Seanergy Maritime Announces the Acquisition of Two Japanese Capesize Newbuildings and Sale of Older Vessel; Provides Corporate Updates

Core Viewpoint - Seanergy Maritime Holdings Corp. is advancing its fleet renewal strategy by expanding its newbuilding program to five vessels, including four Capesize and one Newcastlemax, with a total estimated cost of approximately $384 million [2][11]. Newbuilding Program Expansion - The company has agreed to acquire two scrubber-fitted 181,500 dwt Capesize vessels from a first-class shipyard in Japan, with delivery expected between the second quarter of 2027 and the first quarter of 2029 [3][4]. - The total acquisition cost for the two newbuilding vessels is estimated at around $158 million, excluding interest payments [5]. - The strategic acquisition is seen as advantageous due to limited near-term construction slots and strong expected demand for modern Capesize tonnage [6]. Sale of Existing Vessel - Seanergy has agreed to sell the M/V Squireship, a 2010-built Capesize vessel, for $29.5 million, with delivery expected between late April and early June 2026 [7]. - The sale is projected to generate net cash proceeds of approximately $13.5 million after debt repayment, supporting the newbuilding program and reducing the average fleet age [8]. - The transaction is expected to result in an accounting profit of around $4 million, which will be reflected in the second quarter financial results [8]. Fleet Composition and Future Outlook - Following the sale of the M/V Squireship and the delivery of newbuilding vessels, the company will own or finance lease 24 vessels, comprising 3 Newcastlemax and 21 Capesize, with an aggregate cargo carrying capacity of approximately 4,400,343 dwt [14]. - The company expects to take delivery of five high-quality vessels with a total contract value of approximately $384 million, with deliveries scheduled between 2027 and 2029 [11]. - The strategy focuses on reallocating capital from older assets into modern Capesize tonnage while maintaining balance sheet discipline [12]. Commercial Performance Update - Seanergy has secured fixed rates for approximately 45% of its available operating days for Q2–Q4 2026, at an average gross daily rate of $29,300, enhancing forward earnings visibility [12]. Legal Update - The Supreme Court of the Republic of the Marshall Islands has affirmed the dismissal of a lawsuit brought by Sphinx Investment Corp., bringing the matter to a final resolution [13].