Seanergy’s Fleet Continues to Shrink, 4 More Bulk Carriers Sold

Rob Almeida
Total Views: 1
January 30, 2013

seanergySeanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced today that its subsidiary, Maritime Capital Shipping (MCS), has sold its ownership interest in four subsidiaries which together, own the Handysize dry bulk carriers M/V Fiesta, M/V Pacific Fantasy, M/V Pacific Fighter and M/V Clipper Freeway.

The buyer was not listed in the release by Seanergy.

This deal comes less than a month after Seanergy sold off two of their Capesize bulkers which were owned under the subsidiary, Bulk Energy Transport (BET).

Between the sale of BET and MCS, Seanergy’s debt has been whittled down by over 76 million in the past month.

Stamatis Tsantanis, Seanergy’s Chief Executive Officer, comments, “This transaction represents another important milestone in the company’s restructuring process. Following the sale of these four subsidiaries, our overall indebtedness is further reduced by approximately $30.3 million, which is another important step towards a sustainable capital structure for our company.”

After giving effect to the transaction, the overall indebtedness of the Seanergy group of companies is reduced to approximately $177 million.

Following this transaction, the Seanergy’s fleet consists of eight dry bulk carriers (two Panamax, two Supramax, and four Handysize vessels) with a total carrying capacity of approximately 350,367 dwt and the average age is reduced to 13.2 years, from 13.9 years previously.




Back to Main