Seanergy sees ‘positive year’ ahead


Seanergy announced its financial results for the fourth quarter and twelve months ended December 31, 2019.

For the quarter ended December 31, 2019, the Company generated net revenues of $27.8 million, representing a 3% increase compared to the corresponding quarter of 2018. The time charter equivalent (“TCE”)[1] earned during the fourth quarter of 2019 was $22,935, increased by 50% from $15,312 in the fourth quarter of 2018 while fleet operating days were 9% lower due to the dry-docking of three vessels. The Company recorded net income of $3.1 million compared to a net loss of $3.2 million in the same quarter of 2018.

For the twelve-month period ended December 31, 2019, net revenues amounted to $86.5 million, a 5% decrease compared to $91.5 million in the same period in 2018, which is mainly attributable to a 13% reduction in operating days following the sale of two Supramax vessels in the previous year. The TCE1 earned during 2019 was $14,694, representing a 12% increase from $13,156 in 2018. The average daily operating expenses (“OPEX”) of the fleet for the twelve-month period of 2019 was $5,172, in line with the respective figure for 2018 of $5,198.

Cash and cash-equivalents, including restricted cash, as of December 31, 2019 stood at $14.6 million, compared to $7.4 million as of December 31, 2018. Shareholders’ equity at the end of the fourth quarter of 2019 was $29.9 million, compared to $21.3 million at the end of the fourth quarter of 2018.



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