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.
Baltic Trading (BALT) shares tumble 7.8% AH after the company announces
it has commenced a public offering of stock.
Baltic intends to use proceeds for future vessel acquisitions and/or working capital. In conjunction to the offering, the company discloses it has been in negotiations to purchase 2 Ultramax drybulk vessels for $56M. The company has the option to purchase 2 additional vessels for $28M each, which would be financed through the public offering. (8-K)
Deja vu? Shares fell 5.9% AH in Sept. when the company announced a 5.6M share follow-on.