Seanergy Maritime Holdings has entered into two definitive agreements with Japanese companies for the purchase of a Japanese-built Newcastlemax vessel, and a bareboat charter with a purchase obligation for one Japanese-built Capesize vessel.
The total acquisition cost is approximately $69.0 million. The Newcastlemax was built in 2013 at Imabari Shipbuilding Co's Saijo Shipyard, and has a cargo-carrying capacity of approximately 207,851 deadweight tonnes.
The vessel will be renamed Meiship and is expected to be delivered within the first quarter of 2025, subject to customary closing conditions.
The Capesize was built in 2011 at Mitsui Shipbuilding and has a capacity of 178,459 DWT.
Pursuant to the terms of the six-month bareboat charter with an unaffiliated third party in Japan, Seanergy said it has advanced a down payment of $4.0 million and will pay an additional $4.0 million upon delivery of the vessel to the company, as well as a daily bareboat rate of $9,750 over the charter period.
The vessel will be renamed Blueship and is expected to be delivered within the first quarter of 2025. At the end of the six-month bareboat period, Seanergy has an obligation to purchase the vessel for $22.5 million.
The purchase price for the two vessels is expected to be funded with a combination of cash on hand and proceeds from credit facilities, Seanergy said.
“We are pleased to announce the addition of two high-quality Japanese vessels to Seanergy’s fleet, which will integrate perfectly with our existing pure-play Capesize fleet," said Stamatis Tsantanis, Seanergy Chairman and Chief Executive Officer.
"Despite the seasonal weakness, we remain confident in the long-term outlook of the Capesize sector, driven by favorable market fundamentals, a limited newbuilding orderbook, and what seems to be a sustained global demand for major raw materials.”