Seanergy Maritime (NASDAQ: SHIP) reported Q3 EPS of ($0.15), versus $0.00 reported last year. Revenue for the quarter came in at $26.4 million versus the consensus estimate of $14.47 million.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“During the third quarter of 2018, the Capesize market conditions improved significantly and that was reflected in the operational performance of our fleet. Our net revenues for the quarter were $26.4 million, our adjusted EBIDTA was $10.1 million and our adjusted net income was $1.3 million. Our average Capesize TCE for the third quarter of 2018 was $18,244 per day.

“Consistent with our strategy to focus in the Capesize sector, which we believe to have the most positive fundamentals in dry bulk shipping, we became the only pure-play Capesize company listed in the US capital markets. This is a result of the sale of our Supramax vessels which was completed in November 2018. In addition, we expanded our capesize fleet by acquiring the Korean-built Capesize M/V Fellowship. The vessel was delivered to us on November 22, 2018. We will continue to pursue accretive acquisitions of quality second hand Capesize tonnage.

“We also entered into innovative agreements with three leading dry-bulk charterers to install scrubbers on five of our ships with forward starting time charters, ranging in duration from three to five years. The underlying rates are index-linked providing for full participation in the Capesize market, plus profit sharing above certain levels of the fuel spread. This significant investment is undertaken in close cooperation with our charterers in order to ensure compliance with upcoming regulations. We believe that this approach towards the new regulations is the most prudent, since we avoid the installation costs and other uncertainties of the fuel markets.

“In addition, we completed a leasing transaction of $23.5 million with Cargill International SA for one of our Capesize vessels. This financing arrangement resulted in a capital release of approximately $7.8 million while reducing materially the underlying interest cost. The deal includes a five-year time charter with Cargill, as well as the scrubber installation. In connection with this transaction, we issued 1.8 million shares of Seanergy to Cargill.

“In 2018 to date we have successfully concluded the debt refinancing of approximately $48 million with new loan facilities exceeding $70 million. As a result, we reduced the average interest cost of the underlying loans by 2.25% and extended the respective maturities by an average of 4.5 years. Moreover, we further expanded our lending relationships with prominent financial institutions in Asia and the U.S.

“We are very optimistic for the Capesize market in 2019 and 2020. The drastic reduction of new vessel deliveries in combination with the fleet disruptions from the implementation of the new environmental rules is leading to a significant tonnage supply deficit. Despite a recent temporary market slowdown, the Baltic Capesize Index in 2018 has been about 10% higher than in 2017 and we expect the positive market trend to continue based on the solid fundamentals.”

For earnings history and earnings-related data on Seanergy Maritime (SHIP) click here.