Dry bulk shippiner, Seanergy Maritime (NASDAQ:SHIP) reported another dismal 2nd half today with net losses of $13.7 million reflecting 20 percent lower time charter rates and lower fleet utilization due to dry docking periods.
During the same period last year, Seanergy recorded losses of $34.7 million, however their fleet size at the time averaged 18.8 vessels, as compared to today’s average of 7.1.
Over the past three months, Seaenergy continued to sell off their fleet in order to repay their debt which as of June 30, 201 stands at $173.1 million. The three Handysize ships sold in the 2nd quarter will result in a 3rd quarter gain of $20 million.
Christina Anagnostara, the Company’s Chief Financial Officer, stated: “Over the second quarter of 2013, Seanergy’s revenues fell by 62% when compared to the same quarter of 2012. For the six month period ended June 30, 2013 revenues declined by 65% compared to the first half of 2012.”
In their earnings call this morning, Seanergy CEO Stamatis Tsantanis remained “bullish regarding China’s infrastructure growth” noting the infrastructure development within China “resembles the US in the industrial revolution, although on a different scale.” He notes that 186,000 miles of new roads are to be built in the next few years as well as 5,400 miles of new rail track and 440 deepwater berths for ships.
All of this is good news for dry bulk shippers like Seanergy and Tsantanis added that the Capesize index has climbed more than 800 percent over the past four quarters.
Seanergy also announced that their Chairman Dale Ploughman, and board member George Tsimpis have resigned, and that as of 1 November, Christina Anagnostara will resign from her post as CFO.
Seanergy acknowledges that they have “defaulted under its loan agreements,” but that their one remaining lender has yet to force their hand and demand repayment of debt.
Seanergy’s fleet currently stands at four dry bulk carriers (two Panamax, and two Supramax) with a total carrying capacity of approximately 255,109 dwt and an average fleet age of 12.4 years.
(Bloomberg) — Ukraine’s fight against Russia’s invasion has entered a new phase, pitting homegrown drone technology against a 2,000 kilometer (1,200 mile) swathe of largely Soviet-era oil facilities. At least...
March 19 (Reuters) – Tanker company Euronav will exit Belgium’s blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime...
MOSCOW, March 19 (Reuters) – The new head of Russia’s Navy was formally presented in his new role for the first time on Tuesday at a pomp-filled ceremony, the state RIA news agency reported,...
March 19, 2024
Total Views: 2485
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.