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Seanergy Maritime Holdings Corp News

23 Jun 2022

Seanergy Acquires Secondhand Capesize Bulker

Seanergy Maritime Holdings Corp. announced Thursday it has agreed to acquire a secondhand bulk carrier from a Japanese owner.The 180,000 dwt Capesize vessel, to be renamed Honorship, was built at a Japanese shipyard in 2010.It is expected to be delivered within June 2022 and will promptly begin operating on a 20-24-month charter to with NYK Lines at an index-linked rate at a significant premium over the Baltic Capesize Index, Seanergy said.Seanergy said it has the option to convert the daily hire from index-linked to fixed for a minimum period of two months to a maximum of 12 months based on the same premium over the prevailing Capesize Freight Futures Agreements (FFA) curve.Stamatis Tsantanis…

16 Mar 2022

Future Fuels: TotalEnergies Makes Historic First Marine Bio-Fuel Bunker Delivery

The capesize bulker Friendship, owned by Seanergy Maritime and chartered by NYK, has collaborated with global mining company Anglo American to complete a trial using biofuel to transport cargo. This is the fourth successful trial use of biofuel by NYK , the second in cooperation with Anglo American and the first with Seanergy Maritime. Photo courtesy TotalEnergies Marine Fuels/NYK

TotalEnergies Marine Fuels carried out its first marine bio-VLSFO (Very Low Sulfur Fuel Oil) bunker delivery in Singapore’s port waters, as part of a biofuel trial recently completed by NYK Line and Anglo American.During the operation, a B10 biofuel blend that composed of VLSFO blended with 10% second-generation, waste-based and ISCC-certified UCOME (Used Cooking Oil Methyl Ester) was supplied via ship-to-ship transfer to MT Friendship, a bulk carrier owned by Seanergy Maritime Holdings Corp. and chartered by NYK Line to transport cargo provided by Anglo American.

28 Jul 2021

Seanergy Takes Delivery of 2009-built Bulk Carrier. Secures Charter with NYK Line

For illustration only - Credit: Volodymyr Kyrylyuk - AdobeStock

Seanergy Maritime Holdings Corp. has taken delivery of the M/V Friendship bulk carrier.The vessel is a 176,952 dwt Capesize bulk carrier, built in 2009 by Namura Shipbuilding Co., Ltd. in Japan. "The M/V Friendship is the fifth Capesize delivery that Seanergy has successfully completed in 2021 to date," the company said.Seanergy also said that the has been fixed on a time charter with Japan's NYK Line, which is an existing charterer of Seanergy. The charter is expected to commence immediately…

08 Jul 2021

Seanergy Buys a Capesize, Sells Another

Dry bulk shipping company Seanergy Maritime Holdings Corp. announced it has reached separate deals to acquire a secondhand Capesize vessel and sell the oldest vessel in its fleet.The pure-play Capesize shipowner said it will acquire a 2009-built bulker through a $24.6 million purchase agreement with "a major Japanese company", while a sales agreement with "a far-eastern company" will see the 2001-built Leadership exit the Seanergy fleet for a net sale price of approximately $12 million.The newly acquire bulk carrier, to be be renamed Friendship, was built at a Japanese shipyard and has a cargo-carrying capacity of approximately 177,000 deadweight tons (dwt).

07 Jul 2020

Seanergy Picks Up Capesize Bulker

(Photo: Seanergy)

Seanergy Maritime Holdings Corp. announced Tuesday it has entered into an agreement with an unaffiliated third party to purchase a secondhand Capesize vessel for “prompt delivery”.The vessel Geniuship, to be renamed Goodship, was built in 2005 at Mitsui Engineering & Shipbuilding Co. Ltd. in Japan, and has a cargo-carrying capacity of approximately 177,536 deadweight tons.Following her delivery, the Seanergy fleet will increase to 11 Capesize vessels with an aggregate cargo capacity of approximately 1,926,117 dwt, the company said.

27 May 2020

Pangaea Takes Top Spot in Dry Bulk Benchmark Study

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

31 Oct 2018

Seanergy, Charterers Take the Scrubber Plunge

Seanergy Maritime Holdings Corp. entered into commercial agreements for the installation of exhaust gas cleaning systems on five of its capesize bulk carriers -- M/V Partnership, M/V Lordship, M/V Premiership, M/V Squireship and M/V Championship -- before the January 1, 2020 implementation date of the IMO sulfur emission cap regulations. The company secured the scrubber equipment from Hyundai Materials, a  Korean manufacturer, and and will re-fit the ships in China. The total investment, to be covered by the charterers, is expected to exceed $12.5 million, including equipment and installation costs.“We are very excited to announce these commercial agreements which should result in approximately $12.5 million accretion in our NAV," said Stamatis Tsantanis, Seanergy Maritime Holdings Corp.

