Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) reported today the delivery of two previously-announced Capesize vessel acquisitions. The first vessel is a 181,709 dwt Capesize bulk carrier, built in 2010 by Imabari Shipbuilding Co., Ltd. in Japan, which was renamed M/V Patriotship, and the second is a 176,925 dwt Capesize bulk carrier, built in 2006 by Namura Shipbuilding Co., Ltd. in Japan, which was renamed M/V Tradership (the “Vessels”).
Taking advantage of the strong market conditions, Seanergy fixed the M/V Patriotship proactively at $31,000 per day for a period employment of 12 to 18 months with a major European cargo operator. Additionally, the M/V Tradership has been fixed for a period employment of 11 to 15 months with a major South Korean industrial company at an index-linked rate based on the Baltic Capesize Index. Both time charters are expected to commence promptly, upon finalization of the customary handover process.
Moreover, the Company is in advanced discussions with a leading Asian financial institution to finance part of the acquisition price of the M/V Patriotship through a sale and leaseback structure at competitive terms.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“I am pleased to announce the timely delivery of our fourteenth and fifteenth Capesize vessels and the immediate commencement of their respective period employments.
We are also excited to initiate business relationships with two additional reputable charterers. Including these deliveries, 87% of our operating fleet is employed under advantageous medium to long-term charters.
At the financing front, we have secured competitively-priced financings for our recent vessel acquisitions, as previously announced, which will further enhance our strong liquidity position and reduce the Company’s average cash interest expense.
We believe Seanergy is optimally positioned to take advantage of the rising market conditions.”
Company fleet on a fully delivered basis:
Vessel Name | Vessel Size Class | Capacity (DWT) | Year Built | Yard | Scrubber Fitted | Employment Type |
Partnership | Capesize | 179,213 | 2012 | Hyundai | Yes | T/C Index Linked |
Championship | Capesize | 179,238 | 2011 | Sungdong | Yes | T/C Index Linked |
Lordship | Capesize | 178,838 | 2010 | Hyundai | Yes | T/C Index Linked |
Premiership | Capesize | 170,024 | 2010 | Sungdong | Yes | T/C Index Linked |
Squireship | Capesize | 170,018 | 2010 | Sungdong | Yes | T/C Index Linked |
Knightship | Capesize | 178,978 | 2010 | Hyundai | Yes | T/C Index Linked |
Gloriuship | Capesize | 171,314 | 2004 | Hyundai | No | T/C Index Linked |
Fellowship | Capesize | 179,701 | 2010 | Daewoo | No | T/C Index Linked |
Geniuship | Capesize | 170,058 | 2010 | Sungdong | No | T/C Index Linked |
Hellasship | Capesize | 181,325 | 2012 | Imabari | No | T/C Index Linked |
Flagship | Capesize | 176,387 | 2013 | Mitsui Engineering | No | T/C Index Linked |
Patriotship | Capesize | 181,709 | 2010 | Saijo – Imabari | Yes | T/C Fixed Rate -$31,000/day |
Tradership | Capesize | 176,925 | 2006 | Namura Shipbuilding | No | T/C Index Linked |
Leadership | Capesize | 171,199 | 2001 | Koyo – Imabari | No | Voyage/Spot |
Goodship | Capesize | 177,536 | 2005 | Mitsui Engineering | No | Voyage/Spot |
Worldship * | Capesize | 181,415 | 2012 | Japanese Shipyard | Yes | N/A |
Total / Average age | 2,823,878 | 11.8 |
* Delivery expected within August 2021
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. On a fully-delivered basis, the Company’s operating fleet will consist of 16 Capesize vessels with an average age of 11.8 years and aggregate cargo carrying capacity of approximately 2,823,878 dwt.
The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.
Latest News
Athens Int’l Airport Wins Top Prize at Routes Europe Awards
The Routes business is focused entirely on aviation route development and the company's portfolio includes events, media and online businesses
IOBE: Income Gap Between Poor and Wealthy Greeks Widens
The findings in the analysis, entitled “Progressivity in Income Taxation in Greece, 2012-2021", paint a bleak picture for Greeks in the bottom half of the income bracket, warning that income inequality is growing
Study Finds 4 in 10 Greeks to Slash Easter Spending
This year, hit by persistent inflation, many Greeks will be dishing out less on food, drink and gifts for Orthodox Easter on May 5
ELSTAT: Overnight Stays in Greece Up in Feb.
The provisional monthly data revealed that arrivals at tourist accommodations amounted to 773,104 and overnight stays were 1,677,685
Electric Energy: Greece’s New Sustainable Export
Moreover, a surplus of generated electricity cannot be fully absorbed by domestic grids and this excess power finds eager buyers in the form of companies entering into Power Purchase Agreements (PPAs), willing to pay a premium for clean energy
IOBE Revises Greek GDP Growth Downward, to 2.1% For 2024
Annual inflation is expected to reach 3%, up from the previous forecast of 2.8%
Last Sections of 136km E65 Highway Inaugurated on Tues.
Athens to Karditsa drive time is expected to drop to two and a half hours (under normal conditions), and some three hours from Athens to Trikala
Reuters: Greece to Repay More Bailout Loans Ahead of Maturity in 2023
The country has relied solely on international markets for its borrowing needs since a third institutional bailout ended in 2018
Ag Min. Avgenakis: Greece-China Cooperation in Research, Education in Agri-Food Sector
Greek minister tours cutting-edge hydroponics and robotics facilities at the Chinese Academy of Agricultural Sciences in Beijing
Mini Holiday Season in Greece for Upcoming Orthodox Easter
Occupancy rates reach up to 90% domestically for accommodations open ahead of peak summer season