Movers and SHAKERS
Seanergy Maritime Holdings Corp. Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2020
Highlights of the Fourth Quarter of 2020:
- Net revenues: $21.3 million in Q4 2020, compared to $27.8 million in Q4 2019
- Net Loss of $2.3 million, or $0.7 million excluding one-off charges of $1.61 million, in Q4 2020, compared to a net income of $3.1 million in Q4 2019
- EBITDA1: $8.3 million in Q4 2020, compared to $11.9 million in Q4 2019
Highlights of Full Year 2020:
- Net revenues: $63.3 million in 2020, compared to $86.5 million in 2019
- Net Loss: $18.4 million in 2020, as compared to $11.7 million in 2019
- EBITDA1: $19.9 million in 2020, as compared to $23.8 million in 2019
- Shareholders’ equity of $95.7 million on December 31, 2020, compared to $29.9 million on December 31, 2019
- Fleet growth of 40% in the last 9 months with agreements to acquire four high-quality Japanese-built Capesize vessels
- Successful completion of $179 million financial restructuring amicably with the underlying lenders
- Compliance with NASDAQ’s minimum bid price requirement achieved organically, through share price appreciation
- $75 million gross proceeds from a registered direct offering priced at-the-market increasing shareholders’ equity further
- $33.6 million early repayment of a senior and junior loan facilities
March 24, 2021 - Glyfada, Greece - Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) announced its financial results for the fourth quarter and twelve months ended December 31, 2020
For the quarter ended December 31, 2020, the Company generated net revenues of $21.3 million, representing a 23.3% decrease compared to the corresponding quarter of 2019. The time charter equivalent rate (“TCE”)1 earned during the fourth quarter of 2020 was $16,511, decreased by 28% from $22,935 in the fourth quarter of 2019, which is mainly attributable to the decrease of the Baltic Capesize Index (“BCI”) in the corresponding quarters. The Company recorded a net loss of $2.3 million compared to net income of $3.1 million in the same quarter of 2019, which includes one-off cash and non-cash charges amounting to $1.6 million associated with the financial restructuring of the Company.
For the twelve-month period ended December 31, 2020, net revenues amounted to $63.3 million, a 27% decrease compared to $86.5 million in the same period in 2019. The TCE earned during 2020 was $11,950, representing a 19% decrease when compared to a TCE of $14,694 in 2019 which compares favorably with the year-on-year percentage decrease in the 5-time charter (“T/C”) route average of the BCI of 27.5%. The average daily vessel operating expenses (“OPEX”) of the fleet for the twelve-month period of 2020 was $5,709, marking a 10% increase when compared with the respective figure for 2019 of $5,172.
Cash and cash-equivalents, restricted cash and term deposits, as of December 31, 2020 stood at $23.7 million, compared to $14.6 million as of December 31, 2019. Shareholders’ equity at the end of the fourth quarter of 2020 was $95.7 million, compared to $29.9 million at the end of the fourth quarter of 2019.
Full report and financials can be found at https://www.seanergymaritime.com/fresheditor/Uploads/806c03193dbeee46642da761ec576e20.pdf
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of the new vessels, the Company's operating fleet will consist of 14 Capesize vessels with an average age of 12 years and aggregate cargo carrying capacity of approximately 2,461,138 dwt.
The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP", its Class A warrants under "SHIPW" and its Class B warrants under “SHIPZ”.
For further information please contact:
Seanergy Investor Relations
Tel: +30 213 0181 522
Capital Link, Inc.
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
Source: Seanergy Maritime Holdings Corp.