Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) recently announced its financial results for the three and six months ending on June 30, 2021. The company reported a 209% increase in gross revenues generated in the quarter, making $28.9 million.
Impressive results in 2021
The company’s adjusted EBITDA 2Q2021 was $11.3 million, compared to a negative $1.8 million in a similar period last year. Net income for the period was $2.0 million, a massive improvement over the net loss of $11.3 million recorded in 2Q2020. In addition, the Daily Time Charter Equivalent for the fleet in 2Q2021 was $20,095, a 270% increase from the $5,424 in 2Q2020.
For the six months ending on June 30, 2021, the company reported gross revenues of $50.0 million, a 116% increase from a comparative period last year where the company reported $23.1 million. Adjusted EBITDA for the six months was $19.2 million, an increase from the adjusted EBITDA of negative $0.5 million in the same period last year. The Daily Time Charter Equivalent for the fleet in the first six months of 2021 was $18,327 compared to $6,985 for last year’s comparative period. The average daily OPEX was $5,766, up from $5,353 in a similar period last year.
Cash and cash equivalents were $56.4 million as of June 30, 2021. Shareholders equity at 2Q2021 was $199.4 million, more than $100 million more than the $95.7 million at the end of 2020. Long-term debt (junior and senior loans and financial leases) was $203.8 million at the end of 2Q2021, from $169.8 million at the end of 2020. In the same period, the book value for its fleet grew by 43.3% to $267.9 million after four new acquisitions.
Fleet growth
The company expects a TCE of around $28,8802, or 63% more than the TCE recorded in the year’s first two quarters. The TCE guidance for the third quarter includes eight vessels of index-linked characters to be fixed for the period.
The company had a growth and renewal strategy for its fleet since the beginning of the year, with a total investment in their fleet reaching $160 million. Their latest addition is 2009 built M/V Friendship, which replaces 2001 built M/V Leadership.