Seanergy Maritime Agrees Multiple Financing Deals in June

BulkerIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Greek dry bulk shipping company Seanergy Maritime Holdings Corp. agreed multiple financing deals in June, the company said as part of its financial report for the quarter ended March 31.

The company said that it secured a new USD 24.5 million loan agreement to refinance the outstanding indebtedness of M/V Lordship on June 11. The earliest maturity date of the new facility is in June 2023, which can be extended until June 2025 subject to certain conditions.

In late June, Seanergy entered into a USD 26.5 million sale and leaseback transaction for the M/V Knightship with a major Chinese leasing institution. Seanergy sold and chartered back the vessel on a bareboat basis for an eight year period, having a purchase obligation at the end of the eighth year. The company has the option to repurchase M/V Knightship at any time following the second anniversary of the bareboat charter party.

Both deals were agreed to cover the indebtedness under the previous loan facilities with Northern Shipping Funds dated November 28, 2016.

Following these two transactions, the aggregate amount of capital released was around USD 10 million, the company informed.

During the second quarter of the year, the company agreed additional relaxation on loan facilities and covenant deferrals.

On June 29, Seanergy agreed with Alpha Bank to temporarily waive and defer the application date of the security requirement undertaking until March 2021 and to temporarily amend and relax until June 2019 certain other financial covenants contained in its senior secured loan facilities dated March 6, 2015 and November 4, 2015, respectively, as these have been further amended.

Additionally, on May 18, the company agreed proactively with Amsterdam Trade Bank to temporarily amend and relax until June 2019 certain of its financial covenants contained in its senior secured loan facility dated May 24, 2017, as amended and restated on September 25, 2017.

In late April, Seanergy agreed proactively with UniCredit Bank to temporarily relax the minimum security cover undertaking until June 2019 and to temporarily amend and relax until June 2019 certain other financial covenants contained in its senior secured loan facility dated September 11, 2015, as this has been further amended.

For the first quarter ended March 31, Seanergy Maritime said that its net revenues were at USD 21.3 million, up by 60% compared to USD 13.3 million reported in the first quarter of 2017.

The company’s managed to shrink its net loss for the period to USD 3.4 million, as compared to a net loss of USD 6.3 million seen a year earlier.

“Having delivered a significant improvement in our performance during what is seasonally the weakest and most volatile part of the year, we are optimistic about the second half of 2018, and we remain confident that the improved day-rate and asset value environment should further benefit the net asset value of our fleet,” Stamatis Tsantanis, Seanergy’s Chairman & Chief Executive Officer, said.

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