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November 27, 2018

Seanergy Maritime completes sale of two Supramax vessels

Seanergy Maritime has completed the previously announced sale of its two Chinese-built Supramax vessels to unaffiliated third parties.

Seanergy Maritime has completed the previously announced sale of its two Chinese-built Supramax vessels to unaffiliated third parties.

For $23m, the company delivered the 2010 M/V Gladiatorship and the 2011 M/V Guardianship to their new owners.

Seanergy also completed the $28.7m purchase of a 179,759 deadweight tonne (dwt) Capesize dry bulk vessel, M/V Fellowship.

The vessel was built in 2010 at Daewoo Shipbuilding in South Korea. It is currently on time-charter to a major charterer in Europe at a gross daily rate of $17,150, with the latest redelivery taking place in January.

Seanergy financed the acquisition of the vessel with a combination of cash on hand and a senior loan facility.

Seanergy Maritime chairman and CEO Stamatis Tsantanis said: “We are pleased to take delivery of another high-quality modern Capesize vessel built in South Korea.

“We strongly believe that it has the best fundamentals in the dry bulk industry.”

“We remain committed to further accretive acquisitions in the Capesize segment, as we strongly believe that it has the best fundamentals in the dry bulk industry. Following the addition of the M/V Fellowship to our fleet, Seanergy is now the only pure-play Capesize owner publicly listed in the US.”

The company noted that the existing lender of the two Supramax vessels that were sold, agreed to roll over the underlying loan amount by funding the acquisition of the M/V Fellowship on the same terms substantially.

Both the agreements were signed by the company with unaffiliated third parties in October.

Through a fleet of ten Capesize vessels, with a cargo-carrying capacity of about 1,748,644 dwt and an average fleet age of approximately nine years, the company provides marine dry bulk transportation services.

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