Seanergy buys seven secondhand bulkers

Seanergy buys seven secondhand bulkers

NASDAQ-listed Seanergy Maritime Holdings has signed an agreement to purchase five capesize and two supramax bulk carriers for around $183m in total from another Restis-led company Enterprises Shipping & Trading.

Seanergy’s current owned fleet stands at one 14-year-old capesize, Leadership (171,200 dwt, built 2001).

The seven new vessels will be employed in the spot market following their delivery sometime between September 1 and November 30th this year.

The capesize vessels to be acquired are Geniuship (170,057 dwt, built 2010); Gloriuship (171,314 dwt, built 2004), Squireship (170,018 dwt, built 2010), Championship (179,238 dwt, built 2011) and Premiership (170,024 dwt, built 2010). The supramaxes comprise Gladiatorship (56,819 dwt, built 2010) and Guardianship (56,884 dwt, built 2011).

The Athens-based company said the acquisition will be funded by senior secured loans “with reputable financial institutions” and a private placement by the company’s sponsor, the family of Seanergy’s founder and major shareholder Victor Restis. The transaction is expected to be completed by November 30.

“We are very pleased to announce a transformational transaction for Seanergy that significantly increases our fleet size from one to eight vessels, exceeding 1.1m dwt of combined cargo-carrying capacity. We also believe that the timing of this acquisition is optimal given the positive long-term fundamentals of the dry bulk sector and, in particular, of the capesize segment,” Stamatis Tsantanis, Seanergy’s chairman and CEO, said in a statement today.

“Additionally, we have achieved advantageous terms with our lenders that will enable us to materially improve our cash flow at a time when the dry bulk markets are still recovering. Seanergy will continue to cautiously pursue acquisition opportunities that we believe can further enhance value for our shareholders.”

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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