Seanergy snaps up bulker

Seanergy Maritime Holdings makes plans to rebuild its fleet after buying a $17.3m capesize bulker
Seanergy snaps up bulker

Greek bulker operator, Seanergy Maritime Holdings has bought a capesize vessel for $17.3 million in its first attempt to rebuild its fleet. 

The company acquired the vessel, which was built at a Japanese shipyard in 2001, from a third party. 

According to a statement by Seanergy, the price of the bulker will be funded by secured senior bank debt as well as one of the company’s shareholders. 

Chief executive, Stamatis Tsantanis said: “We have been cautiously monitoring the deterioration of the asset values for the last six months, where certain dry bulk asset values suffered value reduction of more than 20 percent, bottoming closer to historical lows."

“Taking advantage of these market trends, we decided to proceed with a secondhand vessel acquisition and we are pleased to announce that we entered into an agreement with an unaffiliated third party for the acquisition of a capesize vessel."

At the same time, Seanergy announced that it would be delaying the acquisition of four capesize vessels. 

“In respect of the announced acquisition of four capesize vessels, due to the significant deterioration of the dry bulk freight market conditions, it was deemed that it would be to the best interests of our shareholders to reevaluate certain terms of the initial agreement of April 2014,” said Tsantanis.

“We have now agreed with the sellers of the four capesize vessels to defer the transaction to a later time in 2015.”

The company recently reported that its net income from S&P dealings for the nine months ending 30 September 2014 stood at $81.6m.

Tsantanis explained: “Given that a large portion of the overall returns in shipping relate to the timing and price of asset acquisitions, we believe that Seanergy represents today a unique platform and opportunity for growth in the dry bulk space.”

“With a clean balance sheet and no contingencies of any sort, we are rebuilding our fleet acquiring vessels close to their historic lows.”

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by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

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