Dry CargoEuropeFinance and Insurance

Seanergy strikes capesize refinancing

Nasdaq-listed Greek capesize owner, Seanergy Maritime, has struck a deal for the refinancing of a loan facility secured by the 2010-built bulker Geniuship at lower interest rates. According to Stamatis Tsantanis, the company’s chairman and CEO, the total expected interest savings for Seanergy will be approximately $2.3m over the next 3 years.

The company’s current outstanding balance is provided by certain nominees of Entrust Global and stands at $14.6m. The Entrust loan has a remaining duration of 3.5 years, bears interest at a fixed rate of 10.5% per year, and is amortised through quarterly instalments of $515,000.

The new loan, which will be provided by a Far Eastern bank, has an initial balance of $15m, a five-year term and bears interest of LIBOR + 3.5% per year. The loan will amortise through 4 quarterly instalments of $530,000 followed by 16 quarterly instalments of $385,000.

The interest savings for the company are expected to be $0.9m for 2022 and $0.5m on average per year for 2023-25. The refinancing should close this month, with Seanergy’s total indebtedness at around $242.7m and total cash and cash equivalents, restricted cash and term deposits at $45m.

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