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11/18/2020Press Releases

Seanergy Maritime Holdings Corp. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2020

November 18, 2020 - Athens, Greece - Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) announced today its financial results for the third quarter and nine months ended September 30, 2020.

For the quarter ended September 30, 2020, the Company generated net revenues after voyage expenses of $15.8 million, compared to $15.9 million in the corresponding quarter of 2019. This compares favorably with the 29% decrease in the average Capesize spot earning s in the third quarter of 2020 versus the same quarter of 2019. Accordingly, the average Time Charter Equivalent (“TCE”)1 earned by the fleet during the third quarter of 2020 was $16,219 per vessel per day, a decrease of 19% from $20,143 in the third quarter of 2019. Seanergy recorded net income of $3.6 million in the third quarter, compared to net income of $0.7 million in the same quarter of 2019. Basic net income per share for the third quarter of 2020 was $0.08. During the quarter, the Company recognized a $5.2 million gain from the refinancing of a loan facility at a discount through a new loan facility provided by a third-party lender.
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