Seanergy Maritime Holdings Completes Acquisition of M/V Fellowship
Seanergy Maritime Holdings reported the successful completion of the previously announced sale and purchase agreements.The Greece-based shipping company with specialization in dry bulk cargo shipping said that on November 22, 2018 the Company took delivery of the M/V Fellowship, a 179,759 deadweight ton (dwt) Capesize dry bulk vessel, built in 2010 at Daewoo Shipbuilding in South Korea.Seanergy entered into the agreement to acquire the M/V Fellowship in August 2018.Furthermore, the Company has completed the sales of two Chinese built Supramax vessels.
Seanergy Maritime in Leaseback, Refinancing Pact with Cargill
The dry bulk cargo shipping company Seanergy Maritime Holdings announced has successfully concluded the refinancing of the 2011-built Capesize M/V Championship through a leasing agreement with Cargill International.The Nasdaq listed shipping company based in Greece informed that the refinancing has released approximately $7.8 million of liquidity for the Company.Pursuant to the agreement, the Company has chartered back the Vessel on a bareboat basis and subsequently entered it…
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.
Seanergy Maritime Holdings Buys One Vessel, Sells Two
Seanergy Maritime Holdings has anounced that it has signed agreement to acquire one modern capesize vessel and sale of two supramax vessels to become the only US-listed pure-play capesize vessel owner.The international shipping company that provides marine dry bulk transportation services said in a press release that it has entered into definitive agreements with unaffiliated third parties for the purchase of a modern secondhand Capesize vessel and the sale of two Supramax drybulk vessels.The transactions are expected to be completed in the fourth quarter of 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…
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.
Bulkers to Benefit as China Iron Ore Appetite Grows
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.
Seanergy Maritime Updates on Fleet
Seanergy Maritime Holdings said that it took delivery of the 2012 Korean built Capesize M/V Partnership, which commenced its 12-18 months' time charter with a major European utilities company in June at a gross rate of $16,200 per day. "Our modern fleet now consists of nine Capesize vessels and two Supramax vessels with a combined cargo carrying capacity of 1.7 million dwt," said the company. Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated: "We are particularly pleased about expanding our fleet at a time of historical market weakness…
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.
Seanergy Time Charter Contract for Partnership
Greece-based Seanergy Maritime Holdings announced that it has entered into a time charter contract with a major European utility and energy company for its recently delivered Capesize vessel. The 2012-built M/V Partnership will commence a period employment of about twelve to eighteen months and is expected to generate approximately $8.8 million of gross revenue, assuming the full 18 months employment. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, said: “We are pleased to announce a period employment contract for our most recent Capesize acquisition.
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).
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.
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.
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.
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.
Capesize Bulk Ship Delivered to Seanergy
Seanergy Maritime Holdings Corp., a shipping company specializing in the ownership and operation of dry bulk vessels, announced the delivery of the 171,199 dwt Capesize dry bulk vessel M/V Leadership. The vessel was acquired from an unaffiliated third party and was built by Imabari-Koyo, Japan in 2001. The gross acquisition cost of the M/V Leadership was $17.3 million. The acquisition cost has been funded by a senior secured loan agreement with a reputable financial institution and by the previously announced funding arrangement with one of the company’s major shareholders. Stamatis Tsantanis, the company’s chairman and chief executive officer…
Seanergy Maritime to Acquire Capesize Vessel
Seanergy Maritime Holdings Corp. while announcinbg their financial results for the third quarter and nine months ended September 30, 2014 informed that they plan to acquire a Secondhand Capesize vessel. In this regards Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer stated, “Since the successful completion of the Company’s financial restructuring in March 2014, we have worked towards rebuilding the Company’s fleet so we can initiate the positive cash-flow generation that will deliver value to our shareholders.
Seanergy Signs Agreement For Contribution Of Four Capesize Vessels As Equity
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that the Company has entered into an agreement with entities affiliated with certain members of the Restis family (the “Sellers” or “Major Shareholders”) for the contribution of four Capesize vessels as equity, in exchange for newly issued shares of the Company’s common stock. Pursuant to the agreement, certain of the Company’s Major Shareholders will contribute to the Company four Capesize vessels…
Seanergy Reports First Profitable Quarter Since 2011
Seanergy Maritime Holdings Corp. announced its financial results for the first quarter ended March 31, 2013. -Net Revenues of $5.6 million. -EBITDA of $3.8 million. -Net Income of $1.1 million. -Debt reduction of $31.8 million, or approximately 15% of the company’s outstanding indebtedness. “I am pleased to announce our first profitable financial quarter since 2011, despite the challenging dry bulk market conditions. Our net income was $1.1 million compared to a net loss of $6.4 million for the same period last year. During the first quarter of 2013 charter rates continued to deteriorate and our average daily Time Charter Equivalent (“TCE”) rate decreased to $6,004 per vessel as compared to $9,546 in the first quarter of 2012.
Seanergy Sells Four Vessels
Seanergy Maritime Holdings Corp. announced that it has entered into a delivery and settlement agreement with its remaining lender to unwind its final credit facility. Under this agreement, the company will sell its four vessels to a nominee of the lender in full satisfaction of the underlying loan. The four vessels are the bulk carriers M/V Bremen Max, M/V Hamburg Max, M/V Davakis G and M/V Delos Ranger. Upon the closing of the transaction, approximately $145 million of outstanding debt and accrued interest will be discharged and the company’s guarantee will be fully released. After giving effect to the transaction, the overall indebtedness of the Seanergy group of companies will be extinguished.
Seanergy Completes Financial Restructuring
Seanergy Maritime Holdings Corp. announced today that it has closed on its previously announced delivery and settlement agreement with its remaining lender to unwind its final secured credit facility. The company has sold its four remaining bulk carriers to a nominee of the lender in full satisfaction of the underlying loan. In exchange for the sale, approximately $146 million of outstanding debt and accrued interest were discharged and the company’s guarantee has been fully released. After giving effect to the transaction, the company has no outstanding indebtedness. The gain from this transaction is expected to be approximately $85 million, which will be reflected in the first quarter of 2014.
Seanergy Maritime Sells Subsidiary BET
Seanergy Maritime Holdings Corp. has completed the sale of its 100% ownership interest in Bulk Energy Transport (Holdings) Limited (BET). The Buyer, I.M.I. Holdings Corp., is an affiliate of members of the Restis family, the Company’s major shareholders. Following the sale of BET, the Company owns a fleet of 12 dry bulk carriers (two Panamax, two Supramax, and eight Handysize vessels) with a total carrying capacity of approximately 468,500 dwt and an average fleet age of 13.9 years. Stamatis Tsantanis, the Company’s Chief Executive Officer, stated: “The completion of the sale of BET marks an important milestone in the Company’s restructuring process.