Dry CargoEurope

Seanergy finds replacement for its oldest capesize

Nasdaq-listed Greek pure-play capesize owner Seanergy Maritime has agreed to acquire a 2010-built bulker from an unnamed Japanese company to substitute its oldest vessel, Gloriuship, which will be spun off under United Maritime Corporation.

The Japanese-built 180,000 dwt vessel, which will be renamed Honorship, is expected to deliver in June 2022, subject to the satisfaction of certain customary closing conditions. No price tag has been revealed, but Seanergy said it would finance the vessel through a combination of cash on hand and a committed senior credit facility.

Seanergy added that the latest addition to its 16-strong fleet, excluding the Gloriuship, has been fixed at an index-linked rate at a significant premium over the Baltic Capesize Index for a period employment of about 20 to 24 months with Nippon Yusen Kaisha (NYK). Under the deal, Seanergy said it can switch the daily hire to fixed for up to a year based on the same premium over the prevailing capesize freight futures agreements curve.

“The planning of the recent sale and purchase transactions has been well-timed in light of improved market conditions compared to the first quarter of the year and the expectation that capesize rates will further improve in the second half of 2022,” remarked Stamatis Tsantanis, the company’s chairman and CEO.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
Back to top button