Seanergy Maritime Holdings Corp. to Acquire Two Additional Capesize Vessels
March 18 2021 - 9:00AM
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP)
announced today that it has entered into agreements with
unaffiliated third parties to purchase two Capesize vessels.
Following their delivery, the size of the Company’s fleet will
increase to 14 Capesize vessels with an aggregate cargo capacity of
approximately 2.5 million dwt.
The first vessel was built in 2013 at a
reputable shipyard in Japan, has a cargo-carrying capacity of
approximately 176,000 deadweight tons (“dwt”) and shall be renamed
M/V Flagship. The vessel is expected to be delivered to the Company
by the end of April 2021, subject to the satisfaction of certain
customary closing conditions.
The second vessel was built in 2010 at a
reputable shipyard in Japan, has a cargo-carrying capacity of
approximately 182,000 dwt and shall be renamed M/V Patriotship. The
vessel is expected to be delivered to the Company by the end of May
2021, subject to the satisfaction of certain customary closing
conditions.
The special survey and ballast water treatment
system installation for both vessels were completed recently by the
current owners and therefore the Company does not anticipate
incurring significant capital expenditure for these vessels at
least for the next two years. Moreover, M/V Patriotship is fitted
with an exhaust gas cleaning system (scrubber).
The aggregate purchase price for the two vessels
is approximately $55 million and is expected to be funded with cash
on hand. The Company is also in discussions with leading financial
institutions to finance part of the acquisition cost at competitive
financing terms.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are very pleased to announce the acquisition
of two high-quality Capesize vessels built at reputable shipyards
in Japan. The M/Vs Flagship and Patriotship, both delivering
promptly and in a rapidly increasing market environment, represent
great added value for Seanergy, the only U.S. listed pure-play
Capesize company. Following the delivery of these two vessels and a
third acquisition announced last month, our fleet’s cargo carrying
capacity will increase by 28% as compared to the beginning of the
year.
The average of the Baltic Capesize Index for the
current quarter stands at substantially higher levels than for the
same period in recent years, while the Capesize forward freight
contracts (“FFA”) for the second half of 2021 are trading at
$23,000 per day. Based on current FFA rates, the incremental net
revenue from all three acquisitions announced so far this year may
exceed $15 million for the remainder of the year, assuming the
expected deliveries for the vessels. Seanergy is ideally positioned
to capture the substantial improvement of the market as all the
vessels of our fleet will be deployed in the spot market or on
index-linked time charters.
Since the beginning of 2021 we have concluded or
have agreed to significant accretive transactions and we will
continue to actively pursue similar deals, aiming to create
substantial shareholder value in the coming years.”
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 |
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 |
Flagship |
Capesize |
176,387 |
2013 |
Japanese Shipyard |
N/A |
Patriotship |
Capesize |
181,709 |
2010 |
Japanese Shipyard |
N/A |
Total |
|
2,461,138 |
14 |
|
|
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. Upon delivery of the new vessels, the
Company's operating fleet will consist of 14 Capesize vessels with
an average age of 12 years and aggregate cargo carrying capacity of
approximately 2,461,138 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 ability to continue as a going
concern; 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, 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
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