Seanergy Maritime Holdings Corp. Expands Fleet with Japanese Vessels

Seanergy Maritime Holdings Corp. has recently finalized two significant agreements with unaffiliated third parties in Japan, marking a strategic move to enhance its fleet. The agreements involve the acquisition of a Japanese-built Newcastlemax vessel and a bareboat charter with a purchase obligation for a Japanese-built Capesize vessel, totaling approximately $69 million.

Newcastlemax Vessel Acquisition

The Newcastlemax vessel, originally built in 2013 at Imabari Shipbuilding, Saijo Shipyard, boasts a cargo-carrying capacity of approximately 207,851 deadweight tons (dwt). Upon acquisition, the vessel will be renamed Meiship and is anticipated to be delivered within the first quarter of 2025, subject to customary closing conditions.

Capesize Vessel Bareboat Charter

On the other hand, the Capesize vessel, constructed in 2011 at Mitsui SB with a capacity of 178,459 dwt, will be engaged in a six-month bareboat charter with an unaffiliated third party in Japan. Seanergy has already made a down payment of $4 million and will pay an additional $4 million upon vessel delivery, along with a daily bareboat rate of $9,750 throughout the charter period. The vessel, to be named Blueship, is expected to be in the company’s possession by the first quarter of 2025.

Following the bareboat period, Seanergy has a commitment to purchase the Capesize vessel for $22.5 million.

Funding and Strategic Growth

The purchase of these two vessels will be financed through a combination of existing cash reserves and potential credit facilities that the company aims to secure. Stamatis Tsantanis, the Chairman & Chief Executive Officer of Seanergy Maritime Holdings Corp., expressed enthusiasm about the fleet expansion, emphasizing how the addition of these high-quality Japanese vessels aligns with the company’s strategic goals.

With a fleet of 21 vessels and 3.8 million dwt upon full delivery, Seanergy Maritime Holdings Corp. is strengthening its competitive position in the industry through disciplined growth and focused capital allocation.

These recent transactions underscore the company’s commitment to enhancing its fleet and solidifying its presence in the global maritime sector, positioning Seanergy as a key player in the industry’s ongoing development.