The stocks of shipping companies including Seanergy Maritime Holdings Corp.(NASDAQ:SHIP) jumped after Korea Line Corp. reported a win of the Hanjin Shipping Co. properties. The shipping division is witnessing remarkable gains after Korea Line procured the assets of Hanjin from a Seoul’s bankruptcy law court. This decision could result in a considerable impact on Asia-to-U.S. shipping prices.
In last trading session, the stock price of Seanergy Maritime jumped more than 74% to close the trading session at $4.80. The gains came at a share volume of 3,204 compared to average share volume of 205,291.
Earlier in September, Seanergy Maritime reported that it has finalized deals with a third party for the acquisition of 2 secondhand Capesize vessels. Both the vessels have a cargo-carrying capacity of nearly 180,000 deadweight tons. The vessels were established at Hyundai Heavy Industries. Both vessels are projected to be delivered till early January 2017, depending on the completion of certain guidelines. The firm projects to support the gross purchase rate of $20.75 million a vessel by secured credits from financing arrangements and financial institutions with the firm’s sponsor.
The financial performance
For 2Q2016 and six months closed June 30, 2016, Seanergy posted net revenues of $8.2 million and $15.2 million, correspondingly. Total stockholder’s equity came at $20.9 million while cash/restricted cash amounted to $3.1 million. Stamatis Tsantanis, the CEO and Chairman, reported that during 1H2016, the dry bulk market witnessed its worst performance in the past 25 years. The market weakness offers unique investment prospects to buy quality tonnage at generally low prices.
In the past months, the company has worked towards stated objective of expanding operating fleet by monitoring the vessel acquisition opportunities. As reported previously, Seanergy recently finalized a deal to purchase 2 2010-made South Korean Capesize vessels. The acquisition rate compares favorably with alike secondhand Capesize vessels.
Tsantanis stated that they have recently enhanced financial position by closing a registered direct offering earlier in August. At that time, the firm offered sold common shares to an institutional investor.