Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced on Tuesday (Oct19) that it has entered into a definitive agreement with an unaffiliated third party to purchase a Capesize vessel. In addition, the Company has recently completed the sale and delivery of its oldest Capesize vessel, the M/V Leadership, 2001-built, to its new owners.
The Vessel was built in 2010 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 181,500 deadweight tons (“dwt”) and will be renamed M/V Dukeship. The M/V Dukeship is expected to be delivered within November 2021, subject to the satisfaction of certain customary closing conditions. Following her delivery, Seanergy’s fleet will increase to 17 Capesize vessels with an aggregate cargo capacity exceeding 3 million dwt.
The Vessel is fitted with a ballast water treatment system, while the special survey was recently completed by the current owner and, therefore, the Company does not anticipate incurring any significant off-hire or capital expenditures for this Vessel for the next two years.
The purchase price of $34.3 million is expected to be funded with cash on hand.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“I am very pleased to announce our 7th Japanese capesize acquisition within 2021. Our total investment since the beginning of our fleet expansion program in 2020 has reached $205 million.
The addition of the M/V Dukeship will further enhance our operating leverage as a leading pure-play Capesize company and, given the Vessel’s prompt delivery in a strong Capesize market, the acquisition is expected to be immediately accretive for our shareholders.
The spot Capesize market currently exceeds $60,000 per day, rendering the latest addition a high revenue-generating investment, while the forward curve indicates that the positive market trend will be sustained for the next years.”