Seanergy Maritime Announces Delivery & Immediate Period Employment of M/V Dukeship

Rhea-AI Summary

Seanergy Maritime announced the delivery of its Capesize vessel, M/V Dukeship, on November 26, 2021. The vessel, built in 2010, will begin a time charter (T/C) employment with NYK for approximately 13 to 18 months. This marks the seventh vessel delivery in 2021, expanding Seanergy's fleet to 17 Capesize vessels with over 3 million dwt capacity. Additionally, Seanergy closed a $16.85 million sustainability-linked loan with Piraeus Bank, underscoring its commitment to ESG goals.

Positive

• Delivery of M/V Dukeship increases fleet to 17 Capesize vessels.
• Time charter commenced with reputable charterer, NYK.
• Sustainability-linked loan aligns with ESG objectives.

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• None.

Seanergy Maritime Announces Delivery & Immediate Period Employment of M/V Dukeship

December 2, 2021 - Glyfada, Greece - Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today the delivery of a previously-announced Capesize vessel acquisition, M/V Dukeship (the “Vessel”), and the simultaneous commencement of its time charter (“T/C”) employment. In addition, the Company has successfully closed the previously-announced sustainability-linked loan facility with Piraeus Bank (the “Facility”).

Delivery of the M/V Dukeship

The M/V Dukeship, a 181,500-dwt Capesize bulk carrier, built in 2010 by Sasebo Heavy Industries in Japan, was delivered to Seanergy on November 26, 2021 and has already commenced the T/C with its charterers, NYK, for a term of about 13 to 18 months. The gross daily rate is based at a premium over the Baltic Capesize Index.

Following this delivery, the seventh in 2021 to-date, Seanergy’s fleet has increased to 17 Capesize vessels with an aggregate cargo carrying capacity that exceeds 3 million dwt.

Sustainability-linked loan

The previously-announced sustainability-linked loan was drawn on November 15, 2021. The $16.85 million principal will amortize over a five-year term with a final balloon payment of $6.1 million at maturity and an interest rate of 3.05% plus LIBOR per annum. The pricing can be further improved based on certain emission reduction thresholds.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“I am very pleased with the final delivery of our 17^th capesize vessel in a great market timing. The Dukeship already commenced its time-charter with a world renowned charterer.

“Our fleet is now 100% under period employment, with the vast majority on index-linked T/Cs.The current Baltic Capesize Index is $37,600 per day.

“Finally, the recent closing of the sustainability-linked loan facility reiterates our solid commitment to our ESG objectives.”

Company fleet:

Vessel Name

Vessel Class

Capacity (DWT)

Year Built

Yard

Scrubber Fitted

Employment

Minimum T/C duration

Patriotship

Capesize

181,709

2010

Imabari

Yes

T/C – fixed rate

1 year

Dukeship

Capesize

181,453

2010

Sasebo

No

T/C Index Linked

13 months

Worldship

Capesize

181,415

2012

Koyo - Imabari

Yes

T/C – fixed rate

1 year

Hellasship

Capesize

181,325

2012

Imabari

No

T/C Index Linked

11 months

Fellowship

Capesize

179,701

2010

Daewoo

No

T/C Index Linked

1 year

Championship

Capesize

179,238

2011

Sungdong SB

Yes

T/C Index Linked

5 years

Partnership

Capesize

179,213

2012

Hyundai

Yes

T/C Index Linked

3 years

Knightship

Capesize

178,978

2010

Hyundai

Yes

T/C Index Linked

3 years

Lordship

Capesize

178,838

2010

Hyundai

Yes

T/C Index Linked

3 years

Goodship

Capesize

177,536

2005

Mitsui

No

T/C Index Linked

9 months

Friendship

Capesize

176,952

2009

Namura

No

T/C Index Linked

17 months

Tradership

Capesize

176,925

2006

Namura

No

T/C Index Linked

11 months

Flagship

Capesize

176,387

2013

Mitsui

No

T/C Index Linked

5 years

Gloriuship

Capesize

171,314

2004

Hyundai

No

T/C Index Linked

10 months

Geniuship

Capesize

170,057

2010

Sungdong SB

No

T/C Index Linked

11 months

Premiership

Capesize

170,024

2010

Sungdong SB

Yes

T/C Index Linked

3 years

Squireship

Capesize

170,018

2010

Sungdong SB

Yes

T/C Index Linked

3 years

Total / Average age

3,011,083

11.7

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company's operating fleet consists of 17 Capesize vessels with an average age of 11.7 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company's filings with the SEC, including its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566

 

Attachment

• 2021-2-12_SHIP PR MV Dukeship delivery_Sustainability-linked loan

FAQ

When was the M/V Dukeship delivered by Seanergy Maritime?

The M/V Dukeship was delivered on November 26, 2021.

What is the duration of the time charter for M/V Dukeship?

The time charter for M/V Dukeship is for approximately 13 to 18 months.

What is the significance of the sustainability-linked loan for Seanergy?

The $16.85 million loan underscores Seanergy's commitment to ESG objectives.

How many Capesize vessels does Seanergy Maritime have now?

Seanergy Maritime now has a total of 17 Capesize vessels in its fleet.

What is the current Baltic Capesize Index rate mentioned?

The current Baltic Capesize Index is $37,600 per day.