Marine Link
Sunday, February 16, 2025

Seanergy Maritime Grows Fleet with Two Japanese Ships

Maritime Activity Reports, Inc.

January 29, 2025

(Credit: Screenshot/Video by Seanergy Maritime Holdings Corp.)

(Credit: Screenshot/Video by Seanergy Maritime Holdings Corp.)

Seanergy Maritime Holdings Corp. has entered into two definitive agreements with unaffiliated third parties in Japan for the purchase of a Japanese-built Newcastlemax vessel and a bareboat charter with a purchase obligation for one Japanese-built Capesize vessel, for approximately $69 million.

The Newcastlemax was built in 2013 at Imabari Shipbuilding, Saijo Shipyard, and has a cargo-carrying capacity of approximately 207,851 deadweight tons (dwt).

The vessel will be renamed Meiship and is expected to be delivered within the first quarter of 2025, subject to customary closing conditions, the Greek shipowner said. 

The Capesize was built in 2011 at Mitsui SB and has a capacity of 178,459 dwt.

In accordance to the terms of the six-month bareboat charter with an unaffiliated third party in Japan, Seanergy has advanced a down payment of $4 million and will pay an additional $4 million upon delivery of the vessel to the company, as well as a daily bareboat rate of $9,750 over the charter period.

The vessel will be renamed Blueship and is expected to be delivered within the first quarter of 2025.

At the end of the six-month bareboat period, Seanergy has an obligation to purchase the vessel for $22.5 million.

The purchase price for the two vessels is expected to be funded with a combination of cash on hand and proceeds from credit facilities the company will seek to enter into.

“We are pleased to announce the addition of two high-quality Japanese vessels to Seanergy’s fleet, which will integrate perfectly with our existing pure-play Capesize fleet.

“These transactions mark a significant milestone in the company’s strategic fleet expansion strategy, which is designed to strengthen our position within the industry. With a fully delivered fleet of 21 vessels and 3.8 million dwt, we are advancing our competitive edge through disciplined growth, in alignment with our focused capital allocation strategy,” said Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer.

The orderbook for U.S. dredgers is about $3B, and according to DCA CEO Bill Doyle, the incoming political administration could help this niche maritime sector continue its bull run.
Read the Magazine

The Nuclear Submarine NR-1; Life is Actually Like This.

Cyber Security in the Maritime Sector - What You Need to Know Now

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week