Nasdaq-listed capesize and newcastlemax owner Seanergy Maritime Holdings has agreed to buy two Japanese-built capesize vessels, a newbuilding and a modern 2022-built vessel, for aggregate consideration of approximately $130m.
The acquisitions comprise of one 181,000-dwt scrubber-fitted capesize newbuilding, expected to be delivered between the first and second quarters of 2029, and a 182,162-dwt capesize vessel built in 2022, with forward delivery expected between the fourth quarter of 2028 and the second quarter of 2029.
The company has already paid a deposit of 5% of the purchase price for the capesize newbuilding. It has also agreed to pay 35% in three instalments by November 2028 and the remaining 60% upon delivery of the vessel.
Concerning the 2022-built capesize vessel, the agreement involves a 10% advance payment, while the remaining 90% of the purchase price will be payable upon the vessel’s delivery.
The Stamatis Tsantanis-led company also said on Thursday it expanded the fleet renewal and growth program from six to eight modern vessels comprising seven newbuildings and one 2022-built capesize, for an aggregate investment of approximately $591m. Four of the eight vessels are scheduled for delivery in 2027.
Separately, the company delivered to its related party United Maritime Corporation the 170,018-dwt (2010-built) Squireship, while continuing to provide technical and management services to the vessel. The gross sale price was approximately $29.5m, generating net proceeds of about $13.8m and a gain on sale of approximately $4.6m.
Furthermore, the company secured long-term time charters with leading counterparties, as it said, for the three China-built 2027 newbuildings with floor rates covering expected cash breakeven, as well as potentially significant index-linked market upside.
Stamatis Tsantanis, the company’s chairman & chief executive officer, said: “We further advanced our fleet renewal strategy by agreeing to acquire two additional high-quality Japanese capesize vessels for an aggregate consideration of approximately $130 million. These transactions consist of a scrubber-fitted newbuilding and a modern 2022-built vessel, both expected to join our fleet in 2029. These acquisitions lock in modern, fuel-efficient tonnage and scarce 2029 delivery slots ahead of an anticipated tightening in capesize supply.
“Our fleet renewal and growth program now comprises eight modern vessels, including seven newbuildings and one 2022-built capesize, and represents an aggregate investment of approximately $591 million. Four of the eight vessels are scheduled to deliver in 2027, accelerating fleet renewal and earnings contribution from 2027 onward. We continue to execute selectively, pairing scarce delivery slots with disposals of older tonnage at firm valuations, while maintaining a disciplined balance sheet.
“We have also secured multi-year employment for our three Chinese-built 2027 newbuildings with leading global counterparties, at floor rates covering expected cash breakeven plus a premium index-linked formula and profit sharing above an upper threshold. This approach materially de-risks the first phase of the program from day one of delivery while maintaining the upside potential central to our investment thesis.”
