The marked improvement in charter rates led to a 125 percent in the net revenues of Marshall Islands-incorporated shipping company, Seanery Martime Holdings in the second quarter of the year.
The company reported that the net revenues increased from USD 8.2 million to a whopping USD 18.4 million in the second quarter of the year.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated, “In the first half of the year, charter rates recovered significantly from the historical lows of 2016. As expected, our low operating cost structure helped Seanergy achieve positive operating income in the second quarter of 2017 for the first time since rebuilding our fleet in 2015,”
“It should be noted that, although during the first half of 2017 Capesize Baltic daily rates have risen by around 146%, compared to the first half of 2016, they have not yet reached mid-cycle levels relative to historical rates and, for that reason, we are optimistic that rate improvements will continue. Our average Capesize time charter equivalent rate for the second quarter of 2017 was USD 12,720 per day, up 139% as compared to USD 5,315 per day for the second quarter of 2016 and up 54% sequentially from first quarter of 2017,” Tsantanis added.