Sometimes when you are beat up from the feet up, you have no where else to go but up.
"We are pleased to report a profit of $6.6 million versus a loss of $2.6 million in the same quarter a year ago. The improved market conditions in the drybulk shipping industry witnessed in the last quarter of 2011 along with our balanced chartering strategy which includes profit sharing and index-linked charter parties, helped Seanergy’s financial performance, which, together with the effect of cost cutting measures initiated during the year, contributed to a profitable quarter. That being said the fourth quarter was an opportunity for China to build up stockpiles of iron ore and coal."
Yeah, their Capes were indexed to the BCI which went up to over $30,000 per day in the fourth quarter. On the other hand. right now Capes are getting around $7,000 a day. Or they can grab a one year charter at around $13,000.