Seanergy Maritime Holdings, the US-listed Greek dry bulk shipping company, has agreed to acquire two Japanese-built capesize vessels for approximately $130 million, bringing its total fleet renewal programme to eight ships valued at a combined $591 million. The move underscores a broader push among listed dry bulk operators to renew fleets with modern, fuel-efficient tonnage as the industry navigates tightening environmental regulations and a competitive global trade landscape for major bulk commodities such as iron ore and coal.

The transaction includes a scrubber-fitted 181,000 dwt newbuilding scheduled for delivery between the first and second quarters of 2029, as well as a 182,162 dwt vessel built in 2022. Scrubber systems allow vessels to continue burning higher-sulfur fuel oil while complying with the IMO 2020 sulphur cap, offering operators a cost-saving alternative to very low sulphur fuel oil. The second vessel has been purchased on a forward-delivery basis and is expected to join the fleet between late 2028 and the second quarter of 2029. The sellers and the shipyard involved were not disclosed.

These acquisitions build on a renewal programme that previously comprised six scrubber-fitted capesize and newcastlemax newbuildings worth approximately $460 million as of May. Newcastlemax vessels, the largest capesize subtype at roughly 210,000 dwt, are optimised for loading at major iron ore export terminals in Australia and Brazil. Seanergy now has seven newbuildings and one 2022-built capesize on order, with four vessels scheduled for delivery during 2027.

Under the leadership of chairman and CEO Stamatis Tsantanis, the company has paid $72.6 million toward the programme and secured approximately $296.5 million in pre- and post-delivery financing. Earlier in July, Seanergy also raised €100 million ($115 million) through a five-year unsecured bond listed on the Athens Stock Exchange, providing additional capital flexibility for the multi-year renewal timeline.

Seanergy has simultaneously secured long-term charters for three China-built capesize newbuildings arriving in 2026. Two of the vessels, to be named Primeship and Chrysship, have been fixed to a European operator for five years, with three extension options of 10 to 14 months each. A third vessel, due in the fourth quarter of 2026, has obtained a four-year charter with a mining company and two extension options of approximately 11 to 13 months.

The three charter agreements carry average floor rates of approximately $23,100 per day, covering expected cash breakeven levels. Above the floor, earnings increase at a premium to the Baltic Capesize Index, the benchmark for capesize spot market rates published daily by the Baltic Exchange in London, until reaching an average threshold of roughly $29,750 per day, after which any additional income is split equally between Seanergy and the charterers.

Elsewhere in the fleet, the Kaizenship has been chartered to Oldendorff Carriers for 18 to 28 months beginning in August, while NYK has taken the Blueship for 14 to 17 months starting in November. Existing charterers have also extended the Fellowship into early 2028 and the Friendship for an additional six months.

The fleet updates were disclosed alongside record second-quarter financial results. Net income reached $26.2 million, compared with $2.9 million in the same period a year earlier. Average daily time charter equivalent (TCE) earnings rose 63% to $32,355, and the company increased its quarterly dividend to $0.35 per share.

Meanwhile, Seanergy spin-off United Maritime has continued its strategic shift toward larger bulk carriers. United has agreed to sell the 2011-built panamax Exelixsea for $17.5 million, following the earlier disposal of the kamsarmax Cretansea this year. At the same time, the company has added the capesizes Dukeship and Squireship, the latter acquired from Seanergy for $29.5 million. The Squireship's index-linked earnings have been converted to an average rate of $28,246 per day through the end of 2026. United has also extended the charters of the Synthesea for 16 to 19 months and the Nisea for 10 to 12 months, with both remaining linked to the Baltic Panamax Index.

Source: Splash247