Seanergy to Acquire Bulk Energy Transport

Thursday, July 16, 2009

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIPW) announced that it has entered into an agreement with Constellation Bulk Energy Holdings, Inc. to acquire Seller's 50% ownership interest in Bulk Energy Transport (Holdings) Limited for a nominal cash consideration. The remaining 50% of BET is owned and will remain under the ownership of affiliates of the Restis family.

BET is a provider of worldwide ocean transportation services through the ownership of a fleet of five dry bulk carrier vessels. Its current fleet is comprised of four Capesize and one Panamax dry bulk carriers with a cargo-carrying capacity of 726,620 dwt and an average fleet age of approximately 16 years.

As a result of the acquisition, the size of the company's fleet will increase to 11 dry bulk vessels with a carry capacity of approximately 1,043,296 dwt and an average fleet age of 13 years comprising of four Capesize, three Panamax, two Supramax and two Handysize dry bulk carriers.

The acquisition is subject to lenders’ approval and is expected to close by July 31, 2009.

Dale Ploughman, the company’s Chief Executive Officer, stated “This acquisition, should the subjects be lifted, is accretive to Seanergy and further consolidates Seanergy’s position in the dry bulk sector. With the control of the BET vessels and particularly the four Capesizes, Seanergy will have tonnage that covers the majority of the dry bulk market sectors. It also achieves one of the goals that Seanergy set on its self to expand the fleet within the first year of operations. The deal enhances shareholder value and places Seanergy well on the way to being a strong participant in the dry bulk sector.”

(www.seanergymaritime.com)

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

U.S. Marshalls Ordered to Seize Kurdish Oil Cargo off Texas

Acting on a request from the central government in Iraq, a U.S. judge has signed an order telling the U.S. Marshals Service to seize a cargo of oil from Iraqi Kurdistan

Diana Containerships Q2 & 1H 2014 Financial Results

Greece-based Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported net income of $0.6 million for the second quarter of 2014,

Mercator Lines Profit Hit by Low Bulk Freight Rate

Mercator Lines (Singapore) reported a revenue of US$ 16.5 million for Q1 2015, an increase of 19% as compared to correspoding period in the previous previous year, however a net loss of US$ 7.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1205 sec (8 req/sec)