Seanergy Maritime Holdings Corp. announced its financial results for the second quarter and six months ended June 30, 2016.

For the second quarter and six months ended June 30, 2016, the Company generated net revenues of $8.2 and $15.2 million respectively. As of June 30, 2016 total stockholder’s equity was $20.9 million and cash and restricted cash was $3.1 million.

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

“During the first half of 2016, the dry bulk market experienced its worst performance of the last 25 years. The severe market weakness however, provides unique investment opportunities to acquire quality tonnage at historically low prices. Over the past several months we have worked towards our stated goal of expanding our operating fleet by actively monitoring the market for vessel acquisition opportunities. As announced in a separate press release, we recently reached an agreement to purchase two 2010-built South Korean Capesize vessels at a price of $20.75 million each. The acquisition price compares very favorably with similar secondhand Capesize vessels, which have averaged approximately $35 million over the past 5 years.

“Furthermore, we have recently improved our financial position by completing a registered direct offering in August where we sold common shares to an unaffiliated institutional investor. In addition, we reached a number of agreements with certain of our lenders to reduce our financial expenses and help us preserve our cash flow. It is evident through these transactions and the commitment shown by our lenders and investors that there is a high degree of confidence in our business plan.

“Over the first six months of 2016 the financial performance of Seanergy has been negatively affected by the historic low dry bulk charter market, especially in the first quarter of the year. Baltic freight indices show that the average daily rates for Capesize vessels over the first six months of 2016 fell by 22% when compared to the same period of 2015. Against this difficult background, our six Capesize vessels earned a TCE rate of $4,267 as compared to an average reading of $3,570 for the Baltic Capesize Index. Currently, the Capesize market has improved substantially compared to the levels seen in the first quarter, which we expect to lead to better financial performance for the rest of the year as our vessels are expected to operate in a higher charter rates environment.

“At the same time, the continued rise in China’s iron ore imports and the commitment to capacity expansion shown by major miners in Australia and Brazil reinforce our positive long term expectations. We intend to pursue additional acquisition opportunities that we believe can further enhance value for our shareholders and we believe that Seanergy is the right platform in the dry bulk listed space to take advantage of the eventual recovery of the freight market and asset values.”