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08/01/2019Press Releases

Seanergy Maritime Holdings Corp. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2019

August 1, 2019 - Athens, Greece - Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today its financial results for the second quarter and six months ended June 30, 2019.

For the quarter ended June 30, 2019, the Company generated net revenues of $18.8 million, a 12% increase compared to the second quarter of 2018 despite the Company’s fleet having been reduced by one unit compared to the same quarter of 2018. The daily TCE of the fleet for the second quarter of 2019 was $9,104 per ship per day, up 3% from $8,859 in the second quarter of 2018. The average daily OPEX of the fleet for the quarter was $5,015, marking an improvement of 4% from $5,242 in the second quarter of 2018.

For the six-month period ended June 30, 2019, net revenues were $34.8 million, as compared to $38.1 million in the first half of 2018. EBITDA for the first half of 2019 was $2.2 million, compared to EBITDA of $6.5 million in the same period of 2018. The daily TCE of the fleet for the first half of 2019 was $8,368 per ship per day, compared to $10.272 in the first half of 2018. The average daily OPEX of the fleet was $4,923, reflecting a 5% improvement against the respective period of 2018. As of June 30, 2019, cash and cash equivalents, including restricted cash, were $12.9 million.

Since the beginning of the third quarter of 2019, 62% of our fleet available days have been fixed at a daily TCE of approximately $23,800 per ship per day, marking an increase of 184% as compared to the fleet average TCE rate of $8,368 in the first half of 2019.
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