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Seanergy to become only US-listed pure play capsize vessel owner

Published by , Assistant Editor
Dry Bulk,

On 2 October 2018, Seanergy Maritime Holdings Corp. entered into definitive agreements with unaffiliated third parties for the purchase of a modern second hand capesize vessel and the sale of two supramax dry bulk vessels. The transactions are expected to be completed in 4Q18. Following these transactions, Seanergy will be the only pure-play capesize vessel owner listed in the US public markets.

The company has agreed to acquire a modern second hand 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 DWT for a gross purchase price of US$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 US$17 150 with latest redelivery date in January 2019.

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 US$23 million and the vessels are scheduled to be delivered to their new owners this month.


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.

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