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Seanergy negotiates waivers from lenders to allow for vessel acquisitions

Greek dry bulk owner Seanergy Maritime Holdings Corp. has reached agreements with four of its senior lenders for the waiver and deferral of certain major financial covenants until the second quarter of 2018.

Seanergy said the proactive agreements will ensure if stays in compliance with all major applicable covenants.

Stamatis Tsantanis, CEO of Seanergy, commented: “We are pleased to announce that we have proactively agreed with our lenders to waive and defer certain major financial covenants of all of our existing banking facilities through the second quarter of 2018. While the company was not in a breach of covenants in any of its facilities, we approached our banks well in advance to resolve any issue that could arise in the next 13 to 15 months.

“Currently, we are seeing rising freight rates and asset values within the dry bulk market and we believe this strategic agreement will also allow us to operate with significantly more financial flexibility as we look to grow our fleet.”

Seanergy currently owns a fleet of ten bulkers, made up of eight capesizes and two supramaxes.

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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