Seanergy Maritime buys two Capesizes for $55 million

Written by Nick Blenkey
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Seanergy Chairman and CEO Stamatis Tsantanis: "We we will continue to actively pursue similar deals."

Glyfada, Greece, headquartered Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reports that it has entered into agreements with unaffiliated third parties that will see it pay a total of about $55 million to purchase two Capesize vessels, one built in 2013, the other in 2010.

The acquisitions will take the Seanergy fleet to 14 Capesize vessels with an aggregate capacity of approximately 2.5 million dwt.

Both ships are described as being built reputable shipyard in Japan.

The 2013-built vessel has a cargo-carrying capacity of approximately 176,000 dwt. It is expected to be delivered to Seanergy by the end of April and will be renamed M/V Flagship.

The 2010-built vessel has a cargo-carrying capacity of approximately 182,000 dwt and will be renamed M/V Patriotship on delivery, which is expected by by the end of May 2021


The special survey and ballast water treatment system installations for both vessels were completed recently by the current owners and the M/V Patriotship is fitted with a scrubber.

The aggregate purchase price is expected to be funded with cash on hand. The company is also in discussions with leading financial institutions to finance part of the acquisition cost at competitive financing terms.


“We are very pleased to announce the acquisition of two high-quality Capesize vessels built at reputable shipyards in Japan,” said Chairman and CEO Stamatis Tsantanis. “The M/Vs Flagship and Patriotship, both delivering promptly and in a rapidly increasing market environment, represent great added value for Seanergy, the only U.S. listed pure-play Capesize company. Following the delivery of these two vessels and a third acquisition announced last month, our fleet’s cargo carrying capacity will increase by 28% as compared to the beginning of the year.”

“The average of the Baltic Capesize Index for the current quarter stands at substantially higher levels than for the same period in recent years, while the Capesize forward freight contracts (FFA) for the second half of 2021 are trading at $23,000 per day,” continued Tsantanis. “Based on current FFA rates, the incremental net revenue from all three acquisitions announced so far this year may exceed $15 million for the remainder of the year, assuming the expected deliveries for the vessels. Seanergy is ideally positioned to capture the substantial improvement of the market as all the vessels of our fleet will be deployed in the spot market or on index-linked time charters.”

“Since the beginning of 2021,” he continued, “we have concluded or have agreed to significant accretive transactions and we will continue to actively pursue similar deals, aiming to create substantial shareholder value in the coming years.”

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