Seanergy Acquires Secondhand Capesize Bulker

Seanergy Maritime Holdings Corp. announced Thursday it has agreed to acquire a secondhand bulk carrier from a Japanese owner.

The 180,000 dwt Capesize vessel, to be renamed Honorship, was built at a Japanese shipyard in 2010.

It is expected to be delivered within June 2022 and will promptly begin operating on a 20-24-month charter to with NYK Lines at an index-linked rate at a significant premium over the Baltic Capesize Index, Seanergy said.

Seanergy said it has the option to convert the daily hire from index-linked to fixed for a minimum period of two months to a maximum of 12 months based on the same premium over the prevailing Capesize Freight Futures Agreements (FFA) curve.

Stamatis Tsantanis, Seanergy’s chairman and CEO, said, “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.

“Seanergy remains committed to the Capesize sector with a solid operational structure and consistent capital allocation, focusing predominantly on shareholder rewards and sustainable growth.”

The purchase price was not disclosed, though Seanergy said it intends to fund the acquisition through a combination of cash on hand and a committed senior credit facility.

Honorship is intended to substitute the company’s oldest vessel, the 2004-built 171,314 dwt Gloriuship, which will be spun-off under United Maritime Corporation.