 3-month Term SOFR plus 2.80% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the six-year bareboat period, the ownership of the vessel will be transferred to the Company at no additional cost.  The Company is required to maintain a minimum value (as defined therein) of at least 120% of the charterhire principal. The charterhire principal amortizes in seventy-two consecutive monthly installments paid in advance averaging approximately $0.3 million.

As of June 30, 2023, $18.2 million was outstanding under the facility.

14

Village Seven Sale and Leaseback

On April 24, 2023, we entered into a $19.0 million sale and leaseback agreement for the Lordship with Village Seven Co., Ltd and V7 Fune Inc. (collectively, “Village Seven”) to partially refinance the August 2021 Alpha Bank Loan Facility. The Company sold and chartered back the vessel from Village Seven on a bareboat basis for a period of four years and five months. The financing’s applicable interest rate is 3-month term SOFR plus 3.00% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the bareboat period, the Company has the option to repurchase the vessel at $7.8 million, which the Company expects to exercise. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. The charterhire principal amortizes in fifty-three consecutive monthly installments paid in advance of approximately $0.2 million.

As of June 30, 2023, $18.4 million was outstanding under the facility.

Existing Sale and Leaseback Activities

Flagship Cargill Sale and Leaseback

On May 11, 2021, we entered into a $20.5 million sale and leaseback agreement with Cargill International SA (“Cargill”) to partly finance the acquisition of the Flagship. The Company sold and chartered back the vessel from Cargill on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. The implied average applicable interest rate is equivalent to 2% per annum. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. The Company has continuous options to buy back the vessel during the whole five-year sale and leaseback period at predetermined prices as set forth in the agreement and at the end of such period it has a purchase obligation at $10.0 million. Additionally, at the time of repurchase, if the market value of the vessel exceeds certain threshold prices, as set out in the agreement, the Company will pay to Cargill 15% of the difference between the market price and such threshold prices. The charterhire principal amortizes in sixty monthly installments averaging approximately $0.2 million each along with a balloon payment of $10.0 million payable together with the final installment.

The charterhire principal, as of June 30, 2023, was $16.3 million.

CMBFL Sale and Leaseback

On June 22, 2021, we entered into a $30.9 million sale and leaseback agreement with CMB Financial Leasing Co., Ltd., or CMBFL, to partly finance the acquisition of the Hellasship and the Patriotship. The Company sold and chartered back the vessels from two affiliates of CMBFL on a bareboat basis for a five-year period. The financings bear interest of LIBOR plus a margin of 3.5%. The Company is required to maintain a corporate leverage ratio (as defined therein) that will not exceed 85% until the maturity of the agreement. Each of the bareboat charterers are required to maintain a value maintenance ratio (as defined therein) of at least 120% of the charterhire principal. The Company has continuous options to buy back the Hellasship and Patriotship at any time following the second anniversary until the maturity of the bareboat charter at predetermined prices as defined in the agreement. At the end of the bareboat period, the Company expects to exercise the purchase option. The charterhire principal amortizes in twenty consecutive equal quarterly installments of $0.8 million along with a balloon of $15.3 million payable together with the final installment.

The charterhire principal, as of June 30, 2023, was $24.7 million.

Chugoku Sale and Leaseback

On February 25, 2022 the Company entered into a $21.3 million sale and leaseback agreement with Chugoku Bank, Ltd. (“Chugoku”) to refinance the loan facilities secured by the Partnership. The Company sold and chartered back the vessel from Chugoku on a bareboat basis for an eight-year period starting from March 9, 2022. The financing’s applicable interest rate is SOFR plus 2.90% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the eight-year bareboat period, the Company has the option to repurchase the vessel for $2.4 million, which the Company expects to exercise. The Company is required to maintain a minimum market value (as defined therein) of at least 120% of the charterhire principal. The charterhire principal amortizes in thirty-two consecutive quarterly installments averaging approximately $0.6 million along with a balloon payment of $2.4 million at the expiry of the bareboat charter.

As of June 30, 2023, $18.4 million was outstanding under the facility.

15

 Sale and Leasebacks Transactions repaid during the six-month period ended June 30, 2023

Hanchen Sale and Leaseback

On June 28, 2018, we entered into a $26.5 million sale and leaseback agreement for the Knightship with Hanchen Limited (“Hanchen”), an affiliate of AVIC International Leasing Co., Ltd. The Company sold and chartered back the vessel on a bareboat basis for an eight-year period, having a purchase obligation at the end of the eighth year. The charterhire principal bore interest at LIBOR plus a margin of 4.0%. Of the $26.5 million purchase price, $18.6 million were cash proceeds, $6.6 million were withheld by Hanchen as an upfront charterhire, and an amount of $1.3 million was paid by the charterer to Hanchen as security of the due observance and performance by the charterer of its obligations and undertakings as per the sale and leaseback agreement, or the Charterer’s Deposit. The Charterer’s Deposit could be set off against the balloon payment at maturity. The Charterer was required to maintain a value maintenance ratio (as defined in the additional clauses of the bareboat charter) of at least 120% of the charterhire principal minus the amount of the Charterer’s Deposit. The Company had continuous options to buy back the Knightship at any time following the second anniversary of the bareboat charter and a purchase obligation of $5.3 million at the end of the leaseback period. The charterhire principal was repayable in thirty-two consecutive equal quarterly installments of approximately $0.5 million along with a balloon payment of $5.3 million payable together with the final installment. On April 6, 2023, the facility was refinanced by the Evahline Sale and Leaseback and the outstanding amount of $11.2 million was repaid in full.

Championship Cargill Sale and Leaseback

On November 7, 2018, we entered into a $23.5 million sale and leaseback agreement for the Championship with Cargill. The Company sold and chartered back the vessel from Cargill on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. The cost of the financing was equivalent to an expected fixed interest rate of 4.71% for five years. The Company was required to maintain an amount of $1.6 million from the $23.5 million proceeds as a performance guarantee, which amount of $1.6 million was used at the vessel’s repurchase. Moreover, under the subject sale and leaseback agreement, an additional tranche was provided to the Company for an amount of up to $2.8 million for the purpose of financing the cost associated with the acquisition and installation on board the Championship of an open loop scrubber system. The sale and leaseback agreement did not include any financial covenants or security value maintenance provisions. The Company had continuous options to buy back the vessel during the whole five-year sale and leaseback period at the end of which it had a purchase obligation of $14.1 million. Additionally, at the time of repurchase, if the market value of the vessel was greater than certain threshold prices (as set out in the agreement), the Company would pay to Cargill 20% of the difference between the market price and such threshold price. The charterhire principal was repayable in sixty monthly installments averaging approximately $0.2 million each along with a balloon payment of $14.1 million, including the additional scrubber tranche, at maturity in November 2023. On April 24, 2023, the facility was refinanced by the October 2022 Danish Ship Finance Loan Facility and the total repayment amount stood at $16.5 million.

Convertible Note

Second JDH Note

On September 7, 2015, we issued an up to $6.8 million, revolving convertible note to Jelco Delta Holding Corp. (“JDH”). The Second JDH Note was amended and supplemented on various occasions and along with the other convertible notes and facilities between the Company and JDH, was subject to a comprehensive restructuring that became effective on December 31, 2020.  Following the restructuring, the applicable interest rate was amended to a fixed rate of 5.5% per annum and the outstanding balance at that time was $21.2 million. On January 26, 2022, March 10, 2022 and January 3, 2023, the Company made three cash prepayments of $5.0 million, $5.0 million and $8.0 million, respectively.

16

As of June 30, 2023, $3.2 million was outstanding under the Second JDH Note.

We may by giving a five business days prior written notice to JDH at any time, prepay the whole or any part of the Second JDH Note in cash or, subject to JDH’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 JDH’s option, our obligation to repay the principal amount(s) under the Second JDH Note or any part thereof may be paid in common shares at a conversion price of $12.0 per share. JDH also has received customary registration rights with respect to any shares to be received upon conversion of the Second JDH Note.

Emperor has provided a guarantee, dated September 27, 2017, to JDH for the Company’s obligations under the Second JDH Note.

17

INDEX TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

	Page
Unaudited Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022	F-2
Unaudited Interim Consolidated Statements of Operations for the six-month periods ended June 30, 2023 and 2022	F-3
Unaudited Interim Consolidated Statements of Stockholders’ Equity for the six-month periods ended June 30, 2023 and 2022	F-4
Unaudited Interim Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2023 and 2022	F-5
Notes to Unaudited Interim Consolidated Financial Statements	F-6

F-1

Seanergy Maritime Holdings Corp.

Unaudited Consolidated Balance Sheets

As of June 30, 2023 and December 31, 2022

(In thousands of US Dollars, except for share and per share data)

		June 30, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	4		16,902			26,027
Restricted cash	4, 7		50			1,650
Accounts receivable trade, net	12		625			720
Inventories	5		1,428			1,995
Prepaid expenses			1,661			1,096
Due from related parties	3		3,930			829
Assets held for sale			-			28,252
Other current assets			1,333			1,075
Total current assets			25,929			61,644
Fixed assets:
Vessels, net	6		422,611			434,133
Other fixed assets, net			510			412
Total fixed assets			423,121			434,545
Other non-current assets:
Deposits assets, non-current			-			1,325
Deferred charges and other investments, non-current			8,254			10,759
Restricted cash, non-current	4, 7		5,500			4,800
Prepaid expense other, non-current	10		3,500			-
Operating lease, right of use asset	10		452			499
Other non-current assets			28			28
TOTAL ASSETS			466,784			513,600
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of $1,132 and $1,856, respectively	7		33,728			35,051
Debt related to assets held for sale, net of deferred finance costs of $NIL and $110, respectively			-			12,990
Current portion of convertible notes, net of deferred finance costs and debt discounts of $174 and $332, respectively	8		2,991			10,833
Liability from contract with related party	6		-			12,688
Trade accounts and other payables			5,724			7,826
Accrued liabilities			5,864			8,374
Operating lease liability	10		106			108
Deferred revenue	12		1,931			2,232
Other current liabilities	11, 16		491			4,548
Total current liabilities			50,835			94,650
Non-current liabilities:
Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of $2,028 and $1,871, respectively	7		194,697			196,825
Operating lease liability, non-current	10		346			391
Deferred revenue, non-current	12		-			35
Total liabilities			245,878			291,901
Commitments and contingencies	10
STOCKHOLDERS EQUITY
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; 20,000 and 20,000 shares issued and outstanding as at June 30, 2023 and December 31, 2022, respectively			-			-
Common stock, $0.0001 par value; 500,000,000 authorized shares as at June 30, 2023 and December 31, 2022; 19,648,956 and 18,191,614 shares issued and outstanding as at June 30, 2023 and December 31, 2022, respectively			2			2
Additional paid-in capital	11		587,396			583,691
Accumulated deficit			(366,492	)		(361,994	)
Total Stockholders’ equity			220,906			221,699
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY			466,784			513,600

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

F-2

Seanergy Maritime Holdings Corp.

 Unaudited Interim Consolidated Statements of Operations

For the six-month periods ended June 30, 2023 and 2022

(In thousands of US Dollars, except for share and per share data)

		2023			2022
Vessel revenue, net	12		45,030			62,513
Fees from related parties	3		1,324			-
Revenue, net			46,354			62,513
Expenses:
Voyage expenses	12		(1,308	)		(2,646	)
Vessel operating expenses			(21,089	)		(20,441	)
Management fees			(374	)		(753	)
General and administration expenses			(10,681	)		(8,520	)
Amortization of deferred dry-docking costs			(2,161	)		(2,101	)
Depreciation			(12,019	)		(11,198	)
Gain on sale of vessels, net	6		8,094			-
Gain on forward freight agreements, net			(144	)		(72	)
Operating income			6,672			16,782
Other income / (expenses), net:
Interest and finance costs	13		(10,395	)		(6,172	)
Loss on extinguishment of debt	7		(540	)		(1,285	)
Interest and other income			882			159
Foreign currency exchange losses, net			(126	)		94
Total other expenses, net			(10,179	)		(7,204	)
Net (loss) / income before taxes			(3,507	)		9,578
Income taxes			-			28
Net (loss) / income			(3,507	)		9,606
Dividends to non-vested participating securities			(76	)		-
Net (loss) / income attributable to common shareholders			(3,583	)		9,606
Net (loss) / income per common share, basic	14		(0.20	)		0.56
Net (loss) / income per common share, diluted	14		(0.20	)		0.54
Weighted average common shares outstanding, basic	14		18,196,521			17,243,721
Weighted average common shares outstanding, diluted	14		18,196,521			17,807,488

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

F-3

Seanergy Maritime Holdings Corp.

Unaudited Interim Consolidated Statements of Stockholders’ Equity

For the six-month periods ended June 30, 2023 and 2022

 (In thousands of US Dollars, except for share data)

	Preferred stock Series B				Common stock				Additional paid-in			Accumulated			Total stockholders’
	# of Shares		Par Value		# of Shares		Par Value		capital			deficit			equity
Balance, December 31, 2021		20,000		-		17,298,614		2		597,723			(353,249	)		244,476
Issuance of common stock (including the exercise of warrants) (Note 11)		-		-		10,000		-		70			-			70
Stock based compensation (Note 15)		-		-		533,000		-		3,842			-			3,842
Dividends		-		-		-		-		-			(13,376	)		(13,376	)
Cumulative adjustment due   to adoption of ASU 2020-06		-		-		-		-		(21,165	)		10,216			(10,949	)
Net income		-		-		-		-		-			9,606			9,606
Balance, June 30, 2022		20,000		-		17,841,614		2		580,470			(346,803	)		233,669

	Preferred stock Series B				Common stock					Additional paid-in			Accumulated			Total stockholders’
	# of Shares		Par Value		# of Shares			Par Value		capital			deficit			equity
Balance, December 31, 2022		20,000		-		18,191,614			2		583,691			(361,994	)		221,699
Stock based compensation (Note 15)		-		-		1,823,800			-		6,127			-			6,127
Dividends (Note 11)		-		-		-			-		-			(991	)		(991	)
Warrants buyback (Note 11)		-		-		-			-		(816	)		-			(816	)
Share buyback (Note 11)		-		-		(362,161	)		-		(1,583	)		-			(1,583	)
Redemption of fractional shares due to reverse stock split		-		-		(4,297	)		-		(23	)		-			(23	)
Net loss		-		-		-			-		-			(3,507	)		(3,507	)
Balance, June 30, 2023		20,000		-		19,648,956			2		587,396			(366,492	)		220,906

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

F-4

Seanergy Maritime Holdings Corp.

