Seanergy Maritime Holdings Corp. “Rides” the Dry Bulk Market Wave During the First Quarter

Seanergy Maritime Holdings Corp., announced its financial results for the first quarter ended March 31, 2021.

GLYFADA : For the quarter ended March 31, 2021, the Company generated net revenues of $20.4 million, a 53% increase compared to the first quarter of 2020. Adjusted EBITDA for the quarter was approximately $7.9 million, increased by 483% from $1.4 million in the same period of 2020. Net loss for the first quarter was $1.3 million compared to net loss of $8.3 million in the first quarter of 2020.

The daily Time Charter Equivalent (“TCE”)1 of the fleet for the first quarter of 2021 was $16,219, marking a 91% increase when compared to the respective figure for the first quarter of 2020 of $8,481. The average daily OPEX of the fleet for the quarter was $5,605, in line with the $5,566 figure of the respective quarter of 2020.

Cash and cash-equivalents, restricted cash and term deposits as of March 31, 2021 stood at $58.1 million, compared to $23.7 million as of December 31, 2020. Shareholders’ equity at the end of the first quarter was $188.1 million, almost double shareholders’ equity of $95.7 million as of December 31, 2020, while long-term debt (senior and junior loans and financial leases) stood at $131.5 million as of March 31, 2021, reduced by 22.5% from $169.8 million as of the end of 2020.

Second Quarter 2021 TCE Guidance:

As of the date hereof, approximately 95.7% of the Company’s fleet operating days in the second quarter of 2021 have been fixed at a TCE of approximately $22,4004, or 313% higher than the $5,424 TCE recorded in the second quarter of 2020. Our TCE guidance for the second quarter of 2021 includes certain conversions (5 vessels) of index-linked charters to fixed for the 3-month period ending on June 30, 2021 which were concluded in the fourth quarter of 2020 as part of our freight hedging strategy.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“Since the beginning of 2021, the Capesize market has been increasing steadily to multi-year highs. During the first quarter of the year, we successfully concluded a number of transformative transactions that are further shaping Seanergy’s future as a prominent shipping enterprise.

Concerning our results for the first quarter of 2021, our daily TCE stood at about $16,219, marking an increase of 91% compared to the TCE of the first quarter of 2020. Net revenues were $20.4 million, increased by 53% from the first quarter of 2020, while adjusted EBITDA increased by about 483% attesting to our significant operating leverage. Net result for the quarter was a loss of $1.32 million, which includes significant non-cash amortization charges of financing expenses associated with our loans and convertible notes and other non-cash items of approximately $2.8 million.

Our strategic initiatives in 2021 have been aimed at (i) growing our fleet at an opportune time in a rising market environment, (ii) further strengthening our balance sheet, (iii) further reducing our cost base and specifically our interest expenses, and (iv) positioning commercially our existing and newly acquired vessels to benefit from the improving market conditions.

More specifically, we agreed to acquire five high quality Japanese Capesize vessels of an average age of approximately 10 years, with a total investment of $134.3 million and prompt deliveries. Our new acquisitions are funded with cash at hand and low-levered loan facilities. On a fully delivered basis, our fleet will increase by approximately 50% to 2.8 million DWT of cargo carrying capacity.

Source : Hellenic Shipping