Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) has entered into a purchase agreement with a major Japanese company to acquire a 2009-built Capesize vessel (the “Vessel”), says a press release published on their website.
In addition, Seanergy has entered into a sales agreement with a far-eastern company for the sale of the 2001-built M/V Leadership, the oldest vessel in the Company’s fleet.
About the sale & acquisition agreement
The substitution of the M/V Leadership with the more modern Capesize vessel will significantly improve Seanergy’s average fleet age. The total Capesize acquisition capex for the Company year to date adds up to approximately $160 million and are fully funded through the Company’s cash reserves and recently concluded debt financings.
Acquisition of an additional Japanese
The new acquisition was built in 2009 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 177,000 deadweight tons (“dwt”) and will be renamed M/V Friendship.
The Vessel is expected to be delivered imminently, within July 2021, subject to the satisfaction of certain customary closing conditions. The gross purchase price of $24.6 million is expected to be funded with cash on hand.
Sale of a Capesize vessel
Additionally, the Company has agreed to sell the 2001-built M/V Leadership for further trading to far-eastern buyers. The net sale price is approximately $12 million, and the vessel is expected to be delivered to its new owners within the third quarter of 2021.
Company’s Chairman & CEO’s comment
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer said, “I am pleased to announce another high quality, Japanese Capesize vessel acquisition with prompt delivery, during a strong market dynamic.”
Renewal strategy
Under the company’s renewal strategy, the M/V Friendship will replace the M/V Leadership, their oldest vessel, and improve the age and operating profile of the fleet.
Environmental regulations
“This is consistent with our fleet growth and renewal strategy that will ensure that our fleet remains competitive, efficient, and fully compliant with the upcoming environmental regulations.”
Survey capex requirements
“The sale of the M/V Leadership was agreed at what we believe to be an attractive price, and has been timed optimally, ahead of the relevant survey capex requirements. The sale proceeds will further enhance the Company’s strong cash reserves.”
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Seanergy
