Seanergy’s positive momentum
(Posted on 16/08/18)
Seanergy Maritime Holdings Corp. has announced its financial results for the second quarter and six months ended June 30, 2018.
For the quarter ended June 30, 2018, the Company generated net revenues of $16.8 million, an 8% decrease compared to the second quarter of 2017. For the six-month period ended June 30, 2018, net revenues were $38.1 million, up 20% from the first half of 2017. As of June 30, 2018, stockholder’s equity was $28.6 million and cash and cash equivalents, including restricted cash, was $13 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated, “During the first half of 2018 our efforts were primarily focused on improving our liquidity and capital structure. We refinanced successfully two Capesize vessels that were acquired in 2016, achieving a capital release of approximately $10 million. In addition, the value appreciation of our fleet combined with the uninterrupted servicing of all of our loan facilities has led to an increase of our net asset value. Finally we expanded our banking relationships further in the Chinese market, establishing Seanergy as a key business partner of a major Chinese financing institution.
“Our results for the second quarter of 2018, were affected by the seasonal weakness of the Brazilian exporting volumes and other temporary adverse conditions of the Capesize market. Since the beginning of the third quarter, the market has recovered significantly reflecting the very strong fundamentals of the Capesize sector.
“We expect that the positive momentum will continue going forward and that the market will rise further towards the historical averages. In the third quarter of 2018 our Capesize vessels have been fixed for 73% of their ownership days at a TCE of approximately $23,420, while our fleet has respectively been fixed for 77% of its ownership days at a TCE of approximately $20,680. This represents a 133% increase compared to the 2Q18 TCE.
“We are very optimistic for the market conditions for the remaining of the year. Demand for seaborne transportation of iron ore and coal will exceed its initial expectations, while fleet growth is negligible. Beyond the current year, we expect that the limited newbuilding ordering activity seen recently and the implementation of the IMO 2020 regulations will contribute to sustained strength in the Capesize market for the next years.
“As a final note, we are continuously pursuing transactions that will increase our net asset value, enhance our shareholders value and ensure our compliance with the upcoming environmental regulations.”
Latest News
Red Sea conflict brings massive shipping carbon emissions increases
(Posted on 23/04/24)Conflict in the Red Sea has brought massive carbon emissions increases in ocean freight shipping, according... Read more
WFW advises Danaos on US$450m newbuild vessel financing
(Posted on 23/04/24)Watson Farley & Williams (“WFW”) has advised Danaos Corporation (“Danaos&rdquo... Read more
North Pacific Green Corridor Consortium forms new corridor
(Posted on 18/04/24)Global industry leaders from North America, Asia and Europe have announced the formation of the North... Read more
Tomini Dynasty Captain receives prestigious Gallantry Award
(Posted on 16/04/24)Tomini Group, a world-class dry bulk ship owner, has announced that Captain Om Dutta has been honoured... Read more
Singapore retains top spot as world’s leading maritime city
(Posted on 15/04/24)Singapore has retained its title as the leading maritime city in the world, followed by Rotterdam and... Read more
AtoB@C Shipping takes delivery of Stellamar
(Posted on 15/04/24)AtoB@C Shipping, a subsidiary of ESL Shipping, the leading carrier of dry bulk cargoes in the Baltic... Read more
Maritime industry leaders to explore ammonia as marine fuel on US West Coast
(Posted on 29/03/24)American Bureau of Shipping, CALAMCO, Fleet Management Limited, Sumitomo Corporation and TOTE Services... Read more
MMS raises awareness over improper use of antibiotics on board vessels
(Posted on 29/03/24)Leading provider of medical support services for crews, Marine Medical Solutions (MMS), is concerned... Read more
ESL to sell Supramaxes
(Posted on 25/03/24)ESL Shipping, a leading carrier of dry bulk cargoes in the Baltic region, has signed a memorandum of... Read more
Sustainable fuels can reach cost parity with fossil fuels by 2035
(Posted on 25/03/24)New Wärtsilä analysis shows EU ETS and FuelEU Maritime will close price gap, creating policy... Read more
