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02/13/2020Press Releases

Seanergy Maritime Holdings Corp. Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2019

February 13, 2020 - Athens, Greece - Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) announced today its financial results for the fourth quarter and twelve months ended  December 31, 2019.

For the quarter ended December 31, 2019, the Company generated net revenues of $27.8 million, representing a 3% increase compared to the corresponding quarter of 2018. The time charter equivalent (“TCE”)[1] earned during the fourth quarter of 2019 was $22,935, increased by 50% from $15,312 in the fourth quarter of 2018 while fleet operating days were 9% lower due to the dry-docking of three vessels. The Company recorded net income of $3.1 million compared to a net loss of $3.2 million in the same quarter of 2018.

For the twelve-month period ended December 31, 2019, net revenues amounted to $86.5 million, a 5% decrease compared to $91.5 million in the same period in 2018, which is mainly attributable to a 13% reduction in operating days following the sale of two Supramax vessels in the previous year. The TCE1 earned during 2019 was $14,694, representing a 12% increase from $13,156 in 2018. The average daily operating expenses (“OPEX”) of the fleet for the twelve-month period of 2019 was $5,172, in line with the respective figure for 2018 of $5,198.

Cash and cash-equivalents, including restricted cash, as of December 31, 2019 stood at $14.6 million, compared to $7.4 million as of December 31, 2018. Shareholders’ equity at the end of the fourth quarter of 2019 was $29.9 million, compared to $21.3 million at the end of the fourth quarter of 2018.
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