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Seanergy seals capesize sale and leaseback

Greek pure-play capesize owner Seanergy Maritime has entered into a sale and leaseback agreement with a Japanese lender for 2012-built cape Partnership.

The vessel will be sold and chartered back on a bareboat charter over an eight-year period.

Seanergy says the financing amount is $21.3m, and the deal will see $4.3m of additional liquidity released to the company. At the end of the bareboat charter it has the option to repurchase the ship for $2.39m.

Stamatis Tsantanis, chairman & CEO of Seanergy, commented: “I am pleased to announce another successful refinancing for our Company, consistent with our commitment to optimize the capital structure and further reduce our financing expense. The transaction marks an important milestone for our Company, since, following consummation, there will be no legacy junior debt outstanding. The transaction has another strategic element for Seanergy, as we have initiated a valuable relationship with a prominent lender in the Japanese market. In the last 12 months, we have strengthened our footing in the Asian ship-financing market through similar transactions in China, Taiwan and Japan.”

Seanergy has an operating fleet of 17 capesize bulkers.

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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