Seanergy Maritime acquires seven secondhand dry bulk vessels

26 August 2015 (Last Updated August 26th, 2015 18:30)

Seanergy Maritime has entered into a purchase agreement to acquire seven secondhand dry bulk vessels, including five Capesize and two Supramax vessels, for around $183m.

Seanergy Maritime has entered into a purchase agreement to acquire seven secondhand dry bulk vessels, including five Capesize and two Supramax vessels, for around $183m.

With this acquisition, Seanergy will have a modern fleet of eight dry bulk carriers with a combined cargo-carrying capacity of around 1.1 millionDWT and an average fleet age of 7.1 years.

Seanergy Maritime chairman and CEO Stamatis Tsantanis said: "We are very pleased to announce a transformational transaction for Seanergy that significantly increases our fleet size from one to eight vessels, exceeding 1.1 millionDWT of combined cargo-carrying capacity.

"We also believe that the timing of this acquisition is optimal given the positive long-term fundamentals of the dry bulk sector and, in particular, of the Capesize segment."

"We also believe that the timing of this acquisition is optimal given the positive long-term fundamentals of the dry bulk sector and, in particular, of the Capesize segment."

The newly acquired vessels are expected to be employed in the spot market.

The latest development will be funded by senior secured loans with financial institutions and a private placement by the company's sponsor.

Seanergy Maritime is purchasing the vessels from entities affiliated with certain of our major shareholders, the company stated.

Tsantanis added: "Additionally, we have achieved advantageous terms with our lenders that will enable us to materially improve our cash flow at a time when the dry bulk markets are still recovering.

"Seanergy will continue to cautiously pursue acquisition opportunities that we believe can further enhance value for our shareholders."

The transaction, which is expected to be completed by November this year, is subject to standard closing conditions and legal documentation.