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Seanergy Maritime Holdings Corp. Reports Record Financial Results for the Third Quarter and Nine-Month Period Ended September 30, 2021


Seanergy Maritime announced its financial results for the third quarter ended September 30, 2021.

For the quarter ended September 30, 2021, the Company generated gross revenues of $50.0 million, a 146% increase compared to the third quarter of 2020. Adjusted EBITDA for the quarter was $32.2 million, from $7.8 million in the same period of 2020. Net income for the third quarter was $20.1 million compared to net income of $3.6 million in the third quarter of 2020. The daily Time Charter Equivalent (“TCE”)1 of the fleet for the third quarter of 2021 was $30,764, marking a 90% increase compared to $16,219 for the same period of 2020.

For the nine-month period ended September 30, 2021, gross revenues were $100.0 million, increased by 130% when compared to $43.5 million in the same period of 2020. Adjusted EBITDA for the first nine months of 2021 was $51.4 million, compared to an adjusted EBITDA of $7.3 million in the same period of 2020. The daily TCE of the fleet for the first nine months of 2021 was $23,449 compared to $10,267 in the first nine months of 2020.

Cash and cash-equivalents, restricted cash, term deposits, including a short-term receivable from vessel sale proceeds as of September 30, 2021, stood at $52.6 million. The M/V Leadership was delivered to her new owners on September 30, 2021 and due to timing of payments, the gross proceeds of $13.3 million, including bunkers and other inventories, were received in the beginning of October. Shareholders’ equity at the end of the third quarter was $222.3 million, compared to $95.7 million on December 31, 2020. Long-term debt (senior and junior loans and other financial liabilities) net of deferred charges stood at $204.6 million as of September 30, 2021, from $169.8 million as of the end of 2020, representing a 20% increase. In the same period, following the
addition of six of our new acquisitions and the removal of the M/V Leadership, the book value of our fleet increased by 55% to $396.8 million from $256.7 million.