Unaudited Interim Consolidated Statements of Cash Flows

For the six-month periods ended June 30, 2023 and 2022

(In thousands of US Dollars)

	2023			2022
Net cash provided by operating activities		1,604			18,939
Cash flows from investing activities:
Proceeds from sale of vessels		23,910			-
Vessels acquisitions and improvements		(134	)		(37,246	)
Finance lease prepayment		(3,500	)		-
Other fixed assets, net		(176	)		(69	)
Term deposits		-			1,500
Deposits assets, non-current		1,325			-
Net cash provided by/ (used in) investing activities		21,425			(35,815	)
Cash flows from financing activities:
Net proceeds from issuance of common stock and warrants		-			70
Payments for repurchase of common stock		(1,583	)		-
Dividends paid		(5,048	)		(8,916	)
Proceeds from long term debt and other financial liabilities		53,750			80,300
Repayments of long term debt and other financial liabilities		(70,868	)		(47,910	)
Repayments of convertible notes		(8,000	)		(10,000	)
Payments of fractional shares due to reverse stock split		(23	)		-
Payments of financing and stock issuance costs		(1,282	)		(937	)
Net cash (used in) / provided by financing activities		(33,054	)		12,607
Net decrease in cash and cash equivalents and restricted cash		(10,025	)		(4,269	)
Cash and cash equivalents and restricted cash at beginning of period		32,477			45,626
Cash and cash equivalents and restricted cash at end of period		22,452			41,357
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for:
Interest paid		8,899			4,798
Noncash investing activities:
Vessels acquisitions and improvements		-			3,518
Noncash financing activities:
Dividends declared but not paid		491			4,460

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

F-5

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

1.          Basis of Presentation and General Information:

Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) was formed under the laws of the Republic of the Marshall Islands on January 4, 2008, with executive offices located in Glyfada, Greece. The Company’s common shares are listed on the Nasdaq Capital Market under the symbol “SHIP”. The 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, 2022 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 31, 2023 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, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2023.

The consolidated balance sheet as of December 31, 2022 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 February 16, 2023, the Company’s common stock began trading on a split-adjusted basis, following a February 9, 2023 approval from the Company’s Board of Directors to reverse split the Company’s common stock at a ratio of one-for-ten (Note 11). All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented. 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 received a cash payment in lieu of such fractional share.

As of June 30, 2023, the Company had a working capital deficit of $24,906 which is mainly due to the planned loan and convertible note payments of $33,728 and $2,991, net of deferred charges, respectively. Additionally, another part of the working capital deficit relates to pre-collected revenue of $1,931 included in deferred revenue. This amount represents a current liability that does not require future cash settlement.  The Company’s cash flow projections for the period after one year after the date that the financial statements are issued indicate that cash on hand and cash provided by operating activities will be sufficient to cover the liquidity needs that become due within one year after the date that the financial statements are issued.

Consequently, the unaudited interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

F-6

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

a.          Subsidiaries in Consolidation:

Seanergy’s subsidiaries included in these unaudited interim consolidated financial statements as of June 30, 2023:

Company	Country of Incorporation	Vessel name	Date of Delivery	Date of Sale/Disposal
Seanergy Management Corp. (1)(2)	Marshall Islands	N/A	N/A	N/A
Seanergy Shipmanagement Corp. (1)(2)	Marshall Islands	N/A	N/A	N/A
Emperor Holding Ltd. (1)	Marshall Islands	N/A	N/A	N/A
Pembroke Chartering Services Limited (1)(3)(4)	Malta	N/A	N/A	N/A
Maritime Capital Shipping Limited (1)(4)	Bermuda	N/A	N/A	N/A
Sea Genius Shipping Co. (1)	Marshall Islands	Geniuship	October 13, 2015	N/A
Premier Marine Co. (1)	Marshall Islands	Premiership	September 11, 2015	N/A
Squire Ocean Navigation Co. (1)	Liberia	Squireship	November 10, 2015	N/A
Lord Ocean Navigation Co. (1)(5)	Liberia	Lordship	November 30, 2016	April 28, 2023
Champion Marine Co. (1)	Marshall Islands	Championship	November 7, 2018	N/A
Fellow Shipping Co. (1)	Marshall Islands	Fellowship	November 22, 2018	N/A
Friend Ocean Navigation Co. (1)	Liberia	Friendship	July 27, 2021	N/A
World Shipping Co. (1)	Marshall Islands	Worldship	August 30, 2021	N/A
Duke Shipping Co. (1)	Marshall Islands	Dukeship	November 26, 2021	N/A
Partner Marine Co. (1)(5)	Marshall Islands	Partnership	March 9, 2022	N/A
Honor Shipping Co. (1)	Marshall Islands	Honorship	June 27, 2022	N/A
Paros Ocean Navigation Co. (1)	Liberia	Paroship	December 27, 2022	N/A
Knight Ocean Navigation Co. (1)(5)	Liberia	Knightship	December 13, 2016	April 6, 2023
Flag Marine Co. (1)(5)	Marshall Islands	Flagship	May 6, 2021	May 11, 2021
Hellas Ocean Navigation Co. (1)(5)	Liberia	Hellasship	May 6, 2021	June 28, 2021
Patriot Shipping Co. (1)(5)	Marshall Islands	Patriotship	June 1, 2021	June 28, 2021
Good Ocean Navigation Co. (1)(Note 6)	Liberia	Goodship	August 7, 2020	February 10, 2023
Traders Shipping Co. (1)(Note 6)	Marshall Islands	Tradership	June 9, 2021	February 28, 2023
Gladiator Shipping Co. (1)(4)	Marshall Islands	Gladiatorship	September 29, 2015	October 11, 2018
Leader Shipping Co. (1)(4)	Marshall Islands	Leadership	March 19, 2015	September 30, 2021
Partner Shipping Co. Limited (1)(4)	Malta	Partnership	May 31, 2017	March 9, 2022
Martinique International Corp. (1)(4)	British Virgin Islands	Bremen Max	September 11, 2008	March 7, 2014
Harbour Business International Corp. (1)(4)	British Virgin Islands	Hamburg Max	September 25, 2008	March 10, 2014
Titan Ocean Navigation Co. (1)	Liberia	Note 10	Note 10	N/A

(1)    Subsidiaries wholly owned

(2)    Management companies

(3)    Chartering services company

(4)    Dormant companies

(5)    Bareboat charterers

F-7

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

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, 2022, filed with the SEC on March 31, 2023. There have been no material changes to these policies in the six-month period ended June 30, 2023.

Recent Accounting Pronouncements

There are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim financial statements for the six-month period ended June 30, 2023.

3.          Transactions with Related Parties:

Details of the Company’s transactions with related parties are discussed in Note 3 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023, and are supplemented by the below new activities within the period.

Management Agreements:

During the six-month period ended June 30, 2023, fees charged from Seanergy to United Maritime Corporation (“United”) in relation to services provided under the various management agreements entered into with respect to United’s fleet amounted to $1,324 and are included in “Fees from related parties” in the accompanying interim unaudited statement of operations.

As of June 30, 2023, balance due from United amounted to $3,930 and is included in “Due from related parties” in the accompanying unaudited consolidated balance sheets, related to United management fees and working capital advances.

On December 27, 2022, Seanergy entered into two memoranda of agreement to sell two Capesize vessels to United for an aggregate purchase price of $36,250. The sales were completed and the two vessels were delivered to United in February 2023 (Note 6).

Stock Purchases by the CEO & the CFO:

During the six-month period ended June 30, 2023, Seanergy’s Chairman and Chief Executive Officer, Stamatios Tsantanis, has purchased 100,000 shares at an average price of $5.32 per share, or approximately $532 worth of the Company’s common stock, in the open market. In addition, the Company’s Chief Financial Officer, Stavros Gyftakis, has purchased 18,510 shares at an average price of $5.40 per share, or approximately $100 worth of the Company’s common stock in the open market during the same period.

4.          Cash and Cash Equivalents and Restricted Cash:

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim consolidated statements of cash flows:

	June 30, 2023		December 31, 2022
Cash and cash equivalents		16,902		26,027
Restricted cash		50		1,650
Restricted cash, non-current		5,500		4,800
Total		22,452		32,477

Restricted cash as of June 30, 2023 includes $2,000 of minimum liquidity requirements as per the Piraeus Bank Loan Facility (Note 7), $2,000 of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility (Note 7), $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the December 2022 Alpha Bank Loan Facility (Note 7), 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, 2023, of $9,100 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents”.

Restricted cash as of December 31, 2022 includes $2,000 of minimum liquidity requirements as per the June 2022 Piraeus Bank Loan Facility (Note 7), $1,300 of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility, $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the December 2022 Alpha Bank Loan Facility (Note 7), $1,600 of minimum liquidity requirement as per the Championship Cargill Sale and Leaseback (Note 7) 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, 2022, of $10,700 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents”.

F-8

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

5.          Inventories:

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023		December 31, 2022
Bunkers		-		392
Lubricants		1,428		1,603
Total		1,428		1,995

As of June 30, 2023, there was no bunkers inventory as all vessels were employed under time charter agreements.

6.          Vessels, Net:

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023			December 31, 2022
Cost:
Beginning balance		511,516			488,049
- Additions		419			71,224
- Vessels contributed to United Maritime Corporation		-			(17,948	)
- Transfer to “Assets held for Sale”		-			(29,809	)
Ending balance		511,935			511,516
Accumulated depreciation:
Beginning balance		(77,383	)		(61,987	)
- Depreciation for the period		(11,941	)		(23,294	)
- Vessels contributed to United Maritime Corporation		-			5,046
- Transfer to “Assets held for Sale”		-			2,852
Ending balance		(89,324	)		(77,383	)
Net book value		422,611			434,133

During the six-month period ended June 30, 2023, an amount of $419 of expenditures were capitalized that concern improvements on vessels performance and meeting environmental standards mainly due to installation of ballast water treatment systems and other energy saving devices. The cost of these additions was accounted as major improvement and were capitalized over the vessels’ cost and will be depreciated over the remaining useful life of each vessel. Amounts paid for the additions are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the unaudited interim consolidated statements of cash flows.

As of June 30, 2023, all vessels, except for the Knightship, the Lordship, the Flagship, the Partnership, the Hellasship and the Patriotship that are financed through other financial liabilities (sale and leaseback agreements), are mortgaged to secure loans of the Company (Note 7).

F-9

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

Gain on sale of vessels, net

On December 27, 2022, the Company entered into an agreement with United for the sale of the Goodship for a gross sale price of $17,500. As of December 31, 2022, the vessel along with the associated inventories were classified in current assets as “Assets held for sale” in the unaudited consolidated balance sheets, according to the provisions of ASC 360, as all the criteria for this classification were met. The vessel was delivered to her new owners on February 10, 2023. A gain on sale of vessel, net of sale expenses, amounting to $4,887 was recognized and is presented as “Gain on sale of vessels, net” in the unaudited interim consolidated statement of operations.

On December 27, 2022, the Company entered into an agreement with United for the sale of the Tradership for a gross sale price of $18,750. As of December 31, 2022, the vessel along with the associated inventories were classified in current assets as “Assets held for sale” in the unaudited consolidated balance sheets, according to the provisions of ASC 360, as all the criteria for this classification were met. The vessel was delivered to her new owners on February 28, 2023. A gain on sale of vessel, net of sale expenses, amounting to $3,207 was recognized and is presented as “Gain on sale of vessels, net” in the unaudited interim consolidated statement of operations.

7. Long-Term Debt and Other Financial Liabilities:

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023			December 31, 2022
Long-term debt and other financial liabilities		231,585			235,603
Less: Deferred financing costs		(3,160	)		(3,727	)
Total		228,425			231,876
Less – current portion		(33,728	)		(35,051	)
Long-term portion		194,697			196,825
Debt related to assets held for sale		-			13,100
Less: Deferred financing costs		-			(110	)
Total		-			12,990
Total debt net of deferred financing costs and debt discounts		228,425			244,866

Details of the Company’s secured credit and other financial liabilities are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023, and are supplemented by the below new activities within the period.

Senior long-term debt

Loan Facilities amended during the six-month period ended June 30, 2023

October 2022 Danish Ship Finance Loan Facility

On April 18, 2023, the Company amended and restated the loan facility with Danish Ship Finance secured by the Fellowship and the Premiership to refinance the Championship Cargill Sale and Leaseback. The amended and restated facility includes a new tranche (Tranche C) of $15,750 secured by the Championship, while a sustainability adjustment mechanism was introduced in respect of the underlying interest rate of the facility. The new tranche has a five-year term and the repayment schedule comprises eight quarterly installments of $725 followed by twelve quarterly installments of $585 and a final balloon of $2,930 payable together with the final installment. The interest rate is 2.65% over 3-month term SOFR per annum, which can be increased or decreased by 0.05% based on certain emission reduction thresholds. For the new tranche secured by the Championship the borrower is required to maintain a minimum liquidity amount of $700, while each of the borrowers under the Premiership and Fellowship tranches are still required to maintain minimum liquidity of $650 in their respective retention accounts.

August 2021 Alpha Bank Loan Facility

On April 28, 2023, the Company prepaid $11,976 of Tranche A using the proceeds from the Village Seven Sale and Leaseback (described below) and as a result all the securities regarding the Lordship were irrevocably and unconditionally released. Following the prepayment of the Lordship, Tranche A is repayable by seven quarterly installments of $601 each and a final balloon of $10,284 payable together with the final installment and Tranche B is repayable by eight quarterly installments of $258 each and a final balloon of $3,918 payable together with the final installment. The repayment of installments for both tranches will commence from the fourth quarter of 2023.

Furthermore, on May 22, 2023, the Company received a notice from Alpha Bank providing for the replacement of the LIBOR with Term SOFR effective as of June 30, 2023. Following such transition, Tranche A bears interest at Term SOFR plus a margin of 3.55% and Tranche B bears interest at Term SOFR plus a margin of 3.30%. Relevant documentation in the form of a supplemental agreement and mortgage addenda will be entered into in the following months.

