Cargill takes stake in Seanergy as part of capesize refinancing

Cargill takes stake in Seanergy as part of capesize refinancing

Commodity trading giant Cargill has taken a stake in Greek dry bulk owner Seanergy as part of a deal to refinance 2011-built capesize Championship.

Cargill has acquired the ship from Seanergy in a sale-and-leaseback deal, with Cargill then taking the ship back from Seanergy on a five-year time charter. Cargill has been issued with 1.8m Seanergy shares as part of the deal, which releases $7.8m liquidity for Seanergy.

Cargill will also cover the equipment and installation cost for retrofitting the vessel with a scrubber.

Stamatis Tsantanis, chairman and CEO of Seanergy, commented: “I am very pleased to announce another landmark transaction for our company, and at the same time we are delighted to welcome Cargill to our shareholding structure, marking the commencement of a strategic partnership. Cargill has been historically one of the major charterers of our capesize fleet.”

The deal values the ship at $23.5m and Seanergy has options to buy back the vessel through the five-year leasing period and an obligation to acquire it at the end of the period for $13.5m. The time charter to Cargill is priced at an index-linked rate based on the 5-routes time charter average of the Baltic Exchange Capesize Index (BCI).

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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