Seanergy Maritime Spiking 24% on Strong Quarterly Results

Shares of Seanergy Maritime

are seeing much strength during Wednesday's trading session after the company announced fourth quarter results, which were better than analyst's expected. Seanergy Maritime reported revenues for the fourth quarter of $27.5 million, with a $6.6 million net profit. Commenting on the positive results, CEO Dale Ploughman 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." Currently, shares of Seanergy Maritime are trading up over 24% at $3.61.