Seanergy Maritime Holdings Corp reports financial results for the fourth quarter and twelve months ended Dec. 31, 2016.
For the fourth quarter and twelve months ended December 31, 2016, the Company generated net revenues of $10.9 and $34.7 million respectively. As of December 31, 2016 total stockholders’ equity was $30.8 million and cash and restricted cash was $15.9 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “During 2016, the dry bulk market went through the worst crisis of the last 25 years. The continuous oversupply of ships as well as the concerns over future demand for dry bulk transport led to the lowest freight rate levels since the end of the 1980’s.
Despite this difficult environment, Seanergy emerged a bigger and stronger company as we managed to grow our fleet at historically favorable prices while significantly improving our financial flexibility and operational performance.
The acquisition of two modern Capesize vessels in 2016, not only increased our dwt capacity by 30% to 1.5 million, but has also established a substantial presence for the Company in the Capesize segment. The price of $20.75 million per Capesize vessel was the lowest price paid by any of our public peers in the last five years.