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Seanergy seals financing and fixture for latest capesize addition with Cargill

Greek capesize specialist Seanergy Maritime has taken delivery of its latest capesize acquisition, which is being financed and chartered by commodities giant Cargill.

This vessel acquired is Hsin Chien Marine’s 2013-built (Mitsui) New Expedition, which has been renamed Flagship.

The vessel is being financed through a leasing agreement with Cargill, who have bareboat chartered the vessel back to Seanergy and subsequently signed a five-year time charter agreement for the ship.

The bareboat financing amount is $20.5m, and Seanergy has the option to buy back the vessel at any time during the five-year leasing period. There is also a $10m purchase obligation at the end of the period.

Cargill is also funding the equipment and the installation of energy saving devices to increase the vessel’s energy efficiency by reducing fuel consumption and carbon footprint.

Stamatis Tsantanis, chairman and CEO of Seanergy, commented: “We are pleased to announce the delivery of the thirteenth capesize vessel and its immediate commencement of period employment, during the strongest capesize market of the last decade. Including this delivery, 84% percent of our fleet is employed under index-linked time charters.

Last week, Seanergy took delivery of a 2012-built capesize and sent it out on charter with Japan’s NYK.

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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