Seanergy Maritime Holdings Corp. Announces Agreement to Acquire a Modern Capesize Vessel

TIN news:  Seanergy Maritime Holdings Corp. announced today that it has entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel, with a cargo-carrying capacity of 179,213 deadweight tons (“dwt”). The vessel was built in 2012 at Hyundai in South Korea.
The vessel is expected to be delivered by the end of May 2017, subject to the satisfaction of certain customary closing conditions. The Company expects to fund the gross purchase price of $32.65 million by a secured loan facility from financial institutions and financing arrangements with the Company’s sponsor.
Stamatis Tsantanis, CEO of Seanergy commented: “We are very pleased to announce another acquisition of a modern Capesize vessel. This high quality Capesize vessel marks our first acquisition of 2017 and follows the successful acquisition and delivery of two sistership Capesizes in the fourth quarter of 2016. In addition, this purchase allows us to expand further our sizable position in the Capesize segment. We strongly believe that the Capesize segment represents the best fundamentals in the dry bulk industry and we will continue to actively pursue accretive acquisition opportunities of quality Capesize vessels with an aim of increasing value for our shareholders.”
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 owns a modern fleet of ten dry bulk carriers, consisting of eight Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,503,369 dwt and an average fleet age of about 8.2 years.
Following the delivery of the newly acquired Capesize vessel, the Company will have a modern fleet of a total 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 8.0 years.
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.