Earnings Presentation - Form 6-K

Forward-Looking Statements

This report 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 statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The 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.

The forward-looking statements in this 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 significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.

Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. In addition to these important factors and matters discussed elsewhere herein and in the documents incorporated by reference herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things:

1

Should one or more of the foregoing risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements.

2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management's discussion and analysis should be read in conjunction with our unaudited interim consolidated financial statements and related notes included herein. Unless the context indicates otherwise, references to the "Company", "we" or "our" include Seanergy Maritime Holdings Corp. and its subsidiaries. This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements.

Operating Results

Factors Affecting our Results of Operations Overview

We are an international shipping company specializing in the worldwide seaborne transportation of dry bulk commodities, primarily iron ore and coal. We currently operate 17 Capesize vessels with a cargo-carrying capacity of approximately 3,020,012 dwt and an average fleet age of 12.1 years.We are the only pure-play Capesize shipping company publicly listed in the U.S..

Important Measures for Analyzing Results of Operations

We use a variety of financial and operational terms and concepts. These include the following:

Ownership days. Ownership days are the total number of calendar days in a period during which we owned or chartered in on bareboat basis each vessel in our fleet. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses recorded during that period.

Available days. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. The shipping industry uses available days to measure the aggregate number of days in a period during which vessels are available to generate revenues.

Operating days. Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. Operating days include the days that our vessels are in ballast voyages without having fixed their next employment. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels could actually generate revenues.

Fleet utilization. Fleet utilization is the percentage of time that our vessels were generating revenues and is determined by dividing operating days by ownership days for the relevant period.

Off-hire. The period a vessel is not being chartered or is unable to perform the services for which it is required under a charter.

Dry-docking.We periodically dry-dock each of our vessels for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements.

Time charter. A time charter is a contract for the use of a vessel for a specific period of time (period time charter) or for a specific voyage (trip time charter) during which the charterer pays substantially all of the voyage expenses, including port charges, bunker expenses, canal charges and other commissions. The vessel owner pays the vessel operating expenses, which include crew costs, provisions, deck and engine stores and spares, lubricants, insurance, maintenance and repairs. The vessel owner is also responsible for each vessel's dry-docking and intermediate and special survey costs. Time charter rates are usually fixed during the term of the charter. Prevailing time charter rates do fluctuate on a seasonal and year-to-year basis and may be substantially higher or lower from a prior time charter agreement when the subject vessel is seeking to renew the time charter agreement with the existing charterer or enter into a new time charter agreement with another charterer. Fluctuations in time charter rates are influenced by changes in spot charter rates.

3

Bareboat charter. A bareboat charter is generally a contract pursuant to which a vessel owner provides its vessel to a charterer for a fixed period of time at a specified daily rate. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses and risk of operation.

Voyage charter. A voyage charter is generally a contract to carry a specific cargo from a load port to a discharge port for an agreed-upon total amount. Under voyage charters, voyage expenses, such as port charges, bunker expenses, canal charges and other commissions, are paid by the vessel owner, who also pays vessel operating expenses.

TCE. Time charter equivalent, or TCE, rate is defined as our net revenue less voyage expenses during a period divided by the number of our operating days during the period. Voyage expenses include port charges, bunker expenses, canal charges and other commissions.

Daily Vessel Operating Expenses.Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses less pre-delivery expenses by ownership days for the relevant time periods. Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Vessel operating expenses before pre-delivery expenses exclude one-time pre-delivery and pre-joining expenses associated with initial crew manning and supply of stores of Company's vessels upon delivery.

Principal Factors Affecting Our Business

The principal factors that affect our financial position, results of operations and cash flows include the following:

We are also affected by the types of charters we enter into. Vessels operating on period time charters and bareboat time charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot charter market, either on trip time charters or voyage charters, during periods characterized by favorable market conditions.

Vessels operating in the spot charter market generate revenues that are less predictable, but can yield increased profit margins during periods of improvements in dry bulk rates. Spot charters also expose vessel owners to the risk of declining dry bulk rates and rising fuel costs in case of voyage charters. All of our vessels were chartered under time charter arrangements in the first half of 2022 and approximately 26% of our vessels' operating days were in the spot charter market in the six-month periods ended June 30, 2021.

4

The novel coronavirus global pandemic has decreased the demand and supply for the raw materials we transport and the rates that we are paid to carry them, and the unpredictable short-term and long-term consequences of this pandemic could adversely affect our business, results of operations, or financial condition.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus first identified in China and its subsequent spread around the world (COVID-19) a global pandemic. The measures taken by governments worldwide in response to the outbreak, which included numerous factory closures and restrictions on travel, as well as labor shortages resulting from the outbreak, have reduced production of goods worldwide and decreased the amount of dry bulk commodities exported and imported worldwide. In addition, the increase in novel coronavirus cases in areas that constitute the main iron ore and coal exporters, such as Brazil, resulted in lower demand for our services, leading to lower revenues, cash flow and profitability. While some economies have re-opened in limited capacities and effective vaccines have already been developed, it is impossible to predict the exact course the virus will take in the future as variants of concern emerge and efforts continue to inoculate greater percentages of the population. As a result, there is continued uncertainty about how governments will respond to further waves of the virus, and how the behavior of our clients will change, if at all. Some experts fear that the economic consequences of the novel coronavirus could cause a recession that outlives the pandemic.

