Business
Seanergy Maritime Holdings Corp. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2020
Highlights of the Third Quarter of 2020: Net revenues after voyage expenses: $15.8 million in Q3 2020 compared to $15.9 million in Q3 2019Net Income: $3.6
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":"Highlights of the Third Quarter of 2020:\n Net revenues after voyage expenses: $15.8 million in Q3 2020 compared to $15.9 million in Q3 2019Net Income: $3.6 million in Q3 2020, as compared to $0.7 million in Q3 2019EBITDA1: $12.7 million in Q3 2020, as compared to $9.8 million in Q3 2019Gain of $5.2 million from refinancing of a loan facility at a discount Highlights of the Nine Months ended September 30, 2020: Net revenues after voyage expenses: $28.1 million in 9M 2020 compared to $30.7 million in 9M 2019Net Loss: $16.0 million in 9M 2020, as compared to a net loss of $14.8 million in 9M 2019EBITDA: $11.6 million in 9M 2020, as compared to $11.9 million in 9M 2019 Balance Sheet Highlights: Shareholders’ equity of $86.5 million as of September 30, 2020 compared to $29.9 million as of December 31, 2019 Third party debt of $160.1 million as of September 30, 2020 reduced from $183.1 million as of December 31, 2019 Cash and cash equivalents of $33.8 million as of September 30, 2020 compared to $14.6 million as of December 31, 2019 ATHENS, Greece, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) announced today its financial results for the third quarter and nine months ended September 30, 2020. For the quarter ended September 30, 2020, the Company generated net revenues after voyage expenses of $15.8 million, compared to $15.9 million in the corresponding quarter of 2019. This compares favorably with the 29% decrease in the average Capesize spot earning s in the third quarter of 2020 versus the same quarter of 2019. Accordingly, the average Time Charter Equivalent (“TCE”)1 earned by the fleet during the third quarter of 2020 was $16,219 per vessel per day, a decrease of 19% from $20,143 in the third quarter of 2019. Seanergy recorded net income of $3.6 million in the third quarter, compared to net income of $0.7 million in the same quarter of 2019. Basic net income per share for the third quarter of 2020 was $0.08. During the quarter, the Company recognized a $5.2 million gain from the refinancing of a loan facility at a discount through a new loan facility provided by a third-party lender. For the nine-month period ended September 30, 2020 net revenues after voyage expenses amounted to $28.1 million, an 8.5% decrease compared to $30.7 million in the same period of 2019...