Seanergy Maritime fleet reaches 18 capesize ships

Seanergy Maritime fleet reaches 18 capesize ships

Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) reported today the delivery of two previously-announced Capesize vessel acquisitions. The first vessel is a 181,709 dwt Capesize bulk carrier, built in 2010 by Imabari Shipbuilding Co., Ltd. in Japan, which was renamed M/V Patriotship, and the second is a 176,925 dwt Capesize bulk carrier, built in 2006 by Namura Shipbuilding Co., Ltd. in Japan, which was renamed M/V Tradership (the “Vessels”).

Taking advantage of the strong market conditions, Seanergy fixed the M/V Patriotship proactively at $31,000 per day for a period employment of 12 to 18 months with a major European cargo operator. Additionally, the M/V Tradership has been fixed for a period employment of 11 to 15 months with a major South Korean industrial company at an index-linked rate based on the Baltic Capesize Index. Both time charters are expected to commence promptly, upon finalization of the customary handover process.

Moreover, the Company is in advanced discussions with a leading Asian financial institution to finance part of the acquisition price of the M/V Patriotship through a sale and leaseback structure at competitive terms.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“I am pleased to announce the timely delivery of our fourteenth and fifteenth Capesize vessels and the immediate commencement of their respective period employments.

We are also excited to initiate business relationships with two additional reputable charterers. Including these deliveries, 87% of our operating fleet is employed under advantageous medium to long-term charters.

At the financing front, we have secured competitively-priced financings for our recent vessel acquisitions, as previously announced, which will further enhance our strong liquidity position and reduce the Company’s average cash interest expense.

We believe Seanergy is optimally positioned to take advantage of the rising market conditions.”

Company fleet on a fully delivered basis:

Vessel Name Vessel Size Class Capacity (DWT) Year Built Yard Scrubber Fitted Employment Type
Partnership Capesize 179,213 2012 Hyundai Yes T/C Index Linked
Championship Capesize 179,238 2011 Sungdong Yes T/C Index Linked
Lordship Capesize 178,838 2010 Hyundai Yes T/C Index Linked
Premiership Capesize 170,024 2010 Sungdong Yes T/C Index Linked
Squireship Capesize 170,018 2010 Sungdong Yes T/C Index Linked
Knightship Capesize 178,978 2010 Hyundai Yes T/C Index Linked
Gloriuship Capesize 171,314 2004 Hyundai No T/C Index Linked
Fellowship Capesize 179,701 2010 Daewoo No T/C Index Linked
Geniuship Capesize 170,058 2010 Sungdong No T/C Index Linked
Hellasship Capesize 181,325 2012 Imabari No T/C Index Linked
Flagship Capesize 176,387 2013 Mitsui Engineering No T/C Index Linked
Patriotship Capesize 181,709 2010 Saijo – Imabari Yes T/C Fixed Rate -$31,000/day
Tradership Capesize 176,925 2006 Namura Shipbuilding No T/C Index Linked
Leadership Capesize 171,199 2001 Koyo – Imabari No Voyage/Spot
Goodship Capesize 177,536 2005 Mitsui Engineering No Voyage/Spot
Worldship * Capesize 181,415 2012 Japanese Shipyard Yes N/A
Total / Average age 2,823,878 11.8

* Delivery expected within August 2021

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. On a fully-delivered basis, the Company’s operating fleet will consist of 16 Capesize vessels with an average age of 11.8 years and aggregate cargo carrying capacity of approximately 2,823,878 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

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