Nasdaq-listed pure-play capesize shipping company Seanergy Maritime Holdings Corp. has upped its fledgling newbuilding programme after posting its fifth consecutive year of profitability.
The Stamatis Tsantanis-led company announced on Tuesday that it signed up for additional newbuild vessels at Hantong Shipyard and Hengli Shipyard.
In recent months, the shipowner added two prompt, eco newbuilding orders at Chinese shipyards: a scrubber-fitted capesize sister vessel to the unit previously announced, scheduled for delivery in the third quarter of 2027, and a scrubber-fitted newcastlemax scheduled for delivery in the second quarter of 2028.
Specifically, the company entered into an agreement in January with Hengli Shipbuilding (Dalian) Co., Ltd. and Hengli Shipbuilding (Singapore) Pte. Ltd. for the construction of a 181,500-dwt scrubber-fitted capesize vessel. The contract price is approximately $75.2m, with delivery expected in the third quarter of 2027.
The other newbuild contract involves a 211,000-dwt scrubber-fitted newcastlemax vessel from Jiangsu Hantong Ship Heavy Industry Co., Ltd., with delivery expected in the second quarter of 2028. The purchase price is around $75.8m.
In total, the company’s newbuilding program consists of three eco vessels totalling $226m: two scrubber-fitted 181,000-dwt capesize bulkers with expected deliveries in the second and third quarter of 2027, and one scrubber-fitted 211,000-dwt newcastlemax bulker with expected delivery in the second quarter of 2028.
Meanwhile, the company sealed a deal this month with United Maritime Corporation, a related party, for the disposal of the 181,453-dwt Dukeship, built in 2010, through an 18-month bareboat charter. The charter period commenced following the delivery of the vessel on February 12. United has advanced a downpayment of $5.5m and will pay a daily charter rate of $9,450, with a purchase obligation of $22.1m at the end of the bareboat charter.
“Our fleet renewal program is progressing as planned and remains a core strategic priority,” Stamatis Tsantanis, Seanergy’s chairman and chief executive, said. “The total current newbuilding investment of approximately $226 million reflects our intention to continue pursuing selective and prompt newbuilding opportunities when market conditions and financing terms are favorably aligned.”
“In parallel, and taking advantage of firm secondhand values, we recently agreed to sell the 2010-built Dukeship through an 18-month bareboat arrangement, crystallizing a solid price and generating positive cash flows through the bareboat period. We continue to actively evaluate opportunities to optimize our fleet through selective acquisitions and targeted disposals, while keeping long-term shareholder value and returns as a top priority,” Tsantanis added.
The company’s operating fleet consists of 19 vessels (2 newcastlemax and 17 capesize) with an average age of approximately 14.6 years and an aggregate cargo carrying capacity of 3,452,408-dwt.
Upon the delivery of the newbuilding vessels, the company’s operating fleet will consist of 22 vessels (3 newcastlemax and 19 capesize), with an aggregate cargo carrying capacity of 4,025,908-dwt.
Additionally, the company owns one capesize vessel that has been chartered out on a bareboat basis.