We have thus far been affected by the novel coronavirus pandemic as follows:

The duration and severity of these short-term impacts of the novel coronavirus pandemic are unknown, and additional short-term impacts and long-term consequences are possible. We expect that the novel coronavirus pandemic could affect our business in the following ways, among others:

5

As such, the pandemic has added and could add further pressure to shipping freight rates, whilst also impacting vessels' operating expenses. Further depressed rates along with the occurrence or continued occurrence of any of the foregoing events or other epidemics or pandemics or an increase in the severity or duration of the COVID-19 could have a material adverse impact on our business, financial condition, results of operations, cash flows, value of our vessels and ability to pay dividends. Effects of the current pandemic may also in the future result in reduced access to capital, including the ability to refinance any existing obligations, as a result of any credit tightening generally or due to continued declines in global financial markets, including to the prices of publicly-traded securities of us, our peers and of listed companies generally. We note that future impacts cannot be reasonably estimated at this time and may take some time to fully materialize.

If economic conditions throughout the world decline, it will negatively impact our results of operations, financial condition and cash flows, and could cause the market price of our common shares to decline.

The world economy is facing a number of actual and potential challenges, including the war between Ukraine and Russia, current trade tension between the United States and China, political instability in the Middle East and the South China Sea region and other geographic countries and areas, terrorist or other attacks, war (or threatened war) or international hostilities, such as those between the United States and North Korea or Iran, and epidemics or pandemics, such as COVID-19. For example, due in part to fears associated with the spread of COVID-19 (as more fully described above), global financial markets experienced significant volatility which may continue as the pandemic evolves or a new COVID-19 variant emerges. The recent lockdowns in certain cities in China have resulted in port congestion, delays, temporary closures of shipyards and further continuation or expansion of these lockdowns may cause disruptions in the global economy. In addition, the continuing war in Ukraine led to increased economic uncertainty amidst fears of a more generalized military conflict or significant inflationary pressures, due to the increases in fuel and grain prices following the sanctions imposed on Russia. Whether the present dislocation in the markets and resultant inflationary pressures will transition to a long-term inflationary environment is uncertain, and the effects of such a development on charter rates, vessel demand and operating expenses in the sector in which we operate are uncertain. The initial effect of the invasion in Ukraine on the dry bulk freight market ranged from neutral to positive, despite the short-term volatility in charter rates and increases on specific items of operating costs, mainly in the context of increased crew costs. If these conditions though are sustained, the longer-term net impact on the dry bulk freight market and our business would be difficult to predict with any degree of accuracy. Such events may have unpredictable consequences, and contribute to instability in the global economy, a decrease in supply or cause a decrease in worldwide demand for certain goods and, thus, shipping. We cannot predict how long current market conditions will last.

6

Results of Operations

Six months ended June 30, 2022 as compared to six months ended June 30, 2021

(In thousands of U.S. Dollars, except for share and per share data)

Vessel Revenue, Net - The increase is attributable mainly due to the increase in operating days during the first half of 2022 as compared to the respective days in 2021, as well as the higher prevailing charter rates during the comparable periods. We had 2,823 operating days for the first six months of 2022 as compared to 2,055 operating days for the first six months of 2021. Our time charter equivalent rate for the first half of 2022 is 16% higher than that of 2021. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.

Voyage Expenses - The decrease was primarily attributable to increased days that our vessels were chartered under time charter arrangements in 2022 compared to the same period in 2021, since under these agreements, voyage expenses are borne by the charterer. 100% and 74% of our vessels' operating days were in the time charter market in the six-month periods ended June 30, 2022 and 2021, respectively.

Vessel Operating Expenses- The increase was primarily attributable to an increase in ownership days due to the acquisition of seven vessels in 2021, three of which were delivered during the second half of 2021. One vessel was delivered in May 2022. We had 3,081 ownership days for the first six months of 2022 as compared to 2,155 ownership days for the first six months of 2021. Additionally, crew expenses and spares forwarding costs have increased due to the COVID-19 pandemic. The increase was partially offset by reduced pre-delivery expenses related to the vessel acquisitions, which were approximately $0.4 million and $2.0 million during the six-month periods ended June 30, 2022 and 2021, respectively.

7

Management Fees- The increase was attributable to the increase in ownership days. We had 3,081 ownership days for the first six months of 2022 as compared to 2,155 ownership days for the first six months of 2021.

General and Administrative Expenses - The increase is mainly attributable to an increase in staff costs, and mainly concernsstock based compensation amortization, a non-cash item, which was $3.7 million in the first six months of 2022 for shares granted pursuant to our 2011 Equity Incentive Plan, compared to $1.9 million in the first six months of 2021.

Depreciation and Amortization - The increase was mainly attributable to the increase in ownership days. We had 3,081 ownership days for the first six months of 2022 as compared to 2,155 ownership days for the first six months of 2021. Additionally, drydocking amortization was $2.1 million for the first half of 2022 and $1.4 million in the same period of 2021.

Interest and Finance Costs- This decrease is primarily attributable to the decline in the average interest rate on our outstanding indebtedness, mainly driven by the refinancing or the prepayment of certain of our debt agreements and interest bearing securities.The weighted average interest rate on our outstanding debt and convertible notes for the six months ended 2022 and 2021 was approximately 4.14% and 5.16%, respectively. Finally, non-cash interest expense of amortization of deferred finance costs and debt discounts for the six-month periods ended June 30, 2022 and 2021 was $1.2 million and $2.8 million, respectively. The decrease in the 2022 amount was mainly due to the adoption of an accounting standard as of January 1, 2022, which eliminated a non-cash amortization component on our convertible notes.

