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. 

 

The acquisition cost of the vessels will be funded by senior secured loans with reputable financial institutions and a private placement by the Company’s sponsor. The transaction is subject to standard closing conditions and legal documentation and is expected to be completed by November 30, 2015. The sellers of the vessels are entities affiliated with certain of our major shareholders. The transactions were approved by both an independent committee of Seanergy’s board of directors and the company's board of directors.

 

“We are very pleased to announce a transformational transaction for Seanergy that significantly increases our fleet size from one to eight vessels, exceeding 1.1 million DWT of combined cargo-carrying capacity,” said Stamatis Tsantanis, Seanergy Chairman and Chief Executive Officer. “We also believe that the timing of this acquisition is optimal given the positive long term fundamentals of the dry bulk sector and, in particular, of the Capesize segment. Additionally, we have achieved advantageous terms with our lenders that will enable us to materially improve our cash flow at a time when the dry bulk markets are still recovering. Seanergy will continue to cautiously pursue acquisition opportunities that we believe can further enhance value for our shareholders.”