(1) Represents profit sharing arrangement at a floor rate of $21,500 per day and a ceiling of $25,500 per day, with a 50% profit sharing arrangement to apply to any amount in excess of the ceiling. The spread between floor and ceiling will accrue 100% to Seanergy. The base used for the calculation of the rate is the Time Charter Average of the Baltic Panamax Index.
(2) Represents floor charter rate excluding a 50% profit share distributed equally between the Company and the charterer calculated on the adjusted Time Charter Average of the Baltic Supramax Index ("BSI").
(3) Daily rate based on adjusted Time Charter Average of the Baltic Capesize Index. Seanergy has the option of converting the floating rate into a fixed rate at any time during the charter, after mutual agreement with the charterers.
(4) Charter rate is based on Time Charter Average of the Baltic Handysize Index increased by 100.63% minus operating expenses for the vessel.
(5) Charter rate is based on the adjusted time charter average of the Baltic Handysize Index.
(6) Represents profit sharing arrangement at a floor rate of $7,000 per day and a ceiling of $12,000 per day, with a profit sharing arrangement of 75% for the Company and 25% for the charterer applicable between the $7,000 floor and $12,000 ceiling and, for any amount in excess of the ceiling, profit sharing of 50% for the Company and 50% for the charterer. The calculation of the rate will be based on the adjusted Time Charter Average of the BSI. The two (2) year time charter agreement with a profit sharing arrangement may be extended by either party with 6 months' notice following November 2012.
(7) Represents profit sharing arrangement at a floor rate of $7,000 per day and a ceiling of $11,000 per day, with a profit sharing arrangement of 75% for the Company and 25% for the charterer applicable between the $7,000 floor and $11,000 ceiling and, for any amount in excess of the ceiling, profit sharing of 50% for the Company and 50% for the charterer. The calculation of the rate will be based on the adjusted Time Charter Average of the BSI. The two (2) year time charter agreement with a profit sharing arrangement may be extended by either party with 6 months' notice following September 2012.
EBITDA Reconciliation: Three Months Three Months Ended March Ended March 31, 2012 31, 2011 ------------ ------------Net loss (6,368) (1,526)Plus: Interest and finance costs, net (including interest income) 3,367 3,750Plus: Income taxes 5 16Plus: Depreciation and amortization 5,543 10,660EBITDA 2,547 12,900Plus: Loss on sale of vessel 2,333 -Adjusted EBITDA 4,880 12,900 Three Months Three Months Ended March Ended March 31, 2012 31, 2011 ------------ ------------Net cash flow (used in) provided by operating activities (1,625) 2,565Loss on sale of vessel (2,333) -Changes in operating assets and liabilities 1,125 951Fair value of contracts - 76Change in fair value of financial instruments 1,505 2,378Payments for dry-docking 651 3,339Amortization and write-off of deferred charges (144) (173)Amortization of stock based compensation (4) (2)Interest and finance costs, net (includes interest income) 3,367 3,750Income taxes 5 16EBITDA 2,547 12,900Plus: Loss on sale of vessel 2,333 -Adjusted EBITDA 4,880 12,900
