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Seanergy Maritime Holdings Corp. (SHIP) is an international provider of marine dry bulk shipping services through the ownership and operation of dry bulk vessels.
SHIP currently owns three Capesize and two Supramax vessels and following the anticipated completion of the acquisition of the remaining vessels, the company will have a modern fleet of a total of eight dry bulk carriers, six Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1.145M DWT and an average fleet age of about 7.1 years.
SHIP announces delivery of a Capesize and a Supramax vessel
On Thursday, SHIP announced that it took delivery of a 170,057 dwt Capesize dry bulk vessel, which has been renamed to M/V Geniuship, and a 56,884 dwt Supramax dry bulk vessel, which has been renamed to M/V Guardianship.
Both the M/V Geniuship, which was built in 2010 by Sungdong SB, and the M/V Guardianship, which was built in 2011 by CSC Jinling Shipyard, will be employed in the spot market. The acquisition cost of the M/V Geniuship and the M/V Guardianship has been funded by senior secured loan agreements with international financial institutions and by a funding arrangement with the Company's sponsor.
The M/V Geniuship and the M/V Guardianship are the third and the fourth, respectively, of seven modern secondhand dry bulk vessels that SHIP has agreed to acquire for a gross purchase price of approximately $183M. The acquisition of the remaining three vessels is expected to be completed by November 30, 2015, according to an Oct. 21 press release.
SHIP reports Q2 revenue of $1.8M
Last month, SHIP announced that for the three months ended June 30, 2015, the company generated net revenues of $1.8M.
"In the second quarter of 2015, Seanergy restored its revenue-generation capacity through the acquisition of its first vessel, the M/V Leadership, in March 2015, said SHIP's chairman and CEO Stamatis Tsantanis in a Sept. 23 press release. "The Time Charter Equivalent ("TCE") rate earned by M/V Leadership during the second quarter of 2015 amounted to $9,788, which compares very favorably with the average rate of the 4 T/C routes of the Baltic Capesize Index for the same period of $4,601. Going forward, we expect our TCE rate to strengthen as the dry bulk market gradually recovers.
"The vessels will be employed in the spot market and the company will be expanding its revenue-generation capacity upon delivery of each vessel. Following completion of the remaining deliveries, our fleet will reach eight quality vessels with a combined cargo-carrying capacity of approximately 1.1 million DWT. The low capital cost of our fleet, combined with the advantageous terms we have achieved with our lenders, positions Seanergy very favorably in the dry bulk peer group."
To learn more about SHIP, visit: http://www.seanergymaritime.com/
Disclaimer:
Do not base any investment decision upon any of the materials found in this publication or on our Web site.
The information contained on our website or in any of our newsletters is for informational purposes only, and is not intended to be advice, nor a recommendation and/or guidance for investment decisions. In preparing our publications, we rely upon publicly available information including press releases which we believe to be reliable, but have not verified. Past performance is not indicative of future results. We are engaged in the business of profiling companies for monetary compensation. All direct and third party compensation received has been disclosed in our newsletter and/or our website in accordance with section 1 7 ( b ) of the Securi ties Act of 1 9 33.
Compensation: We have not been compensated for this publication. We do not own any shares of Seanergy Maritime Holdings Corp.
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