Seanergy Maritime Announces Acquisition of its 17th Capesize Vessel with Prompt Delivery and Completion of Previously-Announced Vessel Sale
October 19 2021 - 9:00AM
Seanergy Maritime Announces Acquisition
of its 17th Capesize Vessel with
Prompt Delivery and Completion of Previously-Announced Vessel
Sale
October 19, 2021 - Glyfada, Greece
- Seanergy Maritime Holdings Corp. (the “Company”)
(NASDAQ: SHIP) announced today 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.
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.
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.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“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 |
|
|
|
|
|
|
|
|
* delivery expected by mid-November 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. Upon delivery of the M/V Dukeship, the
Company's operating fleet will consist of 17 Capesize vessels with
an average age of 11.5 years and aggregate cargo carrying capacity
of approximately 3,011,083 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
- 2021-10-19_SHIP PR MV Dukeship acquisition
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