Two Nasdaq-listed shipping companies led by Stamatis Tsantanis have recently sold capesizes to undisclosed buyers. Seanergy Maritime Holdings Corp. sold a 15-year-old capesize bulker, taking advantage of the “favorable valuation environment,” whilst United Maritime Corporation completed the divestment of its oldest capesize, a 20-year-old vessel, finalizing the company’s exit from vintage tonnage as part of its long-term fleet renewal plan.
The Nasdaq-listed pure-play capesize shipping company Seanergy Maritime Holdings Corp. has completed the sale of its capesize vessel, Geniuship, for a gross price of approximately $21.6m to an unaffiliated buyer, the company announced on Tuesday.
The 170,057-dwt capesize bulker, built in 2010 by Sungdong SB in South Korea, which was acquired by Seanergy in 2015, was delivered to its new owner on September 10.
The transaction generated net cash proceeds of approximately $12m and is expected to result in an accounting profit of around $2.5m, which will be recorded in the company’s third quarter financial results.
Stamatis Tsantanis, the chairman and chief executive officer, stated: “We are pleased to announce the well-timed sale of our 15-year-old M/V Geniuship, that takes advantage of the favorable valuation environment in the sector. The sale was concluded prior to her upcoming dry-docking, resulting in significant capex savings for Seanergy. Moreover, the approximately $12.0 million net cash sale proceeds after the repayment of the underlying loan strengthened our liquidity position.
“This proactive sale aligns perfectly with our fleet renewal strategy and enhances both our liquidity position and earnings profile.”
Seanergy Maritime Holdings Corp. operates a fleet of 20 vessels (2 newcastlemax and 18 capesize) with an average age of approximately 14.3 years and an aggregate cargo carrying capacity of approximately 3,633,861-dwt.
In other recent news, the Nasdaq-listed dry bulk operator United Maritime Corporation led by Stamatis Tsantanis has completed the divestment of its oldest capesize vessel, Goodship.
The 177,536 dwt capesize vessel, Goodship, built in 2005 in Japan, was delivered on September 16 to its Far Eastern buyers, an unaffiliated third party.
The shipowner said the net sale price of approximately $15.4m is expected to generate net cash proceeds of approximately $8.2m after the repayment of the associated debt and an accounting profit of approximately $0.6m, which will be recorded in United’s third quarter financial results.
Stamatis Tsantanis, the chairman and CEO, stated: “We are pleased to announce the successful sale of the 20-year-old M/V Goodship, divesting an aging asset at premium value. This transaction reflects our effective fleet management strategy, as we continue to capitalize on the favorable conditions in the secondhand market, strengthening our liquidity position, while at the same time improving the overall age profile of our fleet.
“The sale of the M/V Goodship follows the earlier sales of the 2004-built M/V Gloriuship and the 2006 built M/V Tradership, concluding our strategic exit from the ownership and operation of older dry bulk vessels. Further to these sales, the average age of United’s fleet has been reduced by approximately 3 years, to 12.7 years today. This transaction concludes our strategic exit from older tonnage and leaves us with a younger, leaner, and more commercially competitive fleet.
“Moreover, with cash reserves of over $20.0 million or $2.20 per share, excluding the considerable net value of its vessels and assets, United now holds ample firepower to pursue capital returns and strategic fleet growth.”
United Maritime Corporation operates a fleet of five dry bulk vessels, comprising two kamsarmax and three panamax vessels, with an aggregate cargo carrying capacity of 396,297 dwt.
