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.