F-10

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

Loan Facilities repaid during the six-month period ended June 30, 2023

ABB Loan Facility

On February 9, 2023, in connection with the disposal of the Goodship, the Company fully prepaid the outstanding loan amount of $6,100 under the facility. On February 24, 2023, in connection with the disposal of the Tradership, the company fully prepaid the remaining outstanding loan amount of $6,800. Following the full prepayment of the ABB Loan Facility, all securities created in favor of ABB were irrevocably and unconditionally released.

Other Financial Liabilities – Sale and Leaseback Transactions

New Sale and Leaseback Activities during the six-month period ended June 30, 2023

Evahline Sale and Leaseback

On March 29, 2023, the Company entered a $19,000 sale and leaseback agreement with a subsidiary of Evahline Inc. for the refinancing of the Hanchen Sale and Leaseback. The agreement became effective on April 6, 2023, upon the delivery of the Knightship to the lessor. The charterhire principal amortizes in seventy-two consecutive monthly installments of approximately $264 each, bearing an interest rate of 3-month term SOFR plus 2.80% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the six-year bareboat period, following the full amortization of the charterhire principal, the ownership of the vessel will be transferred to the Company at no additional cost. In addition, the Company is required to maintain a security cover ratio (as defined therein) of not less than 120%.

Village Seven Sale and Leaseback

On April 24, 2023, the Company entered a $19,000 sale and leaseback agreement to partially refinance the August 2021 Alpha Bank Loan Facility, secured by the Lordship, as well as the Squireship and the Friendship. The Lordship was sold and chartered back on a bareboat basis for a period of four years and five months. The Company has continuous options to repurchase the vessel at predetermined prices, following the second anniversary of the bareboat charter. At the end of the bareboat period, the Company has the option to repurchase the vessel for $7,800 which the Company expects to exercise. The charterhire principal amortizes in fifty-three consecutive monthly installments of approximately $211 each, bearing an interest rate of 3-month term SOFR plus 3.00% per annum.

Sale and Leaseback Activities repaid during the six-month period ended June 30, 2023

Championship Cargill Sale and Leaseback

On April 24, 2023, the Company purchased back the Championship from Cargill and took delivery of the vessel after full settlement of the amount of approximately $16,480. The Championship was refinanced by the October 2022 Danish Ship Finance Loan Facility described above.

Hanchen Sale and Leaseback

On April 6, 2023, the Company purchased back the Knightship from Hanchen Limited and took delivery of the vessel after full settlement of the outstanding balance of approximately $11,221. The sale and leaseback was refinanced by the Evahline Sale and Leaseback described above.

All of the Company’s secured facilities (i.e., long-term debt and other financial liabilities) bear either floating interest at LIBOR or SOFR plus a margin or fixed interest.

F-11

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

Certain of the Company’s long-term debt and other financial liabilities contain financial covenants and undertakings requiring the Company to maintain various financial ratios, including:

• a minimum borrower’s liquidity;

• a minimum guarantor’s liquidity;

• a security coverage requirement; and

• a leverage ratio.

As of June 30, 2023, the Company was in compliance with all covenants relating to its loan facilities as at that date.

As of June 30, 2023, ten of the Company’s owned vessels, having a net carrying value of $278,377, were subject to first and second priority mortgages as collaterals to their long-term debt facilities. In addition, the Company’s six bareboat chartered vessels, having a net carrying value of $144,234 as of June 30, 2023, have been financed through sale and leaseback agreements. As in typical leaseback agreements the title of ownership is held by the relevant lenders.

The annual principal payments required to be made after June 30, 2023 for all long-term debt and other financial liabilities, are as follows:

Twelve month periods ending June 30,	Amount
2024		34,860
2025		42,219
2026		68,296
2027		51,942
Thereafter		34,268
Total		231,585

8. Convertible Notes:

Details of the Company’s convertible note issued to Jelco Delta Holding Corp. (“JDH”) are discussed in Note 8 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023.

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023			December 31, 2022
Convertible notes		3,165			11,165
Less: Deferred financing costs		(5	)		(9	)
Less: Change in fair value of conversion option		(169	)		(323	)
Total		2,991			10,833
Less - current portion		(2,991	)		(10,833	)
Long-term portion		-			-

September 7, 2015 - $21,165 Revolving Convertible Note (Second JDH Note)

On January 3, 2023, the Company paid $8,000 of the outstanding balance of the Second JDH Note. The total outstanding balance is due for payment on December 31, 2023. As of June 30, 2023, $3,165 was outstanding under the Second JDH Note.

The Company may, by giving five business days prior written notice to JDH at any time, prepay the whole or any part of the Second JDH Note in cash or, subject to JDH’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 JDH’s option, the Company’s obligation to repay the principal amount under the Second JDH Note or any part thereof may be paid in common shares at a conversion price of $120 per share. JDH has also received customary registration rights with respect to any shares to be received upon conversion of the Second JDH Note.

F-12

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

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 unaudited consolidated balance sheets as of June 30, 2023 and December 31, 2022, 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 (obtained through Level 2 inputs of the fair value hierarchy) approximates the fair market value as the long-term debt and other financial liabilities bear interest at floating interest rate. The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Company believes the terms of its fixed interest long-term debt for the Flagship Cargill Sale and Leaseback are similar to those that could be procured as of June 30, 2023, and the carrying value of $15,379 is 5% lower than the fair market value of $16,266. The fair value of the fixed interest long-term debt has been obtained through Level 2 inputs of the fair value hierarchy.

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. As of June 30, 2023, management is not aware of any material claims or contingent liabilities, which have not been disclosed, or for which a provision has not been established in the accompanying consolidated financial statements.

The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

F-13

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

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 6 to 26 months. In addition, the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes on freight market index. The Company has the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates.

The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2023. For index-linked time charter contracts the calculation was made using the initial charter rates   (these amounts do not include any assumed off-hire).

Twelve month periods ending June 30,	Amount
2024		101,772
2025		21,726
2026		12,911
Total		136,409

The office rent expense for the periods ended June 30, 2023 and 2022 was $83 and $83, respectively.

The following table sets forth the Company’s undiscounted office rental obligations as at June 30, 2023:

Twelve month periods ending June 30,	Amount
2024		130
2025		130
2026		130
2027		130
Thereafter		98
Total		618
Less: imputed interest		(166	)
Present value of lease liabilities		452
Lease liabilities, current		106
Lease liabilities, non-current		346
Present value of lease liabilities		452

On May 9, 2023, the Company entered into a twelve-month bareboat charter agreement, which has not yet commenced, with an unaffiliated third party for a secondhand Newcastlemax vessel, which will be renamed Titanship. As of June 30, 2023, the Company has advanced a down payment of $3,500 which was paid upon signing of the agreement and such amount is included in “Prepaid expenses other, non-current” in the unaudited consolidated balance sheets. Seanergy will further pay $3,500 on delivery of the vessel to the Company, which is estimated to take place between August and December 2023, and will be paying a daily bareboat rate of $9 over the period of the twelve-month bareboat charter. At the end of the bareboat period, the Company has an option to purchase the vessel for $20,200.

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, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023 and are supplemented by the below new activities into the six-month period.

(a) Common Stock

i) NASDAQ Notification

On January 31, 2023, the Company received written notification from NASDAQ, indicating that the Company was granted an additional 180-day grace period, until July 31, 2023, to cure its non-compliance with Nasdaq Listing Rule 5550(a)(2). At the opening of trading on February 16, 2022, following a February 9, 2023 approval from the Company’s Board of Directors, the Company effected a one-for-ten reverse stock split of the Company’s common stock. On March 3, 2023, the Company received written notification from Nasdaq that the Company regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock (Note 1).

F-14

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

ii) Dividends

On January 30, 2023, the Company paid a regular quarterly dividend of $0.025 per share for the third quarter of 2022 to all shareholders of record as of December 28, 2022.

On April 25, 2023, the Company paid a regular quarterly dividend of $0.025 per share for the fourth quarter of 2022 to all shareholders of record as of March 31, 2023.

On May 25, 2023, the Company announced a regular quarterly dividend of $0.025 per share for the first quarter of 2023 which was paid on July 6, 2023 to all shareholders of record as of June 22, 2023 (Note 16). The dividend declared on May 25, 2023 amounting to $491 is included in “Other current liabilities” as of June 30, 2023 in the accompanying unaudited consolidated balance sheets.

The total dividends declared in the six-month period ended June 30, 2023, amounted to $991.

iii) Buybacks

In June 2022, the Board of Directors of the Company authorized an additional share repurchase plan under which the Company may repurchase up to $5,000 of its outstanding common shares, convertible note or warrants. On November 28, 2022, the Company’s Board of Directors authorized the extension of the share repurchase plan until December 31, 2023. As of June 30, 2023, the Company has repurchased 362,161 of its outstanding common shares at an average price of approximately $4.35 for a total of $1,583, inclusive of commissions and fees. All the repurchased shares have been cancelled as of June 30, 2023.

(b) Warrants

All warrants are classified in equity, according to the Company’s significant accounting policy.

As of June 30, 2023, the number of remaining Class D Warrants outstanding is 4,368,750.

On January 10, 2023, the Company completed its tender offer to purchase all outstanding Class E Warrants at a price of $0.20 per warrant. The total number of warrants tendered was 4,038,114 warrants, representing approximately 47% of the outstanding Class E Warrants at the time of the tender offer. As of June 30, 2023, the number of remaining Class E Warrants outstanding is 4,494,599.

As of June 30, 2023, the number of common shares that can potentially be issued under each outstanding warrant are:

Warrant	Shares to be issued upon exercise of remaining warrants
Class D		27,304
Class E		449,459
Total		476,763

12. Vessel Revenue and Voyage Expenses:

The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023 and 2022:

	June 30,
	2023		2022
Vessel revenues from time charters, net of commissions		45,030		62,513
Total		45,030		62,513

The trade accounts receivable of $625 and $720 as of June 30, 2023 and December 31, 2022, respectively, relate to time charters.

Deferred revenue as of June 30, 2023 was $1,931 and relates entirely to operating leases. The Deferred revenue is allocated on a straight-line basis over the minimum duration of each charter party, except for unearned revenue, which represents cash received in advance of services which have not yet been provided. Revenue recognized in 2023 from amounts included in Deferred revenue at the beginning of the period was $1,919.

F-15

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

Charterers individually accounting for more than 10% of revenues during the six-month periods ended June 30, 2023 and 2022 were:

Customer	2023			2022
A		26	%		20	%
B		26	%		16	%
C		18	%		20	%
D		14	%		14	%
Total		84	%		70	%

Voyage Expenses

The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023 and 2022:

	June 30,
	2023			2022
Voyage expenses from time charters, net of commissions		(1,308	)		(2,646	)
Total		(1,308	)		(2,646	)

13. Interest and Finance Costs:

Interest and finance costs are analyzed as follows:

	June 30,
	2023		2022
Interest on long-term debt and other financial liabilities		8,767		4,416
Convertible notes interest expense		90		380
Amortization of deferred finance costs and debt discounts		1,393		1,121
Amortization of deferred finance costs and debt discounts (shares issued to third party - non-cash)		81		154
Other		64		101
Total		10,395		6,172

F-16

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

14. (Loss) / Earnings per Share:

The calculation of net income per common share is summarized below:

	June 30,
	2023			2022
Net (loss) / income	$	(3,507	)	$	9,606
Less: Dividends to non-vested participating securities		(76	)		-
Net (loss) / income attributable to common shareholders, basic	$	(3,583	)	$	9,606
Net (loss) / income attributable to common shareholders, diluted	$	(3,583	)	$	9,606
Weighted average common shares outstanding, basic		18,196,521			17,243,721
Effect of dilutive securities:
Warrants		-			307,814
Non-vested participating securities		-			255,953
Weighted average common shares outstanding, diluted		18,196,521			17,807,488
Net (loss) / income per share attributable to common shareholders, basic	$	(0.20	)	$	0.56
Net (loss) / income per share attributable to common shareholders, diluted	$	(0.20	)	$	0.54

As of June 30, 2023, non-vested participating shares under the Company’s equity incentive plan of 1,510,356 were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above (Note 15). Additionally, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as of June 30, 2023, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants that are out-of-the money as of the reporting date (Note 11), calculated with the treasury stock method, as well as shares assumed to be converted with respect to the convertible notes (Note 8) calculated with the if-converted method.

15. Equity Incentive Plan:

On March 27, 2023, the Compensation Committee granted an aggregate of 1,823,800 restricted shares of common stock pursuant to the Plan. Of the total 1,823,800 shares issued on March 27, 2023, 400,000 shares were granted to the non-executive members of the Board of Directors, 930,000 were granted to the executive officers, 433,800 shares were granted to certain of the Company’s non-executive employees and 60,000 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 $5.22. 607,974 shares vested on the date of the issuance, March 27, 2023, 607,913 shares will vest on October 1, 2023 and 607,913 shares will vest on October 1, 2024.

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, 2023 and 2022, amounted to $5,929 and $3,728, 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, 2023 and 2022, amounted to $198 and $114, 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, 2023 and December 31, 2022 amounted to $4,593 and $2,131, respectively. On June 30, 2023, 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.

16. Subsequent Events

On July 6, 2023, the Company paid a dividend of $491 to all shareholders of record as of June 22, 2023 (Note 11).

On August 2, 2023, the Company announced a regular quarterly dividend of $0.025 per share for the second quarter of 2023, payable on or about October 6, 2023 to all shareholders of record as of September 22, 2023.

