Seanergy
Announces New Time Charter
Agreementand New Financing
Agreement of $30.9 million
July
14,
2021 -
Glyfada, Greece - Seanergy
Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ:
SHIP) reported today that, taking advantage of the current strong
market conditions, it has fixed one more of its Capesize vessels,
the M/V Worldship, under a fixed-rate time charter (“T/C”) with a
world-leading U.S. commodity trading company, which is already
amongst the Company’s charterers.
Moreover, Seanergy successfully concluded the
financing of two of its new acquisitions, the 2012-built Capesize
M/V Hellasship and the 2010-built M/V Patriotship (the “Vessels”)
through a sale and leaseback agreement with a major Chinese
financial institution.
Time Charter Agreement
for M/V Worldship
The M/V Worldship has been fixed on a T/C with a
world-leading U.S. commodity trading company, at a gross daily rate
of $31,750 for a period of about 12-16 months. The T/C is expected
to commence immediately upon the M/V Worldship’s upcoming delivery,
which is anticipated within August 2021.
Financing of
the M/V Hellasship and the M/V
Patriotship
The Vessels were sold and chartered back on a
bareboat basis for a five-year period and the combined financing
amount is $30.9 million and the applicable interest rate is LIBOR +
3.50%. Following the second anniversary of the bareboat charter,
the Company has continuous options to repurchase the Vessels while
at the end of the 5-year bareboat period, it has the option to
repurchase the two vessels for $15.3 million in total.
Stamatis Tsantanis, the
Company’s Chairman & Chief Executive Officer,
stated:
“I am very pleased to announce these important
transactions for our Company. The debt financings we have secured
so far for our recent vessel acquisitions are competitively priced
and conservatively structured, resulting in low break-even rates
that enhance our significant free cash-flow generating
capacity.
On the chartering front, we are taking advantage
of the current strong rate environment to increase exposure to
fixed-rate T/Cs. The M/V Worldship is the second vessel that will
be deployed in a T/C with duration longer than 12 months and at a
fixed rate exceeding $30,000/ day. The repeat business with our
existing charterers affirms the operating and commercial excellence
of our Capesize fleet. Following the delivery of the M/V Worldship
to her charterer, 93% percent of our fleet will be employed under
medium to long-term time charters.
The consistent implementation of our strategy
through 2021 is delivering significant value to the Company. We
continue to explore partnerships and opportunities to further
increase value for our shareholders.”
Company fleet
on a fully delivered basis and following
the sale of the M/V Leadership:
Vessel Name |
Vessel Size Class |
Capacity (DWT) |
Year Built |
Yard |
Scrubber Fitted |
Employment Type |
Partnership |
Capesize |
179,213 |
2012 |
Hyundai |
Yes |
T/C Index Linked |
Championship |
Capesize |
179,238 |
2011 |
Sungdong |
Yes |
T/C Index Linked |
Lordship |
Capesize |
178,838 |
2010 |
Hyundai |
Yes |
T/C Index Linked |
Premiership |
Capesize |
170,024 |
2010 |
Sungdong |
Yes |
T/C Index Linked |
Squireship |
Capesize |
170,018 |
2010 |
Sungdong |
Yes |
T/C Index Linked |
Knightship |
Capesize |
178,978 |
2010 |
Hyundai |
Yes |
T/C Index Linked |
Gloriuship |
Capesize |
171,314 |
2004 |
Hyundai |
No |
T/C Index Linked |
Fellowship |
Capesize |
179,701 |
2010 |
Daewoo |
No |
T/C Index Linked |
Geniuship |
Capesize |
170,058 |
2010 |
Sungdong |
No |
T/C Index Linked |
Hellasship |
Capesize |
181,325 |
2012 |
Imabari |
No |
T/C Index Linked |
Flagship |
Capesize |
176,387 |
2013 |
Mitsui Engineering |
No |
T/C Index Linked |
Patriotship |
Capesize |
181,709 |
2010 |
Saijo - Imabari |
Yes |
T/C Fixed Rate -$31,000/day |
Tradership |
Capesize |
176,925 |
2006 |
Namura Shipbuilding |
No |
T/C Index Linked |
Goodship |
Capesize |
177,536 |
2005 |
Mitsui Engineering |
No |
Voyage/Spot |
Worldship * |
Capesize |
181,415 |
2012 |
Japanese Shipyard |
Yes |
T/C Fixed Rate -$31,750/day |
Friendship ** |
Capesize |
176,952 |
2009 |
Japanese Shipyard |
No |
N/A |
Total / Average age |
|
2,829,631 |
11.4 |
|
|
|
* Delivery expected within August 2021
** Delivery expected within July 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 operating fleet will consist of 16 Capesize vessels with
an average age of 11.4 years and aggregate cargo carrying capacity
of approximately 2,829,631 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 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, including 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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