Loss on extinguishment of debt- The loss for the six month period ended June 30, 2022, is attributable to the write-off of unamortized deferred finance costs and debt discounts upon the settlement of certain borrowing facilities, as follows: $1.2 million related to the Second JDH Note and $0.1 million related to the February 2019 ATB Loan Facility.

Performance Indicators

The figures shown below are non-GAAP statistical ratios used by management to measure performance of our vessels. For the "Fleet Data" figures, there are no comparable U.S. GAAP measures.

8

EBITDA and Adjusted EBITDA

9

Liquidity and Capital Resources

Our principal source of funds have been our operating cash inflows, long-term borrowings from banks, sale and leaseback transactions and equity provided by the capital markets. Our principal use of funds has primarily been capital expenditures to establish our fleet, maintain the quality of our dry bulk vessels, comply with international shipping standards and environmental laws and regulations, fund working capital requirements, payment of dividends, and make principal repayments and interest payments on our outstanding debt obligations.

Our funding and treasury activities are conducted in accordance with corporate policies to maximize investment returns while maintaining appropriate liquidity for both our short- and long-term needs. This includes arranging borrowing facilities on a cost-effective basis. Cash and cash equivalents are held primarily in U.S. dollars, with minimal amounts held in Euros.

As of June 30, 2022, we had cash and cash equivalents of $36.7 million, as compared to $41.5 million as of December 31, 2021.

Working capital is equal to current assets minus current liabilities, including the current portion of long-term debt. As of June 30, 2022, we had a working capital deficit of $50.8 million as compared to a deficit of $40.9 million as of December 31, 2021. The deficit is primarily due to our UniCredit Bank Loan Facility which matures in 2022, with an outstanding balance of $24.8 million as of June 30, 2022 and the $8.0 million repayment against the JDH Note due on December 31, 2022.

As of June 30, 2022, the Company was in compliance with all covenants relating to its loan facilities as at that date.

As of June 30, 2022, we had outstanding borrowings of $262.1 million (including long-term debt and other financial liabilities and convertible note), which includes the UniCredit Loan Facility maturing in December 2022. Our primary known and estimated liquidity needs for the twelve-month period ending one year after the financial statements' issuance include obligations related to scheduled principal payments of outstanding borrowings and respective interest expenses payments and estimated drydocking expenditures. On July 7, 2022, we obtained a commitment letter from Danish Ship Finance for an up to $28.0 million senior amortizing loan facility for the financing of the Fellowshipand the Premiership. Finalization of the facility agreement is subject to completion of definitive documentation.Our cash flow projections indicate that cash on hand and cash to be provided by operating activities will be sufficient to cover the liquidity needs that become due in the twelve-month period ending one year after the financial statements' issuance. Additional information on our annual scheduled obligations under our long-term debt and other financial liabilities are described in "Loan Arrangements" below and in Note 6 ("Long-Term Debt and Other Financial Liabilities") and Note 7 ("Convertible Notes") of our interim condensed financial statements included below. Generally, we expect that, in addition to the cash generated from our operations, our long-term funding sources will include bank borrowings, lease financings and the issuance of debt and equity securities.

10

Cash Flows

Six months ended June 30, 2022 as compared to six months ended June 30, 2021

Operating Activities: Net cash provided by operating activities amounted to $18.9 million for the six-month period ended June 30, 2022, compared to net cash used in operating activities of $15.0 million for the six-month period ended June 30, 2021. The change is attributed to the improved earnings environment in the first half of 2022 compared to that in the first half of 2021.

Investing Activities:The 2022 cash outflow is related to a $34.6 million payment for the acquisition of one vessel, $2.6 million for payments related to vessel improvements plus $1.5 million decrease in term deposits. The 2021 cash outflow is related to $100.6 million of payments for the acquisition of four vessels, advance payments of $15.0 million for the acquisition of two vessels that were delivered in July and August of 2021, $1.4 million for payments related to vessel improvements plus $1.0 million increase in term deposits.

Financing Activities: The 2022 cash inflow resulted from proceeds of $80.3 million from secured long-term debt and $0.1 million proceeds from Class E warrant exercises. The 2022 cash inflow was offset by debt repayments of $47.9 million, convertible notes repayments of $10.0 million, dividend payments of $8.9 million and $1.0 million of loan finance fees payments in respect with the loan amendments. The 2021 cash inflow resulted from net proceeds, upon deducting the commissions of placement agents, of $70.1 million from common stock issuance under the February 2021 registered direct offering, $22.5 million net proceeds from Class E warrant exercises, $5.6 million from the exercise by Jelco Delta Holding Corp. ("JDH") of 7,986,913 warrants to acquire 7,986,913 common shares at an exercise price of $0.70 in May 2021 and proceeds from debt drawdowns of $104.4 million. The 2021 cash inflow was offset by debt repayments of $66.7 million and $1.1 million of securities offering expenses and loan finance fees payments in respect with the loan amendments.

Description of Indebtedness

Senior Facilities

New Financing Activities during the six month period ended June 30, 2022

June 2022 Alpha Bank Loan Facility

On June 21, 2022 the Company entered into a facility agreement with Alpha Bank S.A. ("Alpha Bank") for a $21.0 million term loan for the financing of the Dukeship. The loan facility bears interest of SOFR plus a margin of 2.95% and is repayable through four quarterly installments of $1.0 million followed by twelve quarterly installments of $0.5 million and a final balloon of $11.0 million payable together with the last installment in June 2026. The borrower under the facility is the vessel-owning subsidiary of the Dukeship. The facility is secured, amongst others, by a first priority mortgage over the Dukeship, second preferred mortgages over the Squireship, the Friendshipand the Lordshipand guarantees by the Company and the ship-owning companies of the Squireship, the Friendship and the Lordship. The Company is required to ensure that the security requirement ratio (as defined therein) shall not be less than 125%.

