Seanergy Maritime acquires a modern Capesize vessel
Seanergy Maritime Holdings Corp. has agreed to acquire a modern Capesize vessel from a major Japanese company, according to the company's release.
The vessel is intended to substitute the company’s oldest vessel, the M/V Gloriuship, which will be spun-off under United Maritime Corporation and will benefit Seanergy’s average fleet age and overall operating margin. The vessel, which will be renamed M/V Honorship, was built in 2010 at a reputable shipyard in Japan and has a cargo-carrying capacity of approximately 180,000 deadweight tons. It is expected to be delivered promptly, within June 2022, subject to the satisfaction of certain customary closing conditions.
The vessel will be funded through a combination of cash on hand and a committed senior credit facility. Moreover, M/V Honorship has been fixed at an index-linked rate at a significant premium over the Baltic Capesize Index for a period employment of about 20 to 24 months with NYK Lines, an existing charterer of the company.
Under the terms of the time charter, the сompany has the option to convert the daily hire from index-linked to fixed for a minimum period of two months to a maximum of 12 months based on the same premium over the prevailing Capesize Freight Futures Agreements (“FFA”) curve. The time charter is expected to commence promptly, upon finalization of the customary handover process.
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 newly acquired vessel and giving effect to the spin-off of the M/V Gloriuship, the company's operating fleet will consist of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,020,012 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”.
