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Seanergy Announces New Time Charter Agreement and New Financing Agreement of $30.9 million

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·6-min read
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Seanergy Announces New Time Charter Agreement
and New Financing Agreement of $30.9 million

July 14, 2021 - Glyfada, Greece - Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) reported today that, taking advantage of the current strong market conditions, it has fixed one more of its Capesize vessels, the M/V Worldship, under a fixed-rate time charter (“T/C”) with a world-leading U.S. commodity trading company, which is already amongst the Company’s charterers.

Moreover, Seanergy successfully concluded the financing of two of its new acquisitions, the 2012-built Capesize M/V Hellasship and the 2010-built M/V Patriotship (the “Vessels”) through a sale and leaseback agreement with a major Chinese financial institution.

Time Charter Agreement for M/V Worldship

The M/V Worldship has been fixed on a T/C with a world-leading U.S. commodity trading company, at a gross daily rate of $31,750 for a period of about 12-16 months. The T/C is expected to commence immediately upon the M/V Worldship’s upcoming delivery, which is anticipated within August 2021.

Financing of the M/V Hellasship and the M/V Patriotship

The Vessels were sold and chartered back on a bareboat basis for a five-year period and the combined financing amount is $30.9 million and the applicable interest rate is LIBOR + 3.50%. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the Vessels while at the end of the 5-year bareboat period, it has the option to repurchase the two vessels for $15.3 million in total.

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

“I am very pleased to announce these important transactions for our Company. The debt financings we have secured so far for our recent vessel acquisitions are competitively priced and conservatively structured, resulting in low break-even rates that enhance our significant free cash-flow generating capacity.

On the chartering front, we are taking advantage of the current strong rate environment to increase exposure to fixed-rate T/Cs. The M/V Worldship is the second vessel that will be deployed in a T/C with duration longer than 12 months and at a fixed rate exceeding $30,000/ day. The repeat business with our existing charterers affirms the operating and commercial excellence of our Capesize fleet. Following the delivery of the M/V Worldship to her charterer, 93% percent of our fleet will be employed under medium to long-term time charters.

The consistent implementation of our strategy through 2021 is delivering significant value to the Company. We continue to explore partnerships and opportunities to further increase value for our shareholders.”


Company fleet on a fully delivered basis and following the sale of the M/V Leadership:

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

Goodship

Capesize

177,536

2005

Mitsui Engineering

No

Voyage/Spot

Worldship *

Capesize

181,415

2012

Japanese Shipyard

Yes

T/C Fixed Rate -$31,750/day

Friendship **

Capesize

176,952

2009

Japanese Shipyard

No

N/A

Total / Average age

2,829,631

11.4

* Delivery expected within August 2021

** Delivery expected within July 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 11.4 years and aggregate cargo carrying capacity of approximately 2,829,631 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”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company's filings with the SEC, including its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com

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