GLYFADA,
Moreover, the Company entered into a 12-month bareboat charter agreement with an unaffiliated third party in
“Consistent with our commitment to enhance shareholder value, we have repurchased approximately 2% of our outstanding shares. We continue to be very confident in our Company’s prospects and the industry’s fundamentals.
“The bareboat-in agreement for our first Newcastlemax vessel expands our presence in the sector, without substantial capital outlay on its delivery, and provides a purchase option at the end of the bareboat period. We believe the overall purchase price of approximately
“Regarding current market conditions, we see that demand for seaborne transportation of dry bulk commodities is very robust. DWT-miles have grown by 5.8% year-on-year1, while the relevant figures from January until the end of May are the strongest of the last three years.
“We believe current freight-rate weakness is due to three main factors:
- First, the unwinding of vessel congestion has released a significant amount of tonnage in the market creating a temporary oversupply of vessels. We believe that later in the year this will be reversed to historical averages that will tighten the supply of tonnage.
- Second, certain charterers and operators have been reluctant to comply with new environmental rules relating to reduced carbon emissions and resultant speed caps for their chartered-in fleets. We believe that these vessels will eventually need to abide by the new requirements as charterers and operators come to terms with the new regulations and the global fleet’s average speed will be reduced further. This is also expected to tighten the supply of tonnage.
- Lastly, the highly volatile trading of FFA contracts is becoming increasingly disconnected from the fundamentals of the physical market. Instead of its intended use as a hedging tool, following the emergence of algorithmic trading, it is becoming a high-risk instrument that may negatively impact sentiment, which subsequently creeps into the physical market.
“We remain committed to the Capesize sector with a solid operational platform and believe we have positioned Seanergy optimally to capitalize on improvements in the dry bulk market. We will continue to focus on shareholder returns and sustainable growth.”
Company Fleet:
Capacity (DWT) | Year Built | Yard | Scrubber Fitted | Employment Type | FFA conversion option(1) | Minimum | Maximum | Charterer | |
Fellowship | 179,701 | 2010 | Daewoo | - | T/C Index Linked | Yes | 06/2024 | 10/2024 | Anglo American |
Worldship | 181,415 | 2012 | Koyo – Imabari | Yes | T/C Index Linked | Yes | 09/2023 | 01/2024 | |
Championship | 179,238 | 2011 | Sungdong SB | Yes | T/C Index Linked | Yes | 04/2025 | 11/2025 | |
Flagship | 176,387 | 2013 | Mitsui | - | T/C Index Linked | Yes | 05/2026 | 07/2026 | |
Patriotship | 181,709 | 2010 | Imabari | Yes | T/C Index Linked | Yes | 11/2023 | 06/2024 | Glencore |
Knightship | 178,978 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 10/2024 | 12/2024 | Glencore |
Premiership | 170,024 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 04/2024 | 06/2024 | Glencore |
Squireship | 170,018 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 05/2024 | 07/2024 | Glencore |
Dukeship | 181,453 | 2010 | Sasebo | - | T/C Index Linked | Yes | 04/2024 | 09/2024 | NYK |
Hellasship | 181,325 | 2012 | Imabari | - | T/C Index Linked | Yes | 12/2023 | 03/2024 | NYK |
Honorship | 180,242 | 2010 | Imabari | - | T/C Index Linked | Yes | 02/2024 | 07/2024 | NYK |
Geniuship | 170,057 | 2010 | Sungdong SB | - | T/C Index Linked | Yes | 04/2024 | 08/2024 | NYK |
Friendship | 176,952 | 2009 | Namura | - | T/C Index Linked | Yes | 12/2023 | 03/2024 | NYK |
Paroship | 181,415 | 2012 | Koyo-Imabari | Yes | T/C Index Linked | Yes | 10/2023 | 12/2023 | Oldendorff |
Partnership | 179,213 | 2012 | Hyundai | Yes | T/C Index Linked | Yes | 09/2024 | 12/2024 | Uniper |
Lordship | 178,838 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 08/2024 | 09/2024 | Uniper |
Titanship3 | 207,855 | 2011 | - | TBD | TBD | TBD | TBD | TBD | |
Total / Average age | 3,054,820 | 12.4 | - | - | - | - | - | - | - |
(1) The Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing Capesize FFA Rate for the selected period.
(2) The latest redelivery date does not include any additional optional period.
(3) To be delivered between August and
About
The Company is incorporated in the
Please visit our company website at: www.seanergymaritime.com.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as "may," "should," "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside
For further information please contact:
Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com
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1 According to independent research
Source:
2023 GlobeNewswire, Inc., source