Seanergy Maritime Holdings Corp. Files 2023 Annual Report

Ticker: SHIP · Form: 20-F · Filed: Apr 3, 2024 · CIK: 1448397

Seanergy Maritime Holdings Corp. 20-F Filing Summary
FieldDetail
CompanySeanergy Maritime Holdings Corp. (SHIP)
Form Type20-F
Filed DateApr 3, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.0001
Sentimentneutral

Sentiment: neutral

Topics: annual-report, shipping, sec-filing

TL;DR

Seanergy Maritime Holdings Corp. dropped its 2023 20-F, check financials.

AI Summary

Seanergy Maritime Holdings Corp. filed its 20-F annual report for the fiscal year ending December 31, 2023. The company, based in Athens, Greece, operates in the deep-sea foreign transportation of freight sector. The filing details its financial position and business operations, including various classes of stock and debt instruments.

Why It Matters

This filing provides investors with a comprehensive overview of Seanergy Maritime Holdings Corp.'s financial health and operational status for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The company operates in the volatile shipping industry, which is subject to global economic conditions and geopolitical events.

Key Numbers

  • 1231 — Fiscal Year End (Indicates the end of the reporting period for financial statements.)
  • 2023-12-31 — Report End Date (The specific date through which financial information is reported.)

Key Players & Entities

  • Seanergy Maritime Holdings Corp. (company) — Filer of the 20-F report
  • 0001140361-24-017470 (accession_number) — Accession number for the SEC filing
  • 20231231 (date) — Conformed period of report
  • 001-34848 (sec_file_number) — SEC file number for the company
  • 154 VOULIAGMENIS AVENUE GLYFADA ATHENS J3 16674 (address) — Company's business and mail address

FAQ

What is Seanergy Maritime Holdings Corp.'s primary business activity?

Seanergy Maritime Holdings Corp. is primarily engaged in the deep-sea foreign transportation of freight, as indicated by its SIC code [4412].

What is the SEC file number for Seanergy Maritime Holdings Corp.?

The SEC file number for Seanergy Maritime Holdings Corp. is 001-34848.

When does Seanergy Maritime Holdings Corp.'s fiscal year end?

Seanergy Maritime Holdings Corp.'s fiscal year ends on December 31st (1231).

What is the accession number for this specific 20-F filing?

The accession number for this 20-F filing is 0001140361-24-017470.

Where is Seanergy Maritime Holdings Corp. headquartered?

Seanergy Maritime Holdings Corp. is headquartered in Athens, Greece, with its business address listed as 154 Vouliagmenis Avenue, Glyfada.

Filing Stats: 4,561 words · 18 min read · ~15 pages · Grade level 14.1 · Accepted 2024-04-03 09:31:00

Key Financial Figures

  • $0.0001 — ch Registered Common Shares, par value $0.0001 per share SHIP The Nasdaq Stock Mar

Filing Documents

financial statements

financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.10D-1(b). Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP International Financial Reporting Standards as issued by the International Accounting Standards Board Other If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. N/A Yes No TABLE OF CONTENTS PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1 ITEM 4. INFORMATION ON THE COMPANY 35 ITEM 4A. UNRESOLVED STAFF COMMENTS 57 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 57 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 74 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 78 ITEM 8. FINANCIAL INFORMATION 80 ITEM 9. THE OFFER AND LISTING 81 ITEM 10. ADDITIONAL INFORMATION 82 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 90 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 90 PART II ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 91 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 91 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 91 ITEM 16. [RESERVED] 92 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 92 ITEM 16B. CODE OF ETHICS 92 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 92 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 93 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 93 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 93 ITEM 16G. CORPORATE GOVERNANCE 93 ITEM 16H. MINE SAFETY DISCLOSURE 94 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 94 ITEM 16J. INSIDER TRADING POLICIES 94 ITEM 16K. CYBERSECURITY 94 PART III ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 95 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 95 ITEM 19. EXHIBITS 96 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This annual report on Form 20-F 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 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. Without limiting the generality of the foregoing, all statements in this annual report concerning or relating to estimated and projected earnings, margins, costs, expenses, expenditures, cash flows, growth rates, future financial results and liquidity are forward-looking statements. In addition, we, through our senior management, from time to time may make forward-looking public The forward-looking statements in this annual 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 signi

Risk Factors

Risk Factors Some of the following risks relate principally to the industry in which we operate and others relate to our business in general or our common stock. If any of the following risks occur, our business, financial condition, operating results and cash flows could be materially adversely affected and the trading price of our securities could decline. Summary of Risk Factors Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the headings "Risks Relating to Our Industry," "Risks Relating to Our Company" and "Risks Relating to Our Common Shares" and should be carefully considered, together with other information in this annual report on Form 20-F and our other filings with the Securities and Exchange Commission, before making an investment decision regarding our common stock. Risks Relating to Our Industry Charter hire rates for dry bulk vessels are cyclical and volatile and the dry bulk market remains significantly below its historic high. This may adversely affect our earnings, revenue and profitability and our ability to comply with our loan covenants or covenants in other financing agreements. Outbreaks of epidemic and pandemic diseases, including COVID-19, and any relevant governmental responses thereto could adversely affect our business, results of operations or financial condition. We are currently dependent on index-linked charters, while in the past a part of our fleet was employed on a spot voyage basis. Any decrease in spot freight charter rates or indices in the future may adversely affect our earnings. 1 Table of Contents An over-supply of dry bulk vessel capacity may depress the current charter rates and vessel values and, in turn, adversely affect our profitability. If economic conditio

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