Seanergy Announces Delivery & Employment of Recent Capesize Acquisition and New Financings of $44 million
July 07 2022 - 9:00AM
Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”)
(NASDAQ: SHIP) reported today the delivery of the
recently-announced Capesize vessel acquisition, M/V Honorship, and
the simultaneous commencement of its period employment. Moreover,
Seanergy successfully concluded a new sustainability-linked loan
for the M/V Honorship and a new loan facility for the 2010-built
M/V Dukeship.
Delivery & Time-charter (“T/C”)
of the M/V Honorship
As recently announced, the 180,000
deadweight-ton, Japanese-built M/V Honorship has been delivered to
the Company and immediately commenced its T/C with NYK Line. The
T/C has a duration of about 20 to 24 months and the daily hire is
based at a premium over the Baltic Capesize Index (“BCI”). The
Company has the option to convert the daily hire from index-linked
to fixed for a period of 2 to 12 months based on the prevailing
Capesize freight futures (“FFA”) and by applying the same premium.
The acquisition of the vessel was financed with cash on hand and
proceeds from new loan facilities discussed below.
Sustainability-linked facility for the
M/V Honorship
The Company has concluded a second
sustainability-linked senior credit facility with a major European
bank by upsizing and refinancing the existing loan secured by the
M/V Worldship at improved terms. The new sustainability-linked loan
facility of $38 million is secured by the M/V Worldship and the
newly acquired vessel M/V Honorship.
The $38 million principal will amortize over a
five-year term through quarterly instalments averaging $1.08
million and a $16.5 million final balloon payment at maturity. The
interest rate is 3.00% plus LIBOR per annum and can be further
reduced based on certain emission reduction thresholds.
Financing facility of the M/V
Dukeship
In addition, Seanergy concluded a senior loan
facility with a major European bank and one of its existing lenders
secured by the M/V Dukeship. The $21.0 million loan bears interest
rate of 2.95% plus SOFR per annum, has a four-year term and will be
repaid through 16 quarterly instalments averaging $0.625 million
and a $11 million final balloon payment at maturity.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are very pleased with the prompt delivery of
our 18th Capesize vessel, which improves the average age and the
operating premium of our fleet. The M/V Honorship already commenced
its period employment with one of our close partners.
“Our fleet remains 100% under period employment,
with the vast majority on index-linked T/Cs and most of them
accompanied by the option to convert to fixed rates.
“Moreover, the ability to conclude two new
facilities with the Company’s existing creditors at more favorable
terms attests to their confidence in Seanergy and its
prospects.
“Finally, we have expanded our
sustainability-linked loan portfolio, reiterating our commitment to
our ESG agenda.”
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. The Company's operating fleet consists
of 17 Capesize vessels with an average age of approximately 12
years and aggregate cargo carrying capacity of approximately
3,020,012 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”.
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, including statements
regarding the anticipated spin-off of United. 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 impact of
regulatory requirements or other factors on the Company’s ability
to consummate the proposed spin-off; 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; broader
market impacts arising from war (or threatened war) or
international hostilities, such as between Russia and Ukraine;
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.Paul Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
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