Nasdaq-listed capesize and newcastlemax specialist Seanergy Maritime Holdings Corp. added a 181,500-dwt scrubber-fitted newbuilding capesize vessel to its fleet renewal program that now totals six modern eco-design bulkers, consisting of five capesizes and one newcastlemax, worth around $460m.
The Stamatis Tsantanis-led Seanergy said the latest addition, worth about $77.9m, with delivery expected in the fourth quarter of 2027, expands a programme that now consists of six scrubber-fitted newbuildings – under construction at leading Japanese and Chinese shipyards.
The newbuilding portfolio includes five 181,500-dwt capesizes (four to be delivered between the second and fourth quarter of 2027, one to be delivered in the first quarter of 2029) and one 211,000-dwt newcastlemax scheduled for delivery in the second quarter of 2028.
Specifically, the fleet renewal program includes three capesizes under construction at Hengli, two at Imabari Shipbuilding and one newcastlemax at Hantong.
In parallel, the shipping company agreed in March to sell the capesize vessel Squireship (built in 2010) to United Maritime Corporation, a related party, for an aggregate purchase price of $29.5m.
The sale is subject to entering into final documentation between the parties, with delivery expected in June 2026. The company said the transaction is expected to generate net cash proceeds of approximately $13.4m, supporting the company’s ongoing newbuilding program, while reducing its average fleet age.
Currently, the company owns or finance leases 20 vessels (2 newcastlemax and 18 capesize) with an average age of approximately 14.9 years and an aggregate cargo carrying capacity of 3,633,861 dwt.
Upon the sale of the ships Squireship and Dukeship and the delivery of the six newbuilding vessels, the company will own or finance lease 24 vessels (3 newcastlemax and 21 capesize), with an aggregate cargo carrying capacity of approximately 4,400,390 dwt.
Stamatis Tsantanis, Seanergy’s chairman and chief executive officer, stated: “We have meaningfully advanced our fleet renewal program, contracting three additional newbuilding vessels at leading shipyards in China and Japan, and agreeing to sell one of our older capesize vessels at firm secondhand pricing.
“Since launch, the program now comprises six modern eco-design newbuildings and three older vessel disposals, a significant upgrade to fleet quality, efficiency and long-term earnings capacity. To date, Seanergy has advanced approximately $69 million from internal funds toward our newbuilding program, while financing for four vessels has already been agreed at attractive terms.
“Our newbuilding strategy combines disciplined growth with risk management. Based on advanced discussions with leading charterers, we expect these vessels to secure multi-year time charters with downside protection above cash breakeven, complemented by profit-sharing mechanisms preserving meaningful upside exposure.
“The combination of attractive early delivery dates in a tight global newbuilding market, competitive financing, and selective disposals represents capital allocation positioned to deliver compelling long-term returns.”
