Connect with us

Maritime News

Seanergy Maritime Holdings Corp. Announces Agreement to Acquire One Modern Capesize Vessel and Sale of Two Supramax Vessels to Become the Only US-Listed Pure-Play Capesize Vessel Owner

Last Updated October 02, 2018

Seanergy Maritime Holdings Corp. Announces Agreement to Acquire One Modern Capesize Vessel and Sale of Two Supramax Vessels to Become the Only US-Listed Pure-Play Capesize Vessel Owner

Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that it has entered into definitive agreements with unaffiliated third parties for the purchase of a modern secondhand Capesize vessel and the sale of two Supramax drybulk vessels. The transactions are expected to be completed in the fourth quarter of 2018. Following these transactions, Seanergy will be the only pure-play Capesize vessel owner listed in the US public markets.

Acquisition of Modern Capesize Vessel

The Company has agreed to acquire a modern secondhand Capesize vessel from an unaffiliated third party,  built in 2010 at Daewoo Shipbuilding in South Korea with a cargo-carrying capacity of approximately 180,000 deadweight tons (“dwt”) for a gross purchase price of $28.7 million.

The delivery of the new vessel is scheduled to take place in the fourth quarter of 2018. The vessel is currently on time charter to a major European drybulk operator at a gross daily rate of $17,150 with latest redelivery date in January 2019.

Sale of the Company’s Supramax Vessels

Additionally, the Company has entered into two separate definitive agreements with unaffiliated third parties for the sale of its only two Supramax vessels, the 2010-built M/V Gladiatorship and the 2011-built M/V Guardianship. The aggregate gross sale price is approximately $23 million and the vessels are scheduled to be delivered to their new owners in October 2018.

Finally, the Company has reached an in-principle agreement with the existing lender of the two Supramax vessels pursuant to which it expects that the loan secured by these vessels will remain available to fund the majority of the acquisition cost of the new Capesize vessel under substantially the same terms. The definitive documentation for such agreement is currently under negotiation with the Company’s lender. The balance of the acquisition price of the Capesize vessel is expected to be funded through cash on hand.

The S&P transactions are subject to standard closing procedures.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“We are pleased to announce these transformational transactions, which will result in the Company becoming the first pure-play Capesize owner listed in the US public markets. These transactions increase Seanergy’s Capesize cargo carrying capacity to 1,748,638 dwt without diluting our shareholders or increasing our corporate leverage.

“This is consistent with our plan of focusing and growing Seanergy’s presence on the Capesize market, which we believe offers the best fundamentals in the dry bulk industry.

“We believe that the sale price achieved for our two Supramax vessels is attractive, especially in view of the latest rules set by China for Tier II vessels engaged in domestic trading. The two Supramax vessels are replaced with a high quality Korean Capesize, acquired at what we believe to be a low price considering the current valuation environment and the favorable prospects of the sector.

“Lastly the in-principle agreement reached with one of our existing banks for the transfer of the loan from the two Supramax to the Capesize, attests to the continuous support of and strong working relationship with our lenders.”

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is an international shipping company that provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. The Company currently operates a modern fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,682,582 dwt and an average fleet age of about 9.3 years.

Upon completion of the sales and the purchase of the new vessel, the Company’s operating fleet shall consist of 10 Capesize vessels with an average age of 9.5 years and aggregate cargo carrying capacity of 1,748,638 dwt.

The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company’s common shares and class A warrants trade on the Nasdaq Capital Market under the symbols “SHIP” and “SHIPW”, respectively.

Press release & images: seanergymaritime.com

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *