Seanergy Maritime Holdings Corp. Announces Agreement to Acquire an Additional Capesize Vessel
February 16 2021 - 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 2006 at a reputable
shipyard in Japan, has a cargo-carrying capacity of approximately
177,000 deadweight tons (“dwt”) and shall be renamed M/V
Tradership. The Vessel is expected to be delivered towards the end
of the first quarter or early in the second quarter of 2021,
subject to the satisfaction of certain customary closing
conditions. Following her delivery, the size of the Company’s fleet
will increase to 12 Capesize vessels with an aggregate cargo
capacity of approximately 2,103,042 dwt.
The special survey and ballast water system
installation for the Vessel were completed recently by the current
owner and therefore the Company does not anticipate incurring any
off-hire or significant capital expenditure for this Vessel at
least for the next two years. The gross purchase price of $17
million is expected to be funded with cash on hand.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are pleased to announce another timely
acquisition of a high quality Capesize vessel built by a
first-class shipyard in Japan. The addition of the M/V Tradership
to our fleet is further increasing our operating leverage as a
leading pure-play Capesize company.
The Vessel is expected to be delivered to us
promptly, during a greatly improved Capesize market. The average of
the 5 time-charter routes of the Baltic Capesize is currently about
60% higher than the same period average for the last 5 years, while
the Capesize forward freight contracts (“FFA”) for the second half
of 2021 are trading at above $19,400 per day. Based on these FFA
rates, the incremental net revenue from this acquisition may exceed
$5 million for the remainder of the year assuming delivery at the
end of the first quarter of 2021.
Seanergy is well placed to benefit from the
substantial improvement of the market with its entire fleet
currently employed under spot charters or long-term index-linked
time charters, directly tied to the Capesize index.
We strongly believe that our segment represents
the best fundamentals in the dry bulk industry. We will continue to
actively pursue accretive growth transactions aiming to improve
shareholder returns for the years to come.”
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 |
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 |
Voyage/Spot |
Total |
|
2,103,042 |
12.2 |
|
|
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 12 Capesize vessels with
an average age of 12.2 years and aggregate cargo carrying capacity
of approximately 2,103,042 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:
Capital Link, Inc.Daniela Guerrero230 Park
Avenue Suite 1536New York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
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