Seanergy Maritime +27% on Q4 earnings, leads shipping names higher

|About: Seanergy Maritime Holdings ... (SHIP)|By:, SA News Editor

Seanergy Maritime (SHIP +27.1%) shares are surging after the dry bulk shipper reported Q4 net earnings of $7.5M vs. a $117M loss in the prior-year quarter.

SHIP says 2013 saw a significant reversal in dry bulk market conditions, as increased China imports of iron ore and the expected slowdown in vessel deliveries over the next years led to higher freight rates in Q4, and sees continued strength in 2014; time charter equivalent rose 7% in the full year to $8,006 from $7,465 in 2012.

Other shipping names are mostly higher: GNK +9.2%, EGLE +3.2%, SBLK +2%, BALT +1.1%, SB +0.9%, NM +0.2%, DSX +0.2%, FREE -0.6%.