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Seanergy announces full-year and 4Q17 financial results

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Dry Bulk,


Seanergy Maritime Holdings Corp. announced yesterday its financial results for 4Q17 and twelve months ended 31 December 2017.

In 4Q17, the company generated net revenues of US$24.3 million, a 123% increase compared to 4Q16. A net loss of $0.1 million was recorded, compared to a net loss of US$6.9 million in 4Q16.

For the twelve month period ended 31 December 2017, net revenues were US$74.8 million, up 116% compared to the same period of 2016. A net loss of US$3.2 million was recorded, compared to a net loss of US$24.6 million in 2016. As of 31 December 2017, stockholders’ equity was US$41.3 million and cash and cash equivalents, including restricted cash, was US$11.0 million.

Stamatis Tsantanis, Chairman and CEO, 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 realise 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 rate of our capesize fleet was US$18 505, an increase of 152% as compared to the same period last year. For the twelve months ended 31 December 2017, the daily TCE rate of our capesize fleet was US$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 US$7.8 million in the fourth quarter of 2017 as compared to negative EBITDA of US$1.4 million in the same quarter of 2016. Furthermore in the fourth quarter of 2017, we recorded a marginal net loss of US$116 000, as compared to a net loss of US$6.9 million in the same period of 2016.

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/08032018/seanergy-announces-full-year-and-4q17-financial-results/

 

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