Seanergy narrows loss due to higher capesize rates, but debt still expensive

Seanergy Maritime Holdings has come much closer to earning a profit after achieving much higher rates for its growing fleet of capesize bulkers.

The Stamatis Tsantanis-led owner of 16 capesize bulkers on Tuesday posted a $1.3m net loss for the first quarter, cutting its red ink from $8.3m for the same period of last year.

Revenue improved to $20.4m, u 53% compared to the first three months of 2019, primarily because Seanergy's daily time charter equivalent (TCE) rate jumped 91% to $16,219 per day.