Seanergy Maritime Holdings Corp. announce that it has successfully completed the strategic sale of its Capesize vessel, M/V Geniuship, further optimising its fleet and enhancing liquidity.
Seanergy Maritime also reported the expiration of its Class E warrants on August 20, 2025. Upon the expiration of these warrants, Seanergy has no outstanding warrants or other convertible securities.
Sale of M/V Geniuship
The M/V Geniuship was a 170 057 dwt Capesize bulker, built in 2010 by Sungdong SB in South Korea, which was acquired by Seanergy in 2015. The vessel was sold for a gross price of approximately US$21.6 million to an unaffiliated buyer. The delivery was completed successfully on September 10, 2025. The transaction generated net cash proceeds of approximately US$12 million and is expected to result in an accounting profit of around US$2.5 million, which will be recorded on Seanergy’s third quarter financial results.
Expiration of Class E Warrants
The Class E warrants were issued on August 20, 2020, with a five-year term and an exercise price as of the expiration date of US$3.98 per share. Following warrant exercises and a tender offer by Seanergy to repurchase warrants in January 2023, Class E warrants to purchase 57 225 common shares remained outstanding as of their expiration date. As of August 20, 2025, the remaining Class E warrants terminated.
Following the expiration of the Class E Warrants and the prior expiration of the Class D warrants in April 2025, Seanergy has no outstanding warrants.
Stamatis Tsantanis, Seanergy’s Chairman & Chief Executive Officer, stated:
“We are pleased to announce the well-timed sale of our 15-year-old M/V Geniuship, that takes advantage of the favorable valuation environment in the sector. The sale was concluded prior to her upcoming dry-docking, resulting in significant capex savings for Seanergy. Moreover, the approximately US$12 million net cash sale proceeds after the repayment of the underlying loan strengthened our liquidity position.
“This proactive sale aligns perfectly with our fleet renewal strategy and enhances both our liquidity position and earnings profile.
“The expiration of the Class E warrants along with the prior expiration of the Class D warrants this past April completes the streamlining of our capital structure and removes a longstanding overhang. This is a final step in eliminating legacy dilution risks from outstanding convertible securities and enabling cleaner value recognition for our shareholders.
“With a focused Capesize platform, no outstanding warrants, and a disciplined growth path, we are positioned to capture further upside as market fundamentals strengthen and maximise returns for our shareholders.”
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