As of June 30, 2022, $21.0 million was outstanding under the facility.

11

June 2022 Piraeus Bank Loan Facility

On June 22, 2022, the Company entered into a facility agreement with Piraeus Bank S.A. for a $38.0 million sustainability-linked term loan. The purpose of the loan was to partly finance the acquisition cost of the Honorship, while also refinancing the previous Piraeus Bank S.A. facility entered into on November 12, 2021, which was secured by the Worldship. The facility bears interest at LIBOR plus a margin of 3.00% and is repayable through four quarterly installments of $2.0 million, two quarterly installments of $1.5 million, followed by fourteen quarterly installments of $0.8 million and a final balloon of $16.5 million payable with the final installment in June 2027. The margin is subject to a sustainability pricing adjustment whereby it may be decreased by up to 0.10% upon meeting certain emission reduction targets during the term of the facility. The borrowers under the facility are the vessel-owning subsidiaries of the Worldshipand the Honorship on a joint & several basis. The facility is secured by, amongst others, first preferred mortgages over the Worldshipand the Honorshipand a corporate guarantee by the Company. The Company is required to maintain a corporate leverage ratio (as defined therein) that will not exceed 85%. In addition, the borrowers shall ensure that the market value of the two vessels plus any additional security shall not be less than 125% of the total facility outstanding until December 2023 and 130% thereafter until the maturity of the loan.

As of June 30, 2022, $38 million was outstanding under the facility.

Pre - Existing Loan Facilities

UniCredit Bank Loan Facility

On September 11, 2015, we entered into a $52.7 million secured loan facility with UniCredit Bank AG to partly finance the acquisition of the Premiership, the Gladiatorshipand the Guardianship, referred to as the UniCredit Bank Loan Facility. On November 22, 2018, we entered into an amendment and restatement of the UniCredit Bank Loan Facility, following the sale of the Gladiatorshipand the Guardianship, for the purpose of financing the Fellowship. Following the supplemental agreement entered into on February 8, 2021, the facility has an expiry date in December 2022 and amortizes through six consecutive quarterly repayments of $1.2 million each, followed by a balloon installment of $22.4 million on the maturity date. The applicable interest rate is LIBOR plus a margin of 3.5% per annum. The borrowers under the facility are the vessel-owning subsidiaries of the Premiershipand the Fellowship. The facility is secured by, amongst others, first preferred mortgages over the Premiershipand the Fellowshipand a guarantee by the Company.

As of June 30, 2022, $24.8 million was outstanding under the UniCredit Bank Loan Facility.

July 2020 Entrust Facility

On July 15, 2020, we entered into a $22.5 million secured loan facility with Kroll Agency Services Limited (previously known as Lucid Agency Services Limited) and Kroll Trustee Services Limited (previously known as Lucid Trustee Services Limited) as facility agent and security agent, respectively, and certain nominees of EnTrust Global as lenders (the "July 2020 Entrust Facility"), for the purpose of partly refinancing the settlement amount of $23.5 million under a previous loan facility with Hamburg Commercial Bank AG (formerly HSH Nordbank AG). The borrowers under the July 2020 Entrust Facility were the Company's applicable vessel-owning subsidiaries and the facility was guaranteed by the Company. The July 2020 Entrust Facility was made available in two tranches, which were fully drawn on July 16, 2020: the first tranche of $6.5 million was used to partly refinance the outstanding indebtedness over the Gloriushipand the second tranche of $16.0 million was used to partly refinance the outstanding indebtedness over the Geniuship. On December 20, 2021, the second tranche secured by the Geniushipwas refinanced by the Sinopac Loan Facility as described below. The July 2020 Entrust Facility matures in July 2025 and was secured by, amongst others, a first priority mortgage over the Gloriushipand a guarantee by the Company. The July 2020 Entrust Facility bears fixed interest rate of 10.5% per annum while, following the prepayment of the second tranche, principal obligation amortizes through an instalment of $0.2 million and 14 consecutive quarterly instalments of $0.4 million each, followed by a balloon repayment of $0.4 million due at maturity. Moreover, the July 2020 Entrust Facility provides that: (i) the security cover percentage requirement (as defined therein) is required to be equal to 110% for the first 18 months following drawdown, 115% for months 19 - 24 following drawdown, 120% for months 25 - 36 following drawdown and 130% at all times thereafter until maturity, (ii) minimum liquidity of $0.3 million for the first three months following drawdown of the facility and $0.4 million at all times thereafter, as long as the Gloriushipis not subject to a time-charter exceeding 12 months in duration, shall be maintained in the borrower's earnings account.

As of June 30, 2022, $5.0 million was outstanding under the July 2020 Entrust Facility. On July 6, 2022, the Company announced that it has completed the spin-off of its wholly-owned subsidiary, United Maritime Corporation ("United"), effective July 5, 2022. The outstanding balance of the loan was transferred under United (refer to note 14 of the attached unaudited interim consolidated financial statements).

