Benzinga | May 24, 2021 09:01AM EDT

Seanergy Maritime Holdings Corp. Announces Agreement To Acquire Capesize Vessel And New Time Charter For $33.7M

Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ:SHIP) announced today that it has entered into a definitive agreement with an unaffiliated third party to purchase a Capesize vessel (the "Vessel").



The Vessel was built in 2012 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 181,000 deadweight tons ("dwt") and will be renamed M/V Worldship. The Worldship is expected to be delivered within the third quarter of 2021, subject to the satisfaction of certain customary closing conditions. Following her delivery, Seanergy's fleet will increase to 16 Capesize vessels with an aggregate cargo capacity of approximately 2,800,000 dwt.

The Vessel is fitted with a scrubber and a ballast water treatment system, while the special survey will be completed by the current owner prior to the delivery and, therefore, the Company does not anticipate incurring any off-hire or capital expenditure for this Vessel at least for the next two years.

The purchase price of $33.7 million is expected to be funded with cash on hand and debt financing.

In addition, taking advantage of the current strong market conditions, Seanergy has fixed one of its Capesize vessels, the M/V Patriotship, at $31,000 per day for a period employment of 12-18 months with a major European cargo operator. The contract is expected to commence upon the Patriotship's upcoming delivery to the Company, which is anticipated in the beginning of June 2021.