12 Aug 2018

Seanergy Maritime Holdings Revenue up by 20% in 1H 2018

Seanergy Maritime Holdings Corp. net revenues for  six months ended June 30, 2018 were $38.1 million, up 20% from the first half of 2017.The shipping company generated net revenues of $16.8 million for the quarter ended June 30, 2018, an 8% decrease compared to the second quarter of 2017. As of June 30, 2018, stockholder’s equity was $28.6 million and cash and cash equivalents, including restricted cash, was $13 million.Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “During the first half of 2018 our efforts were primarily focused on improving our liquidity and capital structure. We refinanced successfully two Capesize vessels that were acquired in 2016…

09 Jul 2018

Seanergy Maritime Holdings Refinances Two Capesize Vessels

Seanergy Maritime Holdings announced that it has successfully completed the refinancing of a previous loan facility secured by M/Vs Lordship and Knightship. Both vessels are Capesize bulk carriers built in 2010 in South Korea, purchased by Seanergy in 2016. The original maturity of the Facility was December 2019. M/V Knightship was refinanced in June 2018 through a sale and leaseback transaction with AVIC International Leasing Co., Ltd., a major Chinese state-owned financing institution. Seanergy sold and chartered the vessel back on a bareboat basis for an eight year period, having a purchase obligation at the end of the eighth year. The Company has the option to repurchase the vessel at any time following the second anniversary of the bareboat charter party.

29 Dec 2017

Bulkers to Benefit as China Iron Ore Appetite Grows

Photo: © martinfredy/Adobe Stock

It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.

05 Jul 2017

Seanergy Maritime Reports Q1 Results, Acquires Vessel

For the quarter ended March 31, 2017, Seanergy Maritime Holdings Corp generated net revenues of $13.3 million, a 90% increase versus the same period 2016. As of March 31, 2017, stockholders’ equity was $26.7 million and cash and cash equivalents, including restricted cash was $6.9 million. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “In March 2017, pursuant to our prudent fleet expansion plan, we agreed to acquire another modern Capesize vessel. The vessel recently commenced its 12-18 months’ time charter with a major European utilities company at a strong gross rate of $16,200 per day. The Partnership is expected to generate approximately $8.8 million of gross revenue, assuming the full 18 months employment.

25 Apr 2017

Kartsonas Joins Seanergy Board

(Photo: Seanergy Maritime Holdings Corp.)

Dry bulk vessels owner and operator Seanergy Maritime Holdings Corp. has appointed Ioannis “John” Kartsonas as a member of its board of directors, effective May 4, 2017.  Kartsonas has more than 18 years of experience in finance and commodities trading. He is currently the Principal and Managing Partner of Breakwave Advisors LLC., a commodity-focused advisory firm based in New York. Prior to that, he held various senior positions in investment management and research focusing in shipping and commodities. He has earned an MBA in Finance from the University of Rochester.

18 Apr 2017

Seanergy Bags Time Charter for Capesize Bulker

Seanergy Maritime Holdings Corp has entered into a time charter contract (T/C) with a major European charterer, for one of its Capesize dry bulk vessels, for a period of about 18 months to about 22 months. The T/C is for the 180,000 dwt Capesize vessel M/V Lordship and is expected to commence in June 2017, upon expiration of the vessel's current T/C with the same charterer. The net daily charter hire is index-linked rate based on the 5 T/C route rate of Baltic Capesize Index (BCI). In addition, the charter contract provides the option to Seanergy to convert at any time and for a period of minimum three months to maximum 12 months the index-linked rate into a fixed rate corresponding to the prevailing value of the respective Capesize FFA.

03 Apr 2017

Seanergy Maritime Reports Q4 Results

Seanergy Maritime Holdings Corp reports financial results for the fourth quarter and twelve months ended Dec. 31, 2016. For the fourth quarter and twelve months ended December 31, 2016, the Company generated net revenues of $10.9 and $34.7 million respectively. As of December 31, 2016 total stockholders’ equity was $30.8 million and cash and restricted cash was $15.9 million. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “During 2016, the dry bulk market went through the worst crisis of the last 25 years. The continuous oversupply of ships as well as the concerns over future demand for dry bulk transport led to the lowest freight rate levels since the end of the 1980’s.

14 Dec 2016

Seanergy Maritime Takes Delivery of MV Knightship

Seanergy Maritime Holdings Corp. has taken delivery of a 178,978 dwt Capesize dry bulk vessel, renamed to M/V Knightship and built in 2010 by Hyundai Heavy Industries in South Korea. Stamatis Tsantanis, CEO of Seanergy commented, "We are very pleased to announce the delivery of the second of the two Capesize vessels that we agreed to acquire in September 2016. Stamatis added, "We expect to continue the implementation of our business plan and grow our fleet even further. The company currently owns a fleet of 10 dry bulk carriers, consisting of eight Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,503,369 DWT and an average fleet age of about 7.9 years.

