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
Shipping takes major sustainable plastic step with toolkit from MACS
(Posted on 16/07/26)The Maritime Association for Clean Seas (MACS) has published a series of practical guides to enable... Read more
Shanghai climbs to second as Singapore retains top spot
(Posted on 16/07/26)Shanghai has officially become the world’s second-most prominent shipping hub, according to the... Read more
OceanScore sees growing port adoption of PortView
(Posted on 16/07/26)OceanScore, the maritime data and sustainability company helping shipping and ports turn regulatory... Read more
INTERCARGO highlights progress and priorities in bulk carrier safety
(Posted on 07/07/26)Bulk carrier safety continues to show steady long-term improvement, but the nature of risk facing seafarers... Read more
Norden raises full-year guidance following strong performance in dry cargo
(Posted on 07/07/26)Following stronger than expected operational performance in dry cargo, reduced costs associated with... Read more
Algoma announces refinancing of long-term debt
(Posted on 03/07/26)Algoma Central Corporation, a leading provider of marine transportation services, has announced that... Read more
Global maritime under threat from Fortibleed incident, warns Cydome
(Posted on 03/07/26)Major maritime, ports and energy companies have been identified by Cydome’s threat-intelligence... Read more
Crewing specialist expands global recruitment network with Indonesian seafarers
(Posted on 30/06/26)As the global shipping industry faces mounting concerns over future crew availability, Danica Crewing... Read more
IMO pauses evacuation in Strait of Hormuz following attack
(Posted on 29/06/26)Following an attack on a vessel in the Gulf of Oman, IMO has decided to temporarily pause its evacuation... Read more
Human cost of keeping world trade moving highlighted on Day of the Seafarer
(Posted on 25/06/26)Leading health and wellness platform OneCare Group is calling on shipping leaders to recognise the immense... Read more
