Nasdaq-listed pure-play Capesize shipping company Seanergy Maritime Holdings Corp. took delivery of two recently acquired Japanese vessels, Meiship and Blueship.
The shipowner took delivery on February 27 of a 207,851 dwt newcastlemax bulk carrier, built in 2013 at Imabari Shipbuilding Co., Ltd., Saijo Shipyard, which was renamed Meiship.
The vessel started its new employment with the Greek company Costamare Bulkers Inc. (Costamare), for a duration of about 12 to 15 months. The gross daily rate of the time charter agreement is based on a fixed rate and includes a profit-sharing scheme based on the BCI.
The acquisition of the vessel has been financed with cash on hand and proceeds from the Piraeus Bank Facility agreement.
Meanwhile, the shipowner in January entered into a six-month bareboat charter agreement with an unaffiliated third party for a 2011-built capesize dry bulk vessel of 178,459 dwt built at Mitsui SB.
The vessel was renamed Blueship and delivered to Seanergy on February 25. The bareboat charter agreement required a downpayment of $8m, Seanergy Maritime Holdings said, and includes a daily charter rate of $9,750 over the period of the bareboat charter and a purchase obligation of $22.5m at the end of the bareboat charter.
Furthermore, the company reported that it entered into a $53.6m sustainability-linked senior credit facility in February to partially finance the acquisition of the Meiship and to refinance the existing $24m indebtedness of the Worldship and Honorship with the same lender, at improved terms.
The facility has a term of five years, Seanergy said, while the interest rate is 2.05% plus term SOFR per annum, 55 bps lower than the rate of the refinanced agreement, and can be further reduced based on certain emission reduction thresholds.
The facility amortizes through 20 quarterly instalments of approximately $1.5m and a $24.6m balloon payment at maturity.
The company’s operating fleet consists of 21 vessels (2 newcastlemax and 19 capesize) with an average age of approximately 13.7 years and an aggregate cargo carrying capacity of approximately 3,803,918-dwt.
Stamatis Tsantanis, the chairman and CEO, stated: “We are pleased to announce another strong quarter for Seanergy, underscoring the benefits of our strategic focus on the Capesize segment. Our robust hedging strategy resulted in the Company significantly outperforming the broader Capesize market, even amid seasonal year-end softness.
“Our fleet-wide daily TCE of $23,179, exceeded the BCI average of $18,300 by 27%, resulting in net income of $6.6 million for the fourth quarter of 2024. This strong finish capped off a record-breaking year, during which we achieved net income of $43.5 million, with a full-year daily TCE of $25,063, which is 11% above the BCI average of $22,593.
“Our disciplined commercial strategy and efficient operations allowed us to generate substantially superior results compared to industry peers, validating our exclusive focus on Capesize vessels. “Unlike smaller dry bulk segments—where orderbooks have increased substantially—the Capesize orderbook remains at historically low levels, positioning this segment for potential outperformance over the long term.
“Our estimate for Q1 2025 TCE is approximately $13,400 per day, which reflects seasonal Capesize market softness but remains 44% above the year-to-date BCI average of approximately $9,300 per day. Meanwhile, our fixed-rate charters at $22,100 per day continue to significantly outperform spot levels, and with rising forward freight agreements (“FFAs”), we anticipate a stronger market in the second half of 2025.
“In line with our stated growth strategy, we executed targeted fleet expansion while maintaining a healthy balance sheet and rewarding shareholders with strong capital returns. We declared total dividends of $0.76 per share for 2024, representing a robust annualized dividend yield of approximately 11%3. In addition, during the fourth quarter, we repurchased 226,826 shares at an average price of $9.44 per share, further enhancing shareholder value.
“Since the second quarter of 2024, we have committed to invest $138.0 million in four high-quality Capesize vessels, bringing our proforma fleet to 21 units, or 3.8 million dwt.
“This strategic expansion further strengthens our profitability and cash flow generation potential, allowing us to continue capitalizing on the strength of the Capesize market. Importantly, we closed the year with a loan-to-value ratio of approximately 45%, underscoring our financial sustainability and prudent capital management in a volatile macro environment.
“The Capesize market continued to outperform smaller dry bulk segments in 2024, driven by a favorable supply demand balance. Fleet growth was limited to just 1.7%, while seaborne iron ore, bauxite, and coal shipments increased substantially.
“Brazilian iron ore exports surged annually by approximately 6%, and Guinea’s bauxite exports grew by over 15%, reinforcing the trend of increasing ton-miles, which directly benefits Capesize companies like ours.
“Looking ahead to 2025, Capesize fleet growth is projected to slow further to 1.4%, setting the stage for an even tighter supply-demand balance. While the start of the year saw seasonal weakness, spot rates and FFAs have risen sharply in recent weeks, pointing to a strengthening market in the months ahead. Vessel values have remained firm, which is a sign of industry confidence in the Capesize sector’s long-term fundamentals.
“We believe that the long-term outlook for Capesize demand is robust, driven by rising Atlantic Basin iron ore and bauxite exports, a historically low orderbook, and tightening environmental regulations that are expected to restrict Capesize supply further.
“A key catalyst is the long-anticipated Simandou iron ore project in Guinea, which is set to commence exports in 2025 and is expected to significantly boost ton-mile demand further.
“At the same time, global energy needs continue to surge, particularly in emerging economies, as technology-driven industries such as AI, data centers, and semiconductor manufacturing require significant base-load power. Despite the energy transition, coal remains essential to the global power mix, supporting sustained Capesize demand as Asia ramps up imports.”
