LONDON, UK / ACCESSWIRE / July 17, 2018 / If you want access to our free earnings report on Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SHIP. Seanergy Maritime reported its financial results for the first quarter fiscal 2018 (Q1 FY18) on July 03, 2018. The Company’s vessel revenue surged on a year-over-year basis, while net loss declined on a year-over-year basis. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the three months ended on March 31, 2018, Seanergy Maritime’s time charter revenues grew to $21.32 million from $13.32 million in Q1 FY17. The Company attribute the growth in quarterly revenues to increased time charter rates and increased total ownership days resulting from induction of M/V Partnership to into the fleet in Q2 FY17. Moreover, the shipping Company’s net loss narrowed to $3.44 million, or $0.09 loss per diluted share, in Q1 FY18 from net loss of $6.29 million, or $0.18 loss per diluted share, in Q1 FY17.
In Q1 FY18, the Athens, Greece-based Company’s voyage expenses increased to $9.76 million from $7.92 million in Q1 FY17. The Company’s vessel operating expenses were also rose to $5.06 million in Q1 FY18 from $4.18 million in Q1 FY17. The Company incurred general and administrative (G&A) expenses of $1.55 million in the reported quarter versus $1.04 million in Q1 FY17.
During the reported quarter, Seanergy Maritime posted operating income of $1.74 million versus operating loss of $2.68 million in Q1 FY17. Additionally, the Company posted positive EBITDA of $4.64 million in Q1 FY18 compared to negative EBITDA of $0.06 million in Q1 FY17.
The average daily time charter equivalent rate was $11,712, up from $6,106 in the prior year’s same quarter. Moreover, the Company’ daily vessel operating expenses increased to $5,114 in Q1 FY18 from $4,648 in Q1 FY17.
The Company’s ownership days in Q1 FY18 was 990 compared to 900 in the last year’s same quarter. Seanergy Maritime’s available days were 990 in Q1 FY18 versus 887 in Q1 FY17. The Company operating days during Q1 FY18 was 987, up from 885 in the previous year’s corresponding quarter. Furthermore, the Company’s fleet utilization improved during Q1 FY18 to 99.7% from 98.3% in the last year’s comparable quarter.
Seanergy Maritime reported a cash balance of $8.24 million as on March 31, 2018, compared to $11.04 million as on December 31, 2017. The Company had bank debt amounting to $190.79 million in its books of accounts as on March 31, 2018, up from $195.02 million as on December 31, 2017.
Stock Performance Snapshot
July 16, 2018 - At Monday’s closing bell, Seanergy Maritime’s stock marginally fell 0.62%, ending the trading session at $0.92.
Volume traded for the day: 106.84 thousand shares.
Stock performance in the last month – up 9.47%; previous three-month period – up 16.77%; and past twelve-month period – up 13.58%
After yesterday’s close, Seanergy Maritime’s market cap was at $34.59 million.
The stock is part of the Services sector, categorized under the Shipping industry.
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