Why Seanergy Maritime (SHIP) Stock Is Soaring Today

NEW YORK (TheStreet) -- Seanergy Maritime  (SHIP) soared more than 26% to $2.14 at 11:23 a.m. on Thursday after the company reported its fourth-quarter earnings and posted its first profitable year since 2010.

Seanergy recorded net income of $7.5 million, or 62 cents per basic and diluted share, up from a loss of $117 million, or $9.79 per basic and diluted share, in the same period one year earlier. Adjusted net income totaled $0.5 million, compared to an adjusted net loss of $8 million in the fourth quarter of the fiscal year 2012.

Revenue declined 25% year over year to $6.3 million. 

Seanergy's Time Charter Equivalent increased 7% in the full fiscal year to $8,006 from $7,465 in 2012. Full-year net revenue dropped 58% to $23.1 million, as the company owned an average of 17.6 vessels in 2012 but just an average of 6.2 vessels in 2013.

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