Greek owner Seanergy Maritime Holdings has repurchased 362,161 common shares, or about 2% of its issued and outstanding shares, at an average price of approximately $4.35 per share. The average share repurchase price represents approximately a 11.2% discount from the closing price of July 5, 2023.

The Stamatis Tsantanis-led company has also sealed a 12-month bareboat charter deal with an unaffiliated third party in Japan, for a 2011-built newcastlemax dry bulk vessel of 207,855 dwt, built at Nantong COSCO KHI Ship Engineering.

The delivery of the vessel is estimated to take place between August and December 2023, while at the end of the 12-month bareboat period, Seanergy has an option to purchase the ship for $20.2 million.

The overall purchase price is estimated to about $30.5 million, including the bareboat payments.

Stamatis Tsantanis, the company’s Chairman and chief executive officer, said Seanergy sees demand for seaborne transportation of dry bulk commodities as very robust.

“DWT-miles have grown by 5.8% year-on-year, while the relevant figures from January until the end of May are the strongest of the last three years,” he said.

“We remain committed to the Capesize sector with a solid operational platform and believe we have positioned Seanergy optimally to capitalize on improvements in the dry bulk market. We will continue to focus on shareholder returns and sustainable growth,” Tsantanis added.

After the completion of the transaction, the company’s operating fleet will consist of 16 capesize and 1 newcastlemax, with an aggregate cargo carrying capacity of 3,054,820 dwt.