Seanergy Maritime Reports Q1 Results, Acquires Vessel
For the quarter ended March 31, 2017, Seanergy Maritime Holdings Corp generated net revenues of $13.3 million, a 90% increase versus the same period 2016.
As of March 31, 2017, stockholders’ equity was $26.7 million and cash and cash equivalents, including restricted cash was $6.9 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “In March 2017, pursuant to our prudent fleet expansion plan, we agreed to acquire another modern Capesize vessel. The M/V Partnership, was built in 2012 in Hyundai of South Korea and was delivered to our company in May 2017."
The vessel recently commenced its 12-18 months’ time charter with a major European utilities company at a strong gross rate of $16,200 per day. The Partnership is expected to generate approximately $8.8 million of gross revenue, assuming the full 18 months employment. Our modern fleet now consists of nine Capesize vessels and two Supramax vessels with a cargo carrying capacity of 1.7 million dwt.
Stamatis continued: "“In June 2017, we also terminated our $20 million At-The-Market equity offering program. Since August 2016, we have raised approximately $28.3 million of gross proceeds from public equity offerings, including the ATM Offering. We have utilized these funds in the most constructive way as they enabled the Company to pursue highly accretive transactions."
"In particular, we have used the proceeds of the offerings to partly fund the acquisitions of the M/V Lordship, the M/V Knightship and the M/V Partnership, as well as to finance the prepayments under the early termination of a credit facility," Stamatis added.
