Seanergy Maritime Holdings Corp. Acquires its 15th Capesize Vessel and Receives Bank Commitment Letter
March 30 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 modern Capesize
vessel (the “Vessel”). Upon delivery of this acquisition, as well
as the previously announced vessel purchases, the size of the
Company’s fleet will increase to 15 Capesize vessels with an
aggregate cargo capacity of approximately 2.65 million dwt.
The Vessel was built in 2012 at a reputable
shipyard in Japan, has a cargo-carrying capacity of approximately
181,300 deadweight tons (“dwt”) and shall be renamed M/V
Hellasship. The Vessel is expected to be delivered towards the end
of April 2021, subject to the satisfaction of certain customary
closing conditions. The ballast water system installation of the
Vessel was completed by the current owner and, therefore, no
additional costs are envisaged for the Vessel to comply with the
relevant regulations. The gross purchase price of $28.6 million is
expected to be funded with cash at hand or by a combination of cash
at hand and proceeds from new loan facilities.
In addition, the Company received a commitment
letter from a European Bank for a $15.5 million loan facility
secured by two of its Capesize vessels, the M/V Goodship and the
M/V Tradership. The loan will have a tenor of four years from the
drawdown date and will bear interest at 4.0% plus LIBOR per annum.
The loan remains subject to customary conditions precedent and
execution of definitive documentation. Seanergy is also in advanced
discussions with leading financial institutions for further
financing transactions at competitive terms.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are pleased to announce the agreement to
acquire our 15th Capesize vessel, which will grow our fleet by 50%
within the last 9 months. The planning of all our recent
acquisitions has been well-timed in light of significantly improved
market conditions, which attests to our position as a leading
pure-play Capesize company.
Given the prompt delivery prospects, the Company
is expected to benefit from the rapidly increasing freight rates.
The average of the Baltic Capesize Index currently stands at about
$19,000 per day, while the Capesize forward freight contracts
(“FFA”) for the second quarter and second half of 2021 are trading
at above $22,000 per day on average. Based on these FFA rates, the
incremental net revenue from the four recently announced
acquisitions may exceed $21 million for the remainder of the year,
based on their planned delivery schedule.
Moreover, the new debt financing with the
competitive underlying cost, will provide additional liquidity
supporting our efforts to successfully execute on our strategic
goal of sustainable growth and improved shareholder returns.
The improved prospects of the Capesize market
are expected to continue for the coming years and based on our
expanded fleet and advantageous employment arrangements, we
strongly believe that Seanergy is very well-positioned to benefit
from this trend.”
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 |
Hellasship |
Capesize |
181,325 |
2012 |
Japanese Shipyard |
N/A |
Total /
Average age |
|
2,642,463 |
11.9 |
|
|
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 15 Capesize vessels with
an average age of 11.9 years and aggregate cargo carrying capacity
of approximately 2,642,463 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 Relations Tel: +30 213 0181
522 E-mail: ir@seanergy.gr
Capital Link, Inc. Daniela Guerrero 230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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