Seanergy Maritime Holdings Corp. Announces Agreement to Acquire One Modern Capesize Vessel and Sale of Two Supramax Vessels t...
October 02 2018 - 9:00AM
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP)
announced today that it has entered into definitive agreements with
unaffiliated third parties for the purchase of a modern secondhand
Capesize vessel and the sale of two Supramax drybulk vessels. The
transactions are expected to be completed in the fourth quarter of
2018. Following these transactions, Seanergy will be the only
pure-play Capesize vessel owner listed in the US public markets.
Acquisition of Modern Capesize
Vessel
The Company has agreed to acquire a modern
secondhand Capesize vessel from an unaffiliated third party,
built in 2010 at Daewoo Shipbuilding in South Korea with a
cargo-carrying capacity of approximately 180,000 deadweight tons
(“dwt”) for a gross purchase price of $28.7 million.
The delivery of the new vessel is scheduled to
take place in the fourth quarter of 2018. The vessel is currently
on time charter to a major European drybulk operator at a gross
daily rate of $17,150 with latest redelivery date in January
2019.
Sale of the Company’s Supramax
Vessels
Additionally, the Company has entered into two
separate definitive agreements with unaffiliated third parties for
the sale of its only two Supramax vessels, the 2010-built M/V
Gladiatorship and the 2011-built M/V Guardianship. The aggregate
gross sale price is approximately $23 million and the vessels are
scheduled to be delivered to their new owners in October 2018.
Finally, the Company has reached an in-principle
agreement with the existing lender of the two Supramax vessels
pursuant to which it expects that the loan secured by these vessels
will remain available to fund the majority of the acquisition cost
of the new Capesize vessel under substantially the same terms. The
definitive documentation for such agreement is currently under
negotiation with the Company’s lender. The balance of the
acquisition price of the Capesize vessel is expected to be funded
through cash on hand.
The S&P transactions are subject to standard
closing procedures.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are pleased to announce these
transformational transactions, which will result in the Company
becoming the first pure-play Capesize owner listed in the US public
markets. These transactions increase Seanergy’s Capesize cargo
carrying capacity to 1,748,638 dwt without diluting our
shareholders or increasing our corporate leverage.
“This is consistent with our plan of focusing
and growing Seanergy’s presence on the Capesize market, which we
believe offers the best fundamentals in the dry bulk industry.
“We believe that the sale price achieved for our
two Supramax vessels is attractive, especially in view of the
latest rules set by China for Tier II vessels engaged in domestic
trading. The two Supramax vessels are replaced with a high quality
Korean Capesize, acquired at what we believe to be a low price
considering the current valuation environment and the favorable
prospects of the sector.
“Lastly the in-principle agreement reached with
one of our existing banks for the transfer of the loan from the two
Supramax to the Capesize, attests to the continuous support of and
strong working relationship with our lenders.”
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is an
international shipping company that provides marine dry bulk
transportation services through the ownership and operation of dry
bulk vessels. The Company currently operates a modern fleet of
eleven dry bulk carriers, consisting of nine Capesizes and two
Supramaxes, with a combined cargo-carrying capacity of
approximately 1,682,582 dwt and an average fleet age of about 9.3
years.
Upon completion of the sales and the purchase of
the new vessel, the Company's operating fleet shall consist of 10
Capesize vessels with an average age of 9.5 years and aggregate
cargo carrying capacity of 1,748,638 dwt.
The Company is incorporated in the Marshall
Islands with executive offices in Athens, Greece and an office in
Hong Kong. The Company's common shares and class A warrants trade
on the Nasdaq Capital Market under the symbols “SHIP” and “SHIPW”,
respectively.
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 ability
to continue as a going concern; the Company's operating or
financial results; the Company's liquidity, including its ability
to pay amounts that it owes and obtain additional financing in the
future to fund capital expenditures, acquisitions and other general
corporate activities; 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
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.Paul Lampoutis230 Park Avenue
Suite 1536New York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
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