Athens, Greece - July 3, 2018
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ:SHIP) announced today its financial results for the first quarter ended March 31, 2018.
For the quarter ended March 31, 2018, the Company generated net revenues of $21.3 million, a 60% increase compared to the first quarter of 2017. As of March 31, 2018, stockholders’ equity was $37.2 million and cash and cash equivalents, including restricted cash, was $8.2 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Our financial results for the quarter that ended on March 31, 2018 were improved due to the higher average daily charter rates earned by our vessels, and the addition of the M/V Partnership to our fleet in the second quarter of 2017, resulting in a 10% increase in our total ownership days. Specifically, we achieved a daily time charter equivalent (“TCE”)1 rate of $11,712 in the first quarter of 2018, which is 92% higher than the $6,106 per day earned in the first quarter of 2017.
“The improvement in charter rates was reflected positively in our financial performance, as EBITDA for the first quarter of 2018 increased to $4.6 million as compared to a negative EBITDA of $62 thousand in the same period of 2017. Our bottom line was affected by sizeable non-cash expenses including $934 thousand in non-cash amortization of our convertible notes.
“Most importantly, our corporate leverage has drastically improved following the commencement of debt principal repayments in all our bank facilities in the last quarter of 2017, as well as with the refinancing of the M/V Championship in the third quarter of 2017. In this context, our book equity has strengthened significantly by increasing to $37.2 million as of March 31, 2018 from $26.7 million as of March 31, 2017. Our total equity, as adjusted for the market value of our fleet, stood at $40.7 million as of March 31, 2018, as compared to $5.8 million as of March 31, 2017.
Seanergy Maritime Corp. press release