F-17

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Seanergy Maritime Holdings Corp.
Entity Central Index Key	0001448397

XML

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 16,902	$ 26,027
Restricted cash	50	1,650
Accounts receivable trade, net	625	720
Inventories	1,428	1,995
Prepaid expenses	1,661	1,096
Assets held for sale	0	28,252
Total current assets	25,929	61,644
Fixed assets:
Vessels, net	422,611	434,133
Other fixed assets, net	510	412
Total fixed assets	423,121	434,545
Other non-current assets:
Deposits assets, non-current	0	1,325
Deferred charges and other investments, non-current	8,254	10,759
Restricted cash, non-current	5,500	4,800
Prepaid expense other, non-current	3,500	0
Operating lease, right of use asset	452	499
Other non-current assets	28	28
TOTAL ASSETS	466,784	513,600
Current liabilities:
Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of $1,132 and $1,856, respectively	33,728	35,051
Debt related to assets held for sale, net of deferred finance costs of $NIL and $110, respectively	0	12,990
Current portion of convertible notes, net of deferred finance costs and debt discounts of $174 and $332, respectively	2,991	10,833
Trade accounts and other payables	5,724	7,826
Accrued liabilities	5,864	8,374
Operating lease liability	106	108
Deferred revenue	1,931	2,232
Total current liabilities	50,835	94,650
Non-current liabilities:
Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of $2,028 and $1,871, respectively	194,697	196,825
Operating lease liability, non-current	346	391
Deferred revenue, non-current	0	35
Total liabilities	245,878	291,901
Commitments and contingencies
STOCKHOLDERS EQUITY
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; 20,000 and 20,000 shares issued and outstanding as at June 30, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.0001 par value; 500,000,000 authorized shares as at June 30, 2023 and December 31, 2022; 19,648,956 and 18,191,614 shares issued and outstanding as at June 30, 2023 and December 31, 2022, respectively	2	2
Additional paid-in capital	587,396	583,691
Accumulated deficit	(366,492)	(361,994)
Total stockholders' equity	220,906	221,699
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	466,784	513,600
Related Party [Member]
Current assets:
Other current assets	3,930	829
Current liabilities:
Other current liabilities	0	12,688
Nonrelated Party [Member]
Current assets:
Other current assets	1,333	1,075
Current liabilities:
Other current liabilities	$ 491	$ 4,548

XML

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current liabilities:
Deferred finance costs, current	$ 0	$ 110
STOCKHOLDERS EQUITY
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	20,000	20,000
Preferred stock, shares outstanding (in shares)	20,000	20,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	19,648,956	18,191,614
Common stock, shares outstanding (in shares)	19,648,956	18,191,614
Long-Term Debt and Other Financial Liabilities [Member]
Current liabilities:
Deferred finance costs and debt discounts, current	$ 1,132	$ 1,856
Non-current liabilities:
Deferred finance costs and debt discounts, noncurrent	2,028	1,871
Convertible Notes [Member]
Current liabilities:
Deferred finance costs and debt discounts, current	$ 174	$ 332

XML

Unaudited Interim Consolidated Statements of Operations - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Unaudited Interim Consolidated Statements of Operations [Abstract]
Vessel revenue, net	$ 45,030	$ 62,513
Fees from related parties	$ 1,324	$ 0
Revenue, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Revenue, net	$ 46,354	$ 62,513
Expenses:
Voyage expenses	(1,308)	(2,646)
Vessel operating expenses	(21,089)	(20,441)
Management fees	(374)	(753)
General and administration expenses	(10,681)	(8,520)
Amortization of deferred dry-docking costs	(2,161)	(2,101)
Depreciation	(12,019)	(11,198)
Gain on sale of vessels, net	8,094	0
Gain on forward freight agreements, net	(144)	(72)
Operating income	6,672	16,782
Other income / (expenses), net:
Interest and finance costs	(10,395)	(6,172)
Loss on extinguishment of debt	(540)	(1,285)
Interest and other income	882	159
Foreign currency exchange losses, net	(126)	94
Total other expenses, net	(10,179)	(7,204)
Net (loss) / income before taxes	(3,507)	9,578
Income taxes	0	28
Net (loss) / income	(3,507)	9,606
Dividends to non-vested participating securities	(76)	0
Net (loss) / income attributable to common shareholders, basic	(3,583)	9,606
Net (loss) / income attributable to common shareholders, diluted	$ (3,583)	$ 9,606
Net (loss) / income per common share, basic (in dollars per share)	$ (0.2)	$ 0.56
Net (loss) / income per common share, diluted (in dollars per share)	$ (0.2)	$ 0.54
Weighted average common shares outstanding, basic (in shares)	18,196,521	17,243,721
Weighted average common shares outstanding, diluted (in shares)	18,196,521	17,807,488

XML

Unaudited Interim Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock [Member] Series B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total	Cumulative Adjustment [Member] Preferred Stock [Member] Series B [Member]	Cumulative Adjustment [Member] Common Stock [Member]	Cumulative Adjustment [Member] Additional Paid-in Capital [Member]	Cumulative Adjustment [Member] Accumulated Deficit [Member]	Cumulative Adjustment [Member]
Balance at Dec. 31, 2021	$ 0	$ 2	$ 597,723	$ (353,249)	$ 244,476
Balance (ASU 2020-06 [Member]) at Dec. 31, 2021						$ 0	$ 0	$ (21,165)	$ 10,216	$ (10,949)
Balance (in shares) at Dec. 31, 2021	20,000	17,298,614
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (including the exercise of warrants) (Note 11)	$ 0	$ 0	70	0	70
Issuance of common stock (including the exercise of warrants) (Note 11) (in shares)		10,000
Stock based compensation (Note 15)		$ 0	3,842	0	3,842
Stock based compensation (Note 15) (in shares)		533,000
Dividends	0	$ 0	0	(13,376)	(13,376)
Net income (loss)	0	0	0	9,606	9,606
Balance at Jun. 30, 2022	$ 0	$ 2	580,470	(346,803)	233,669
Balance (in shares) at Jun. 30, 2022	20,000	17,841,614
Balance at Dec. 31, 2022	$ 0	$ 2	583,691	(361,994)	221,699
Balance (in shares) at Dec. 31, 2022	20,000	18,191,614
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation (Note 15)	$ 0	$ 0	6,127	0	6,127
Stock based compensation (Note 15) (in shares)		1,823,800
Dividends	0	$ 0	0	(991)	(991)
Warrants buyback (Note 11)	0	0	(816)	0	(816)
Share buyback (Note 11)	0	$ 0	(1,583)	0	$ (1,583)
Share buyback (Note 11) (in shares)		(362,161)			(362,161)
Redemption of fractional shares due to reverse stock split	0	$ 0	(23)	0	$ (23)
Redemption of fractional shares due to reverse stock split (in shares)		(4,297)
Net income (loss)	0	$ 0	0	(3,507)	(3,507)
Balance at Jun. 30, 2023	$ 0	$ 2	$ 587,396	$ (366,492)	$ 220,906
Balance (in shares) at Jun. 30, 2023	20,000	19,648,956

XML

Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Unaudited Interim Consolidated Statements of Cash Flows [Abstract]
Net cash provided by operating activities	$ 1,604	$ 18,939
Cash flows from investing activities:
Proceeds from sale of vessels	23,910	0
Vessels acquisitions and improvements	(134)	(37,246)
Finance lease prepayment	(3,500)	0
Other fixed assets, net	(176)	(69)
Term deposits	0	1,500
Deposits assets, non-current	1,325	0
Net cash provided by/ (used in) investing activities	21,425	(35,815)
Cash flows from financing activities:
Net proceeds from issuance of common stock and warrants	0	70
Payments for repurchase of common stock	(1,583)	0
Dividends paid	(5,048)	(8,916)
Proceeds from long term debt and other financial liabilities	53,750	80,300
Repayments of long term debt and other financial liabilities	(70,868)	(47,910)
Repayments of convertible notes	(8,000)	(10,000)
Payments of fractional shares due to reverse stock split	(23)	0
Payments of financing and stock issuance costs	(1,282)	(937)
Net cash (used in) / provided by financing activities	(33,054)	12,607
Net decrease in cash and cash equivalents and restricted cash	(10,025)	(4,269)
Cash and cash equivalents and restricted cash at beginning of period	32,477	45,626
Cash and cash equivalents and restricted cash at end of period	22,452	41,357
Cash paid during the period for:
Interest paid	8,899	4,798
Noncash investing activities:
Vessels acquisitions and improvements	0	3,518
Noncash financing activities:
Dividends declared but not paid	$ 491	$ 4,460

XML

Basis of Presentation and General Information

6 Months Ended

Jun. 30, 2023

Basis of Presentation and General Information [Abstract]

Basis of Presentation and General Information

1.          Basis of Presentation and General Information:

Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) was formed under the laws of the Republic of the Marshall Islands on January 4, 2008, with executive offices located in Glyfada, Greece. The Company’s common shares are listed on the Nasdaq Capital Market under the symbol “SHIP”. The 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, 2022 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 31, 2023 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, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2023.

The consolidated balance sheet as of December 31, 2022 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 February 16, 2023, the Company’s common stock began trading on a split-adjusted basis, following a February 9, 2023 approval from the Company’s Board of Directors to reverse split the Company’s common stock at a ratio of one-for-ten (Note 11). All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented. 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 received a cash payment in lieu of such fractional share.

As of June 30, 2023, the Company had a working capital deficit of $24,906 which is mainly due to the planned loan and convertible note payments of $33,728 and $2,991, net of deferred charges, respectively. Additionally, another part of the working capital deficit relates to pre-collected revenue of $1,931 included in deferred revenue. This amount represents a current liability that does not require future cash settlement.  The Company’s cash flow projections for the period after one year after the date that the financial statements are issued indicate that cash on hand and cash provided by operating activities will be sufficient to cover the liquidity needs that become due within one year after the date that the financial statements are issued.

Consequently, the unaudited interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

a.          Subsidiaries in Consolidation:

Seanergy’s subsidiaries included in these unaudited interim consolidated financial statements as of June 30, 2023:

Company	Country of Incorporation	Vessel name	Date of Delivery	Date of Sale/Disposal
Seanergy Management Corp. (1)(2)	Marshall Islands	N/A	N/A	N/A
Seanergy Shipmanagement Corp. (1)(2)	Marshall Islands	N/A	N/A	N/A
Emperor Holding Ltd. (1)	Marshall Islands	N/A	N/A	N/A
Pembroke Chartering Services Limited (1)(3)(4)	Malta	N/A	N/A	N/A
Maritime Capital Shipping Limited (1)(4)	Bermuda	N/A	N/A	N/A
Sea Genius Shipping Co. (1)	Marshall Islands	Geniuship	October 13, 2015	N/A
Premier Marine Co. (1)	Marshall Islands	Premiership	September 11, 2015	N/A
Squire Ocean Navigation Co. (1)	Liberia	Squireship	November 10, 2015	N/A
Lord Ocean Navigation Co. (1)(5)	Liberia	Lordship	November 30, 2016	April 28, 2023
Champion Marine Co. (1)	Marshall Islands	Championship	November 7, 2018	N/A
Fellow Shipping Co. (1)	Marshall Islands	Fellowship	November 22, 2018	N/A
Friend Ocean Navigation Co. (1)	Liberia	Friendship	July 27, 2021	N/A
World Shipping Co. (1)	Marshall Islands	Worldship	August 30, 2021	N/A
Duke Shipping Co. (1)	Marshall Islands	Dukeship	November 26, 2021	N/A
Partner Marine Co. (1)(5)	Marshall Islands	Partnership	March 9, 2022	N/A
Honor Shipping Co. (1)	Marshall Islands	Honorship	June 27, 2022	N/A
Paros Ocean Navigation Co. (1)	Liberia	Paroship	December 27, 2022	N/A
Knight Ocean Navigation Co. (1)(5)	Liberia	Knightship	December 13, 2016	April 6, 2023
Flag Marine Co. (1)(5)	Marshall Islands	Flagship	May 6, 2021	May 11, 2021
Hellas Ocean Navigation Co. (1)(5)	Liberia	Hellasship	May 6, 2021	June 28, 2021
Patriot Shipping Co. (1)(5)	Marshall Islands	Patriotship	June 1, 2021	June 28, 2021
Good Ocean Navigation Co. (1)(Note 6)	Liberia	Goodship	August 7, 2020	February 10, 2023
Traders Shipping Co. (1)(Note 6)	Marshall Islands	Tradership	June 9, 2021	February 28, 2023
Gladiator Shipping Co. (1)(4)	Marshall Islands	Gladiatorship	September 29, 2015	October 11, 2018
Leader Shipping Co. (1)(4)	Marshall Islands	Leadership	March 19, 2015	September 30, 2021
Partner Shipping Co. Limited (1)(4)	Malta	Partnership	May 31, 2017	March 9, 2022
Martinique International Corp. (1)(4)	British Virgin Islands	Bremen Max	September 11, 2008	March 7, 2014
Harbour Business International Corp. (1)(4)	British Virgin Islands	Hamburg Max	September 25, 2008	March 10, 2014
Titan Ocean Navigation Co. (1)	Liberia	Note 10	Note 10	N/A

(1)    Subsidiaries wholly owned

(2)    Management companies

(3)    Chartering services company

(4)    Dormant companies

(5)    Bareboat charterers

XML

Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

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, 2022, filed with the SEC on March 31, 2023. There have been no material changes to these policies in the six-month period ended June 30, 2023.

Recent Accounting Pronouncements

There are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim financial statements for the six-month period ended June 30, 2023.

XML

Transactions with Related Parties

6 Months Ended

Jun. 30, 2023

Transactions with Related Parties [Abstract]

Transactions with Related Parties

3.          Transactions with Related Parties:

Details of the Company’s transactions with related parties are discussed in Note 3 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023, and are supplemented by the below new activities within the period.

Management Agreements:

During the six-month period ended June 30, 2023, fees charged from Seanergy to United Maritime Corporation (“United”) in relation to services provided under the various management agreements entered into with respect to United’s fleet amounted to $1,324 and are included in “Fees from related parties” in the accompanying interim unaudited statement of operations.

As of June 30, 2023, balance due from United amounted to $3,930 and is included in “Due from related parties” in the accompanying unaudited consolidated balance sheets, related to United management fees and working capital advances.

On December 27, 2022, Seanergy entered into two memoranda of agreement to sell two Capesize vessels to United for an aggregate purchase price of $36,250. The sales were completed and the two vessels were delivered to United in February 2023 (Note 6).

Stock Purchases by the CEO & the CFO:

During the six-month period ended June 30, 2023, Seanergy’s Chairman and Chief Executive Officer, Stamatios Tsantanis, has purchased 100,000 shares at an average price of $5.32 per share, or approximately $532 worth of the Company’s common stock, in the open market. In addition, the Company’s Chief Financial Officer, Stavros Gyftakis, has purchased 18,510 shares at an average price of $5.40 per share, or approximately $100 worth of the Company’s common stock in the open market during the same period.

