Seanergy Martime Holdings reported 59% growth in fourth quarter vessel revenue as its fleet expanded and rates improved. But increased interest expenses still pushed the Athens-based owner into the red.
Seanergy reported a $6.8m net loss for the fourth quarter, compared to a $5.8m net loss in the year earlier period. Interest expenses for the fourth quarter were $3m compared to $1.4m in the year earlier period after inking an agreement for $32m in debt financing from Northern Shipping Funds.
The loss per share was $0.29 per share, which was better than the $0.31 loss per share in the year earlier period as Seanergy reported a higher share count due to an equity raise last year.
Vessel revenue was $10.8m for the fourth quarter compared to $6.8m in a year earlier. Ownership days increased year-on-year thanks to the addition of two capesize vessels, 78,838-dwtER Bavaria and the 178,978-dwt ER Bayern (both built 2010) for $41.5m.
Seanergy also said it purchased an unidentified second-hand capesize for $32m. TradeWinds reported last week that it will be buying the 179,200-dwt Dong-A Artemis (built 2012). The Stamatis Tsantanis-led company will now have a fleet of nine capesizes and two supramax vessels.
The article has been corrected to reflect the current fleet size for Seanergy.
