Seanergy Announces Delivery & Immediate Period Employment of one Capesize Vessel and New Bank Loan Facility

7/27/2021, 3:00 PM (Source: GlobeNewswire)

Seanergy Announces Delivery & Immediate
Period Employment of one Capesize Vessel and
New Bank Loan Facility

July 27, 2021 - Glyfada, Greece - Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) reported today the delivery of a previously-announced Capesize vessel acquisition, the M/V Friendship (the “Vessel”). The Vessel is a 176,952 dwt Capesize bulk carrier, built in 2009 by Namura Shipbuilding Co., Ltd. in Japan. The M/V Friendship is the fifth Capesize delivery that Seanergy has successfully completed in 2021 to date.

The Vessel has been fixed on a time charter (“T/C”) with NYK Line, a leading Japanese corporation, which is an existing charterer of Seanergy. The T/C is expected to commence immediately, upon finalization of the customary transition process and will have a term of minimum 17 to maximum 24 months from the delivery. The gross daily rate of the T/C is based at a premium over the Baltic Capesize Index (“BCI”).

Moreover, Seanergy received approval, from one of its existing lenders to partially finance the acquisition of the M/V Friendship. The loan facility of up to $13.0 million bears interest rate of LIBOR + 3.25%, has a four-year term and will be repaid through 4 quarterly instalments of $0.7 million followed by 12 quarterly instalments of $0.38 million and a balloon of $5.7 million payable together with the last instalment.

Company fleet on a fully delivered basis and following the sale of the M/V Leadership:

Vessel NameVessel Size ClassCapacity (DWT)Year BuiltYardScrubber Fitted Employment Type
PartnershipCapesize179,2132012HyundaiYesT/C Index Linked
ChampionshipCapesize179,2382011SungdongYesT/C Index Linked
LordshipCapesize178,8382010HyundaiYesT/C Index Linked
PremiershipCapesize170,0242010SungdongYesT/C Index Linked
SquireshipCapesize170,0182010SungdongYesT/C Index Linked
KnightshipCapesize178,9782010HyundaiYesT/C Index Linked
GloriushipCapesize171,3142004HyundaiNoT/C Index Linked
FellowshipCapesize179,7012010DaewooNoT/C Index Linked
GeniushipCapesize170,0582010SungdongNoT/C Index Linked
HellasshipCapesize181,3252012ImabariNoT/C Index Linked
FlagshipCapesize176,3872013Mitsui EngineeringNoT/C Index Linked
Patriotship Capesize181,7092010Saijo - ImabariYesT/C Fixed Rate -$31,000/day
TradershipCapesize176,9252006Namura ShipbuildingNoT/C Index Linked
FriendshipCapesize176,9522009Namura ShipbuildingNoT/C Index Linked
GoodshipCapesize177,5362005Mitsui EngineeringNoVoyage/Spot
Worldship *Capesize181,4152012Japanese ShipyardYesT/C Fixed Rate -$31,750/day
Total / Average age 2,829,63111.4   

* Delivery expected within August 2021

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. On a fully-delivered basis, the Company's operating fleet will consist of 16 Capesize vessels with an average age of 11.4 years and aggregate cargo carrying capacity of approximately 2,829,631 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

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) concerning future events. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon 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 such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; 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 dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; 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. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com

Attachment


Primary Logo

Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.