Seanergy Maritime Holdings Corp. has released its financial results for the fourth quarter and twelve months ended 31 December 2016.
For the fourth quarter and twelve months ended 31 December 2016, the company generated net revenues of US$10.9 and US$34.7 million respectively. As of 31
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “During 2016, the dry bulk market went through the worst crisis of the last 25 years. The continuous oversupply of
“The acquisition of two modern Capesize vessels in 2016, not only increased our DWT capacity by 30% to 1.5
“Consistent with our business plan to expand our fleet with quality tonnage, we recently agreed to acquire another modern Capesize vessel built in 2012 in Hyundai of South Korea. The agreed acquisition cost is US$32.65 million and upon delivery of the vessel by the end of May 2017, our fleet DWT will expand to 1.7 million DWT. In our view, we are acquiring this additional Capesize vessel at an attractive price given the relevant historical values. Additionally, this purchase proves our ability to generate significant returns for our shareholders, which is evident with the two modern Capesize vessels that we bought in 2016.”
“We strongly believe that the Capesize segment represents the best fundamentals in the dry bulk industry and our recent acquisitions will significantly improve our shareholder value. Seanergy will continue to actively pursue accretive acquisition opportunities of quality Capesize vessels.”
“Seanergy also achieved a substantial improvement
“Finally, we have reached proactive agreements with our lenders to waive and defer certain major financial covenants in all of our existing banking facilities until the second quarter of 2018. We strongly believe that the successful implementation of our business plan along with the improving dry bulk market conditions will continue to enhance shareholder value.”
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