Seanergy Maritime Expands Fleet with Two Japanese Ships: One Newcastlemax Vessel and One Capesize Vessel

Core Viewpoint - Seanergy Maritime Holdings Corp. has announced the acquisition of two Japanese-built vessels, a Newcastlemax and a Capesize, for a total cost of approximately $69.0 million, marking a significant step in the company's fleet expansion strategy [1][5][6]. Vessel Acquisitions - The Newcastlemax vessel, built in 2013, has a cargo capacity of approximately 207,851 deadweight tons (dwt) and will be renamed "Meiship," with expected delivery in the first quarter of 2025 [2]. - The Capesize vessel, built in 2011, has a capacity of 178,459 dwt and will be acquired through a 6-month bareboat charter agreement, with a down payment of $4.0 million and a purchase obligation of $22.5 million at the end of the charter period [3]. Financial Aspects - The purchase price for the two vessels will be funded through a combination of cash on hand and proceeds from credit facilities that the company plans to secure [4]. Strategic Implications - The addition of these vessels is expected to enhance Seanergy's operational capabilities and align with its strategic fleet expansion, increasing the total fleet to 21 vessels with an aggregate capacity of approximately 3.8 million dwt [5][7]. - The company anticipates that the timing of these acquisitions is favorable due to higher freight futures expected in the second half of 2025 [6]. Company Overview - Seanergy Maritime Holdings Corp. operates an international shipping business focused on marine dry bulk transportation, currently managing a fleet of 19 Capesize vessels and 1 Newcastlemax vessel, with an average fleet age of 13.8 years [7].