Seanergy Maritime Expands Fleet with Two Japanese Ships: One Newcastlemax Vessel and One Capesize Vessel
Seanergy Maritime Holdings (NASDAQ: SHIP) has announced agreements to acquire two Japanese vessels for approximately $69.0 million. The first vessel is a 207,851 dwt Newcastlemax built in 2013 at Imabari Shipbuilding, to be renamed 'Meiship'. The second is a 178,459 dwt Capesize vessel built in 2011 at Mitsui SB, to be renamed 'Blueship', acquired through a 6-month bareboat charter with a purchase obligation.
For the Capesize vessel, Seanergy has made a $4.0 million down payment and will pay another $4.0 million upon delivery, plus a daily bareboat rate of $9,750. At the charter's end, there's a $22.5 million purchase obligation. Both vessels are expected to be delivered in Q1 2025, with funding through cash and credit facilities. The acquisitions will expand Seanergy's fleet to 21 vessels with 3.8 million dwt total capacity.
Seanergy Maritime Holdings (NASDAQ: SHIP) ha annunciato accordi per acquisire due navi giapponesi per un importo di circa 69,0 milioni di dollari. La prima nave è una Newcastlemax da 207.851 dwt costruita nel 2013 presso Imabari Shipbuilding, che verrà rinominata 'Meiship'. La seconda è una nave Capesize da 178.459 dwt costruita nel 2011 presso Mitsui SB, che verrà rinominata 'Blueship', acquisita tramite un contratto di locazione di 6 mesi con obbligo di acquisto.
Per la nave Capesize, Seanergy ha effettuato un pagamento iniziale di 4,0 milioni di dollari e pagherà ulteriori 4,0 milioni di dollari al momento della consegna, oltre a una tariffa di locazione di 9.750 dollari al giorno. Alla scadenza del contratto di locazione, è previsto un obbligo di acquisto di 22,5 milioni di dollari. Entrambe le navi dovrebbero essere consegnate nel primo trimestre del 2025, con finanziamento tramite liquidità e linee di credito. Le acquisizioni espanderanno la flotta di Seanergy a 21 navi con una capacità totale di 3,8 milioni di dwt.
Seanergy Maritime Holdings (NASDAQ: SHIP) ha anunciado acuerdos para adquirir dos buques japoneses por aproximadamente 69,0 millones de dólares. El primer buque es un Newcastlemax de 207,851 dwt construido en 2013 en Imabari Shipbuilding, que será renombrado como 'Meiship'. El segundo es un buque Capesize de 178,459 dwt construido en 2011 en Mitsui SB, que será renombrado como 'Blueship', adquirido a través de un contrato de bareboat de 6 meses con una obligación de compra.
Para el buque Capesize, Seanergy ha realizado un pago inicial de 4,0 millones de dólares y pagará otros 4,0 millones de dólares al momento de la entrega, más una tarifa diaria de bareboat de 9,750 dólares. Al final del contrato, hay una obligación de compra de 22,5 millones de dólares. Se espera que ambos buques sean entregados en el primer trimestre de 2025, con financiación a través de efectivo y líneas de crédito. Las adquisiciones expandirán la flota de Seanergy a 21 buques con una capacidad total de 3,8 millones de dwt.
Seanergy Maritime Holdings (NASDAQ: SHIP)은 약 6,900만 달러에 두 척의 일본 선박을 인수하기로 합의했다고 발표했습니다. 첫 번째 선박은 2013년 이마바리 조선소에서 건조된 207,851 dwt의 뉴캐슬맥스 선박으로, 'Meiship'으로 이름이 변경될 예정입니다. 두 번째 선박은 2011년에 미쓰이 조선소에서 건조된 178,459 dwt의 케이프사이즈 선박으로, 'Blueship'으로 이름이 변경될 예정이며, 6개월의 bareboat 차터를 통해 인수되어 구매 의무가 있습니다.
케이프사이즈 선박에 대해 Seanergy는 400만 달러의 계약금을 지불했으며, 인도 시 400만 달러를 추가로 지불할 예정이며, 하루 bareboat 요금은 9,750달러입니다. 차터 종료 시 구매 의무는 2,250만 달러입니다. 두 선박 모두 2025년 1분기에 인도될 것으로 예상되며, 현금과 신용 시설을 통해 자금을 조달할 예정입니다. 이번 인수로 Seanergy의 선대는 21척으로 확대되며, 총 380만 dwt의 용량을 갖게 됩니다.
Seanergy Maritime Holdings (NASDAQ: SHIP) a annoncé des accords pour acquérir deux navires japonais pour environ 69,0 millions de dollars. Le premier navire est un Newcastlemax de 207,851 dwt construit en 2013 chez Imabari Shipbuilding, qui sera renommé 'Meiship'. Le deuxième est un navire Capesize de 178,459 dwt construit en 2011 chez Mitsui SB, qui sera renommé 'Blueship', acquis par le biais d'un contrat de location de 6 mois avec une obligation d'achat.
Pour le navire Capesize, Seanergy a effectué un acompte de 4,0 millions de dollars et paiera 4,0 millions de dollars supplémentaires lors de la livraison, ainsi qu'un tarif quotidien de location de 9 750 dollars. À la fin du contrat de location, il y a une obligation d'achat de 22,5 millions de dollars. Les deux navires devraient être livrés au premier trimestre de 2025, avec un financement par liquidités et facilités de crédit. Ces acquisitions feront passer la flotte de Seanergy à 21 navires avec une capacité totale de 3,8 millions de dwt.
