Seanergy Sells Off Two Supramax Vessels

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  • Seanergy sold M/V Gladiatorship and M/V Guardianship for $23m in October 2018.
  • 179,759 dwt Capesize dry bulk vessel, M/V Fellowship purchased for $28.7m as well.
  • A senior loan facility used by Seanergy to finance the acquisition.
  • It is currently chartered in Europe at gross daily rate of $17,150 until January 2019.
  • The company’s fleet contains ten Capesize vessels, with cargo-carrying capacity of 1,748,644 dwt.

Seanergy Maritime completed previously announced sale of its two Chinese-built Supramax vessels to unaffiliated third parties, reports a press release.

Supramax Vessels Contract

The company provides marine dry bulk transportation services and has delivered 2010 built M/V Gladiatorship and 2011 built M/V Guardianship to their new owners for $23m.

M/V Fellowship Contract

The $28.7m purchase of a 179,759 deadweight tonne (dwt) Capesize dry bulk vessel, M/V Fellowship has followed through as well. The vessel was built in 2010 at Daewoo Shipbuilding in South Korea. Seanergy financed the acquisition of the vessel with a combination of cash on hand and a senior loan facility.

Loan repayment strategy

The company noted that the existing lender of the two Supramax vessels that were sold, agreed to roll over the underlying loan amount by funding the acquisition of the M/V Fellowship on the same terms substantially. Both the agreements were signed by the company with unaffiliated third parties in October.

Current contract 

The Fellowship is currently on time-charter to a major charterer in Europe at a gross daily rate of $17,150, with the latest redelivery taking place in January.

Expected future

Seanergy Maritime chairman and CEO Stamatis Tsantanis said: “We are pleased to take delivery of another high-quality modern Capesize vessel built in South Korea. We remain committed to further accretive acquisitions in the Capesize segment, as we strongly believe that it has the best fundamentals in the dry bulk industry. Following the addition of the M/V Fellowship to our fleet, Seanergy is now the only pure-play Capesize owner publicly listed in the US.”

The company’s fleet consists of ten Capesize vessels, with a cargo-carrying capacity of about 1,748,644 dwt and an average fleet age of approximately 9 years.

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Source: Ship Technology

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