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Cash and Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents and Restricted Cash [Abstract]

Cash and Cash Equivalents and Restricted Cash

4.          Cash and Cash Equivalents and Restricted Cash:

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim consolidated statements of cash flows:

	June 30, 2023		December 31, 2022
Cash and cash equivalents		16,902		26,027
Restricted cash		50		1,650
Restricted cash, non-current		5,500		4,800
Total		22,452		32,477

Restricted cash as of June 30, 2023 includes $2,000 of minimum liquidity requirements as per the Piraeus Bank Loan Facility (Note 7), $2,000 of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility (Note 7), $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the December 2022 Alpha Bank Loan Facility (Note 7), 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, 2023, of $9,100 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents”.

Restricted cash as of December 31, 2022 includes $2,000 of minimum liquidity requirements as per the June 2022 Piraeus Bank Loan Facility (Note 7), $1,300 of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility, $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the December 2022 Alpha Bank Loan Facility (Note 7), $1,600 of minimum liquidity requirement as per the Championship Cargill Sale and Leaseback (Note 7) 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, 2022, of $10,700 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents”.

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Inventories

6 Months Ended

Jun. 30, 2023

Inventories [Abstract]

Inventories

5.          Inventories:

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023		December 31, 2022
Bunkers		-		392
Lubricants		1,428		1,603
Total		1,428		1,995

As of June 30, 2023, there was no bunkers inventory as all vessels were employed under time charter agreements.

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Vessels, Net

6 Months Ended

Jun. 30, 2023

Vessels, Net [Abstract]

Vessels, Net

6.          Vessels, Net:

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023			December 31, 2022
Cost:
Beginning balance		511,516			488,049
- Additions		419			71,224
- Vessels contributed to United Maritime Corporation		-			(17,948	)
- Transfer to “Assets held for Sale”		-			(29,809	)
Ending balance		511,935			511,516
Accumulated depreciation:
Beginning balance		(77,383	)		(61,987	)
- Depreciation for the period		(11,941	)		(23,294	)
- Vessels contributed to United Maritime Corporation		-			5,046
- Transfer to “Assets held for Sale”		-			2,852
Ending balance		(89,324	)		(77,383	)
Net book value		422,611			434,133

During the six-month period ended June 30, 2023, an amount of $419 of expenditures were capitalized that concern improvements on vessels performance and meeting environmental standards mainly due to installation of ballast water treatment systems and other energy saving devices. The cost of these additions was accounted as major improvement and were capitalized over the vessels’ cost and will be depreciated over the remaining useful life of each vessel. Amounts paid for the additions are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the unaudited interim consolidated statements of cash flows.

As of June 30, 2023, all vessels, except for the Knightship, the Lordship, the Flagship, the Partnership, the Hellasship and the Patriotship that are financed through other financial liabilities (sale and leaseback agreements), are mortgaged to secure loans of the Company (Note 7).

Gain on sale of vessels, net

On December 27, 2022, the Company entered into an agreement with United for the sale of the Goodship for a gross sale price of $17,500. As of December 31, 2022, the vessel along with the associated inventories were classified in current assets as “Assets held for sale” in the unaudited consolidated balance sheets, according to the provisions of ASC 360, as all the criteria for this classification were met. The vessel was delivered to her new owners on February 10, 2023. A gain on sale of vessel, net of sale expenses, amounting to $4,887 was recognized and is presented as “Gain on sale of vessels, net” in the unaudited interim consolidated statement of operations.

On December 27, 2022, the Company entered into an agreement with United for the sale of the Tradership for a gross sale price of $18,750. As of December 31, 2022, the vessel along with the associated inventories were classified in current assets as “Assets held for sale” in the unaudited consolidated balance sheets, according to the provisions of ASC 360, as all the criteria for this classification were met. The vessel was delivered to her new owners on February 28, 2023. A gain on sale of vessel, net of sale expenses, amounting to $3,207 was recognized and is presented as “Gain on sale of vessels, net” in the unaudited interim consolidated statement of operations.

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Long-Term Debt and Other Financial Liabilities

6 Months Ended

Jun. 30, 2023

Long-Term Debt and Other Financial Liabilities [Abstract]

Long-Term Debt and Other Financial Liabilities

7. Long-Term Debt and Other Financial Liabilities:

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023			December 31, 2022
Long-term debt and other financial liabilities		231,585			235,603
Less: Deferred financing costs		(3,160	)		(3,727	)
Total		228,425			231,876
Less – current portion		(33,728	)		(35,051	)
Long-term portion		194,697			196,825
Debt related to assets held for sale		-			13,100
Less: Deferred financing costs		-			(110	)
Total		-			12,990
Total debt net of deferred financing costs and debt discounts		228,425			244,866

Details of the Company’s secured credit and other financial liabilities are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023, and are supplemented by the below new activities within the period.

Senior long-term debt

Loan Facilities amended during the six-month period ended June 30, 2023

October 2022 Danish Ship Finance Loan Facility

On April 18, 2023, the Company amended and restated the loan facility with Danish Ship Finance secured by the Fellowship and the Premiership to refinance the Championship Cargill Sale and Leaseback. The amended and restated facility includes a new tranche (Tranche C) of $15,750 secured by the Championship, while a sustainability adjustment mechanism was introduced in respect of the underlying interest rate of the facility. The new tranche has a five-year term and the repayment schedule comprises eight quarterly installments of $725 followed by twelve quarterly installments of $585 and a final balloon of $2,930 payable together with the final installment. The interest rate is 2.65% over 3-month term SOFR per annum, which can be increased or decreased by 0.05% based on certain emission reduction thresholds. For the new tranche secured by the Championship the borrower is required to maintain a minimum liquidity amount of $700, while each of the borrowers under the Premiership and Fellowship tranches are still required to maintain minimum liquidity of $650 in their respective retention accounts.

August 2021 Alpha Bank Loan Facility

On April 28, 2023, the Company prepaid $11,976 of Tranche A using the proceeds from the Village Seven Sale and Leaseback (described below) and as a result all the securities regarding the Lordship were irrevocably and unconditionally released. Following the prepayment of the Lordship, Tranche A is repayable by seven quarterly installments of $601 each and a final balloon of $10,284 payable together with the final installment and Tranche B is repayable by eight quarterly installments of $258 each and a final balloon of $3,918 payable together with the final installment. The repayment of installments for both tranches will commence from the fourth quarter of 2023.

Furthermore, on May 22, 2023, the Company received a notice from Alpha Bank providing for the replacement of the LIBOR with Term SOFR effective as of June 30, 2023. Following such transition, Tranche A bears interest at Term SOFR plus a margin of 3.55% and Tranche B bears interest at Term SOFR plus a margin of 3.30%. Relevant documentation in the form of a supplemental agreement and mortgage addenda will be entered into in the following months.

Loan Facilities repaid during the six-month period ended June 30, 2023

ABB Loan Facility

On February 9, 2023, in connection with the disposal of the Goodship, the Company fully prepaid the outstanding loan amount of $6,100 under the facility. On February 24, 2023, in connection with the disposal of the Tradership, the company fully prepaid the remaining outstanding loan amount of $6,800. Following the full prepayment of the ABB Loan Facility, all securities created in favor of ABB were irrevocably and unconditionally released.

Other Financial Liabilities – Sale and Leaseback Transactions

New Sale and Leaseback Activities during the six-month period ended June 30, 2023

Evahline Sale and Leaseback

On March 29, 2023, the Company entered a $19,000 sale and leaseback agreement with a subsidiary of Evahline Inc. for the refinancing of the Hanchen Sale and Leaseback. The agreement became effective on April 6, 2023, upon the delivery of the Knightship to the lessor. The charterhire principal amortizes in seventy-two consecutive monthly installments of approximately $264 each, bearing an interest rate of 3-month term SOFR plus 2.80% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the six-year bareboat period, following the full amortization of the charterhire principal, the ownership of the vessel will be transferred to the Company at no additional cost. In addition, the Company is required to maintain a security cover ratio (as defined therein) of not less than 120%.

Village Seven Sale and Leaseback

On April 24, 2023, the Company entered a $19,000 sale and leaseback agreement to partially refinance the August 2021 Alpha Bank Loan Facility, secured by the Lordship, as well as the Squireship and the Friendship. The Lordship was sold and chartered back on a bareboat basis for a period of four years and five months. The Company has continuous options to repurchase the vessel at predetermined prices, following the second anniversary of the bareboat charter. At the end of the bareboat period, the Company has the option to repurchase the vessel for $7,800 which the Company expects to exercise. The charterhire principal amortizes in fifty-three consecutive monthly installments of approximately $211 each, bearing an interest rate of 3-month term SOFR plus 3.00% per annum.

Sale and Leaseback Activities repaid during the six-month period ended June 30, 2023

Championship Cargill Sale and Leaseback

On April 24, 2023, the Company purchased back the Championship from Cargill and took delivery of the vessel after full settlement of the amount of approximately $16,480. The Championship was refinanced by the October 2022 Danish Ship Finance Loan Facility described above.

Hanchen Sale and Leaseback

On April 6, 2023, the Company purchased back the Knightship from Hanchen Limited and took delivery of the vessel after full settlement of the outstanding balance of approximately $11,221. The sale and leaseback was refinanced by the Evahline Sale and Leaseback described above.

All of the Company’s secured facilities (i.e., long-term debt and other financial liabilities) bear either floating interest at LIBOR or SOFR plus a margin or fixed interest.

Certain of the Company’s long-term debt and other financial liabilities contain financial covenants and undertakings requiring the Company to maintain various financial ratios, including:

• a minimum borrower’s liquidity;

• a minimum guarantor’s liquidity;

• a security coverage requirement; and

• a leverage ratio.

As of June 30, 2023, the Company was in compliance with all covenants relating to its loan facilities as at that date.

As of June 30, 2023, ten of the Company’s owned vessels, having a net carrying value of $278,377, were subject to first and second priority mortgages as collaterals to their long-term debt facilities. In addition, the Company’s six bareboat chartered vessels, having a net carrying value of $144,234 as of June 30, 2023, have been financed through sale and leaseback agreements. As in typical leaseback agreements the title of ownership is held by the relevant lenders.

The annual principal payments required to be made after June 30, 2023 for all long-term debt and other financial liabilities, are as follows:

Twelve month periods ending June 30,	Amount
2024		34,860
2025		42,219
2026		68,296
2027		51,942
Thereafter		34,268
Total		231,585

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Convertible Notes

6 Months Ended

Jun. 30, 2023

Convertible Notes [Abstract]

Convertible Notes

8. Convertible Notes:

Details of the Company’s convertible note issued to Jelco Delta Holding Corp. (“JDH”) are discussed in Note 8 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023.

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023			December 31, 2022
Convertible notes		3,165			11,165
Less: Deferred financing costs		(5	)		(9	)
Less: Change in fair value of conversion option		(169	)		(323	)
Total		2,991			10,833
Less - current portion		(2,991	)		(10,833	)
Long-term portion		-			-

September 7, 2015 - $21,165 Revolving Convertible Note (Second JDH Note)

On January 3, 2023, the Company paid $8,000 of the outstanding balance of the Second JDH Note. The total outstanding balance is due for payment on December 31, 2023. As of June 30, 2023, $3,165 was outstanding under the Second JDH Note.

The Company may, by giving five business days prior written notice to JDH at any time, prepay the whole or any part of the Second JDH Note in cash or, subject to JDH’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 JDH’s option, the Company’s obligation to repay the principal amount under the Second JDH Note or any part thereof may be paid in common shares at a conversion price of $120 per share. JDH has also received customary registration rights with respect to any shares to be received upon conversion of the Second JDH Note.

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Financial Instruments

6 Months Ended

Jun. 30, 2023

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 unaudited consolidated balance sheets as of June 30, 2023 and December 31, 2022, 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 (obtained through Level 2 inputs of the fair value hierarchy) approximates the fair market value as the long-term debt and other financial liabilities bear interest at floating interest rate. The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Company believes the terms of its fixed interest long-term debt for the Flagship Cargill Sale and Leaseback are similar to those that could be procured as of June 30, 2023, and the carrying value of $15,379 is 5% lower than the fair market value of $16,266. The fair value of the fixed interest long-term debt has been obtained through Level 2 inputs of the fair value hierarchy.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

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. As of June 30, 2023, management is not aware of any material claims or contingent liabilities, which have not been disclosed, or for which a provision has not been established in the accompanying consolidated financial statements.

The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

Commitments

The Company operates certain of its vessels under lease agreements. Time charters typically may provide for charterers’ options to extend the lease terms and termination clauses. The Company’s time charters range from 10 to 60 months and extension periods vary from 6 to 26 months. In addition, the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes on freight market index. The Company has the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates.

The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2023. For index-linked time charter contracts the calculation was made using the initial charter rates   (these amounts do not include any assumed off-hire).

Twelve month periods ending June 30,	Amount
2024		101,772
2025		21,726
2026		12,911
Total		136,409

The office rent expense for the periods ended June 30, 2023 and 2022 was $83 and $83, respectively.

The following table sets forth the Company’s undiscounted office rental obligations as at June 30, 2023:

Twelve month periods ending June 30,	Amount
2024		130
2025		130
2026		130
2027		130
Thereafter		98
Total		618
Less: imputed interest		(166	)
Present value of lease liabilities		452
Lease liabilities, current		106
Lease liabilities, non-current		346
Present value of lease liabilities		452

On May 9, 2023, the Company entered into a twelve-month bareboat charter agreement, which has not yet commenced, with an unaffiliated third party for a secondhand Newcastlemax vessel, which will be renamed Titanship. As of June 30, 2023, the Company has advanced a down payment of $3,500 which was paid upon signing of the agreement and such amount is included in “Prepaid expenses other, non-current” in the unaudited consolidated balance sheets. Seanergy will further pay $3,500 on delivery of the vessel to the Company, which is estimated to take place between August and December 2023, and will be paying a daily bareboat rate of $9 over the period of the twelve-month bareboat charter. At the end of the bareboat period, the Company has an option to purchase the vessel for $20,200.

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Capital Structure

6 Months Ended

Jun. 30, 2023

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, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on March 31, 2023 and are supplemented by the below new activities into the six-month period.

(a) Common Stock

i) NASDAQ Notification

On January 31, 2023, the Company received written notification from NASDAQ, indicating that the Company was granted an additional 180-day grace period, until July 31, 2023, to cure its non-compliance with Nasdaq Listing Rule 5550(a)(2). At the opening of trading on February 16, 2022, following a February 9, 2023 approval from the Company’s Board of Directors, the Company effected a one-for-ten reverse stock split of the Company’s common stock. On March 3, 2023, the Company received written notification from Nasdaq that the Company regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock (Note 1).

ii) Dividends

On January 30, 2023, the Company paid a regular quarterly dividend of $0.025 per share for the third quarter of 2022 to all shareholders of record as of December 28, 2022.

On April 25, 2023, the Company paid a regular quarterly dividend of $0.025 per share for the fourth quarter of 2022 to all shareholders of record as of March 31, 2023.

On May 25, 2023, the Company announced a regular quarterly dividend of $0.025 per share for the first quarter of 2023 which was paid on July 6, 2023 to all shareholders of record as of June 22, 2023 (Note 16). The dividend declared on May 25, 2023 amounting to $491 is included in “Other current liabilities” as of June 30, 2023 in the accompanying unaudited consolidated balance sheets.

The total dividends declared in the six-month period ended June 30, 2023, amounted to $991.

iii) Buybacks

In June 2022, the Board of Directors of the Company authorized an additional share repurchase plan under which the Company may repurchase up to $5,000 of its outstanding common shares, convertible note or warrants. On November 28, 2022, the Company’s Board of Directors authorized the extension of the share repurchase plan until December 31, 2023. As of June 30, 2023, the Company has repurchased 362,161 of its outstanding common shares at an average price of approximately $4.35 for a total of $1,583, inclusive of commissions and fees. All the repurchased shares have been cancelled as of June 30, 2023.

(b) Warrants

All warrants are classified in equity, according to the Company’s significant accounting policy.

As of June 30, 2023, the number of remaining Class D Warrants outstanding is 4,368,750.

On January 10, 2023, the Company completed its tender offer to purchase all outstanding Class E Warrants at a price of $0.20 per warrant. The total number of warrants tendered was 4,038,114 warrants, representing approximately 47% of the outstanding Class E Warrants at the time of the tender offer. As of June 30, 2023, the number of remaining Class E Warrants outstanding is 4,494,599.

As of June 30, 2023, the number of common shares that can potentially be issued under each outstanding warrant are:

Warrant	Shares to be issued upon exercise of remaining warrants
Class D		27,304
Class E		449,459
Total		476,763

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Vessel Revenue and Voyage Expenses

6 Months Ended

Jun. 30, 2023

Vessel Revenue and Voyage Expenses [Abstract]

Vessel Revenue and Voyage Expenses

12. Vessel Revenue and Voyage Expenses:

The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023 and 2022:

	June 30,
	2023		2022
Vessel revenues from time charters, net of commissions		45,030		62,513
Total		45,030		62,513

The trade accounts receivable of $625 and $720 as of June 30, 2023 and December 31, 2022, respectively, relate to time charters.

Deferred revenue as of June 30, 2023 was $1,931 and relates entirely to operating leases. The Deferred revenue is allocated on a straight-line basis over the minimum duration of each charter party, except for unearned revenue, which represents cash received in advance of services which have not yet been provided. Revenue recognized in 2023 from amounts included in Deferred revenue at the beginning of the period was $1,919.

Charterers individually accounting for more than 10% of revenues during the six-month periods ended June 30, 2023 and 2022 were:

Customer	2023			2022
A		26	%		20	%
B		26	%		16	%
C		18	%		20	%
D		14	%		14	%
Total		84	%		70	%

Voyage Expenses

The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023 and 2022:

	June 30,
	2023			2022
Voyage expenses from time charters, net of commissions		(1,308	)		(2,646	)
Total		(1,308	)		(2,646	)

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Interest and Finance Costs

6 Months Ended

Jun. 30, 2023

Interest and Finance Costs [Abstract]

Interest and Finance Costs

13. Interest and Finance Costs:

Interest and finance costs are analyzed as follows:

	June 30,
	2023		2022
Interest on long-term debt and other financial liabilities		8,767		4,416
Convertible notes interest expense		90		380
Amortization of deferred finance costs and debt discounts		1,393		1,121
Amortization of deferred finance costs and debt discounts (shares issued to third party - non-cash)		81		154
Other		64		101
Total		10,395		6,172

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(Loss) / Earnings per Share

6 Months Ended

Jun. 30, 2023

(Loss) / Earnings per Share [Abstract]

(Loss) / Earnings per Share

14. (Loss) / Earnings per Share:

The calculation of net income per common share is summarized below:

	June 30,
	2023			2022
Net (loss) / income	$	(3,507	)	$	9,606
Less: Dividends to non-vested participating securities		(76	)		-
Net (loss) / income attributable to common shareholders, basic	$	(3,583	)	$	9,606
Net (loss) / income attributable to common shareholders, diluted	$	(3,583	)	$	9,606
Weighted average common shares outstanding, basic		18,196,521			17,243,721
Effect of dilutive securities:
Warrants		-			307,814
Non-vested participating securities		-			255,953
Weighted average common shares outstanding, diluted		18,196,521			17,807,488
Net (loss) / income per share attributable to common shareholders, basic	$	(0.20	)	$	0.56
Net (loss) / income per share attributable to common shareholders, diluted	$	(0.20	)	$	0.54

As of June 30, 2023, non-vested participating shares under the Company’s equity incentive plan of 1,510,356 were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above (Note 15). Additionally, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as of June 30, 2023, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants that are out-of-the money as of the reporting date (Note 11), calculated with the treasury stock method, as well as shares assumed to be converted with respect to the convertible notes (Note 8) calculated with the if-converted method.

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Equity Incentive Plan

6 Months Ended

Jun. 30, 2023

Equity Incentive Plan [Abstract]

Equity Incentive Plan

15. Equity Incentive Plan:

On March 27, 2023, the Compensation Committee granted an aggregate of 1,823,800 restricted shares of common stock pursuant to the Plan. Of the total 1,823,800 shares issued on March 27, 2023, 400,000 shares were granted to the non-executive members of the Board of Directors, 930,000 were granted to the executive officers, 433,800 shares were granted to certain of the Company’s non-executive employees and 60,000 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 $5.22. 607,974 shares vested on the date of the issuance, March 27, 2023, 607,913 shares will vest on October 1, 2023 and 607,913 shares will vest on October 1, 2024.

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, 2023 and 2022, amounted to $5,929 and $3,728, 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, 2023 and 2022, amounted to $198 and $114, 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, 2023 and December 31, 2022 amounted to $4,593 and $2,131, respectively. On June 30, 2023, 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.

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Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

On July 6, 2023, the Company paid a dividend of $491 to all shareholders of record as of June 22, 2023 (Note 11).

On August 2, 2023, the Company announced a regular quarterly dividend of $0.025 per share for the second quarter of 2023, payable on or about October 6, 2023 to all shareholders of record as of September 22, 2023.

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Basis of Presentation and General Information (Policies)

6 Months Ended

Jun. 30, 2023

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, 2022 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 31, 2023 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, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2023.

The consolidated balance sheet as of December 31, 2022 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.

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Significant Accounting Policies [Abstract]

Recent Accounting Pronouncements Adopted and Not Yet Adopted

Recent Accounting Pronouncements

There are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim financial statements for the six-month period ended June 30, 2023.

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Basis of Presentation and General Information (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023:

Company	Country of Incorporation	Vessel name	Date of Delivery	Date of Sale/Disposal
Seanergy Management Corp. (1)(2)	Marshall Islands	N/A	N/A	N/A
Seanergy Shipmanagement Corp. (1)(2)	Marshall Islands	N/A	N/A	N/A
Emperor Holding Ltd. (1)	Marshall Islands	N/A	N/A	N/A
Pembroke Chartering Services Limited (1)(3)(4)	Malta	N/A	N/A	N/A
Maritime Capital Shipping Limited (1)(4)	Bermuda	N/A	N/A	N/A
Sea Genius Shipping Co. (1)	Marshall Islands	Geniuship	October 13, 2015	N/A
Premier Marine Co. (1)	Marshall Islands	Premiership	September 11, 2015	N/A
Squire Ocean Navigation Co. (1)	Liberia	Squireship	November 10, 2015	N/A
Lord Ocean Navigation Co. (1)(5)	Liberia	Lordship	November 30, 2016	April 28, 2023
Champion Marine Co. (1)	Marshall Islands	Championship	November 7, 2018	N/A
Fellow Shipping Co. (1)	Marshall Islands	Fellowship	November 22, 2018	N/A
Friend Ocean Navigation Co. (1)	Liberia	Friendship	July 27, 2021	N/A
World Shipping Co. (1)	Marshall Islands	Worldship	August 30, 2021	N/A
Duke Shipping Co. (1)	Marshall Islands	Dukeship	November 26, 2021	N/A
Partner Marine Co. (1)(5)	Marshall Islands	Partnership	March 9, 2022	N/A
Honor Shipping Co. (1)	Marshall Islands	Honorship	June 27, 2022	N/A
Paros Ocean Navigation Co. (1)	Liberia	Paroship	December 27, 2022	N/A
Knight Ocean Navigation Co. (1)(5)	Liberia	Knightship	December 13, 2016	April 6, 2023
Flag Marine Co. (1)(5)	Marshall Islands	Flagship	May 6, 2021	May 11, 2021
Hellas Ocean Navigation Co. (1)(5)	Liberia	Hellasship	May 6, 2021	June 28, 2021
Patriot Shipping Co. (1)(5)	Marshall Islands	Patriotship	June 1, 2021	June 28, 2021
Good Ocean Navigation Co. (1)(Note 6)	Liberia	Goodship	August 7, 2020	February 10, 2023
Traders Shipping Co. (1)(Note 6)	Marshall Islands	Tradership	June 9, 2021	February 28, 2023
Gladiator Shipping Co. (1)(4)	Marshall Islands	Gladiatorship	September 29, 2015	October 11, 2018
Leader Shipping Co. (1)(4)	Marshall Islands	Leadership	March 19, 2015	September 30, 2021
Partner Shipping Co. Limited (1)(4)	Malta	Partnership	May 31, 2017	March 9, 2022
Martinique International Corp. (1)(4)	British Virgin Islands	Bremen Max	September 11, 2008	March 7, 2014
Harbour Business International Corp. (1)(4)	British Virgin Islands	Hamburg Max	September 25, 2008	March 10, 2014
Titan Ocean Navigation Co. (1)	Liberia	Note 10	Note 10	N/A

(1)    Subsidiaries wholly owned

(2)    Management companies

(3)    Chartering services company

(4)    Dormant companies

(5)    Bareboat charterers

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Cash and Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents and Restricted Cash [Abstract]

Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim consolidated statements of cash flows:

	June 30, 2023		December 31, 2022
Cash and cash equivalents		16,902		26,027
Restricted cash		50		1,650
Restricted cash, non-current		5,500		4,800
Total		22,452		32,477

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Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventories [Abstract]

Inventories

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023		December 31, 2022
Bunkers		-		392
Lubricants		1,428		1,603
Total		1,428		1,995

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Vessels, Net (Tables)

6 Months Ended

Jun. 30, 2023

Vessels, Net [Abstract]

Vessels, Net

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023			December 31, 2022
Cost:
Beginning balance		511,516			488,049
- Additions		419			71,224
- Vessels contributed to United Maritime Corporation		-			(17,948	)
- Transfer to “Assets held for Sale”		-			(29,809	)
Ending balance		511,935			511,516
Accumulated depreciation:
Beginning balance		(77,383	)		(61,987	)
- Depreciation for the period		(11,941	)		(23,294	)
- Vessels contributed to United Maritime Corporation		-			5,046
- Transfer to “Assets held for Sale”		-			2,852
Ending balance		(89,324	)		(77,383	)
Net book value		422,611			434,133

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Long-Term Debt and Other Financial Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Long-Term Debt and Other Financial Liabilities [Abstract]

Long-Term Debt and Other Financial Liabilities

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023			December 31, 2022
Long-term debt and other financial liabilities		231,585			235,603
Less: Deferred financing costs		(3,160	)		(3,727	)
Total		228,425			231,876
Less – current portion		(33,728	)		(35,051	)
Long-term portion		194,697			196,825
Debt related to assets held for sale		-			13,100
Less: Deferred financing costs		-			(110	)
Total		-			12,990
Total debt net of deferred financing costs and debt discounts		228,425			244,866

Annual Principal Payments

The annual principal payments required to be made after June 30, 2023 for all long-term debt and other financial liabilities, are as follows:

Twelve month periods ending June 30,	Amount
2024		34,860
2025		42,219
2026		68,296
2027		51,942
Thereafter		34,268
Total		231,585

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Convertible Notes (Tables)

6 Months Ended

Jun. 30, 2023

Convertible Notes [Abstract]

Convertible Notes

The amounts in the accompanying unaudited consolidated balance sheets are analyzed as follows:

	June 30, 2023			December 31, 2022
Convertible notes		3,165			11,165
Less: Deferred financing costs		(5	)		(9	)
Less: Change in fair value of conversion option		(169	)		(323	)
Total		2,991			10,833
Less - current portion		(2,991	)		(10,833	)
Long-term portion		-			-

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023. For index-linked time charter contracts the calculation was made using the initial charter rates   (these amounts do not include any assumed off-hire).

