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
DNV verification for world’s largest 3D printed shipboard fitting
(Posted on 16/09/21)Keppel Technology & Innovation (KTI) has received a verification certificate for a 3D printed deck... Read more
RUSAL alloy included in Russian Maritime Register of Shipping
(Posted on 16/09/21)RUSAL, a leading global aluminium producer, has announced the inclusion of an aluminium-scandium alloy... Read more
Struggling seafarers need more mental health support
(Posted on 13/09/21)Cases of seafarers struggling with their mental health will continue to rise unless shipping companies... Read more
ClassNK releases “Guidelines for Ships Using Alternative Fuels”
(Posted on 13/09/21)ClassNK is committed to providing comprehensive services to support the industry’s efforts for... Read more
Thordon Bearings praises Innovative Solutions Canada
(Posted on 13/09/21)Thordon Bearings has praised the government’s Innovative Solutions Canada initiative for encouraging... Read more
LR and Inmarsat form industry-first remote survey collaboration
(Posted on 07/09/21)Lloyd’s Register (LR) and Inmarsat, the world leader in global, mobile satellite communications... Read more
Ten newbuildings to further increase Fednav’s efficiency
(Posted on 02/09/21)Fednav Limited, Canada's largest dry bulk shipping group, has signed an agreement with Sumisho Marine... Read more
BIMCO calls on shipowners for biofouling management information
(Posted on 31/08/21)BIMCO is launching a new survey with the aim of gathering information from shipowners about the effectiveness... Read more
Golden Ocean maintains exposure to soaring spot market
(Posted on 27/08/21)Dry bulk shipping company Golden Ocean Group Limited has announced its results for the quarter ended... Read more
Decarbonisation can change shipping’s future for the better
(Posted on 27/08/21)Decarbonisation is a massive opportunity for shipping to reclaim its proper value and regain a positive... Read more
