Seanergy Maritime Holdings Corp. capesize shipowner said it had added in its fleet portfolio a 181,392-dwt Japanese-constructed vessel (built 2013) in February. The owner reveals that the agreement for this acquisition was well-timed as it occurred prior to the steep upwards adjustment in vessel values witnessed over the recent weeks.

Seanergy on February 5, 2024, sealed a deal to acquire the 181,392 dwt capesize bulk carrier, which will be renamed M/V Iconship. The purchase price of $33.7m is expected to be funded through a combination of cash on hand and debt financing.

Now the Nasdaq-listed shipowner expects the delivery of the ship to take place between April and June 2024, as it “looks forward to adding another high-quality vessel to its fleet acquired at an attractive price.”

Additionally, it extended the duration of time-charter employment on six of its vessels at index linked rates for periods ranging from 11 to 24 months.

Meanwhile the owner said in the company’s financial results for the fourth quarter and twelve months for 2023 that it bought last year a 2011-built newcastlemax dry bulk vessel through a 12-month bareboat charter with a purchase option.

The vessel was delivered in the fourth quarter and commenced her employment with a “first-class European charterer” at a significant premium over the index.

Stamatis Tsantanis, the chairman and chief executive, evaluates that the capesize orderbook is at historically low levels, while trade volumes and the need for fleet replacement due to environmental regulations have grown considerably.

“The high congestion resulting from port inefficiencies after the pandemic has normalized and is now closer to the low end of the historical range,” he says.

For the quarter ended December 31, 2023, the shipowner saw its net revenues reaching $39.4m compared to $28.5m in the same period the year before.

The net income and adjusted net income for the quarter were $10.8m and $11.4m, respectively, compared to net income of $0.5m and adjusted net income of $0.9m in the fourth quarter of 2022.

Adjusted Ebitda for the quarter was $23.9m, compared to $13.3m for the same period of 2022.

Meanwhile, for the twelve-month period ended December 31, 2023, the company generated net revenues of $110.2m, compared to $125.0m in the same period of 2022.

The net income and adjusted net income for the twelve months were $2.3m and $11.9m, respectively, compared to net income of $17.2m and adjusted net income of $23.3m in the respective period of 2022. Adjusted Ebitda for the twelve months was $53.0m, compared to $66.6m for the same period of 2022.

The company’s fleet consists of 17 vessels (1 newcastlemax and 16 capesize) and after the completion of the delivery of the ship Iconship, its operating fleet will consist of 18 vessels (1 newcastlemax and 17 capesize).

Source: Seanergy Maritime Holdings Corp.