ATHENS, GREECE -- (Marketwired) -- 06/12/13 -- Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today its financial results for the first quarter ended March 31, 2013.
First Quarter 2013
•Net Revenues of $5.6 million. •EBITDA of $3.8 million.* •Net Income of $1.1 million. •Debt reduction of $31.8 million, or approximately 15% of the Company's outstanding indebtedness.
(*) EBITDA is a non-GAAP measure. Please refer to the EBITDA, Adjusted EBITDA and Adjusted Net Income/Loss reconciliation section contained in this press release.
Stamatis Tsantanis, the Company's Chief Executive Officer, stated:
"I am pleased to announce our first profitable financial quarter since 2011, despite the challenging dry bulk market conditions. Our net income was $1.1 million compared to a net loss of $6.4 million for the same period last year. During the first quarter of 2013 charter rates continued to deteriorate and our average daily Time Charter Equivalent ("TCE") rate decreased to $6,004 per vessel as compared to $9,546 in the first quarter of 2012.
"Regarding our financial restructuring, since the beginning of 2012 and as of the date of this press release, we managed to reduce our indebtedness to $176.9 million, from $346.4 million, through finalized agreements with three out of our five lenders. In addition, we have entered into an agreement with our fourth lender for the sale of three MCS's vessel owning subsidiaries in exchange for a nominal cash consideration and full satisfaction of the underlying loan of approximately $38 million. After giving effect to this transaction, we will have reduced our indebtedness by approximately 61% to $135 million. We continue discussions with our remaining lender, aiming to reach a solution that will enable Seanergy to complete the restructuring of its outstanding debt."
Christina Anagnostara, the Company's Chief Financial Officer, stated:
"During the first quarter of 2013, net revenues were $5.6 million, 68% lower than in the same period in 2012 reflecting the smaller size of our fleet and a 37% reduction of the daily TCE.
"For the first quarter of 2013, net income amounted to $1.1 million compared to a net loss for the first quarter of 2012 of $6.4 million. After adjusting for $5.5 million gain on the sales of four vessel owning subsidiaries and $0.9 million loss on vessel impairment, Seanergy's net loss was $3.6 million compared to a net loss of $4 million in the first quarter of 2012 after adjusting for $2.3 million loss on sale of vessels. The reduction reflects the significant decrease in interest and finance costs to $2.2 million from $3.4 million in 2012.
We continue our efforts to achieve a viable financial structure that will facilitate Seanergy's ability to benefit from the eventual rebound in shipping markets. We believe that the recent sale of our four Handysize owning subsidiaries and the forthcoming sale of three additional Handysize owning subsidiaries, in full satisfaction of the associated loan facilities, are positive for Seanergy as they are expected to bring our total indebtedness down to approximately $135 million."
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