Seanergy Maritime Holdings Corp. (SHIP)

[Alice-N-Wonderland]

First Quarter 2021 TCE Guidance:

As of the date hereof, approximately 98% of our fleet operating days in the first quarter of 2021 have been fixed at a TCE of approximately $16,000, or 89% higher compared to the $8,481 TCE recorded in the first quarter of 2020.

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1 Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Time Charter Equivalent rate (“TCE”) are non-GAAP measures. Please see the reconciliation below of EBITDA to Net Income/ (Loss) and TCE to Net revenues from vessels, in each case the most directly comparable U.S. GAAP measure.

2 For vessels on index-linked T/Cs, the TCE assumed for the remaining operating days is equal to the FFA rate for the respective period. Spot estimates are provided using the load-to-discharge method of accounting. Load-to-discharge accounting recognizes revenues over fewer days as opposed to the discharge-to-discharge method of accounting used prior to 2018, resulting in higher rates for these days and only voyage expenses being recorded in the ballast days. Over the duration of the voyage (discharge-to-discharge) there is no difference in the total revenues and costs to be recognized. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE will be reduced accordingly.

https://www.globenewswire.com/en/news-release/2021/03/24/2198546/0/en/Seanergy-Maritime-Holdings-Corp-Reports-Financial-Results-for-the-Fourth-Quarter-and-Twelve-Months-Ended-December-31-2020.html