Page 1

seanergy Seanergy Maritime Holdings Corp. Reports Financial Results for the Second Quarter and Six Months Ended June 30 , 2021 Highlights of the Second Quarter of 2021 : Gross revenues : $ 28.9 million in Q2 2021 compared to $ 9.3 million in Q2 2020 , up 209 % Net income : $ 2.0 million in Q2 2021 , as compared to a net loss of $ 11.3 million in Q2 2020 EBITDA¹ : $ 10.8 million in Q2 2021 , as compared to negative $ 2.1 million in Q2 2020 Adjusted EBITDA¹ : $ 11.3 million in Q2 2021 , as compared to negative $ 1.8 million in Q2 2020 Highlights of First Six Months of 2021 : ■ ■ ■ ■ Second Quarter of 2021 and Recent Developments : ■ Gross revenues : $ 50.0 million in 6M 2021 compared to $ 23.1 million in 6M 2020 , up 116 % Net income : $ 0.6 million in 6M 2021 , as compared to a net loss of $ 19.6 million in 6M 2020 EBITDA¹ : $ 17.3 million in 6M 2021 as compared to negative $ 1.1 million in 6M 2020 Adjusted EBITDA¹ : $ 19.2 6M 2021 , as compared to negative $ 0.5 million in 6M 2020 ■ Fleet increase by 45 % with the delivery of 5 modern Japanese Capesizes Fleet modernization through substitution of the fleet's oldest Capesize with an eight year younger vessel New time charter agreements with prominent charterers Financing and refinancing transactions of $ 117.3 million including a $ 30.9 million sale and leaseback & new loan commitment July 29 , 2021 - Athens , Greece - Seanergy Maritime Holdings Corp. ( the " Company " ) ( NASDAQ : SHIP ) , announced today its financial results for the second quarter ended June 30 , 2021 . For the quarter ended June 30 , 2021 , the Company generated gross revenues of $ 28.9 million , a 209 % increase compared to the second quarter of 2020. Adjusted EBITDA for the quarter was $ 11.3 million , from negative $ 1.8 million in the same period of 2020. Net income for the second quarter was $ 2.0 million compared to net loss of $ 11.3 million in the second quarter of 2020. The daily Time Charter Equivalent ( " TCE " ) ¹ of the fleet for the second quarter of 2021 was $ 20,095 , marking a 270 % increase compared $ 5,424 for the second quarter of 2020 . For the six - month period ended June 30 , 2021 , gross revenues were $ 50.0 million , increased by 116 % when compared to $ 23.1 million in same period of 2020. Adjusted EBITDA for the first six months of 2021 was $ 19.2 million , compared to a negative adjusted EBITDA of $ 0.5 million in the same period of 2020. The daily TCE of the fleet for the first six months of 2021 was $ 18,327 compared to $ 6,985 in the first six months of 2020. The average daily OPEX was $ 5,766 compared to $ 5,353 of the respective period of 2020 . Cash and cash - equivalents , restricted cash and term deposits as of June 30 , 2021 stood at $ 56.4 million . Shareholders ' equity at the end of the second quarter was $ 199.4 million , vs. $ 95.7 million in December 31 , 2020. Long - term debt ( senior and junior loans and financial leases ) stood at $ 203.8 million as of June 30 , 2021 , from $ 169.8 million as of the end of 2020. In the same period , following the addition of four of our new acquisitions , the book value of our fleet ( including vessels held for sale and advances for vessel acquisitions ) increased by 43.3 % to $ 367.9 million from $ 256.7 million . 1 EBITDA and Time Charter Equivalent ( " TCE " ) rate are non - GAAP measures . Please see the reconciliation below of EBITDA to net loss and TCE rate to net revenues from vessels , in each case the most directly comparable U.S. GAAP measure . 1