GLYFADA, Greece, June 23, 2022 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company” or “Seenergy”) (NASDAQ: SHIP) today announced that it has agreed to acquire a modern Capesize vessel (the “Ship”) from a major Japanese company. The vessel is set to replace the company’s oldest vessel, the M/V Gloriuship, which will be spun off under United Maritime Corporation (“United”) and will benefit the average fleet age and operating margin Global Seanergy.
The vessel, which will be renamed M/V Honorship, was built in 2010 at a reputable shipyard in Japan and has a carrying capacity of approximately 180,000 deadweight tons (“dwt”). It is expected to be delivered promptly, by June 2022, subject to the satisfaction of certain customary closing conditions. The vessel will be financed by a combination of cash and a senior committed credit facility.
Additionally, M/V Honorship has been fixed at an indexed rate with a significant premium to the Baltic Capesize Index for a period of employment of approximately 20-24 months with NYK Lines, an existing charterer of the company. Under the terms of the time charter, the Company has the option to convert the daily rental from indexed to fixed rental for a minimum period of two months to a maximum of 12 months on the basis of the same premium as the forward contracts. Current Capesize Freight (“FFA” curve).
The time charter should start soon, after the usual handover process is finalized.
Stamatis Tsantanis, Chairman and CEO of the company, said:
“I am pleased to announce the acquisition of another quality Japanese Capesize vessel, which will effectively replace the spin-off of the much older M/V Gloriuship.
“The planning of the recent sale and purchase transactions has been timely in light of the improvement in market conditions compared to the first quarter of the year and the expectation of further improvement in capesize rates in the second half of 2022.
“Seanergy remains committed to the Capesize business with a strong operating structure and consistent capital allocation, with a primary focus on shareholder rewards and sustainable growth.”
About Seaenergy Maritime Assets Corp.
Seanergy Maritime Holdings Corp. is the only publicly traded Capesize pure-play shipowner in the United States. Seanergy provides dry bulk shipping services through a modern fleet of Capesize vessels. Upon delivery of the newly acquired vessel and taking into account the split of the M/V Gloriuship, the Company’s operating fleet will consist of 17 Capesize vessels with an average age of approximately 12 years and a total carrying capacity of approximately 3,020,012 dwt.
The company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “SHIP”.
Please visit our company website at: www.seanergymaritime.com.
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding future events, including including statements regarding United’s anticipated spin-off. Words such as “may”, “should”, “expect”, “intend”, “plan”, “believe”, “anticipate”, “hope”, “estimate” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based on a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the impact of regulatory requirements or other factors on the Company’s ability to complete the proposed split; the Company’s operating or financial results; the Company’s liquidity, including its ability to service its debt; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and divestitures, business strategy, possible areas of expansion or contraction and anticipated capital or operating expenditures; risks associated with operations outside the United States; broader market impacts resulting from war (or threat of war) or international hostilities, such as between Russia and Ukraine; risks associated with the duration and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on dry bulk product demand and transportation; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent Annual Report on Form 20-F. Company filings may be obtained free of charge at the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligation or undertaking to release any update or revision to any forward-looking statement contained herein to reflect any change in the Company’s expectations with respect thereto or any change of events, conditions or circumstances on which any statement is based.
For more information, please contact:
Seanergy Investor Relations
Tel: +30 213 0181 522
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel: (212) 661-7566