12

ABB Loan Facility

On April 22, 2021, we entered into a $15.5 million secured loan facility with Aegean Baltic Bank S.A. ("ABB"). The loan is divided in two tranches of $7.5 million ("Tranche A") and $8.0 million ("Tranche B") to partly finance the acquisition cost of the Goodshipand the Tradership, respectively. Each tranche bears interest at LIBOR plus a margin 4.0% and is repayable in eighteen consecutive quarterly installments of $0.2 million each, commencing three months after the drawdown of each tranche, with a final balloon payment of $3.9 million due in October 2025, for Tranche A and $4.4 million due in December 2025, for Tranche B. The borrowers under the facility are the vessel-owning subsidiaries of the Goodshipand Tradership. The facility is secured, amongst others, by a first priority mortgage over each of the vessels and a guarantee by the company. The Company is required to maintain a corporate leverage ratio (as defined therein), that will not be higher than 85% until the maturity. In addition, the borrowers shall ensure that the market value of the vessels plus any additional security shall not be less than 130% of the total facility outstanding.

As of June 30, 2022, $13.9 million was outstanding under the facility.

August 2021 Alpha Bank Loan Facility

On August 9, 2021, we entered into a $44.1 million secured loan facility with Alpha Bank S.A. for (i) refinancing of a previous loan facility entered into with Alpha Bank in May 2021 and (ii) financing of the previously unencumbered Friendship, effectively replacing the Leadershipwith the Friendshipin the security structure and increasing the loan amount. The August 2021 Alpha Bank Loan Facility is divided in two tranches, which were fully drawn on August 11, 2021: the first tranche of $31.1 million was used to partly refinance the outstanding indebtedness over the Squireshipand the Lordshipand the second tranche of $13.0 million was used to partly finance the acquisition cost of the Friendship. The first tranche bears interest at LIBOR plus a margin of 3.5% and is repayable by four quarterly installments of $1.3 million each, followed by four quarterly installments of $1.0 million each, followed by eight quarterly installments of $0.9 million each and a final balloon payment of $15.0 million due in May 2025. The second tranche bears interest at LIBOR plus a margin of 3.25% and is repayable by installment four quarterly installments $0.7 million each, followed by twelve quarterly installments of $0.4 million each and a final balloon payment of $5.7 million due in August 2025. The borrowers under the facility are the vessel-owning subsidiaries of the Lordship, theSquireship and theFriendship. The facility is secured by, amongst others, a first preferred mortgage over each of the relevant vessels, a second preferred mortgage over the Dukeshipand guarantees by the Company and the ship-owning company of the Dukeship. In addition, the borrowers shall ensure that the security requirement ratio (as defined therein) shall not be less than 125%.

As of June 30, 2022, $37.0 million was outstanding under the facility.

Sinopac Loan Facility

On December 20, 2021, we entered into a $15.0 million secured loan facility with Sinopac Capital International (HK) Limited for the purpose of refinancing the outstanding indebtedness of the Geniuship. The facility bears interest at LIBOR plus a margin of 3.5% and is repayable by four quarterly installments of $0.5 million, followed by sixteen quarterly installments of $0.4 million and a balloon installment of $6.7 million due in December 2026. The borrower under the facility is the vessel-owning subsidiary of the Geniuship. The facility is secured by, amongst others, a first preferred mortgage over the Geniushipand a guarantee by the Company. In addition, the borrower shall ensure that the market value of the vessel plus any additional security shall not be less than 130% of the total facility outstanding.

As of June 30, 2022, $13.9 million was outstanding under the facility

Certain of our loan facilities discussed above are secured by first and second priority general assignments covering the respective vessels' earnings, charter parties, insurances and requisition compensation; account pledge agreements covering the vessels' earnings accounts; specific charterparty assignments, usually for charterparties exceeding twelve months in duration; technical and commercial managers' undertakings; pledge agreements covering the shares of the applicable vessel-owning subsidiaries; and hedging assignment agreements.

13

Loan Facilities repaid during the six-month period ended June 30, 2022

February 2019 ATB Loan Facility

On February 13, 2019, we entered into a $20.9 million secured loan facility with Amsterdam Trade Bank N.V. ("ATB") in order (i) to refinance the existing indebtedness over the Partnershipunder a previous loan facility provided by the same lender and (ii) for general working capital purposes, and more specifically, for the financing of installation of open loop scrubber systems on the Squireshipand the Premiership. The borrower under the February 2019 ATB Loan Facility was the vessel-owning subsidiary of the Partnership. The facility, as amended and/or supplemented, bore interest of LIBOR plus a margin of 4.65% and was divided in Tranche A relating to the refinancing of the Partnershipand Tranches B and C for the working capital purposes discussed above, respectively. Tranche A was repayable in six consecutive quarterly installments of $0.2 million each and a balloon payment of $13.2 million in November 2022. Tranche B and C was repayable in five consecutive quarterly installments of $0.2 million with the last one falling due in August 2022. The Company was required to maintain a corporate leverage ratio (as defined therein), that would not be higher than 85% until the maturity. Following the supplemental agreement entered into on February 12, 2021, the borrower was required to ensure that the minimum required security cover (as defined therein) was 140% until June 30, 2021 (inclusive), 145% from July 1, 2021 until December 31, 2021 (inclusive) and 150% thereafter and until the maturity of the loan. The February 2019 ATB Loan Facility was secured by, amongst others, a first priority mortgage over the Partnershipand a guarantee by the Company. On February 28, 2022, the facility was refinanced in full by the Chugoku Sale and Leaseback and the outstanding amount of $15.1 million was repaid in full.

