Seanergy acquires Capesize vessel

Seanergy Maritime Holdings Corp. has entered into a definitive agreement with an unaffiliated third party to purchase a modern Capesize vessel.

Upon delivery of the vessel the size of the company’s fleet will increase to 15 Capesize vessels with an aggregate cargo capacity of approximately 2.65 million dwt. The vessel was built in 2012 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 181,300 deadweight tons (“dwt”) and shall be renamed M/V Hellasship. The vessel is expected to be delivered towards the end of April 2021, subject to the satisfaction of certain customary closing conditions.

The ballast water system installation of the vessel was completed by the current owner and, therefore, no additional costs are envisaged for the vessel to comply with the relevant regulations. The gross purchase price of $28.6 million is expected to be funded with cash at hand or by a combination of cash at hand and proceeds from new loan facilities.

In addition, the company received a commitment letter from a European Bank for a $15.5 million loan facility secured by two of its Capesize vessels, the M/V Goodship and the M/V Tradership. The loan will have a tenor of four years from the drawdown date and will bear interest at 4.0 percent plus LIBOR per annum. The loan remains subject to customary conditions precedent and execution of definitive documentation.

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