The substitution of the M/V Leadership with the more modern Capesize vessel will significantly improve Seanergy’s average fleet age. The total Capesize acquisition CAPEX for the company year to date adds up to approximately US$160 million and are fully funded through the company’s cash reserves and recently concluded debt financings.
The new acquisition was built in 2009 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 177 000 DWT and will be renamed M/V Friendship. The vessel is expected to be delivered imminently, within July 2021, subject to the satisfaction of certain customary closing conditions. The gross purchase price of US$24.6 million is expected to be funded with cash on hand.
Additionally, the company has agreed to sell the 2001-built M/V Leadership for further trading to far-eastern buyers. The net sale price is approximately US$12 million, and the vessel is expected to be delivered to its new owners within 3Q21.
Stamatis Tsantanis, Seanergy’s Chairman & Chief Executive Officer, stated:
“I am pleased to announce another high quality, Japanese Capesize vessel acquisition with prompt delivery, during a strong market dynamic. The M/V Friendship will replace the M/V Leadership, our oldest vessel, improving the age and operating profile of the fleet. This is consistent with our fleet growth and renewal strategy that will ensure that our fleet remains competitive, efficient, and fully compliant with the upcoming environmental regulations.
The sale of the M/V Leadership was agreed at what we believe to be an attractive price, and has been timed optimally, ahead of the relevant survey capex requirements. The sale proceeds will further enhance the company’s strong cash reserves.
We remain committed to further accretive acquisitions in the Capesize segment, and we believe Seanergy is optimally positioned to take advantage of an unfolding super-cycle.”
