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Seanergy Maritime acquires scrubber-fitted Japanese Capesize vessel

05 Jan 2023

Seanergy Maritime Holdings Corp. (Seanergy) on Tuesday (3 January) announced the acquisition of a 2012-built Capesize vessel from a major Japanese company and the simultaneous commencement of its period employment.

In addition, the company has entered into definitive agreements to sell the 2005-built M/V Goodship and the 2006-built M/V Tradership, the oldest vessels in its fleet, to United Maritime Corporation (United), a related party.

The company expects to record a profit of approximately USD 8 million in connection with the sale of the two vessels in the first quarter of 2023. In addition, the aforementioned transactions will reduce the average age of Seanergy’s fleet.

Stamatis Tsantanis, the company’s Chairman & Chief Executive Officer, stated: “We are pleased to announce the acquisition of another high-quality Japanese Capesize vessel, which will effectively replace the older M/V Goodship and M/V Tradership. The sale of the two oldest vessels in our fleet will result in a substantial profit of more than USD 8 million for Seanergy, whilst benefiting the average age of our fleet.

“The M/V Paroship will increase the number of the scrubber-fitted vessels in our fleet to nine, enhancing our cash-flow generating capacity based on the significant differential between high and low-sulphur fuel prevailing currently.

“The delivery of the M/V Paroship and the underlying T/C agreement are well-timed, considering the recent improvement in the freight market and what we believe to be strong fundamentals in our sector.

“Seanergy remains committed to the Capesize sector with a solid operational structure and consistent capital allocation, focusing predominantly on shareholder rewards and sustainable growth.

The Capesize vessel was built in 2012 at a reputable shipyard in Japan, with a cargo-carrying capacity of approximately 181,415 deadweight tons and was renamed M/V Paroship. It is fitted with an exhaust gas cleaning system (scrubber).

The M/V Paroship was delivered to the company on December 27, 2022 and its gross purchase price of USD 31 million was funded through a combination of cash on hand and a new senior credit facility.


Photo credit: Seanergy Maritime Holdings Corp.
Published: 5 January, 2022

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