Seanergy Maritime Holdings Corp. Reports Q4 Revs $27.5M

Seanergy Maritime Holdings Corp. SHIP announced today its operating results for the fourth quarter and year ended December 31, 2011. Financial Highlights: Fourth Quarter 2011 Net Revenues of $27.5 million EBITDA of $15.6 million Net Profit of $6.6 million Year Ended 2011 Net Revenues of $104.1 million Adjusted EBITDA of $53.8 million, which excludes non-cash impairment losses of $201.9 million Adjusted Net Profit of $4.1 million, which excludes non-cash impairment losses of $201.9 million For more information we refer you to the EBITDA and Adjusted EBITDA reconciliation section contained later in this press release. Management Discussion: Dale Ploughman, the Company's Chairman and Chief Executive Officer, stated: "We are pleased to report a profit of $6.6 million versus a loss of $2.6 million in the same quarter a year ago. The improved market conditions in the drybulk shipping industry witnessed in the last quarter of 2011 along with our balanced chartering strategy which includes profit sharing and index-linked charter parties, helped Seanergy's financial performance, which, together with the effect of cost cutting measures initiated during the year, contributed to a profitable quarter. That being said the fourth quarter was an opportunity for China to build up stockpiles of iron ore and coal. This indicates that the first quarter of 2012 will be difficult. Going forward we intend to profitably employ those vessels whose long-term charters are set to expire, in line with our strategy of favorably positioning our vessels to take advantage of seasonal trade patterns that result in upward pressure on charter rates. So far, it should be noted that fixing vessels on floating rate contracts and profit sharing agreements has proved important in helping Seanergy benefit from spot market fluctuations. We continue to execute our business plan with the purpose of becoming a leading contender in the dry bulk shipping industry. Market conditions in the beginning of 2012 remain weak, as downside risks to future shipping demand seem to be increasing and deliveries of new vessels over the next twelve months are projected by industry experts to remain close to their peak. For the rest of the year, we expect rates to average at low levels yet with similar seasonal variations to those seen in 2011, as industrial and agricultural inventory cycles as well as unanticipated events continue to drive volatility in the demand for dry bulk vessels.