Seanergy to Acquire
an additional
Modern Capesize Vessel
and Sell the Oldest
Vessel of the Fleet
July
7, 2021
- Glyfada,
Greece - Seanergy Maritime Holdings Corp. (the “Company”
or “Seanergy”) (NASDAQ: SHIP) reported today that it has entered
into a purchase agreement with a major Japanese company to acquire
a 2009-built Capesize vessel (the “Vessel”). In addition, Seanergy
has entered into a sales agreement with a far-eastern company for
the sale of the 2001-built M/V Leadership, the oldest vessel in the
Company’s fleet.
The substitution of the M/V Leadership with the
more modern Capesize vessel will significantly improve Seanergy’s
average fleet age. The total Capesize acquisition capex for the
Company year to date adds up to approximately $160 million and are
fully funded through the Company’s cash reserves and recently
concluded debt financings.
Acquisition of an additional
Japanese, high quality Capesize
vessel with
prompt delivery
The new acquisition was built in 2009 at a
reputable shipyard in Japan, has a cargo-carrying capacity of
approximately 177,000 deadweight tons (“dwt”) and will be renamed
M/V Friendship. The Vessel is expected to be delivered imminently,
within July 2021, subject to the satisfaction of certain customary
closing conditions. The gross purchase price of $24.6 million is
expected to be funded with cash on hand.
Sale of a Capesize
vessel
Additionally, the Company has agreed to sell the
2001-built M/V Leadership for further trading to far-eastern
buyers. The net sale price is approximately $12 million, and the
vessel is expected to be delivered to its new owners within the
third quarter of 2021.
Stamatis Tsantanis, the
Company’s Chairman & Chief Executive Officer,
stated:
“I am pleased to announce another high quality,
Japanese Capesize vessel acquisition with prompt delivery, during a
strong market dynamic. The M/V Friendship will replace the M/V
Leadership, our oldest vessel, improving the age and operating
profile of the fleet. This is consistent with our fleet growth and
renewal strategy that will ensure that our fleet remains
competitive, efficient, and fully compliant with the upcoming
environmental regulations.
The sale of the M/V Leadership was agreed at
what we believe to be an attractive price, and has been timed
optimally, ahead of the relevant survey capex requirements. The
sale proceeds will further enhance the Company’s strong cash
reserves.
We remain committed to further accretive
acquisitions in the Capesize segment, and we believe Seanergy is
optimally positioned to take advantage of an unfolding
super-cycle.”
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 |
Goodship |
Capesize |
177,536 |
2005 |
Mitsui Engineering |
No |
Voyage/Spot |
Worldship * |
Capesize |
181,415 |
2012 |
Japanese Shipyard |
Yes |
N/A |
Friendship ** |
Capesize |
176,952 |
2009 |
Japanese Shipyard |
No |
N/A |
Total / Average age |
|
2,829,631 |
11.4 |
|
|
|
* Delivery expected within August 2021
** Delivery expected within July 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
- 2021-7-6_SHIP Friendship_Leadership
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