09 Dec 2016

Seanergy Maritime Prices $ 15 mi Offering

Seanergy Maritime Holdings Corp. announced today the pricing of its $15 million public offering of 10,000,000 common shares and class A warrants, at a combined price to the public of $1.50 per common share and class A warrant. The offering is expected to close on or about December 13, 2016. The Company estimates that the net proceeds from the offering, after deducting the underwriting discount and offering expenses, will be approximately $13,380,000. The net proceeds of the offering are expected to be used for debt repayment, vessel acquisitions in accordance with the Company’s growth strategy and general corporate purposes. Maxim Group LLC is acting as sole manager for the offering.

02 Dec 2016

Seanergy Maritime Adds a Bulker

Athens, Greece - Seanergy Maritime Holdings Corp. announced today that it has taken delivery of a 178,838 dwt Capesize dry bulk vessel, renamed to M/V Lordship and built in 2010 by Hyundai Heavy Industries in South Korea. The M/V Lordship is the first of two Capesize vessels that the Company has agreed to acquire for a gross purchase price of $20.75 million per vessel. The second Capesize vessel, of 178,978 dwt and to be renamed M/V Knightship, also built in 2010 by Hyundai Heavy Industries, is expected to be delivered to the Company during December 2016.

16 Nov 2016

US Post-election Shipping Rally Raises Interest, Questions

File photo: Diana Containerships

Shares of U.S. shipping companies shot higher again on Wednesday, causing volatility halts in a number of stocks and raising questions among investors and analysts over the extent of their sharp post-election rally. The jump in share prices and unusually heavy trading volume even surprised analysts who follow the stocks, although some said the gains appeared to result in part from optimism that commodity demand would increase under President-elect Donald Trump. At the center of the rally has been DryShips Inc…

10 Nov 2015

Two More Secondhand Bulkers for Seanergy

Dry bulk shipper Seanergy Maritime Holdings Corp. has taken delivery of two secondhand Capesize dry bulk vessels, renamed M/V Gloriuship and M/V Squireship, to be employed in the spot market. The 171,314 dwt Gloriuship was built in 2004 by Hyundai Heavy Industries, and the 170,018 dwt Squireship was built in 2010 by Sungdong Shipbuilding & Marine Engineering. Gloriuship and Squireship are the fifth and sixth vessels of seven secondhand dry bulk ships (five Capesize and two Supramax) acquired for a gross purchase price of approximately $183 million, with the remaining Capesize bulker expected to be acquired by November 30, 2015. The acquisition…

05 Oct 2015

Supramx Ship Delivered to Seanergy

Dry Bulk shipping company Seanergy Maritime Holdings Corp. announced today the delivery of a 56,819 dwt Supramax dry bulk vessel, renamed M/V Gladiatorship.   The vessel, which was built in 2010 by CSC Jinling Shipyard, has been employed in the spot market. The acquisition cost of the M/V Premiership has been funded by a senior secured loan agreement with international financial institution and by a funding arrangement with the Company’s sponsor.     M/V Gladiatorship is the second of seven secondhand dry bulk vessels that Seanergy has agreed to acquire for a gross purchase price of approximately $183 million. The acquisition of the remaining vessels is expected to be completed by November 30, 2015.

25 Aug 2015

Seanergy Acquires 7 Bulk Ships

Seanergy Maritime Holdings Corp. announced today that it has entered into a purchase agreement to acquire seven secondhand dry bulk vessels, consisting of five Capesize and two Supramax vessels, for a gross purchase price of approximately $183 million. Upon completion of the acquisition of the vessels, the company will have a fleet of eight dry bulk carriers, consisting of six Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1.1 million DWT and an average fleet age of about 7.1 years. The vessels are expected to be employed in the spot market and the company will start earning revenue immediately upon completion of the transaction and delivery of the vessels.

16 Sep 2015

Seanergy Acquires First of Seven Bulk Carriers

Seanergy Maritime Holdings Corp., a shipping company that owns and operates dry bulk vessels, has taken delivery of the first of seven newly acquired secondhand dry bulk vessels. The 170,024 dwt Capesize vessel, which has been renamed M/V Premiership, was built in 2010 by Sungdong SB in the Republic of Korea and has been employed in the spot market. The seven ships were acquired for a gross purchase price of approximately $183 million. The acquisition cost has been funded by a senior secured loan agreement and by a funding arrangement with the company’s sponsor. Seanergy expects to acquire the six remaining bulk carriers (four Capesize and two Supramax) by November 30, 2015. The ships will be employed in the spot market.

24 Sep 2015

Seanergy Maritime 2Q Revenue Nets $1.8 mln

Dry bulk shipper Seanergy Maritime Holdings Corp. announced its financial results for the second quarter and six months ended June 30, 2015. For the three months ended June 30, 2015, the company generated net revenues of $1.8 million. Total equity as of June 30, 2015 was $9.4 million. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated, “In the second quarter of 2015, Seanergy restored its revenue-generation capacity through the acquisition of its first vessel, the M/V Leadership, in March 2015. The Time Charter Equivalent (“TCE”) rate earned by M/V Leadership during the second quarter of 2015 amounted to $9,788, which compares very favorably with the average rate of the 4 T/C routes of the Baltic Capesize Index for the same period of $4,601.