Seanergy strikes double sale and leaseback

Seanergy Maritime, a US-listed Greek capesize bulker specialist, has announced significant financial maneuvers involving two of its vessels. The company has entered into sale and leaseback agreements with Chinese financier China Huarong Shipping Financial Leasing for the vessels Friendship and Squireship. This strategic move aims to refinance outstanding debts secured by these ships, enhancing the company’s financial flexibility.

Details of the Sale and Leaseback Agreements

According to Seanergy’s annual report, the Friendship, a 176,952 dwt vessel built in 2009, was sold for $16.5 million. This transaction includes a five-year bareboat charter with a purchase obligation at the end of the lease. The charter hire will be amortized in 20 quarterly installments of $0.4 million, with a total purchase obligation of $7.7 million due upon the charter’s expiration. The interest rate for this agreement is set at the 3-month term SOFR plus 2.15% per annum.

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Similarly, the Squireship, a 170,018 dwt vessel built in 2010, has been sold for $18 million under comparable terms. This leaseback agreement also features a five-year duration and a purchase obligation at the end. The charter hire for the Squireship consists of 20 quarterly installments of $0.5 million, along with an $8.5 million purchase obligation at the end of the charter, maintaining the same interest rate as the Friendship.

Seanergy Maritime operates a diverse fleet of 21 vessels, including 19 capes and two newcastlemaxes, with a total carrying capacity of approximately 3.8 million dwt. Notably, the company retains options to repurchase both vessels after the first anniversary of the bareboat charter, providing additional strategic flexibility in its operations.