Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced today that it has entered into a definitive agreement with an unaffiliated third party to purchase a Capesize vessel. 

Seanergy Maritime Holdings Corp. Announces Agreement to Acquire a Capesize Vessel with Prompt Delivery 

The Vessel was built in 2005 at Mitsui Engineering & Shipbuilding Co. Ltd. in Japan, has a cargo-carrying capacity of approximately 177,536 deadweight tons (“dwt”) and shall be renamed M/V Goodship. Following her delivery, the size of the Company’s fleet will increase to 11 Capesize vessels with an aggregate cargo capacity of approximately 1,926,117 dwt. 

The vessel is expected to be delivered by the end of July 2020, subject to the satisfaction of certain customary closing conditions. The Company expects to fund the gross purchase price of $11.4 million with cash on hand as sourced through its recent capital markets activities.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “We are pleased to announce the acquisition of a high quality Capesize vessel built by a first-class shipyard in Japan. The addition of the M/V Goodship to our fleet is increasing our significant operating leverage as a leading pure-play Capesize company. The acquisition was agreed at what we believe to be a historically low purchase price, which attests to our ability to identify and execute timely on unique market opportunities.

The Vessel is expected to be delivered promptly to us, during a strong Capesize market, with day-rates exceeding $30,000 and the Capesize forward freight contracts (“FFA”) for the second half of 2020 trading at about $22,000 per day. Based on the FFA rates, the incremental net revenue from this acquisition may exceed $3.4 million by the end of 2020. 

As stated to our shareholders, we are deploying part of the capital raised in our recent offerings in what we expect to be another highly accretive transaction. Seanergy is well placed to benefit from the substantial improvement of the market with minimal upcoming dry-dockings and all vessels currently employed under spot charters or index-linked charters that are directly tied to the Capesize index. Moreover, Seanergy is positioned to capitalize on further attractive opportunities at historically low asset values.”