Benzinga | Jun 10, 2021 09:03AM EDT

Seanergy Takes Delivery of 2 Capesize Vessels With Prompt Commencement Of Period Charters

Seanergy Maritime Holdings Corp. (the "Company" or "Seanergy") (NASDAQ:SHIP) reported today the delivery of two previously-announced Capesize vessel acquisitions. The first vessel is a 181,709 dwt Capesize bulk carrier, built in 2010 by Imabari Shipbuilding Co., Ltd. in Japan, which was renamed M/V Patriotship, and the second is a 176,925 dwt Capesize bulk carrier, built in 2006 by Namura Shipbuilding Co., Ltd. in Japan, which was renamed M/V Tradership (the "Vessels").

Taking advantage of the strong market conditions, Seanergy fixed the M/V Patriotship proactively at $31,000 per day for a period employment of 12 to 18 months with a major European cargo operator. Additionally, the M/V Tradership has been fixed for a period employment of 11 to 15 months with a major South Korean industrial company at an index-linked rate based on the Baltic Capesize Index. Both time charters are expected to commence promptly, upon finalization of the customary handover process.

Moreover, the Company is in advanced discussions with a leading Asian financial institution to finance part of the acquisition price of the M/V Patriotship through a sale and leaseback structure at competitive terms.

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

"I am pleased to announce the timely delivery of our fourteenth and fifteenth Capesize vessels and the immediate commencement of their respective period employments.

We are also excited to initiate business relationships with two additional reputable charterers. Including these deliveries, 87% of our operating fleet is employed under advantageous medium to long-term charters.

At the financing front, we have secured competitively-priced financings for our recent vessel acquisitions, as previously announced, which will further enhance our strong liquidity position and reduce the Company's average cash interest expense.

We believe Seanergy is optimally positioned to take advantage of the rising market conditions."

Company fleet on a fully delivered basis

Vessel Name Vessel Capacity Year Yard Scrubber Employment Type Size Class (DWT) Built FittedPartnership Capesize 179,213 2012 Hyundai Yes T/C Index LinkedChampionship Capesize 179,238 2011 Sungdong Yes T/C Index LinkedLordship Capesize 178,838 2010 Hyundai Yes T/C Index LinkedPremiership Capesize 170,024 2010 Sungdong Yes T/C Index LinkedSquireship Capesize 170,018 2010 Sungdong Yes T/C Index LinkedKnightship Capesize 178,978 2010 Hyundai Yes T/C Index LinkedGloriuship Capesize 171,314 2004 Hyundai No T/C Index LinkedFellowship Capesize 179,701 2010 Daewoo No T/C Index LinkedGeniuship Capesize 170,058 2010 Sungdong No T/C Index LinkedHellasship Capesize 181,325 2012 Imabari No T/C Index LinkedFlagship Capesize 176,387 2013 Mitsui No T/C Index Linked Engineering Saijo - T/C FixedPatriotship Capesize 181,709 2010 Imabari Yes Rate -$31,000/ dayTradership Capesize 176,925 2006 Namura No T/C Index Linked ShipbuildingLeadership Capesize 171,199 2001 Koyo ? No Voyage/Spot ImabariGoodship Capesize 177,536 2005 Mitsui No Voyage/Spot EngineeringWorldship &# Capesize 181,415 2012 Japanese Yes N/Ax2A; ShipyardTotal / 2,823,878 11.8 Average age

* Delivery expected within August 2021