Seanergy Maritime Holdings Corp (NASDAQ:SHIP) is trading up in the pre-market session on Wednesday .
Market Action
As of 7:40, SHIP stock is moving higher by 1% to $1.03. So far more than 45K have exchanged hands.
SHIP Announces Quarterly Earnings
Seanergy Maritime Holdings Corp. Reports Financial Results for the First Quarter Ended March 31, 2021
- 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.
- 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.
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