November 2021 Piraeus Bank Loan Facility

On November 12, 2021 we entered into a $16.9 million secured loan facility with Piraeus Bank S.A. for the purpose of partially financing the acquisition of the Worldship. The facility bore interest at LIBOR plus a margin of 3.05% and was repayable in four quarterly installments of $1.0 million, followed by two quarterly installments of $0.8 million, followed by fourteen quarterly installments of $0.4 million each and a balloon installment of $6.1 million due in November 2026. The facility was secured by, amongst others, a first preferred mortgage on the Worldshipand a corporate guarantee by the Company. The Company was required to maintain a corporate leverage ratio (as defined therein) that would not be higher than 85% until the maturity. In addition, the borrower was required to ensure that the market value of the vessel plus any additional security would not be less than 130% of the total facility outstanding. The margin of the Piraeus Bank Loan Facility was also subject to a sustainability pricing adjustment, whereby it would be decreased to 2.95% if the Worldshipmet certain emission reduction targets during the term of the facility. On June 22, 2022, the facility was refinanced in full by the June 2022 Piraeus Bank Loan Facility.

Subordinated & Other Loan Facilities

Loan Facilities repaid during the six-month period ended June 30, 2022

Second JDH Loan Facility

On May 24, 2017, we entered into a subordinated loan facility of up to $16.2 million with JDH to partially finance the acquisition of the Partnership. The facility was amended and supplemented on several occasions and along with the other facilities and convertible notes entered into between the Company and JDH, was subject to comprehensive amendments that became effective on December 31, 2020. Following the amendments and relevant prepayments, the applicable interest rate was amended to a fixed rate of 5.5% per annum and the outstanding balance at that time was $5.0 million. On February 22, 2021, the Second JDH Loan Facility was prepaid by $100,000 by proceeds from the Company's capital raising activities as provided for in the amendment agreement. On April 26, 2021, JDH exercised its option to purchase 4,285,714 additional Units (with each Unit consisting of one common share of the Company, or, at JDH's option, one pre-funded warrant in lieu of such common share, and one warrant to purchase one common share at an exercise price of $0.70) at a price of $0.70 per Unit in exchange for the settlement of principal under the Second JDH Loan in an amount of $3.0 million (i.e., an amount equal to the aggregate purchase price of the Units). On February 28, 2022, the outstanding balance of $1.9 million of the Second JDH Loan Facility was prepaid in full and all securities created in favor of JDH were also irrevocably and unconditionally released pursuant to a deed of release.

14

Other Financial Liabilities: Sale and Leaseback Transactions

New Sale and Leaseback Activities during the six-month period ended June 30, 2022

Chugoku Bank Sale and Leaseback

On February 25, 2022, we entered into a $21.3 million sale and leaseback agreement with Chugoku Bank, Ltd. ("Chugoku") to refinance the loan facilities secured by the Partnership. The Company sold and chartered back the vessel from Chugoku on a bareboat basis for an eight-year period starting from March 9, 2022. The financing's applicable interest rate is SOFR plus 2.90% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel. At the end of the eight-year bareboat period, the Company has the option to repurchase the vessel for $2.4 million, which the Company expects to exercise. The Company is required to maintain a minimum market value (as defined therein) of at least 120% of the charterhire principal. The charterhire principal amortizes in thirty-two consecutive quarterly installments averaging approximately $0.6 million along with a balloon payment of $2.4 million in February 2030.

As of June 30, 2022, $20.7 million was outstanding under the facility.

Existing Sale and Leaseback Activities

Hanchen Sale and Leaseback

On June 28, 2018, we entered into a $26.5 million sale and leaseback agreement for the Knightshipwith Hanchen Limited ("Hanchen"), an affiliate of AVIC International Leasing Co., Ltd. The Company sold and chartered back the vessel on a bareboat basis for an eight-year period, having a purchase obligation at the end of the eighth year. The charterhire principal bears interest at LIBOR plus a margin of 4%. The Company has continuous options to buy back the Knightshipat any time following the second anniversary of the bareboat charter. Of the $26.5 million purchase price, $18.6 million were cash proceeds, $6.6 million were withheld by Hanchen as an upfront charterhire, and an amount of $1.3 million was paid by the Charterer to Hanchen as security of the due observance and performance by the Charterer of its obligations and undertakings as per the sale and leaseback agreement, or the Charterer's Deposit. The Charterer's Deposit can be set off against the balloon payment at maturity. The Charterer is required to maintain a value maintenance ratio (as defined in the additional clauses of the bareboat charter) of at least 120% of the charterhire principal minus the amount of the Charterer's Deposit. The Company has continuous options to buy back the Knightshipat any time following the second anniversary of the bareboat charter and a purchase obligation of $5.3 million at the end of the leaseback period. The charterhire principal amortizes through thirty-two consecutive equal quarterly installments of approximately $0.5 million along with a balloon payment of $5.3 million due in June 2026.

The charterhire principal, as of June 30, 2022, was $12.6 million.

Championship Cargill Sale and Leaseback

On November 7, 2018, we entered into a $23.5 million sale and leaseback agreement for the Championshipwith Cargill International SA ("Cargill"). The Company sold and chartered back the vessel from Cargill on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. The cost of the financing is equivalent to an expected fixed interest rate of 4.71% for five years. The Company is required to maintain an amount of $1.6 million from the $23.5 million proceeds as a performance guarantee, which amount of $1.6 million will be used at the vessel's repurchase. Moreover, under the subject sale and leaseback agreement, an additional tranche was provided to the Company for an amount of up to $2.8 million for the purpose of financing the cost associated with the acquisition and installation on board the Championshipof an open loop scrubber system. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. The Company has continuous options to buy back the vessel during the whole five-year sale and leaseback period at the end of which it has a purchase obligation at $14.1 million. Additionally, at the time of repurchase, if the market value of the vessel is greater than certain threshold prices (as set out in the agreement), the Company will pay to Cargill 20% of the difference between the market price and such threshold price. The charterhire principal will be amortized in sixty monthly installments averaging approximately $0.2 million each along with a balloon payment of $14.1 million, including the additional scrubber tranche, at maturity in November 2023.

