Seanergy Announces Delivery & Employment of Recent Capesize Acquisition and New Financings of $44 million

GLYFADA, Greece, July 07, 2022 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the "Company" or "Seanergy") (NASDAQ:SHIP ) reported today the delivery of the recently-announced Capesize vessel acquisition, M/V Honorship, and the simultaneous commencement of its period employment. Moreover, Seanergy successfully concluded a new sustainability-linked loan for the M/V Honorship and a new loan facility for the 2010-built M/V Dukeship. Delivery & Time-charter ("T/C") of the M/V Honorship As recently announced, the 180,000 deadweight-ton, Japanese-built M/V Honorship has been delivered to the Company and immediately commenced its T/C with NYK Line. The T/C has a duration of about 20 to 24 months and the daily hire is based at a premium over the Baltic Capesize Index ("BCI"). The Company has the option to convert the daily hire from index-linked to fixed for a period of 2 to 12 months based on the prevailing Capesize freight futures ("FFA") and by applying the same premium. The acquisition of the vessel was financed with cash on hand and proceeds from new loan facilities discussed below. Sustainability-linked facility for the M/V Honorship The Company has concluded a second sustainability-linked senior credit facility with a major European bank by upsizing and refinancing the existing loan secured by the M/V Worldship at improved terms. The new sustainability-linked loan facility of $38 million is secured by the M/V Worldship and the newly acquired vessel M/V Honorship. The $38 million principal will amortize over a five-year term through quarterly instalments averaging $1.08 million and a $16.5 million final balloon payment at maturity. The interest rate is 3.00% plus LIBOR per annum and can be further reduced based on certain emission reduction thresholds. Financing facility of the M/V Dukeship In addition, Seanergy concluded a senior loan ... Full story available on