Nasdaq-listed Seanergy Maritime Holdings Corp. capesize and newcastlemax owner expands its fleet portfolio with a Japanese-built newcastlemax vessel and a Japanese-built capesize vessel. The shipowner has agreed with undisclosed third parties in Japan to buy the vessels at a total cost of around $69m. The second Japanese capesize vessel comes with a bareboat charter and a purchase obligation.   

The Stamatis Tsantanis-led Seanergy is buying a newcastlemax, built in 2013 at Imabari Shipbuilding, Saijo Shipyard, with a cargo-carrying capacity of approximately 207,851-dwt. The vessel will be renamed Meiship and is expected to be delivered within the first quarter of 2025, subject to customary closing conditions. 

Furthermore, the company is buying a 2011-built at Mitsui SB capesize vessel (178,459 dwt), through a bareboat charter agreement.

Under the terms of the 6-month bareboat charter with an unaffiliated third party in Japan, Seanergy has advanced a down payment of $4m and will pay an additional $4m upon delivery of the vessel to the company, as well as a daily bareboat rate of $9,750 over the charter period.

The vessel will be renamed Blueship and is expected to be delivered within the first quarter of 2025.

At the end of the 6-month bareboat period, Seanergy has an obligation to purchase the vessel for $22.5m.

The purchase price for the two vessels is expected to be funded with a combination of cash on hand, Seanergy said, and proceeds from credit facilities the company will seek to enter into.

Stamatis Tsantanis, chairman and CEO, Seanergy Maritime Holdings Corp., said: “We are pleased to announce the addition of two high-quality Japanese vessels to Seanergy’s fleet, which will integrate perfectly with our existing pure-play capesize fleet.

“These transactions mark a significant milestone in the company’s strategic fleet expansion strategy, which is designed to strengthen our position within the industry. With a fully delivered fleet of 21 vessels and 3.8 million dwt, we are advancing our competitive edge through disciplined growth, in alignment with our focused capital allocation strategy.

“We expect these acquisitions to further enhance our operational capabilities while reinforcing our commitment to delivering consistent shareholder returns. We believe that the deliveries of the two new vessels are well-timed, based on the higher level of the freight futures for the second half of 2025. 

“Despite the seasonal weakness, we remain confident in the long-term outlook of the capesize sector, driven by favorable market fundamentals, a limited newbuilding orderbook, and what seems to be a sustained global demand for major raw materials.”

The company’s operating fleet consists of 19 capesize vessels (1 newcastlemax and 18 capesize) with an average age of 13.8 years and aggregate cargo carrying capacity of approximately 3,417,608 dwt.

The company’s operating fleet, after the purchase of the vessels, will consist of 21 vessels (2 newcastlemax and 19 capesize), with an aggregate cargo carrying capacity of 3,803,918 dwt.

Video credit: Seanergy Maritime Holdings Corp.