Seanergy Maritime Holdings Corp. Announces Agreement to Acquire a Capesize Vessel with Prompt Delivery
July 07 2020 - 9:00AM
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP)
announced today that it has entered into a definitive agreement
with an unaffiliated third party to purchase a Capesize vessel (the
“Vessel”).
The Vessel was built in 2005 at Mitsui
Engineering & Shipbuilding Co. Ltd. in Japan, has a
cargo-carrying capacity of approximately 177,536 deadweight tons
(“dwt”) and shall be renamed M/V Goodship. Following her delivery,
the size of the Company’s fleet will increase to 11 Capesize
vessels with an aggregate cargo capacity of approximately 1,926,117
dwt.
The vessel is expected to be delivered by the
end of July 2020, subject to the satisfaction of certain customary
closing conditions. The Company expects to fund the gross purchase
price of $11.4 million with cash on hand as sourced through its
recent capital markets activities.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are pleased to announce the acquisition of a
high quality Capesize vessel built by a first-class shipyard in
Japan. The addition of the M/V Goodship to our fleet is increasing
our significant operating leverage as a leading pure-play Capesize
company. The acquisition was agreed at what we believe to be a
historically low purchase price, which attests to our ability to
identify and execute timely on unique market opportunities.
The Vessel is expected to be delivered promptly
to us, during a strong Capesize market, with day-rates exceeding
$30,000 and the Capesize forward freight contracts (“FFA”) for the
second half of 2020 trading at about $22,000 per day. Based on the
FFA rates, the incremental net revenue from this acquisition may
exceed $3.4 million by the end of 2020.
As stated to our shareholders, we are deploying
part of the capital raised in our recent offerings in what we
expect to be another highly accretive transaction. Seanergy is well
placed to benefit from the substantial improvement of the market
with minimal upcoming dry-dockings and all vessels currently
employed under spot charters or index-linked charters that are
directly tied to the Capesize index. Moreover, Seanergy is
positioned to capitalize on further attractive opportunities at
historically low asset values.”
Company Fleet upon vessel’s 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 |
Voyage/Spot |
Geniuship |
Capesize |
170,058 |
2010 |
Sungdong |
Voyage/Spot |
Goodship |
Capesize |
177,536 |
2005 |
Mitsui Engineering |
Voyage/Spot |
Leadership |
Capesize |
171,199 |
2001 |
Koyo – Imabari |
Voyage/Spot |
Total |
|
1,926,117 |
11.5 |
|
|
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 vessel, the
Company's operating fleet will consist of 11 Capesize vessels with
an average age of 11.5 years and aggregate cargo carrying capacity
of approximately 1,926,117 dwt.
The Company is incorporated in the Marshall
Islands and has executive offices in Athens, Greece and an office
in Hong Kong. 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; and
other factors listed from time to time in the Company's filings
with the SEC, including the Registration Statement and 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:
Capital Link, Inc. Judit Csepregi 230 Park Avenue Suite 1536 New
York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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