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03/07/2018Press Releases

Seanergy Maritime Holdings Corp. Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2017

March 7, 2018 - Athens, Greece - Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ:SHIP) announced today its financial results for the fourth quarter and twelve months ended December 31, 2017.
For the quarter ended December 31, 2017, the Company generated net revenues of $24.3 million, a 123% increase compared to the fourth quarter of 2016. For the twelve month period ended December 31, 2017, net revenues were $74.8 million, up 116% compared to the same period of 2016. As of December 31, 2017, stockholders’ equity was $41.3 million and cash and cash equivalents, including restricted cash, was $11.0 million.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“We are pleased to announce our financial results of the fourth quarter and twelve months ended December 31, 2017. During this period we achieved a strong financial performance through increased charter rates. In addition, we improved our balance sheet by reducing our leverage. This performance was largely made possible by the benefits we are starting to realize from the well-timed positioning of Seanergy in the Capesize sector.

“During the fourth quarter of 2017, our fleet benefited significantly from the stronger Capesize market rates affirming our commercial strategy. In particular, the daily TCE rate1 of our Capesize fleet was $18,505, an increase of 152% as compared to the same period last year. For the twelve months ended December 31, 2017, the daily TCE rate of our Capesize fleet was $13,047, an increase of 152% as compared to the same period last year.

“Better market fundamentals resulted in a substantial enhancement of our financial performance, as EBITDA amounted to $7.8 million in the fourth quarter of 2017 as compared to negative EBITDA of $1.4 million in the same quarter of 2016. Furthermore in the fourth quarter of 2017, we recorded a marginal net loss of $116 thousand, as compared to a net loss of $6.9 million in the same period of 2016.
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