Athens, Greece - March 19, 2019
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP), a Capesize dry bulk shipping company, announced today its financial results for the fourth quarter and twelve months ended December 31, 2018.
For the quarter ended December 31, 2018, the Company generated net revenues of $27 million, an 11% increase compared to the fourth quarter of 2017. Adjusted EBITDA for the quarter was $6.3 million, a 19% decrease compared to EBITDA of $7.8 million in the same period of 2017 . Adjusted net loss for the fourth quarter was $2.8 million compared to net loss of $0.1 million in the fourth quarter of 2017. The daily Time Charter Equivalent (TCE)1 of the fleet for the fourth quarter of 2018 was $15,312, compared to $15,378 in the fourth quarter of 2017. The average daily OPEX of the fleet for the quarter was $5,557, up by 2% from $5,468 in the respective quarter of 2017.
For the twelve months ended December 31, 2018, net revenues were $91.5 million, increased by 22% compared to the same period of 2017. Adjusted EBITDA for the period was $22.9 million, a 63% increase compared to $14.1 million in 2017. Adjusted net loss for the twelve months of 2018 was $13.8 million compared to an adjusted net loss of $14.6 million for the same period of 2017. The daily TCE of the fleet for the twelve months of 2018 stood at $13,156, representing a 27% increase from $10,395 in 2017. Average daily OPEX of the fleet for the period was $5,198, representing a 4% increase from $4,985 in the respective period of 2017.
Seanergy Maritime Corp. press release