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Seanergy buys capesize at ‘historically low purchase price’

Seanergy Maritime Holdings Corp has entered into an agreement to acquire a secondhand capesize bulk carrier for $11.4m, a price that the company sees to be at historic low.

“The acquisition was agreed at what we believe to be a historically low purchase price, which attests to our ability to identify and execute timely on unique market opportunities,” said Stamatis Tsantanis, chairman and ceo of Seanergy.

The 177,536-dwt bulk carrier was built in 2005 at Japan’s Mitsui Engineering & Shipbuilding, and it will be renamed to M/V Goodship.

The vessel is expected to be delivered by end-July 2020, bringing Seanergy’s fleet to 11 capesizes with a total cargo capacity of approximately 1.93m dwt.

Seanergy, a pure-play capesize company, said it will fund the $11.4m vessel purchase price with cash as sourced through its recent capital markets activities.

Tsantanis pointed out that the capesize market is currently strong with day-rates exceeding $30,000 and forward freight contracts (FFA) for the second half trading at about $22,000 per day.

“Seanergy is well placed to benefit from the substantial improvement of the market with minimal upcoming dry-dockings and all vessels currently employed under spot charters or index-linked charters that are directly tied to the capesize index,” he said.

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