The charterhire principal, as of June 30, 2022, was $17.9 million including the additional scrubber tranche.

15

Flagship Cargill Sale and Leaseback

On May 11, 2021, we entered into a $20.5 million sale and leaseback agreement with Cargill to partly finance the acquisition of the Flagship. The Company sold and chartered back the vessel from Cargill on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. The implied average applicable interest rate is equivalent to 2% per annum. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. The Company has continuous options to buy back the vessel during the whole five-year sale and leaseback period at predetermined prices as set forth in the agreement and at the end of such period it has a purchase obligation at $10.0 million. Additionally, at the time of repurchase, if the market value of the vessel exceeds certain threshold prices, as set out in the agreement, the Company will pay to Cargill 15% of the difference between the market price and such threshold prices. The charterhire principal will be amortized in sixty monthly installments averaging approximately $0.2 million each along with a balloon payment of $10.0 million at maturity in May 2026.

The charterhire principal, as of June 30, 2022, was $18.3 million.

CMBFL Sale and Leaseback

On June 22, 2021, we entered into a $30.9 million sale and leaseback agreement with CMB Financial Leasing Co., Ltd., or CMBFL, to partly finance the acquisition of the Hellasshipand Patriotship. The Company sold and chartered back the vessels from two affiliates of CMBFL on a bareboat basis for a five-year period. The financings bear interest of LIBOR plus a margin of 3.5%. The Company is required to maintain a corporate leverage ratio (as defined therein), that will not be higher than 85% until the maturity. Each of bareboat charterers are required to maintain a value maintenance ratio (as defined therein) of at least 120% of the charterhire principal. The Company has continuous options to buy back the Hellasshipand Patriotshipat any time following the second anniversary until the maturity of the bareboat charter at predetermined prices as defined in the agreement. The charterhire principal amortizes in twenty consecutive equal quarterly installments of $0.8 million along with a balloon payment of $15.3 million due in June 2026.

The charterhire principal, as of June 30, 2022, was $27.8 million.

Convertible Note

Second JDH Note

On September 7, 2015, we issued an up to $6.8 million, revolving convertible note to JDH, or the Second JDH Note. The Second JDH Note was amended and supplemented on various occasions and along with the other convertible notes and facilities between the Company and JDH, was subject to a comprehensive restructuring that became effective on December 31, 2020. Following the restructuring, the applicable interest rate was amended to a fixed rate of 5.5% per annum and the outstanding balance at that time was $21.2 million.

As of June 30, 2022, $11.2 million was outstanding under the Second JDH Note.

We may by giving a five business days prior written notice to JDH at any time, prepay the whole or any part of the note in cash or, subject to JDH's prior written agreement on the price per share, in a number of fully paid and nonassessable shares of the Company equal to the amount of the note(s) being prepaid divided by the agreed price per share. At JDH's option, our obligation to repay the principal amount(s) under the Second JDH note or any part thereof may be paid in common shares at a conversion price of $1.20 per share. JDH also has received customary registration rights with respect to any shares to be received upon conversion of the note.

Emperor has provided a guarantee, dated September 27, 2017, to JDH for the Company's obligations under the note.

F-5

a. Subsidiaries in Consolidation:

Seanergy's subsidiaries included in these unaudited interim consolidated financial statements as of June 30, 2022:

(1) Subsidiaries wholly owned

(2) Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or "MCS")

(3) Management companies

(4) Chartering services company

(5) Dormant companies

(6) Bareboat charterers

Recent Accounting Pronouncements - Not Yet Adopted

3.	Cash and Cash Equivalents and Restricted Cash:

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the interim consolidated balance sheets that sum to the total of the same such amounts shown in the interim consolidated statements of cash flows:

Restricted cash as of June 30, 2022 includes $2,000 of minimum liquidity requirements as per the Piraeus Bank Loan Facility (Note 6), $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 6), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 6), $1,600 of minimum liquidity requirement as per the Championship Cargill Sale and Leaseback (Note 6) and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company's financial institutions. Minimum liquidity, not legally restricted, as of June 30, 2022, of $6,500 as per the Company's credit facilities' covenants, is included in "Cash and cash equivalents".

Restricted cash as of December 31, 2021 includes $850 of minimum liquidity requirements as per the Piraeus Bank Loan Facility (Note 6), $500 of minimum liquidity requirements as per the February 2019 ATB Loan Facility (Note 6), $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 6), $1,600 of minimum liquidity requirement as per the Championship Cargill Sale and Leaseback (Note 6), $630 in a dry-docking reserve account as per the February 2019 ATB Loan Facility and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company's financial institutions. The restricted cash amount that relates to the February 2019 ATB Loan Facility was classified as current due to the fact that the respective facility was repayable within the year ending December 31, 2022 (Note 6). Minimum liquidity, not legally restricted, as of December 31, 2021, of $7,100 as per the Company's credit facilities' covenants, is included in "Cash and cash equivalents".

F-8

On May 25, 2022, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel, the Honorship, for a gross purchase price of $34,600. The vessel was delivered to the Company on June 27, 2022. The acquisition of the vessel was financed with cash on hand and through the Piraeus Bank Loan Facility (Note 6).

