Seanergy Maritime Buys 7 Dry Bulk Carriers

Athens-based Seanergy Maritime Holdings has entered into a purchase agreement to buy seven secondhand dry bulk vessels, consisting of five Capesize and two Supramax vessels, for a gross purchase price of approximately USD 183 million.

Seaenergy said that the sellers of the vessels are entities affiliated with certain of the company’s major shareholders, identified by media as members of the Restis family.

The bulkers range from 56,819 dwt to 179,238 dwt in capacity, and were built between 2001 and 2011.

The vessels are expected to be delivered to Seaenergy between September 1 and November 30, 2015.

After the deliveries, Seaenergy will own and operate a fleet of eight dry bulk carriers, consisting of six Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1.1 million DWT and an average fleet age of about 7.1 years. The vessels are expected to be employed in the spot market.

The transaction is subject to standard closing conditions and legal documentation and is expected to be completed by November 30, 2015.

“We are very pleased to announce a transformational transaction for Seanergy that significantly increases our fleet size from one to eight vessels, exceeding 1.1 million DWT of combined cargo-carrying capacity,” Stamatis Tsantanis, Seaenergy’s Chairman and Chief Executive Officer, said.

”We also believe that the timing of this acquisition is optimal given the positive long term fundamentals of the dry bulk sector and, in particular, of the Capesize segment. Additionally, we have achieved advantageous terms with our lenders that will enable us to materially improve our cash flow at a time when the dry bulk markets are still recovering. Seanergy will continue to cautiously pursue acquisition opportunities that we believe can further enhance value for our shareholders.”

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