Greece’s Seanergy Maritime Holdings is moving ahead with its fleet renewal and modernization strategy after placing its first-ever newbuilding capesize order at a “top-tier Chinese shipyard.”
The Nasdaq-listed owner sealed a deal last month with Hengli Shipbuilding (Dalian) and Hengli Shipbuilding (Singapore) for the construction of a 181,000-dwt scrubber-fitted capesize vessel.
The contract price is around $75m, with delivery expected in the second quarter of 2027.
The purchase price will be paid in five installments, linked to the vessel’s construction milestones, Seanergy said, with 45% of the purchase price payable over the next 12 months and the remaining 55% upon delivery of the vessel.
“The new scrubber-fitted capesize, priced at $75 million and scheduled for delivery in the first half of 2027, represents a major step toward long-term value creation and modernization of our fleet,” said Stamatis Tsantanis, Seanergy’s chairman and chief executive officer. “Going forward, we will continue to pursue disciplined fleet renewal opportunities, aligned with maintaining balance sheet flexibility and rewarding our shareholders.”
In the sale and purchase sector, the shipowner reported a profitable sale of a vintage capesize vessel releasing approximately $12m of liquidity.
Seanergy’s chief said that during the third quarter, the company advanced its fleet renewal strategy by selling one of its vintage vessels at a good value, ahead of her third special survey and drydocking.
Specifically, the company delivered in September to her new owners the 170,057-dwt Geniuship, built in 2010.
The gross sale price was around $21.6m. The transaction generated net proceeds of about $12m and resulted in an accounting profit of approximately $2.3m, which was recorded in the third quarter financial results.
On the commercial front, Seanergy renewed three time-charters with existing counterparties and concluded a new charter with a global commodities trader. Its entire fleet remains on index-linked charters, ensuring full market exposure while managing volatility through selective FFA hedging.
One of the charters involved is the new employment for Dukeship with Solebay Shipping in October for a period of minimum 11 to maximum 14 months.
Furthermore, the Lordship commenced in September a new time charter agreement with ST Shipping and Transport (Glencore) for a period of about 11 to about 15 months.
Stamatis Tsantanis commented: “For Q4, after hedging approximately 55% of our available days at a gross rate of $24,900, we estimate a TCE of around $23,900 given prevailing spot rates and current FFA curve.
“Capesize charter rates averaged nearly $25,000 in Q3, supported by record iron ore exports from Brazil and strong bauxite and coal demand. With the capesize orderbook below 10% of the global fleet and trade volumes expected to rise in 2026, we anticipate a sustained period of strong rates. Seanergy’s pure-play capesize platform is ideally positioned to benefit.”
The company’s operating fleet consists of 20 vessels (2 newcastlemax and 18 capesize) with an average age of approximately 14.4 years and an aggregate cargo carrying capacity of approximately 3,633,861 dwt.
