Seanergy Maritime Announces Delivery & Immediate Period Employment of M/V Dukeship

12/2/2021, 7:37 PM (Source: GlobeNewswire)

Seanergy Maritime Announces Delivery & Immediate Period Employment of M/V Dukeship

December 2, 2021 - Glyfada, Greece - Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today the delivery of a previously-announced Capesize vessel acquisition, M/V Dukeship (the “Vessel”), and the simultaneous commencement of its time charter (“T/C”) employment. In addition, the Company has successfully closed the previously-announced sustainability-linked loan facility with Piraeus Bank (the “Facility”).

Delivery of the M/V Dukeship

The M/V Dukeship, a 181,500-dwt Capesize bulk carrier, built in 2010 by Sasebo Heavy Industries in Japan, was delivered to Seanergy on November 26, 2021 and has already commenced the T/C with its charterers, NYK, for a term of about 13 to 18 months. The gross daily rate is based at a premium over the Baltic Capesize Index.

Following this delivery, the seventh in 2021 to-date, Seanergy’s fleet has increased to 17 Capesize vessels with an aggregate cargo carrying capacity that exceeds 3 million dwt.

Sustainability-linked loan

The previously-announced sustainability-linked loan was drawn on November 15, 2021. The $16.85 million principal will amortize over a five-year term with a final balloon payment of $6.1 million at maturity and an interest rate of 3.05% plus LIBOR per annum. The pricing can be further improved based on certain emission reduction thresholds.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“I am very pleased with the final delivery of our 17th capesize vessel in a great market timing. The Dukeship already commenced its time-charter with a world renowned charterer.

“Our fleet is now 100% under period employment, with the vast majority on index-linked T/Cs.The current Baltic Capesize Index is $37,600 per day.

“Finally, the recent closing of the sustainability-linked loan facility reiterates our solid commitment to our ESG objectives.”

Company fleet:

Vessel Name Vessel Class Capacity (DWT) Year Built Yard Scrubber Fitted Employment Minimum T/C duration  
Patriotship Capesize 181,709 2010 Imabari Yes T/C – fixed rate 1 year  
Dukeship Capesize 181,453 2010 Sasebo No T/C Index Linked 13 months  
Worldship Capesize 181,415 2012 Koyo - Imabari Yes T/C – fixed rate 1 year  
Hellasship Capesize 181,325 2012 Imabari No T/C Index Linked 11 months  
Fellowship Capesize 179,701 2010 Daewoo No T/C Index Linked 1 year  
Championship Capesize 179,238 2011 Sungdong SB Yes T/C Index Linked 5 years  
Partnership Capesize 179,213 2012 Hyundai Yes T/C Index Linked 3 years  
Knightship Capesize 178,978 2010 Hyundai Yes T/C Index Linked 3 years  
Lordship Capesize 178,838 2010 Hyundai Yes T/C Index Linked 3 years  
Goodship Capesize 177,536 2005 Mitsui No T/C Index Linked 9 months  
Friendship Capesize 176,952 2009 Namura No T/C Index Linked 17 months  
Tradership Capesize 176,925 2006 Namura No T/C Index Linked 11 months  
Flagship Capesize 176,387 2013 Mitsui No T/C Index Linked 5 years  
Gloriuship Capesize 171,314 2004 Hyundai No T/C Index Linked 10 months  
Geniuship Capesize 170,057 2010 Sungdong SB No T/C Index Linked 11 months  
Premiership Capesize 170,024 2010 Sungdong SB Yes T/C Index Linked 3 years  
Squireship Capesize 170,018 2010 Sungdong SB Yes T/C Index Linked 3 years  
Total / Average age   3,011,083 11.7          
         

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. The Company's operating fleet consists of 17 Capesize vessels with an average age of 11.7 years and aggregate cargo carrying capacity of approximately 3,011,083 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.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566

 

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