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.”
Maritime trade between Arctic destinations and the rest of the world is expected to expand and an increasing... Read more
Seanergy Maritime Holdings Corp. has announced its financial results for the third quarter and nine... Read more
Keeping in touch at sea, even in an emergency, is now easier and affordable – thanks to a new... Read more
To further strengthen its presence in Europe, leading Classification Society the Indian Register of... Read more
When damage to propellers occurs due to impact with ice and other debris Hydrex can help you, even if... Read more
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has... Read more
West of England P&I Club, (“West”) a leading mutual insurer, is strengthening its efforts... Read more
Ship operators are placing greater recognition on the role crew members play as the key to reaching... Read more
For the last decade, the ‘VIKING Shipowner Agreement’ has been a widely recognised concept... Read more
Hydrex and Subsea Industries have a new representative agent in Norway. GearConsult AS will represent... Read more