ATHENS: Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today its financial results for the third quarter and nine months ended September 30, 2016.
For the third quarter and nine months ended September 30, 2016, the Company generated net revenues of $8.6 and $23.8 million, respectively. As of September 30, 2016, total stockholders’ equity of the Company was $19.2 million and the Company had cash and restricted cash of $4.0 million.
“During the third quarter of 2016, our efforts were focused on strengthening our financial position in order to expand our fleet through vessel acquisitions. The first half of 2016 was the weakest on record for dry bulk daily rates but we have started to see steady gains in rates since the first half of this year. For instance, Capesize rates for the first half of 2016 averaged approximately $3,500 per day vs. current Capesize daily rates of approximately $14,500. We expect volatility in the current rate environment to continue but believe the worst is behind us. As such, we view this year’s weakness in the dry bulk market as an opportunity to acquire quality vessels at favorable prices.
“With this aim in sight, we completed two registered direct offerings of common shares to unaffiliated institutional investors in August 2016 and November 2016.
“In terms of vessel acquisitions, we have already taken delivery of the first of two 2010-built Capesize vessels that we agreed to acquire and the second delivery is expected to take place during December 2016 bringing our cargo carrying capacity to 1.5 million DWT. We believe that the agreed purchase price compares favorably to current market values for similar vessels. We are confident in the long run prospects of the Capesize market and our ability to expand in this market segment due to our existing financing arrangements in place, established commercial expertise, and operational efficiency.”
