Seanergy Takes Delivery of Two Capesize Vessels with Prompt Commencement of Period Charters
June 10 2021 - 9:00AM
Seanergy Takes
Delivery of Two
Capesize Vessels with
Prompt Commencement
of Period
Charters
June
10, 2021
- Glyfada,
Greece - Seanergy Maritime Holdings Corp. (the “Company”
or “Seanergy”) (NASDAQ: SHIP) reported today the delivery of two
previously-announced Capesize vessel acquisitions. The first vessel
is a 181,709 dwt Capesize bulk carrier, built in 2010 by Imabari
Shipbuilding Co., Ltd. in Japan, which was renamed M/V Patriotship,
and the second is a 176,925 dwt Capesize bulk carrier, built in
2006 by Namura Shipbuilding Co., Ltd. in Japan, which was renamed
M/V Tradership (the “Vessels”).
Taking advantage of the strong market
conditions, Seanergy fixed the M/V Patriotship proactively at
$31,000 per day for a period employment of 12 to 18 months with a
major European cargo operator. Additionally, the M/V Tradership has
been fixed for a period employment of 11 to 15 months with a major
South Korean industrial company at an index-linked rate based on
the Baltic Capesize Index. Both time charters are expected to
commence promptly, upon finalization of the customary handover
process.
Moreover, the Company is in advanced discussions
with a leading Asian financial institution to finance part of the
acquisition price of the M/V Patriotship through a sale and
leaseback structure at competitive terms.
Stamatis Tsantanis, the
Company’s Chairman & Chief Executive Officer,
stated:
“I am pleased to announce the timely delivery of
our fourteenth and fifteenth Capesize vessels and the immediate
commencement of their respective period employments.
We are also excited to initiate business
relationships with two additional reputable charterers. Including
these deliveries, 87% of our operating fleet is employed under
advantageous medium to long-term charters.
At the financing front, we have secured
competitively-priced financings for our recent vessel acquisitions,
as previously announced, which will further enhance our strong
liquidity position and reduce the Company’s average cash interest
expense.
We believe Seanergy is optimally positioned to
take advantage of the rising market conditions.”
Company
fleet on a fully
delivered basis:
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 |
Leadership |
Capesize |
171,199 |
2001 |
Koyo – Imabari |
No |
Voyage/Spot |
Goodship |
Capesize |
177,536 |
2005 |
Mitsui Engineering |
No |
Voyage/Spot |
Worldship * |
Capesize |
181,415 |
2012 |
Japanese Shipyard |
Yes |
N/A |
Total / Average age |
|
2,823,878 |
11.8 |
|
|
|
* Delivery expected within August 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 11.8 years and aggregate cargo carrying capacity
of approximately 2,823,878 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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