Seanergy Maritime Holdings (NASDAQ: SHIP) hat Vereinbarungen zur Akquisition von zwei japanischen Schiffen für etwa 69,0 Millionen USD bekannt gegeben. Das erste Schiff ist ein 207.851 dwt Newcastlemax, das 2013 bei Imabari Shipbuilding gebaut wurde und den Namen 'Meiship' erhalten wird. Das zweite ist ein 178.459 dwt Capesize-Schiff, das 2011 bei Mitsui SB gebaut wurde und den Namen 'Blueship' tragen wird, erworben durch einen 6-monatigen Bareboat-Charter mit Kaufverpflichtung.
Für das Capesize-Schiff hat Seanergy eine Anzahlung von 4,0 Millionen USD geleistet und wird bei Lieferung weitere 4,0 Millionen USD zahlen, zusätzlich zu einem täglichen Bareboat-Tarif von 9.750 USD. Am Ende des Charters gibt es eine Kaufverpflichtung von 22,5 Millionen USD. Beide Schiffe sollen im ersten Quartal 2025 geliefert werden, finanziert durch Barmittel und Kreditfacilitäten. Die Akquisitionen werden die Flotte von Seanergy auf 21 Schiffe mit einer Gesamttonnage von 3,8 Millionen dwt erweitern.
- Fleet expansion with two high-quality Japanese vessels, increasing total capacity to 3.8 million dwt
- Strategic timing of deliveries aligned with higher freight futures for H2 2025
- Flexible payment structure for Capesize vessel with initial payments spread out
- Significant capital expenditure of $69.0 million requiring new credit facilities
- Mandatory purchase obligation of $22.5 million for the Capesize vessel after 6 months
- Daily bareboat rate of $9,750 adds operational costs during charter period
Insights
Seanergy Maritime's $69 million fleet expansion represents a well-calculated strategic move in the dry bulk sector. The acquisition structure is particularly noteworthy: combining a direct purchase with a bareboat charter-to-purchase arrangement demonstrates sophisticated financial engineering that optimizes cash flow management and capital deployment.
The Japanese-built vessels from prestigious yards (Imabari and Mitsui) command premium valuations due to their superior build quality and operational reliability. This quality premium typically translates into higher charter rates and lower maintenance costs over the vessel's lifecycle. The Newcastlemax vessel (207,851 dwt) and Capesize vessel (178,459 dwt) will expand the fleet's total capacity to 3.8 million dwt across 21 vessels, achieving important economies of scale.
The bareboat charter structure for the Capesize vessel is particularly astute: the $8 million initial payment ($4 million down payment plus $4 million upon delivery) and $9,750 daily rate over 6 months, followed by a $22.5 million purchase obligation, effectively creates a deferred payment mechanism that preserves working capital while securing the asset. This structure could provide tax advantages and balance sheet flexibility.
The timing of these acquisitions aligns with anticipated market strengthening in H2 2025, as indicated by freight futures. With the global orderbook at historic lows and sustained demand for raw materials, particularly from Asian markets, these vessels position Seanergy to capture potential market upside. The focus on larger vessel classes (Newcastlemax/Capesize) is strategic, as these segments typically experience more pronounced rate volatility, offering higher earning potential in strong markets.
GLYFADA, Greece, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that it has entered into two definitive agreements with unaffiliated third parties in Japan for (i) the purchase of a Japanese-built Newcastlemax vessel and (ii) a bareboat charter with a purchase obligation for one Japanese-built Capesize vessel. The total acquisition cost is approximately
Acquisition of a Japanese Newcastlemax Vessel
The Newcastlemax was built in 2013 at Imabari Shipbuilding Co., Ltd., Saijo Shipyard, a reputable Japanese 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.
Acquisition of a Japanese Capesize Vessel through Bareboat Charter Agreement
The Capesize was built in 2011 at Mitsui SB and has a capacity of 178,459 dwt. Pursuant to the terms of the 6-month bareboat charter with an unaffiliated third party in Japan, Seanergy has advanced a down payment of
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.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“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.
"We expect these acquisitions to further enhance our operational capabilities while reinforcing our commitment to delivering consistent shareholder returns. We believe that the deliveries of the two new vessels are well-timed, based on the higher level of the freight futures for the second half of 2025.
"Despite the seasonal weakness, we remain confident in the long-term outlook of the Capesize sector, driven by favorable market fundamentals, a limited newbuilding orderbook, and what seems to be a sustained global demand for major raw materials.”
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is an international shipping company that provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. The Company's operating fleet consists of 19 Capesize vessels (1 Newcastlemax and 18 Capesize) with an average age of 13.8 years and aggregate cargo carrying capacity of approximately 3,417,608 dwt. Upon completion of the aforementioned transactions, the Company's operating fleet will consist of 21 vessels (2 Newcastlemax and 19 Capesize), with an aggregate cargo carrying capacity of 3,803,918 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”.
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, including with respect to fleet growth, market trends and shareholder returns. 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, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between Israel and Hamas or Iran and between Russia and Ukraine; risks associated with the length and severity of pandemics (including COVID-19), including their 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
E-mail: seanergy@capitallink.com
FAQ
How much is Seanergy Maritime (SHIP) spending on the two new Japanese vessels?
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What is the payment structure for SHIP's new Capesize vessel?
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What are the specifications of SHIP's new Newcastlemax vessel?
