Seanergy Secures USD 30.6 Mln in Refinancing

moneyIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Pure-play Capesize shipowner Seanergy Maritime Holdings has received a commitment from one of its existing lenders to extend the maturity of two loan facilities totaling USD 30.6 million.

The loan facilities are secured by the company’s vessels M/V Leadership and M/V Squireship and their respective maturities are extended from March 17, 2020 and November 10, 2021 to December 31, 2022.

The approval is subject to the completion of definitive documentation.

Seanergy has a fleet of 10 Capesize vessels, with a cargo-carrying capacity of approximately 1.7 million dwt and an average fleet age of approximately 11 years.

For the twelve-month period ended December 31, 2019, the company’s net revenues amounted to USD 86.5 million, a 5 percent  decrease compared to USD 91.5 million in the same period in 2018, which is mainly attributable to a 13 percent reduction in operating days following the sale of two Supramax vessels in the previous year.

Commenting on the current market situation, Stamatis Tsantanis, the Company’s Chairman and Chief Executive Officer, said in early February, that despite the current market weakness attributed to floodings in Brazil and coronavirus outbreak, 2020 is expected to be a positive year.

“Brazilian iron ore exports are expected to ramp up considerably as per Vale’s guidance from the reduced levels of 2019, while China’s steel production, supported by growth in real-estate and infrastructure projects, could experience a growth rate of up to 7% in the year to compensate for the weaker first quarter,” he commented.

“Additionally, fuel prices are reducing from the transitional period of IMO 2020 implementation in January, which makes our spot voyages more profitable. As a result, the long-term positive trend in the Capesize market is expected to continue.”

The company’s vessels went under a heavy dry-docking period in 2019 with seven ships completing dry-dockings  and five of them undergoing scrubber installations, limiting the fleet’s earning capacity,

Stamatis said that he expects to see minimal such disruptions in 2020, which will further improve cash generation and profitability.

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