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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Seanergy Maritime (Nasdaq: SHIP) Rises On New Charter

Orlando, FL 12/19/11 (StreetBeat)-- Drybulk ship owner Seanergy Maritime Holdings Corp (Nasdaq: SHIP) said it entered into a new time-charter agreement for one of its four Capesize vessels, sending is shares as much as 17 percent.

A time charter is a contract for the hire of a ship for a specified period of time.

Seanergy said the capesize vessel-- the biggest dry bulk ship type, which transports cargoes such as iron ore and coal -- was chartered for 11-13 months.

With this, about 70 percent of its 'ownership days', or capacity, for 2012 have now been chartered, the company added.

Shares of the Athens-based company were up 17 percent at $2.58 in early trade on Nasdaq on Monday.

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