Business
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 2019Net Loss of $2.3 million, or $0.7
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":"Highlights of the Fourth Quarter of 2020: Net revenues: $21.3 million in Q4 2020, compared to $27.8 million in Q4 2019Net 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 2019Net Loss: $18.4 million in 2020, as compared to $11.7 million in 2019EBITDA1: $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 Recent Developments: 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 lendersCompliance 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 GLYFADA, Greece, March 24, 2021 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) announced today 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% de...