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seanergy Seanergy Maritime Holdings Corp. Reports Financial Results for the First Quarter Ended March 31 , 2021 Highlights of the First Quarter of 2021 : Net revenues : $ 20.4 million in Q1 2021 , as compared to $ 13.3 million in Q1 2020 , up 53 % Net loss : $ 1.3 million in Q1 2021 , as compared to net loss of $ 8.3 million in Q1 2020 EBITDA¹ : $ 6.5 million in Q1 2021 , as compared to $ 1.0 million in Q1 2020 , up 567 % Adjusted EBITDA¹ : $ 7.9 million in Q1 2021 , as compared to $ 1.4 million in Q1 2020 , up 483 % Cash position² : $ 58.1 million in Q1 2021 , as compared to $ 23.7 million in Q4 2020 , up 145 % Debt and other financial liabilities³ : $ 131.5 million in Q1 2021 , as compared to $ 169.8 million in Q4 2020 Shareholders ' equity : $ 188.1 million in Q1 2021 , as compared to $ 95.7 million in Q4 2020 , up 97 % ■ ■ ■ ■ 1 ■ First Quarter & Recent developments : Acquisition of 5 modern Japanese Capesize vessels , for a total investment of $ 134.3 million and a fleet increase to 16 vessels and 2.8 million DWT ( on a fully delivered basis ) New time charter agreements for four Capesize vessels with prominent charterers Debt reduction of $ 38.8 million during the first quarter of 2021 New financing and refinancing transactions of $ 73.5 million in the second quarter of 2021 ■ ■ ■ May 25 , 2021 Athens , Greece - Seanergy Maritime Holdings Corp. ( the " Company " ) ( NASDAQ : SHIP ) , announced today its financial results for the first quarter ended March 31 , 2021 . For the quarter ended March 31 , 2021 , the Company generated net revenues of $ 20.4 million , a 53 % increase compared to the first quarter of 2020. Adjusted EBITDA for the quarter was approximately $ 7.9 million , increased by 483 % from $ 1.4 million in the same period of 2020. Net loss for the first quarter was $ 1.3 million compared to net loss of $ 8.3 million in the first quarter of 2020 . The daily Time Charter Equivalent ( “ TCE " ) ¹ of the fleet for the first quarter of 2021 was $ 16,219 , marking a 91 % increase when compared to the respective figure for the first quarter of 2020 of $ 8,481 . The average daily OPEX of the fleet for the quarter was $ 5,605 , in line with the $ 5,566 figure of the respective quarter of 2020 . Cash and cash - equivalents , restricted cash and term deposits as of March 31 , 2021 stood at $ 58.1 million , compared to $ 23.7 million as of December 31 , 2020. Shareholders ' equity at the end of the first quarter was $ 188.1 million , almost double shareholders ' equity of $ 95.7 million as of December 31 , 2020 , while long - term debt ( senior and junior loans and financial leases ) stood at $ 131.5 million as of March 31 , 2021 , reduced by 22.5 % from $ 169.8 million as of the end of 2020 . Earnings Before Interest , Taxes , Depreciation and Amortization ( " EBITDA " ) , Adjusted EBITDA and Time Charter Equivalent rate ( " TCE " ) are non - GAAP measures . Please see the reconciliation below of EBITDA and Adjusted EBITDA to Net Income / ( Loss ) and TCE to Net revenues from vessels , in each case the most directly comparable U.S. GAAP measure . 2 Includes cash and cash - equivalents , restricted cash and term deposits . 3 Net of deferred finance costs . 1