2021 May 25 12:41

Seanergy Maritime announces agreement to acquire its 16th Capesize vessel

Seanergy Maritime Holdings Corp. has entered into a definitive agreement with an unaffiliated third party to purchase a Capesize vessel, according to the company's release. 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 customaryclosing 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 becompleted by the current owner prior to the delivery and, therefore, the Company does not anticipateincurring 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.

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”.