Seanergy Maritime (Nasdaq: SHIP) swings to 4th-qrtr profit

Orlando, FL 2/15/12 (StreetBeat) -- Drybulk ship owner Seanergy Maritime Holdings Corp (Nasdaq: SHIP) swung to a profit in the fourth quarter, helped by increased operating days and reduced costs.

However, the company said it expects market conditions to remain weak this year as new vessel deliveries add to oversupply in the industry, hurting demand and depressing rates.

Revenue for the quarter rose 6.2 percent to $27.5 million on increased fleet operating days. Expenses for the quarter fell $2 million.

The company posted a net income of $6.6 million, or 91 cents per share, compared with a loss of $2.6 million, or 36 cents per share, a year ago.

Shares of the company closed at $2.91 on Tuesday on the Nasdaq.

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