Cash-Strapped, Seanergy Maritime Sells Bulk Carrier to the Scrap Yards

bet scouter
BET Scouter, image via vesseltracker.com

Greek shipowner Seanergy Maritime Holdings (NASDAQ:SHIP) announced the sale of their 1995-built, 172,173 DWT Capesize bulk carrier, BET Scouter, now destined for demolition. The ship was originally built at a cost of USD $12,118,537 and Seanergy intends to use the proceeds to reduce debt.

In their Q1 filing, Christina Anagnostara, the Company’s Chief Financial Officer, stated:

“Over the first quarter of 2012 we witnessed a particularly unfavorable dry-bulk market that resulted in a 31% reduction in Seanergy’s revenue when compared to the same quarter of 2011, as earnings of vessels employed under floating rate contracts and on short term charter parties reflect the weak spot market conditions. Adjusted Net Loss of $4 million in the first quarter of the current year increased compared to the first quarter of 2011 mainly as a result of a 34% decrease in the average Time Charter Equivalent (“TCE”) rate earned by our vessels, from $14,563 to $9,546.

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Seanergy Maritime Holdings current fleet consists of 18 dry-bulk carriers (three Capesize, three Panamax, two Supramax, and ten Handysize vessels) with a total carrying capacity of approximately 1,085,063 DWT. The fleet’s average age is 13.9 years.