Capesize specialist Seanergy Maritime expands fleet with US$70M investment

The US-listed Greek shipping company announced on 28 January it has committed approximately US$69.0M for the acquisition of a Newcastlemax bulk carrier and a bareboat charter with a purchase obligation for a Capesize vessel.

In the first of these transactions, Seanergy Maritime confirmed it has acquired a 207,851-dwt Newcastlemax bulk carrier, which is scheduled for delivery Q1 2025. The vessel, built in 2013 by Japan’s Imabari Shipbuilding, will be renamed Meiship.

Additionally, the company is bolstering its fleet with a 178,459-dwt Capesize bulk carrier, constructed in 2011 at Mitsui SB in Japan. The vessel, set to be renamed Blueship, is also expected to be delivered Q1 2025. After a six-month bareboat period, Seanergy has an obligation to purchase the vessel for US$22.5M.

Seanergy Maritime stated the purchase price for both vessels will be financed through a combination of cash reserves and proceeds from credit facilities the company plans to secure.

Upon completion of these transactions, Seanergy’s operating fleet will grow to 21 vessels, comprising two Newcastlemax and 19 Capesize ships, with a combined cargo capacity of 3.8M dwt.

Positive market outlook

Seanergy Maritime Holdings chairman and chief executive Stamatis Tsantanis emphasised these acquisitions represent a “significant milestone” in the company’s strategic fleet expansion. 

Despite the current seasonal slowdown, Mr Tsantanis expressed optimism in the future of the Capesize sector. “We remain confident in the long-term outlook, driven by favourable market fundamentals, a limited newbuilding orderbook, and what seems to be a sustained global demand for major raw materials,” he said.

Considering these factors, Mr Tsantanis believes the timing of the two new vessel deliveries will be well-timed, based on the higher level of the freight futures for the second half of 2025.