NEWS

			

			
$uri_parts (array)
0 news/press-releases/article-00A0345C23/
$segments (array)
0 news
1 press-releases
2 article-00A0345C23
06/16/2016Press Releases

SEANERGY MARITIME HOLDINGS CORP. REPORTS FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016

“Market conditions in the dry bulk market during the first quarter of 2016 continued to be unfavorable, as the average BDI was 42% lower as compared to the first quarter of 2015. However, during May 2016 the Capesize index was approximately 39% higher than in May 2015. This suggests that changes in iron ore and coal inventory cycles have the capacity to impact the market positively. Furthermore, it should be noted that our fleet’s Time Charter Equivalent (TCE) rate outperformed major market indexes, which is particularly important given the difficult market environment during the first quarter. Our Supramax vessels earned a TCE rate of approximately $4,943 in the first quarter of 2016 compared to the average Baltic Supramax Index of $3,801 in the same period. Also during the first quarter of 2016, our six Capesize vessels earned a TCE rate of $3,290 as compared to an average reading of $1,424 for the Baltic Capesize Index.”

“On a different note, we have agreed to certain amendments to our loan agreements with our lenders that should be highly beneficial in preserving cash flow. Looking forward, we firmly believe that current market conditions represent a unique opportunity to acquire quality tonnage at historically low prices. For that reason, we intend to pursue acquisition opportunities that we believe can further enhance value for our shareholders. We believe that Seanergy is the right platform in the dry bulk listed space in order to capitalize on the recovery of the freight market and asset values.
Link To PDF