GLYFADA, Greece, March 30, 2021 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Firm”) (NASDAQ: SHIP) introduced as we speak that it has entered right into a definitive settlement with an unaffiliated third occasion to buy a contemporary Capesize vessel (the “Vessel”). Upon supply of this acquisition, in addition to the beforehand introduced vessel purchases, the dimensions of the Firm’s fleet will enhance to fifteen Capesize vessels with an combination cargo capability of roughly 2.65 million dwt.
The Vessel was in-built 2012 at a good shipyard in Japan, has a cargo-carrying capability of roughly 181,300 deadweight tons (“dwt”) and shall be renamed M/V Hellasship. The Vessel is anticipated to be delivered in the direction of the tip of April 2021, topic to the satisfaction of sure customary closing situations. The ballast water system set up of the Vessel was accomplished by the present proprietor and, subsequently, no extra prices are envisaged for the Vessel to adjust to the related laws. The gross buy worth of $28.6 million is anticipated to be funded with money at hand or by a mix of money at hand and proceeds from new mortgage services.
As well as, the Firm obtained a dedication letter from a European Financial institution for a $15.5 million mortgage facility secured by two of its Capesize vessels, the M/V Goodship and the M/V Tradership. The mortgage can have a tenor of 4 years from the drawdown date and can bear curiosity at 4.0% plus LIBOR every year. The mortgage stays topic to customary situations precedent and execution of definitive documentation. Seanergy can be in superior discussions with main monetary establishments for additional financing transactions at aggressive phrases.
Stamatis Tsantanis, the Firm’s Chairman & Chief Govt Officer, said:
“We’re happy to announce the settlement to accumulate our 15th Capesize vessel, which can develop our fleet by 50% inside the final 9 months. The planning of all our current acquisitions has been well-timed in gentle of considerably improved market situations, which attests to our place as a number one pure-play Capesize firm.
Given the immediate supply prospects, the Firm is anticipated to profit from the quickly growing freight charges. The typical of the Baltic Capesize Index at present stands at about $19,000 per day, whereas the Capesize ahead freight contracts (“FFA”) for the second quarter and second half of 2021 are buying and selling at above $22,000 per day on common. Primarily based on these FFA charges, the incremental web income from the 4 lately introduced acquisitions could exceed $21 million for the rest of the 12 months, based mostly on their deliberate supply schedule.
Furthermore, the brand new debt financing with the aggressive underlying price, will present extra liquidity supporting our efforts to efficiently execute on our strategic purpose of sustainable development and improved shareholder returns.
The improved prospects of the Capesize market are anticipated to proceed for the approaching years and based mostly on our expanded fleet and advantageous employment preparations, we strongly imagine that Seanergy may be very well-positioned to profit from this pattern.”
Firm Fleet upon Vessels’ supply:
Vessel Identify | Vessel Class | Capability (DWT) | 12 months Constructed | 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 |
Goodship | Capesize | 177,536 | 2005 | Mitsui Engineering | Voyage/Spot |
Management | Capesize | 171,199 | 2001 | Koyo – Imabari | Voyage/Spot |
Tradership | Capesize | 176,925 | 2006 | Japanese Shipyard | N/A |
Flagship | Capesize | 176,387 | 2013 | Japanese Shipyard | N/A |
Patriotship | Capesize | 181,709 | 2010 | Japanese Shipyard | N/A |
Hellasship | Capesize | 181,325 | 2012 | Japanese Shipyard | N/A |
Complete / Common age | 2,642,463 | 11.9 |
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is the one pure-play Capesize ship-owner publicly listed within the US. Seanergy offers marine dry bulk transportation companies by way of a contemporary fleet of Capesize vessels. Upon supply of the brand new vessels, the Firm’s working fleet will encompass 15 Capesize vessels with a mean age of 11.9 years and combination cargo carrying capability of roughly 2,642,463 dwt.
The Firm is included within the Marshall Islands and has govt places of work in Glyfada, Greece. The Firm’s frequent shares commerce on the Nasdaq Capital Market beneath the image “SHIP”, its Class A warrants beneath “SHIPW” and its Class B warrants beneath “SHIPZ”.
Please go to our firm web site at: www.seanergymaritime.com
Ahead-Trying Statements
This press launch incorporates forward-looking statements (as outlined in Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended) regarding future occasions. Phrases akin to “could”, “ought to”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such phrases and comparable expressions are meant to determine forward-looking statements. These statements contain recognized and unknown dangers and are based mostly upon plenty of assumptions and estimates, that are inherently topic to important uncertainties and contingencies, lots of that are past the management of the Firm. Precise outcomes could differ materially from these expressed or implied by such forward-looking statements. Components that might trigger precise outcomes to vary materially embrace, however aren’t restricted to, the Firm’s working or monetary outcomes; the Firm’s means to proceed as a going concern; the Firm’s liquidity, together with its means to service its indebtedness; aggressive elements out there during which the Firm operates; shipping business tendencies, together with constitution charges, vessel values and elements affecting vessel provide and demand; future, pending or current acquisitions and tendencies, enterprise technique, areas of attainable growth or contraction, and anticipated capital spending or working bills; dangers related to operations outdoors the USA; dangers related to the size and severity of the continued novel coronavirus (COVID-19) outbreak, together with its results on demand for dry bulk merchandise and the transportation thereof; and different elements listed sometimes within the Firm’s filings with the SEC, its most up-to-date annual report on Kind 20-F. The Firm’s filings will be obtained freed from cost on the SEC’s web site at www.sec.gov. Besides to the extent required by legislation, the Firm expressly disclaims any obligations or endeavor to launch publicly any updates or revisions to any forward-looking statements contained herein to replicate any change within the Firm’s expectations with respect thereto or any change in occasions, situations or circumstances on which any assertion is predicated.
For additional data please contact:
Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: [email protected]
Capital Hyperlink, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: [email protected]