Seanergy Announces Delivery & Immediate Period Employment of one Capesize Vessel and New Bank Loan Facility
July 27 2021 - 9:00AM
Seanergy
Announces Delivery &
Immediate Period Employment
of one Capesize
Vessel and New
Bank Loan Facility
July
27, 2021
- Glyfada,
Greece - Seanergy Maritime Holdings Corp. (the “Company”
or “Seanergy”) (NASDAQ: SHIP) reported today the delivery of a
previously-announced Capesize vessel acquisition, the M/V
Friendship (the “Vessel”). The Vessel is a 176,952 dwt Capesize
bulk carrier, built in 2009 by Namura Shipbuilding Co., Ltd. in
Japan. The M/V Friendship is the fifth Capesize delivery that
Seanergy has successfully completed in 2021 to date.
The Vessel has been fixed on a time charter
(“T/C”) with NYK Line, a leading Japanese corporation, which is an
existing charterer of Seanergy. The T/C is expected to commence
immediately, upon finalization of the customary transition process
and will have a term of minimum 17 to maximum 24 months from the
delivery. The gross daily rate of the T/C is based at a premium
over the Baltic Capesize Index (“BCI”).
Moreover, Seanergy received approval, from one
of its existing lenders to partially finance the acquisition of the
M/V Friendship. The loan facility of up to $13.0 million bears
interest rate of LIBOR + 3.25%, has a four-year term and will be
repaid through 4 quarterly instalments of $0.7 million followed by
12 quarterly instalments of $0.38 million and a balloon of $5.7
million payable together with the last instalment.
Company fleet
on a fully delivered basis and following
the sale of the M/V Leadership:
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 |
Friendship |
Capesize |
176,952 |
2009 |
Namura Shipbuilding |
No |
T/C Index Linked |
Goodship |
Capesize |
177,536 |
2005 |
Mitsui Engineering |
No |
Voyage/Spot |
Worldship * |
Capesize |
181,415 |
2012 |
Japanese Shipyard |
Yes |
T/C Fixed Rate -$31,750/day |
Total / Average age |
|
2,829,631 |
11.4 |
|
|
|
* 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 11.4 years and aggregate cargo carrying capacity
of approximately 2,829,631 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”.
Please visit our company website at:
www.seanergymaritime.com.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks and are based upon
a number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the Company's operating
or financial results; the Company's liquidity, including its
ability to service its indebtedness; competitive factors in the
market in which the Company operates; shipping industry trends,
including charter rates, vessel values and factors affecting vessel
supply and demand; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or
contraction, and expected capital spending or operating expenses;
risks associated with operations outside the United States; risks
associated with the length and severity of the ongoing novel
coronavirus (COVID-19) outbreak, including its effects on demand
for dry bulk products and the transportation thereof; and other
factors listed from time to time in the Company's filings with the
SEC, including its most recent annual report on Form 20-F. The
Company's filings can be obtained free of charge on the SEC's
website at www.sec.gov. Except to the extent required by law, the
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact:
Seanergy Investor RelationsTel: +30 213 0181 522E-mail:
ir@seanergy.gr
Capital Link, Inc.Daniela Guerrero230 Park Avenue Suite 1536New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
- Download the entire press release here
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