World News
Seanergy Maritime: Dry Bulk Crisis Offers Opportunities For "Quality" Acquisitions
Stamatis Tsantanis, Chief Executive Officer of Seanergy Maritime Holdings Corp. (Seanergy) says the current weakness in the global dry bulk sector offers opportunities for "quality" acquisitions.
Speaking as part of the company's third quarter financial announcement, Tsantanis said that the dry bulk market is going through "one of the worst crises of the last 25 years."
"However, the depressed markets usually represent unique opportunities for acquisitions of quality tonnage," he said.
"We strongly believe that our fleet expansion represents an opportunity to participate in a market recovery."
Tsantanis pointed out that Seanergy has taken delivery of seven vessels since the beginning of September 2015, bringing the current fleet to six Capesize and two Supramax vessels with carrying capacity in excess of 1.1 million DWT.
Seanergy said it was benefiting from an acquisition cost that is among the lowest of its peers.
The company will now focus on cost controls to achieve the "lowest possible daily break-even" on its fleet, according to Tsantanis.
"We will continue to cautiously pursue acquisition opportunities," he said.
For the three months ended September 30, Seanergy generated net revenues of $2.6 million, as compared to nil revenues in the same period of 2014.
The company saw a net loss of $1 million for the quarter, down from $1.1 million a year ago.
On Monday, Ship & Bunker reported that the Baltic Dry Index has continued to trade near all-time lows, reflecting worsening conditions in the dry bulk market.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 510.00 | 2.50 | 611.00 | 4.00 |
| Rotterdam | 477.00 | 1.00 | 618.50 | 4.00 |
| Houston | 469.50 | 0.50 | 610.00 | 2.00 |
| Fujairah | 501.50 | 1.50 | 708.50 | 3.50 |
| Global 20 Ports Average | 532.00 | 2.00 | 711.50 | 0.00 |
| Global 4 Ports Average | 489.50 | 0.50 | 637.00 | 0.50 |
| Global Average Bunker Price | 571.00 | 1.00 | 759.00 | 0.50 |
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