Twelve month periods ending June 30,	Amount
2024		101,772
2025		21,726
2026		12,911
Total		136,409

Office Rental Obligations

The following table sets forth the Company’s undiscounted office rental obligations as at June 30, 2023:

Twelve month periods ending June 30,	Amount
2024		130
2025		130
2026		130
2027		130
Thereafter		98
Total		618
Less: imputed interest		(166	)
Present value of lease liabilities		452
Lease liabilities, current		106
Lease liabilities, non-current		346
Present value of lease liabilities		452

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Capital Structure (Tables)

6 Months Ended

Jun. 30, 2023

Capital Structure [Abstract]

Outstanding Warrants

As of June 30, 2023, the number of common shares that can potentially be issued under each outstanding warrant are:

Warrant	Shares to be issued upon exercise of remaining warrants
Class D		27,304
Class E		449,459
Total		476,763

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Vessel Revenue and Voyage Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Vessel Revenue and Voyage Expenses [Abstract]

Income Derived from Time Charters

The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023 and 2022:

	June 30,
	2023		2022
Vessel revenues from time charters, net of commissions		45,030		62,513
Total		45,030		62,513

Revenue from Charterers

Charterers individually accounting for more than 10% of revenues during the six-month periods ended June 30, 2023 and 2022 were:

Customer	2023			2022
A		26	%		20	%
B		26	%		16	%
C		18	%		20	%
D		14	%		14	%
Total		84	%		70	%

Voyage Expenses from Time Charters

The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023 and 2022:

	June 30,
	2023			2022
Voyage expenses from time charters, net of commissions		(1,308	)		(2,646	)
Total		(1,308	)		(2,646	)

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Interest and Finance Costs (Tables)

6 Months Ended

Jun. 30, 2023

Interest and Finance Costs [Abstract]

Interest and Finance Costs

Interest and finance costs are analyzed as follows:

	June 30,
	2023		2022
Interest on long-term debt and other financial liabilities		8,767		4,416
Convertible notes interest expense		90		380
Amortization of deferred finance costs and debt discounts		1,393		1,121
Amortization of deferred finance costs and debt discounts (shares issued to third party - non-cash)		81		154
Other		64		101
Total		10,395		6,172

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(Loss) / Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2023

(Loss) / Earnings per Share [Abstract]

Net Earnings per Common Share

The calculation of net income per common share is summarized below:

	June 30,
	2023			2022
Net (loss) / income	$	(3,507	)	$	9,606
Less: Dividends to non-vested participating securities		(76	)		-
Net (loss) / income attributable to common shareholders, basic	$	(3,583	)	$	9,606
Net (loss) / income attributable to common shareholders, diluted	$	(3,583	)	$	9,606
Weighted average common shares outstanding, basic		18,196,521			17,243,721
Effect of dilutive securities:
Warrants		-			307,814
Non-vested participating securities		-			255,953
Weighted average common shares outstanding, diluted		18,196,521			17,807,488
Net (loss) / income per share attributable to common shareholders, basic	$	(0.20	)	$	0.56
Net (loss) / income per share attributable to common shareholders, diluted	$	(0.20	)	$	0.54

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Basis of Presentation and General Information (Details) $ in Thousands			6 Months Ended
		Feb. 16, 2023	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Basis of Presentation and General Information [Abstract]
Reverse stock split ratio		0.1
Working capital deficit			$ (24,906)
Repayment of long term debt			70,868	$ 47,910
Repayment of convertible note			8,000	$ 10,000
Deferred revenue			1,931		$ 2,232
Plan [Member]
Basis of Presentation and General Information [Abstract]
Repayment of long term debt			33,728
Repayment of convertible note			$ 2,991
Seanergy Management [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[1],[2]		1T
Seanergy Shipmanagement [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[1],[2]		1T
Emperor Holding Ltd. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		1T
Pembroke Chartering Services Limited [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[3],[4]		O1
Maritime Capital Shipping Limited [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[4]		D0
Sea Genius Shipping Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		1T
Vessel name			Geniuship
Date of delivery			Oct. 13, 2015
Premier Marine Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		1T
Vessel name			Premiership
Date of delivery			Sep. 11, 2015
Squire Ocean Navigation Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		N0
Vessel name			Squireship
Date of delivery			Nov. 10, 2015
Lord Ocean Navigation Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[5]		N0
Vessel name			Lordship
Date of delivery			Nov. 30, 2016
Date of sale/disposal			Apr. 28, 2023
Champion Marine Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		1T
Vessel name			Championship
Date of delivery			Nov. 07, 2018
Fellow Shipping Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		1T
Vessel name			Fellowship
Date of delivery			Nov. 22, 2018
Friend Ocean Navigation Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		N0
Vessel name			Friendship
Date of delivery			Jul. 27, 2021
World Shipping Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		1T
Vessel name			Worldship
Date of delivery			Aug. 30, 2021
Duke Shipping Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		1T
Vessel name			Dukeship
Date of delivery			Nov. 26, 2021
Partner Marine Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[5]		1T
Vessel name			Partnership
Date of delivery			Mar. 09, 2022
Honor Shipping Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		1T
Vessel name			Honorship
Date of delivery			Jun. 27, 2022
Paros Ocean Navigation Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		N0
Vessel name			Paroship
Date of delivery			Dec. 27, 2022
Knight Ocean Navigation Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[5]		N0
Vessel name			Knightship
Date of delivery			Dec. 13, 2016
Date of sale/disposal			Apr. 06, 2023
Flag Marine Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[5]		1T
Vessel name			Flagship
Date of delivery			May 06, 2021
Date of sale/disposal			May 11, 2021
Hellas Ocean Navigation Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[5]		N0
Vessel name			Hellasship
Date of delivery			May 06, 2021
Date of sale/disposal			Jun. 28, 2021
Patriot Shipping Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[5]		1T
Vessel name			Patriotship
Date of delivery			Jun. 01, 2021
Date of sale/disposal			Jun. 28, 2021
Good Ocean Navigation Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		N0
Vessel name			Goodship
Date of delivery			Aug. 07, 2020
Date of sale/disposal			Feb. 10, 2023
Traders Shipping Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		1T
Vessel name			Tradership
Date of delivery			Jun. 09, 2021
Date of sale/disposal			Feb. 28, 2023
Gladiator Shipping Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[4]		1T
Vessel name			Gladiatorship
Date of delivery			Sep. 29, 2015
Date of sale/disposal			Oct. 11, 2018
Leader Shipping Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[4]		1T
Vessel name			Leadership
Date of delivery			Mar. 19, 2015
Date of sale/disposal			Sep. 30, 2021
Partner Shipping Co. Limited [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[4]		O1
Vessel name			Partnership
Date of delivery			May 31, 2017
Date of sale/disposal			Mar. 09, 2022
Martinique International Corp. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[4]		D8
Vessel name			Bremen Max
Date of delivery			Sep. 11, 2008
Date of sale/disposal			Mar. 07, 2014
Harbour Business International Corp. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2],[4]		D8
Vessel name			Hamburg Max
Date of delivery			Sep. 25, 2008
Date of sale/disposal			Mar. 10, 2014
Titan Ocean Navigation Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	[2]		N0

[1] Management companies

[2] Subsidiaries wholly owned

[3] Chartering services company

[4] Dormant companies

[5] Bareboat charterers

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Transactions with Related Parties (Details) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended
	Dec. 27, 2022 USD ($) Vessel Agreement	Feb. 28, 2023 Vessel	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)
Management Agreements [Abstract]
Fees from related parties			$ 46,354	$ 62,513
United [Member]
Management Agreements [Abstract]
Fees from related parties			1,324
Due from related parties			$ 3,930
Number of memoranda of agreement | Agreement	2
Number of vessels to be sold | Vessel	2
Sales price	$ 36,250
Number of vessels delivered | Vessel		2
Stamatios Tsantanis [Member]
Stock Purchases by CEO & CFO [Abstract]
Shares purchased by related party (in shares) | shares			100,000
Average price of shares purchased by related party (in dollars per share) | $ / shares			$ 5.32
Shares purchased by related party			$ 532
Stavros Gyftakis [Member]
Stock Purchases by CEO & CFO [Abstract]
Shares purchased by related party (in shares) | shares			18,510
Average price of shares purchased by related party (in dollars per share) | $ / shares			$ 5.4
Shares purchased by related party			$ 100

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Cash and Cash Equivalents and Restricted Cash (Details) $ in Thousands	Jun. 30, 2023 USD ($) FinancialInstitution	Dec. 31, 2022 USD ($) FinancialInstitution	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Cash and Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 16,902	$ 26,027
Restricted cash	50	1,650
Restricted cash, non-current	5,500	4,800
Cash and cash equivalents and restricted cash	22,452	32,477	$ 41,357	$ 45,626
Restricted deposits pledged as collateral	$ 50	$ 50
Number of financial institutions where restricted deposits are pledged as collateral regarding credit card balances | FinancialInstitution	1	1
Minimum liquidity requirements for credit facilities covenants	$ 9,100	$ 10,700
Piraeus Bank Loan Facility [Member]
Cash and Cash Equivalents and Restricted Cash [Abstract]
Minimum liquidity requirements per Loan Facility	2,000
June 2022 Piraeus Bank Loan Facility [Member]
Cash and Cash Equivalents and Restricted Cash [Abstract]
Minimum liquidity requirements per Loan Facility		2,000
October 2022 Danish Ship Finance Loan Facility [Member]
Cash and Cash Equivalents and Restricted Cash [Abstract]
Minimum liquidity requirements per Loan Facility	2,000	1,300
August 2021 Alpha Bank Loan Facility [Member]
Cash and Cash Equivalents and Restricted Cash [Abstract]
Minimum liquidity requirements per Loan Facility	500	500
June 2022 Alpha Bank Loan Facility [Member]
Cash and Cash Equivalents and Restricted Cash [Abstract]
Minimum liquidity requirements per Loan Facility	500	500
December 2022 Alpha Bank Loan Facility [Member]
Cash and Cash Equivalents and Restricted Cash [Abstract]
Minimum liquidity requirements per Loan Facility	$ 500	500
Championship Cargill Sale and Leaseback [Member]
Cash and Cash Equivalents and Restricted Cash [Abstract]
Minimum liquidity requirements per Loan Facility		$ 1,600

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Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventories [Abstract]
Inventories	$ 1,428	$ 1,995
Bunkers [Member]
Inventories [Abstract]
Inventories	0	392
Lubricants [Member]
Inventories [Abstract]
Inventories	$ 1,428	$ 1,603

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Vessels, Net, Net Book Value (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accumulated Depreciation [Abstract]
Depreciation for the period	$ (12,019)	$ (11,198)
Net book value	423,121		$ 434,545
Vessels [Member]
Cost [Abstract]
Beginning balance	511,516	488,049	488,049
Additions	419		71,224
Vessels contributed to United Maritime Corporation	0		(17,948)
Transfer to "Assets held for Sale"	0		(29,809)
Ending balance	511,935		511,516
Accumulated Depreciation [Abstract]
Beginning balance	(77,383)	$ (61,987)	(61,987)
Depreciation for the period	(11,941)		(23,294)
Vessels contributed to United Maritime Corporation	0		5,046
Transfer to "Assets held for Sale"	0		2,852
Ending balance	(89,324)		(77,383)
Net book value	$ 422,611		$ 434,133

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Vessels, Net, Acquisitions and Sales (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Feb. 28, 2023	Feb. 10, 2023
Vessels, Net [Abstract]
Gain on sale of vessel, net	$ 8,094	$ 0
Capitalized Expenditures for Improvements on Vessels Performance and Meeting Environmental Standards [Member]
Vessels, Net [Abstract]
Additions	419
Goodship [Member]
Vessels, Net [Abstract]
Sales price				$ 17,500
Gain on sale of vessel, net	$ 4,887
Tradership [Member]
Vessels, Net [Abstract]
Sales price			$ 18,750
Gain on sale of vessel, net		$ 3,207

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Long-Term Debt and Other Financial Liabilities, Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Long-Term Debt and Other Financial Liabilities [Abstract]
Long-term debt and other financial liabilities	$ 231,585	$ 235,603
Less: Deferred financing costs	(3,160)	(3,727)
Total debt net of deferred financing costs and debt discounts	228,425	231,876
Less - current portion	(33,728)	(35,051)
Long-term portion	194,697	196,825
Debt related to assets held for sale	0	13,100
Less: Deferred financing costs	0	(110)
Total	0	12,990
Total debt net of deferred financing costs and debt discounts	$ 228,425	$ 244,866

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Long-Term Debt and Other Financial Liabilities, October 2022 Danish Ship Finance Loan Facility (Details) - October 2022 Danish Ship Finance Loan Facility [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) Installment	Apr. 18, 2023 USD ($)
Senior Long-Term Debt [Abstract]
Face amount		$ 15,750
Term of loan	5 years
Final balloon payment	$ 2,930
Interest rate	2.65%
Adjustment to interest rate	0.05%
Minimum liquidity required to be maintained	$ 700
Minimum liquidity to be maintained in earnings account	$ 650
Eight Installments [Member]
Senior Long-Term Debt [Abstract]
Number of consecutive payment installments | Installment	8
Frequency of periodic payment	quarterly
Installment payment	$ 725
Last Twelve Installments [Member]
Senior Long-Term Debt [Abstract]
Number of consecutive payment installments | Installment	12
Frequency of periodic payment	quarterly
Installment payment	$ 585
SOFR [Member]
Senior Long-Term Debt [Abstract]
Term of variable rate	3 months

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Long-Term Debt and Other Financial Liabilities, August 2021 Alpha Bank Loan Facility (Details) $ in Thousands		6 Months Ended
	Apr. 28, 2023 USD ($)	Jun. 30, 2023 USD ($) Installment	Jun. 30, 2022 USD ($)
Senior Long-Term Debt [Abstract]
Prepayment of principal amount		$ 70,868	$ 47,910
Tranche A [Member]
Senior Long-Term Debt [Abstract]
Prepayment of principal amount	$ 11,976
Balloon payment		$ 10,284
Tranche A [Member] | Seven Installments [Member]
Senior Long-Term Debt [Abstract]
Number of consecutive payment installments | Installment		7
Frequency of periodic payment		quarterly
Installment payment		$ 601
Tranche A [Member] | SOFR [Member]
Senior Long-Term Debt [Abstract]
Margin on variable rate		3.55%
Tranche B [Member]
Senior Long-Term Debt [Abstract]
Balloon payment		$ 3,918
Tranche B [Member] | Last Eight Installments [Member]
Senior Long-Term Debt [Abstract]
Number of consecutive payment installments | Installment		8
Frequency of periodic payment		quarterly
Installment payment		$ 258
Tranche B [Member] | SOFR [Member]
Senior Long-Term Debt [Abstract]
Margin on variable rate		3.30%

