Seanergy Maritime Holdings Corp. Announces Delivery of Capesize M/V Hellasship and Time Charter Agreement with NYK Line

Rhea-AI Summary

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has announced the delivery of the Capesize bulk carrier M/V Hellasship, with a deadweight tonnage of 181,325 dwt, built in 2012. The vessel has been fixed on a time charter with NYK Line for 11 to 15 months, with daily rates linked to the Baltic Capesize Index. CEO Stamatis Tsantanis highlighted the optimal timing for the acquisition amid strong Capesize market conditions, reporting spot rates over $42,000 per day. Following this delivery, Seanergy's fleet will consist of 15 Capesize vessels, enhancing its operational capacity and partnership opportunities.

Positive

• Delivery of M/V Hellasship enhances fleet to 15 vessels.
• Time charter with NYK Line expected to increase revenue stability.
• Current Capesize spot rates exceed $42,000 per day, indicating strong market conditions.
• 92% of fleet employed under index-linked charters allows alignment with market performance.

Negative

• None.

GLYFADA, Greece, May 06, 2021 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that it has taken delivery of the 181,325 dwt Capesize bulk carrier, built in 2012 by Imabari Shipbuilding Co. in Japan, which was renamed M/V Hellasship (the “Vessel”). The delivery of the M/V Hellasship is the first of the four Capesize acquisitions performed already in 2021.

The Vessel has been fixed on a time charter (“T/C”) with NYK Line, a leading Japanese shipping company and operator. The T/C is expected to commence immediately, upon finalization of the customary transition process and will have a term of minimum 11 to maximum 15 months from the delivery. The gross daily rate of the T/C is based at a premium over the Baltic Capesize Index (“BCI”).

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

“We are pleased to announce the well-timed delivery of our twelfth cape vessel, during the strongest Capesize market of the last decade with spot rates standing currently above $42,000 per day. This delivery is the first of the four acquisitions we agreed so far in 2021, before the impressive surge in freight day rates and asset values. Needless to say, that our timing has been once again optimal.

“At the same time, we are glad to initiate a long-term commercial partnership with another leading charterer through M/V Hellasship’ s period employment. The relationships we have established with first class charterers in the Capesize space attest to the operational quality of our fleet and management platforms.

“Currently, 92% percent of our fleet is employed under index-linked time charters allowing Seanergy’ s earnings to be highly correlated with the performance of the Capesize index. We believe that Seanergy, as a pure-play Capesize owner, is best positioned to fully benefit from the strong earnings environment and increasing asset values.” 

Company Fleet upon Vessels’ delivery:

Vessel Name		Vessel Class	Capacity (DWT)		Year Built		Yard	Employment
Partnership		Capesize	179,213		2012		Hyundai	T/C Index Linked
Championship		Capesize	179,238		2011		Sungdong	T/C Index Linked
Lordship		Capesize	178,838		2010		Hyundai	T/C Index Linked
Premiership		Capesize	170,024		2010		Sungdong	T/C Index Linked
Squireship		Capesize	170,018		2010		Sungdong	T/C Index Linked
Knightship		Capesize	178,978		2010		Hyundai	T/C Index Linked
Gloriuship		Capesize	171,314		2004		Hyundai	T/C Index Linked
Fellowship		Capesize	179,701		2010		Daewoo	T/C Index Linked
Geniuship		Capesize	170,058		2010		Sungdong	T/C Index Linked
Hellasship		Capesize	181,325		2012		Imabari	T/C Index Linked
Goodship		Capesize	177,536		2005		Mitsui Engineering	T/C Index Linked
Leadership		Capesize	171,199		2001		Koyo – Imabari	Voyage/Spot
Tradership*		Capesize	176,925		2006		Japanese Shipyard	N/A
Flagship**		Capesize	176,387		2013		Japanese Shipyard	N/A
Patriotship*		Capesize	181,709		2010		Japanese Shipyard	N/A
Total / Average age			2,642,463		11.9
*delivery expected by mid-June
**delivering promptly

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. Upon delivery of vessels which the Company has recently agreed to acquire, the Company's operating fleet will consist of 15 Capesize vessels with an average age of 11.9 years and aggregate cargo carrying capacity of approximately 2,642,463 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.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com

FAQ

What is the significance of the M/V Hellasship delivery for Seanergy Maritime?

The delivery of the M/V Hellasship enhances Seanergy's fleet to 15 vessels, positioning it strongly in the Capesize market.

What is the charter duration for the M/V Hellasship?

The charter duration for the M/V Hellasship is between 11 to 15 months.

Which company is chartering the M/V Hellasship?

The M/V Hellasship is chartered by NYK Line, a leading Japanese shipping company.

What are the current Capesize spot rates?

Current Capesize spot rates are reported to be over $42,000 per day.

What percentage of Seanergy's fleet is employed under index-linked charters?

92% of Seanergy's fleet is employed under index-linked time charters.