XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Basis of Presentation and General Information
 6 Months Ended
Jun. 30, 2024
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 condensed consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”).
The accompanying unaudited interim condensed 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 condensed 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, 2023 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on April 3, 2024 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, 2024 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2024.

The consolidated balance sheet as of December 31, 2023 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.
As of June 30, 2024, the Company had a working capital deficit of $38,050, which includes an amount of $2,081 relating to pre-collected revenue and is included in deferred revenue in the accompanying unaudited interim condensed consolidated balance sheets. This amount represents current liabilities that do not require future cash settlement. The working capital deficit is mainly attributable to the repayments due under the Company’s long-term debt, its other financial liabilities and the Titanship finance lease liability. For the six-month period ended June 30, 2024, the Company realized a net income of $24,288 and generated cash flow from operations of $35,048. The Company is currently evaluating financing alternatives to finance the future commitment (Note 6) and the purchase option under its finance lease (Note 7). The Company considered the amount of time that the Company has available to finance the future commitment and the purchase option of the finance lease liability, the current market conditions and market outlook, management’s network of lenders and financiers and the past history of successful financing. Based on the above, the Company believes it has the ability to finance its existing obligation and future commitment to acquire vessels as they come due via cash from operations and financing options and thus continue as a going concern over the next twelve months following the date of the issuance of these interim condensed consolidated financial statements.

Consequently, the unaudited interim condensed 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 condensed consolidated financial statements as of June 30, 2024:

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
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   March 9, 2022
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, 2024
Patriot Shipping Co. (1)(5)
 
Marshall Islands
  
Patriotship
  
June 1, 2021
June 28, 2024
Good Ocean Navigation Co. (1)(4)
  Liberia   Goodship   August 7, 2020   February 10, 2023
Traders Shipping Co. (1)(4)
   Marshall Islands  
Tradership
  
June 9, 2021
  
February 28, 2023
Gladiator Shipping Co. (1)(4)
  Marshall Islands   Gladiatorship   September 29, 2015   October 11, 2018
Partner Shipping Co. Limited (1)(4)   Malta   Partnership   May 31, 2017   March 9, 2022
Titan Ocean Navigation Co. (1)(5)
  Liberia   Titanship   October 24, 2023   N/A
Icon Ocean Navigation Co. (1)(5)
  Liberia   Iconship   June 11, 2024   June 11, 2024
Martinique International Corp. (1)(6)   British Virgin Islands   Bremen Max   September 11, 2008   March 7, 2014
Harbour Business International Corp. (1)(6)   British Virgin Islands   Hamburg Max   September 25, 2008   March 10, 2014
Atsea Ventures Corp. (1)   Marshall Islands   N/A   N/A   N/A

(1)
Subsidiaries wholly owned
(2)
Management companies
(3)
Chartering services company
(4)
Dormant companies
(5)
Bareboat charterers
(6)
Dormant companies since 2018