F-9

Senior long-term debt

New Financing Activities during the six month period ended June 30, 2022

On June 21, 2022, the Company entered into a facility agreement with Alpha Bank S.A. for a $21,000 term loan for the financing of the Dukeship. The loan bears interest of SOFR plus a margin of 2.95% and the term is four years. Therepayment schedule comprises fourquarterly installments of $1,000 followed by twelvequarterly installments of $500 and a final balloon of $11,000 payable together with the sixteenth installment. In addition, the Company is required to maintain a security cover ratio (as defined therein)not be less than 125%. The June 2022 Alpha Bank Loan Facility is cross collateralized with the August 2021 Alpha Bank Loan Facility discussed below.

On June 22, 2022, the Company entered into a facility agreement with Piraeus Bank S.A. for a $38,000 sustainability-linked loan for the purpose of (i) refinancing the existing November 2021 Piraeus Bank Loan Facility, secured by the Worldshipand (ii) partly financing the acquisition cost of the Honorship. The loan bears interest of LIBOR plus a margin of 3.00% which can be decreased by up to 0.10% upon meeting certain emission reduction targets during the term of the facility. The term is five years and the repayment schedule comprises fourquarterly installments of $2,000, followed by twoquarterly installments of $1,500, followed by fourteenquarterly installments of $750 and a final balloon of $16,500 payable together with the final installment.The Company is required to maintain a corporate leverage ratio, as defined in the loan agreement, that will not be higher than 85% until the maturity. In addition, the borrowers shall ensure that the market value of the vessels plus any additional security to total facility outstanding shall not be less than 125% until December 2023 and 130% thereafter until the maturity of the loan. The Company performed a quantitative analysis and determined that the terms of the new debt and original debt instrument are not substantially different. Accordingly, the June 2022 Piraeus Bank Loan Facility is accounted for as debt modification. A new effective interest rate that equates the revised cash flows to the carrying amount of the original debt is computed and applied prospectively.

Other Financial Liabilities - Sale and Leaseback Transactions

New Sale and Leaseback Activities during the six-month period ended June 30, 2022

On February 25, 2022, the Company entered into a sale and leaseback transaction with Chugoku Bank, Ltd. to refinance the vessel which was previously financed by the February 2019 ATB Loan Facility and the Second JDH Loan secured by the Partnership through first and second priority mortgages respectively. The drawdown of the funds under the sale and leaseback agreement occurred on March 9, 2022. The Company sold and chartered back the vessel from Chugoku Bank on a bareboat basis. The financing amount is $21,300 and the interest rate is 2.9% plus SOFR per annum. The principal will be repaid over an eight-year term, through 32quarterly installments averaging at approximately $590 and a balloon payment of $2,388 at the expiration of the bareboat. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel. At the end of the eight-year bareboat period, the Company has the option to repurchase the vessel for $2,388, which the Company expects to exercise.

Certain of the Company's long-term debt and other financial liabilities contain financial covenants and undertakings requiring the Company to maintain various financial ratios, including:

On February 28, 2022, the Company voluntarily prepaid the remaining balance of $1,850 of the Second JDH Loan using cash on hand. All obligations under the Second JDH Loan were irrevocably and unconditionally discharged pursuant to the deed of release dated February 28, 2022.

F-11

The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:

F-12

(a)Significant Risks and Uncertainties, including Business and Credit Concentration

The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company's investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.

(b)Fair Value of Financial Instruments

The fair values of the financial instruments shown in the consolidated balance sheets as of June 30, 2022 and December 31, 2021, represent management's best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date.

Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances.

F-13

Details of the Company's common stock and warrants are discussed in Note 10 of the consolidated financial statements for the year ended December 31, 2021, included in the Company's 2021 annual report on Form 20-F filed with the SEC on March 31, 2022 and are supplemented by the below new activities into the six-month period.

i)	NASDAQ Notification

On January 26, 2022, the Company received written notification from Nasdaq, indicating that because the closing bid price of the Company's common stock for 30 consecutive business days, from December 13, 2021 to January 25, 2022, was below the minimum, $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). On February 14, 2022, the Company received written notification from Nasdaq that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company's common stock.

ii)

Dividends

All warrants are classified in equity, according to the Company's significant accounting policy.

During the six-month period ended June 30, 2022, 100,000 shares were issued from Class E warrants' exercises, for proceeds of $70. As of June 30, 2022, 8,532,713 of Class E warrants remain outstanding.

The Company's previously issued Class B Warrants, trading under the symbol SHIPZ, expired according to their terms on May 13, 2022. Pursuant to such expiration trading of the Class B Warrants was terminated. The Class B Warrants were the last class of the Company's warrants that were listed for trading.

As of June 30, 2022, the number of common shares that can potentially be issued under each outstanding warrant are:

Demurrage income, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the six-month periods ended June 30, 2022 and 2021 was $NILand $222, respectively.

Despatch expense, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments to the charterer by the vessel owner when loading or discharging time is faster than the stipulated time in the voyage charter agreements. Despatch expense for the six-month periods ended June 30, 2022 and 2021 was $NILand $58, respectively.

The following table presents the Company's income statement figures derived from spot charters and time charters for the six-month periods ended June 30, 2022 and 2021:

F-15

Voyage Expenses

The following table presents the Company's income statement figures derived from spot charters and time charters for the six-month periods ended June 30, 2022 and 2021:

F-16

The unrecognized cost for the non-vested shares granted to the Company's Board of Directors and certain of its employees as of June 30, 2022 and December 31, 2021 amounted to $2,131 and $1,106, respectively. On June 30, 2022, the weighted-average period over which the total compensation cost related to non-vested awards granted to the Company's board of directors and its other employees not yet recognized is expected to be recognized is 1.25 years.

15.	Subsequent Events