Seanergy Maritime Holdings Corp. (SHIP) announced its financial results for the third quarter and nine months ended September 30, 2020, on Wednesday.
The company reported $15.8 million net revenue after voyage expenses, compared to $15.9 million in the third quarter of 2019. The company net income for 3Q of 2020 remains $3.6 million, compared to net income of $0.7 million in the 3rd quarter of 2019. The Company’s basic net income per share was $0.08 for the reported quarter. During the reported quarter, the company gained $5.2 million from the refinancing of a loan facility.
Cash and cash equivalents, including restricted cash, remained $33.8 million as of September 30, 2020.Shareholders’ equity was $86.5 million at the end of the third quarter. The third-party vessel-secured debt was $160.1 million at the end of the third quarter of 2020.
The net revenues after voyage expenses amounted to $28.1 million for the nine months ended September 30, 2020, an 8.5% decrease compared to 2019 results. There was a 14% decrease in the first nine months for the TCE earning compared to the same period in 2019, and it was $10,267.
The company’s Chairman and Chief Executive OfficerStamatis Tsantanis said that he is excited to see the profitable third quarter for Seanergy despite the pandemic damage the economy for the last 6 months. He revealed that during the third quarter capsize daily rates improved significantly that was reflected in the operating performance of our fleet. He said that the company improved its TCE by 132% due to increased demand for iron ore in China and the continued recovery in Brazilian exports.
The CEO is expecting that this positive trend will continue in the long run, as the shipping industry is also recovering from the pandemic effects like other industries. Stamatis Tsantanis said that the due to company’s timely actions taken, vessel-secured debt has seen an impressive reduction of $23 million since the end of 2019, while trade credit position has improved by approximately $11.2 million in the same period.