Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”)
(NASDAQ: SHIP) announced today the acquisition of a 2012-built
Capesize vessel (the “Vessel”) from a major Japanese company and
the simultaneous commencement of its period employment.
In addition, the Company has entered into
definitive agreements to sell the 2005-built M/V Goodship and the
2006-built M/V Tradership, the oldest vessels in its fleet, to
United Maritime Corporation (“United”), a related party.
The Company expects to record a profit of
approximately $8 million in connection with the sale of the two
vessels in the first quarter of 2023. In addition, the
aforementioned transactions will reduce the average age of
Seanergy’s fleet.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are pleased to announce the acquisition of
another high-quality Japanese Capesize vessel, which will
effectively replace the older M/V Goodship and M/V Tradership. The
sale of the two oldest vessels in our fleet will result in a
substantial profit of more than $8 million for Seanergy, whilst
benefiting the average age of our fleet.
“The M/V Paroship will increase the number of
the scrubber-fitted vessels in our fleet to nine, enhancing our
cash-flow generating capacity based on the significant differential
between high and low-sulfur fuel prevailing currently.
“The delivery of the M/V Paroship and the
underlying T/C agreement are well-timed, considering the recent
improvement in the freight market and what we believe to be strong
fundamentals in our sector.
“Seanergy remains committed to the Capesize
sector with a solid operational structure and consistent capital
allocation, focusing predominantly on shareholder rewards and
sustainable growth.”
Acquisition of a modern Japanese
Capesize vessel & Period Employment
The Vessel was built in 2012 at a reputable
shipyard in Japan, with a cargo-carrying capacity of approximately
181,415 deadweight tons and has been renamed M/V Paroship. The
Vessel is fitted with an exhaust gas cleaning system
(scrubber).
The M/V Paroship was delivered to the Company on
December 27, 2022 and its gross purchase price of US$31 million was
funded through a combination of cash on hand and a new senior
credit facility.
The Vessel has been fixed on a time charter
(“T/C”) with a leading European operator, which is an existing
charterer of Seanergy, for a period of minimum ten (10) months to
maximum December 31, 2023. The T/C commenced promptly, upon
finalization of the customary transition process. The gross daily
rate is set at a premium over the Baltic Capesize Index, while the
Company has the option to convert the daily hire from index-linked
to fixed for a period of minimum three (3) months to maximum nine
(9) months based on the prevailing Capesize Freight Futures
Agreements curve. In addition, the T/C includes a scrubber profit
sharing scheme with the majority of the benefit from the
differential between high sulfur and low sulfur fuel being
attributed to Seanergy.
Sale of our two oldest Capesize
vessels
The aggregate sale price of the two vessels is
US$36.25 million and was agreed upon on the basis of the average of
three independent broker valuations. The transaction was made
pursuant to United’s exercise of a right of first offer granted by
the Company on its Capesize vessels pursuant to an agreement
entered into between the Company and United on July 5, 2022. The
sale of the M/V Tradership and the M/V Goodship was approved by a
special independent committee of the Company’s Board of Directors.
The deliveries of the two vessels are expected to be concluded by
the end of the first quarter of 2023, subject to the satisfaction
of certain customary closing conditions.
Financing facility for the M/V
Paroship
Seanergy concluded a new senior credit facility
with an existing lender of the Company, a major European bank,
secured by the M/V Paroship. The US$16.5 million loan bears
interest of SOFR + 2.90% per annum and has a four-year tenor. The
principal amount will be amortized through 16 consecutive quarterly
installments averaging approximately US$0.43 million each, and a
US$9.6 million final balloon payment at maturity.
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. Including the newly delivered M/V
Paroship and upon completion of the sale of the M/V Goodship and
M/V Tradership, the Company's operating fleet will consist of 16
Capesize vessels with an average age of 11.9 years and an aggregate
cargo carrying capacity of approximately 2,846,965 dwt.
The Company is incorporated in the Republic of
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. 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; 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 Lampoutis 230 Park Avenue Suite 1536New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
Seanergy Maritime (NASDAQ:SHIPZ)
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