UPDATE 1-Seanergy Maritime loss widens on lower vessel rates

Tue May 29, 2012 9:11am EDT

* Q1 loss $0.54 vs $0.21 last year

* Q1 rev down 31 pct to $17.4 mln

May 29 (Reuters) - Seanergy Maritime Holdings Corp, an owner of dry bulk ships, posted a bigger first-quarter loss as rates for its vessels fell due to an oversupply of ships in the market.

Time charter equivalent, a shipping industry standard used to calculate the average daily revenue performance of a vessel, fell 34 percent to $9,546 per day.

Vessel operating days fell 3 percent to 1,626.

Net loss widened to $6.4 million, or 54 cents per share, from a year-ago loss of $1.5 million, or 21 cents per share.

Net revenue fell 31 percent to $17.4 million.

Shares of the Athens-based company closed at $2.70 on the Nasdaq on Friday. The stock has risen about 38 percent in the past five months.