Seanergy Maritime Holdings Corp. Announces Agreement to Acquire its 16th Capesize Vessel and New Time Charter
May 24 2021 - 9:00AM
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”).
The Vessel was built in 2012 at a reputable
shipyard in Japan, has a cargo-carrying capacity of approximately
181,000 deadweight tons (“dwt”) and will be renamed M/V Worldship.
The Worldship is expected to be delivered within the third quarter
of 2021, subject to the satisfaction of certain customary closing
conditions. Following her delivery, Seanergy’s fleet will increase
to 16 Capesize vessels with an aggregate cargo capacity of
approximately 2,800,000 dwt.
The Vessel is fitted with a scrubber and a
ballast water treatment system, while the special survey will be
completed by the current owner prior to the delivery and,
therefore, the Company does not anticipate incurring any off-hire
or capital expenditure for this Vessel at least for the next two
years.
The purchase price of $33.7 million is expected
to be funded with cash on hand and debt financing.
In addition, taking advantage of the current
strong market conditions, Seanergy has fixed one of its Capesize
vessels, the M/V Patriotship, at $31,000 per day for a period
employment of 12-18 months with a major European cargo operator.
The contract is expected to commence upon the Patriotship’s
upcoming delivery to the Company, which is anticipated in the
beginning of June 2021.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“I am very pleased to announce another timely
acquisition of a high-quality Capesize vessel built by a renowned
shipyard in Japan. The addition of the M/V Worldship to our fleet
will further enhance our operating leverage as a leading pure-play
Capesize company.
This should be a highly accretive transaction
for our shareholders as it will be funded by Seanergy’s strong
liquidity, consisting of cash on hand and loan facilities at
competitive terms.
Our fleet is currently operating in a
decade-high freight environment, where the Capesize forward freight
contracts (“FFA”) for the second half of 2021 exceed $30,000 per
day. Based on the anticipated delivery of the Vessel in the mid of
the third quarter of 2021, the incremental gross revenue from this
acquisition may exceed $4 million for the remainder of the
year.”
Company fleet upon vessels’
delivery:
Vessel Name |
Vessel Class |
Capacity (DWT) |
Year Built |
Yard |
Employment |
Partnership |
Capesize |
179,213 |
2012 |
Hyundai |
T/C Index Linked |
Championship |
Capesize |
179,238 |
2011 |
Sungdong |
T/C Index Linked |
Lordship |
Capesize |
178,838 |
2010 |
Hyundai |
T/C Index Linked |
Premiership |
Capesize |
170,024 |
2010 |
Sungdong |
T/C Index Linked |
Squireship |
Capesize |
170,018 |
2010 |
Sungdong |
T/C Index Linked |
Knightship |
Capesize |
178,978 |
2010 |
Hyundai |
T/C Index Linked |
Gloriuship |
Capesize |
171,314 |
2004 |
Hyundai |
T/C Index Linked |
Fellowship |
Capesize |
179,701 |
2010 |
Daewoo |
T/C Index Linked |
Geniuship |
Capesize |
170,058 |
2010 |
Sungdong |
T/C Index Linked |
Hellasship |
Capesize |
181,325 |
2012 |
Imabari |
T/C Index Linked |
Flagship |
Capesize |
176,387 |
2013 |
Mitsui Engineering |
T/C Index Linked |
Goodship |
Capesize |
177,536 |
2005 |
Mitsui Engineering |
Voyage/Spot |
Leadership |
Capesize |
171,199 |
2001 |
Koyo – Imabari |
Voyage/Spot |
Tradership* |
Capesize |
176,925 |
2006 |
Japanese Shipyard |
N/A |
Patriotship* |
Capesize |
181,709 |
2010 |
Japanese Shipyard |
T/C - $31,000 / day |
Worldship** |
Capesize |
181,000 |
2012 |
Japanese Shipyard |
N/A |
Total / Average age |
|
2,800,000 |
11.8 |
|
|
*
deliveries expected by mid-June 2021 |
** delivery expected in Q3 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 fleet will consist of 16 Capesize vessels with average
age of 11.8 years and aggregate cargo carrying capacity of above
2,800,000 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 Relations Tel: +30 213 0181 522
E-mail: ir@seanergy.gr
Capital Link, Inc. Daniela Guerrero 230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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