Seanergy Maritime Holdings Corp announced on Tuesday the successful completion of refinancing for its two Capesize vessels, M / V Geniuship and M / V Gloriuship.
The previous loan balance was $ 29.1 million, which closed with a settlement of $ 23.5 million, resulting in a profit of $ 5.6 million for the Company. This transaction is financed with new loans and available cash.
The new loan amount is $ 22.5 million, has a term of five years and payments are reduced. With this transaction, the total debt reduction for the Company amounted to $ 6.6 million.
Stamatis Tsantanis, President and CEO of the Company, said: “We are pleased to announce another important achievement for Seanergy. The refinancing closure resulted in a reduction of a $ 6.6 million loan and a $ 5.6 million profit for our company.
The first half of 2020 was one of the most difficult times in the history of the dry cargo market with Capesize tariffs averaging $ 7,000, down 70% from a historical average of around $ 25,000.
During this period, Seanergy took the steps necessary to further strengthen the balance sheet and seize market opportunities. The acquisition of M / V Goodship was recently agreed at one of the lowest historical values, while refinancing will lead to a loan reduction of $ 6.6 million in our balance sheet.
In the second half of 2020, the Capesize market has increased significantly with an average daily fare of around $ 26,000. “Seanergy will continue to pursue its strategic goals by taking advantage of investment opportunities and reducing its lending, in a much stronger market environment.”
Η Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp is the only company listed on the US stock exchange that manages exclusively the Capesize fleet. With the delivery of new vessels, the Company’s fleet will consist of 11 Capesize vessels, with a total carrying capacity of 1,926,117 tons and an average fleet age of around 11.5 years.
Seanergy Maritime Holdings Corp is a shipping company headquartered in Athens and headquartered in the Marshall Islands. The Company’s shares are traded on the Nasdaq Capital Market with the code “KAPAL”.