Seanergy Maritime Holdings Corp (NASDAQ: SHIP) Announces Deal to Buy a Modern Capesize Vessel and the Sale of an Older Vessel

Seanergy Maritime Holdings Corp (NASDAQ: SHIP) has announced the striking of a deal with a mega Japanese company, in which case the two seek to purchase a 2009-built Capesize vessel. The other move will be the Seanergy’s commitment to a sales deal involving the oldest vessel in the company’s fleet called the 2001-built M/V Leadership. The deal is with a far-eastern company.

Details about the deal

Seanergy seeks moves into the deal with the hope of advancing its average fleet age with the substitution of the M/V Leadership with a more modern Capesize vessel. The company turned to its recently concluded debt financings and cash reserves to fund the Capesize acquisition. It reveals the total amount that adds up to $160 million.

Buying the Capesize vessel that ensures prompt delivery

The latest Japanese acquisition was built at a renowned shipyard in Japan back in 2009. It pulls along with a huge carrying capacity that stands at about 177,000 deadweight tons. It plans to rename the product M/V Friendship.

Several customary closing conditions apply and must be observed before the imminent delivery of the vessel. All those conditions must be fulfilled within July 2021, according to reports.

The gross purchase amount stands at around $24.6 

Tsantanis speaks out on latest developments

The Company’s Chairman & Chief Executive Officer, Stamatis Tsantanis, is rather pleased with the selling price of the M/V Leadership. He says that they will use the proceeds from the sale to make it possible for them to boost their cash reserves.

Tsantanis opines, “The M/V Friendship will replace the M/V Leadership, our oldest vessel, improving the age and operating profile of the fleet. This is consistent with our fleet growth and renewal strategy that will ensure that our fleet remains competitive, efficient, and fully compliant with the upcoming environmental regulations.”

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