Seanergy Maritime Acquires Its 17th Capesize Vessel

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Seanergy Maritime announces acquisition of its 17th capesize vessel with prompt delivery and completion of previously-announced vessel sale, says a press release published on their website.

About the agreement

Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced that it has entered into a definitive agreement with an unaffiliated third party to purchase a Capesize vessel (the “Vessel”).

In addition, the Company has recently completed the sale and delivery of its oldest Capesize vessel, the M/V Leadership, 2001-built, to its new owners.

About the vessel

The Vessel was built in 2010 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 181,500 deadweight tons (“dwt”) and will be renamed M/V Dukeship.

The M/V Dukeship is expected to be delivered within November 2021, subject to the satisfaction of certain customary closing conditions.

Following her delivery, Seanergy’s fleet will increase to 17 Capesize vessels with an aggregate cargo capacity exceeding 3 million dwt.

BWTS fitted

The Vessel is fitted with a ballast water treatment system, while the special survey was recently completed by the current owner and, therefore, the Company does not anticipate incurring any significant off-hire or capital expenditures for this Vessel for the next two years.

The purchase price of $34.3 million is expected to be funded with cash on hand.

Company’s Chairman & CEO’s comment

“I am very pleased to announce our 7th Japanese capesize acquisition within 2021. Our total investment since the beginning of our fleet expansion program in 2020 has reached $205 million.

The addition of the M/V Dukeship will further enhance our operating leverage as a leading pure-play Capesize company and, given the Vessel’s prompt delivery in a strong Capesize market, the acquisition is expected to be immediately accretive for our shareholders.

The spot Capesize market currently exceeds $60,000 per day, rendering the latest addition a high revenue-generating investment, while the forward curve indicates that the positive market trend will be sustained for the next years.”

Company fleet upon Vessel’s delivery:

Vessel Name Vessel Class Capacity (DWT) Year Built Yard Employment
Patriotship Capesize 181,709 2010 Imabari T/C – fixed rate
Worldship Capesize 181,415 2012 Koyo – Imabari T/C – fixed rate
Hellasship Capesize 181,325 2012 Imabari T/C Index Linked
Fellowship Capesize 179,701 2010 Daewoo T/C Index Linked
Championship Capesize 179,238 2011 Sungdong SB T/C Index Linked
Partnership Capesize 179,213 2012 Hyundai T/C Index Linked
Knightship Capesize 178,978 2010 Hyundai T/C Index Linked
Lordship Capesize 178,838 2010 Hyundai T/C Index Linked
Goodship Capesize 177,536 2005 Mitsui Voyage/Spot
Friendship Capesize 176,952 2009 Namura T/C Index Linked
Tradership Capesize 176,925 2006 Namura T/C Index Linked
Flagship Capesize 176,387 2013 Mitsui T/C Index Linked
Gloriuship Capesize 171,314 2004 Hyundai T/C Index Linked
Geniuship Capesize 170,057 2010 Sungdong SB T/C Index Linked
Premiership Capesize 170,024 2010 Sungdong SB T/C Index Linked
Squireship Capesize 170,018 2010 Sungdong SB T/C Index Linked
Dukeship* Capesize 181,453 2010 Japanese yard N/A
Total / Average age 3,011,083 11.5

 

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Source: Yahoo Finance

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