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Long-Term Debt and Other Financial Liabilities, ABB Loan Facility (Details) - USD ($) $ in Thousands			6 Months Ended
	Feb. 24, 2023	Feb. 09, 2023	Jun. 30, 2023	Jun. 30, 2022
Senior Long-Term Debt [Abstract]
Prepayment of principal amount			$ 70,868	$ 47,910
ABB Loan Facility [Member]
Senior Long-Term Debt [Abstract]
Prepayment of principal amount	$ 6,800	$ 6,100

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Long-Term Debt and Other Financial Liabilities, Evahline Sale and Leaseback (Details) - Evahline Sale and Leaseback [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) Installment	Mar. 29, 2023 USD ($)
Sale and Leaseback Transaction [Abstract]
Financing amount		$ 19,000
Number of consecutive payment installments | Installment	72
Installment payment	$ 264
Principal repayment term	6 years
Minimum value maintenance ratio to be maintained	1.20
SOFR [Member]
Sale and Leaseback Transaction [Abstract]
Term of variable rate	3 months
Margin on variable rate	2.80%

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Long-Term Debt and Other Financial Liabilities, Village Seven Sale and Leaseback (Details) - Village Seven Sale and Leaseback [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) Installment	Apr. 24, 2023 USD ($)
Sale and Leaseback Transaction [Abstract]
Face amount		$ 19,000
Term of charter contract	4 years 5 months
Repurchase price of vessel	$ 7,800
Number of consecutive payment installments | Installment	53
Installment payment	$ 211
SOFR [Member]
Sale and Leaseback Transaction [Abstract]
Term of variable rate	3 months
Margin on variable rate	3.00%

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Long-Term Debt and Other Financial Liabilities, Championship Cargill Sale and Leaseback (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 24, 2023	Jun. 30, 2023	Jun. 30, 2022
Sale and Leaseback Activities Repaid [Abstract]
Repayment of long term debt		$ 70,868	$ 47,910
Championship Cargill Sale and Leaseback [Member]
Sale and Leaseback Activities Repaid [Abstract]
Repayment of long term debt	$ 16,480

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Long-Term Debt and Other Financial Liabilities, Hanchen Sale and Leaseback (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 06, 2023	Jun. 30, 2023	Jun. 30, 2022
Sale and Leaseback Activities Repaid [Abstract]
Repayment of long term debt		$ 70,868	$ 47,910
Hanchen Sale and Leaseback [Member]
Sale and Leaseback Activities Repaid [Abstract]
Repayment of long term debt	$ 11,221

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Long-Term Debt and Other Financial Liabilities, Collateral (Details) $ in Thousands	Jun. 30, 2023 USD ($) Vessel	Dec. 31, 2022 USD ($)
Senior Long-Term Debt [Abstract]
Net book value	$ 423,121	$ 434,545
Vessels Subject to Mortgages [Member]
Senior Long-Term Debt [Abstract]
Number of vessels serving as collateral | Vessel	10
Net book value	$ 278,377
Bareboat Chartered Vessels [Member]
Senior Long-Term Debt [Abstract]
Number of vessels serving as collateral | Vessel	6
Net book value	$ 144,234

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Long-Term Debt and Other Financial Liabilities, Annual Principal Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Annual Principal Payments [Abstract]
Twelve month period ending June 30, 2024	$ 34,860
Twelve month period ending June 30, 2025	42,219
Twelve month period ending June 30, 2026	68,296
Twelve month period ending June 30, 2027	51,942
Thereafter	34,268
Total	$ 231,585	$ 235,603

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Convertible Notes, Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Convertible Notes [Abstract]
Convertible notes	$ 231,585	$ 235,603
Total	2,991	10,833
Less - current portion	(2,991)	(10,833)
Long-term portion	0	0
JDH Notes [Member]
Convertible Notes [Abstract]
Convertible notes	3,165	11,165
Less: Deferred financing costs	(5)	(9)
Less: Change in fair value of conversion option	$ (169)	$ (323)

XML

Convertible Notes, Summary (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jan. 03, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Convertible Notes [Abstract]
Repayments of convertible notes		$ 8,000	$ 10,000
Balance outstanding		231,585		$ 235,603
Second JDH Note [Member]
Convertible Notes [Abstract]
Repayments of convertible notes	$ 8,000
Balance outstanding		$ 3,165
Notice period to prepay Jelco notes		5 days
Conversion price (in dollars per share)		$ 120

XML

Financial Instruments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Financial Instruments [Abstract]
Percentage difference between carrying value and fair market value of fixed interest long-term debt	(5.00%)
Carrying Value [Member]
Financial Instruments [Abstract]
Fixed interest long-term debt	$ 15,379
Fair Market Value [Member]
Financial Instruments [Abstract]
Fixed interest long-term debt	$ 16,266

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Commitments and Contingencies (Details) - USD ($) $ in Thousands		5 Months Ended	6 Months Ended
	May 09, 2023	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Future Minimum Contractual Charter Revenue [Abstract]
Twelve month period ended June 30, 2024			$ 101,772
Twelve month period ended June 30, 2025			21,726
Twelve month period ended June 30, 2026			12,911
Total			136,409
Office Lease [Abstract]
Office rent expense			83	$ 83
Office Rental Obligations [Abstract]
Twelve month period ended June 30, 2024			130
Twelve month period ended June 30, 2025			130
Twelve month period ended June 30, 2026			130
Twelve month period ended June 30, 2027			130
Thereafter			98
Total			618
Less: imputed interest			(166)
Present value of lease liabilities			452
Operating lease liability			106		$ 108
Lease liabilities, non-current			$ 346		$ 391
Minimum [Member]
Commitments and Contingencies [Abstract]
Term of time charter agreements			10 months
Renewal term of time charter agreements			6 months
Maximum [Member]
Commitments and Contingencies [Abstract]
Term of time charter agreements			60 months
Renewal term of time charter agreements			26 months
Titanship [Member]
Bareboat Charter Agreement [Abstract]
Term of bareboat charter agreement			12 months
Titanship [Member] | Prepaid Expenses and Other Non-Current Assets [Member]
Bareboat Charter Agreement [Abstract]
Down payment advanced for vessel acquisition	$ 3,500
Titanship [Member] | Plan [Member]
Bareboat Charter Agreement [Abstract]
Payment on delivery of vessel		$ 3,500
Daily bareboat rate			9
Purchase price of vessel			$ 20,200

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Capital Structure, Common Stock - NASDAQ Notification (Details)	Feb. 16, 2023
Capital Structure [Abstract]
Reverse stock split ratio	0.1

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Capital Structure, Common Stock - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	May 25, 2023	Apr. 25, 2023	Jan. 30, 2023
Dividends [Abstract]
Dividends declared	$ 991	$ 13,376
Dividends payable	491	$ 4,460
Other Current Liabilities [Member]
Dividends [Abstract]
Dividends payable	$ 491
Quarterly Dividend for Q3-2022 [Member]
Dividends [Abstract]
Dividend payable, date declared	Jan. 30, 2023
Dividend payable per share (in dollars per share)					$ 0.025
Dividend payable, date of record	Dec. 28, 2022
Quarterly Dividend for Q4 2022 [Member]
Dividends [Abstract]
Dividend payable, date declared	Apr. 25, 2023
Dividend payable per share (in dollars per share)				$ 0.025
Dividend payable, date of record	Mar. 31, 2023
Quarterly Dividend for Q1 2023 [Member]
Dividends [Abstract]
Dividend payable, date declared	May 25, 2023
Dividend payable per share (in dollars per share)			$ 0.025
Dividend payable, date of payment	Jul. 06, 2023
Dividend payable, date of record	Jun. 22, 2023

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Capital Structure, Common Stock - Buybacks (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Buybacks [Abstract]
Authorized amount under share repurchase plan		$ 5,000
Repurchase of common stock (in shares)	362,161
Average price of repurchased shares (in dollars per share)	$ 4.35
Repurchase of common stock	$ 1,583

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Capital Structure, Warrants (Details) - $ / shares	Jan. 10, 2023	Jun. 30, 2023
Warrants [Abstract]
Shares to be issued upon exercise of remaining warrants (in shares)		476,763
Class D Warrants [Member]
Warrants [Abstract]
Number of warrants outstanding (in shares)		4,368,750
Shares to be issued upon exercise of remaining warrants (in shares)		27,304
Class E Warrants [Member]
Warrants [Abstract]
Number of warrants outstanding (in shares)		4,494,599
Tender offer price per share (in dollars per share)	$ 0.2
Number of warrants tendered (in shares)	4,038,114
Percentage of warrants tendered	47.00%
Shares to be issued upon exercise of remaining warrants (in shares)		449,459

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Vessel Revenue and Voyage Expenses, Income Derived from Charters (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation by Revenue Source [Abstract]
Vessel revenues, net of commissions	$ 45,030	$ 62,513
Time Charters [Member]
Disaggregation by Revenue Source [Abstract]
Vessel revenues, net of commissions	$ 45,030	$ 62,513

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Vessel Revenue and Voyage Expenses, Net Trade Accounts Receivable Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Vessel Revenue and Voyage Expenses [Abstract]
Accounts receivable trade, net	$ 625	$ 720
Deferred revenue	1,931
Deferred revenue recognized	$ 1,919

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Vessel Revenue and Voyage Expenses, Revenue from Charterers (Details) - Revenues [Member] - Customer Concentration Risk [Member]	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Customers Accounting for More than 10% of Revenues [Member]
Revenue [Abstract]
Concentration risk percentage	84.00%	70.00%
Customer A [Member]
Revenue [Abstract]
Concentration risk percentage	26.00%	20.00%
Customer B [Member]
Revenue [Abstract]
Concentration risk percentage	26.00%	16.00%
Customer C [Member]
Revenue [Abstract]
Concentration risk percentage	18.00%	20.00%
Customer D [Member]
Revenue [Abstract]
Concentration risk percentage	14.00%	14.00%

XML

Vessel Revenue and Voyage Expenses, Voyage Expenses from Time Charters (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Voyage Expenses [Abstract]
Voyage expenses	$ (1,308)	$ (2,646)
Time Charters [Member]
Voyage Expenses [Abstract]
Voyage expenses	$ (1,308)	$ (2,646)

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Interest and Finance Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Interest and Finance Costs [Abstract]
Amortization of deferred finance costs and debt discounts	$ 1,393	$ 1,121
Amortization of deferred finance costs and debt discounts (shares issued to third party - non-cash)	81	154
Other	64	101
Total	10,395	6,172
Long-Term Debt and Other Financial Liabilities [Member]
Interest and Finance Costs [Abstract]
Interest expense	8,767	4,416
Convertible Notes [Member]
Interest and Finance Costs [Abstract]
Interest expense	$ 90	$ 380

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(Loss) / Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
(Loss) / Earnings per Share [Abstract]
Net (loss) / income	$ (3,507)	$ 9,606
Less: Dividends to non-vested participating securities	(76)	0
Net (loss) / income attributable to common shareholders	(3,583)	9,606
Net (loss) / income attributable to common shareholders, diluted	$ (3,583)	$ 9,606
Weighted average common shares outstanding, basic (in shares)	18,196,521	17,243,721
Effect of Dilutive Securities [Abstract]
Warrants (in shares)	0	307,814
Non-vested participating securities (in shares)	0	255,953
Weighted average common shares outstanding, diluted (in shares)	18,196,521	17,807,488
Net (loss) / income per share attributable to common shareholders, basic (in dollars per share)	$ (0.2)	$ 0.56
Net (loss) / income per share attributable to common shareholders, diluted (in dollars per share)	$ (0.2)	$ 0.54
Non-vested participating shares (in shares)	1,510,356

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Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands				6 Months Ended
	Oct. 01, 2024	Oct. 01, 2023	Mar. 27, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
General and Administrative Expenses [Member] | Board of Directors and Certain Employees [Member]
Equity Incentive Plan [Abstract]
Stock-based compensation expense				$ 5,929	$ 3,728
Voyage Expenses [Member] | Non-Employee [Member]
Equity Incentive Plan [Abstract]
Stock-based compensation expense				198	$ 114
Restricted Stock [Member]
Unrecognized Cost for Non-vested Shares [Abstract]
Unrecognized cost for non-vested shares				$ 4,593		$ 2,131
Restricted Stock [Member] | Board of Directors and Certain Employees [Member]
Unrecognized Cost for Non-vested Shares [Abstract]
Recognition period for unrecognized cost for non-vested shares				1 year 3 days
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member]
Equity Incentive Plan [Abstract]
Shares granted (in shares)			1,823,800
Weighted average grant date fair value (in dollars per share)			$ 5.22
Shares vested (in shares)			607,974
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Plan [Member]
Equity Incentive Plan [Abstract]
Shares vested (in shares)	607,913	607,913
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Non-Executive Members of Board of Directors [Member]
Equity Incentive Plan [Abstract]
Shares granted (in shares)			400,000
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Executive Officers [Member]
Equity Incentive Plan [Abstract]
Shares granted (in shares)			930,000
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Certain Other Non-Executive Employees [Member]
Equity Incentive Plan [Abstract]
Shares granted (in shares)			433,800
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Non-Employee [Member]
Equity Incentive Plan [Abstract]
Shares granted (in shares)			60,000

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Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Aug. 02, 2023	Jul. 06, 2023	Jun. 30, 2023	Jun. 30, 2022	May 25, 2023
Subsequent Events [Abstract]
Dividends paid			$ 5,048	$ 8,916
Quarterly Dividend for Q1 2023 [Member]
Subsequent Events [Abstract]
Dividend payable, date of payment			Jul. 06, 2023
Dividend payable, date of record			Jun. 22, 2023
Dividend payable, date declared			May 25, 2023
Dividend payable per share (in dollars per share)					$ 0.025
Subsequent Event [Member] | Quarterly Dividend for Q1 2023 [Member]
Subsequent Events [Abstract]
Dividend payable, date of payment		Jul. 06, 2023
Dividends paid		$ 491
Dividend payable, date of record		Jun. 22, 2023
Subsequent Event [Member] | Quarterly Dividend for Q2-2023 [Member]
Subsequent Events [Abstract]
Dividend payable, date of payment	Oct. 06, 2023
Dividend payable, date of record	Sep. 22, 2023
Dividend payable, date declared	Aug. 02, 2023
Dividend payable per share (in dollars per share)	$ 0.025