Not Even the Young Are Immune

With only four months elapsed since inception, Seanergy Maritime Holdings also reported 4thQ and year-end 2008 results. During September, the company took delivery of the bulk of its fleet of six vessels, consisting of two Panamax, two Supramax and two Handysize vessels.

During this quarrter, the company took a non-cash impairment charge of $49.3 million against goodwill ($44.8) and one vessel ($4.5) reflecting declining asset values. This, in turn, required a waiver of the breach of the company’s LTV covenant by the banks, with the quid pro quo being the suspension of the dividend.

Nevertheless, Seanergy is well positioned with cash reserves of $44 million as of today in addition to locked-in above market revenues through September 2009. The company is the beneficiary of a somewhat incestuous relationship

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