Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) stock gained by 10.91% at last close while the SHIP stock price projects a continued rise by 7.38% during pre-market trading. Seanergy Maritime Holdings Corp. is the largest publicly traded pure-play Capesize ship-owner in the United States. Seanergy operates a new fleet of Capesize vessels for offshore dry bulk shipping.
Recent Past Development
Seanergy Maritime Holdings Corp. stated on April 14, 2021 that it had secured a commitment letter for a $37.45 million building (the “New Facility”) from one of its current lenders. The funds will be used to refinance the proposed $24.45 million facilities secured by the M/V Squireship and the M/V Leadership (the “Existing Facility”), as well as the newly unencumbered M/V Lordship.
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According to the commitment letter, the New Facility’s earliest maturity date will be December 2024, at an interest rate of 3.5 percent plus LIBOR per annum. The clearance is conditional on the delivery of final paperwork. The approximately $12 million in additional liquidity is intended to be used to fund SHIP’s newly announced new vessel acquisitions.
Furthermore, SHIP is in early talks to finance one of its recently reported vessel purchases, the M/V Flagship, through a favorable $20.5 million leasing deal.
Stamatis Tsantanis, Chairman and CEO commented:
The SHIP team is proud to report that one of their long-term lenders has completed the funding for the upsizing and expansion of one of SHIP’s current facilities. The New Facility, along with their advanced negotiations with Seanergy’s other existing lenders, is a clear vote of confidence for them. In terms of general market trends, the latest average of the Capesize index’s 5-TC routes exceeds $26,000 a day, while freight futures results indicates a slightly strengthened earnings environment for the remainder of 2021. Also, it is believed that Seanergy is well-positioned to get visible benefits from improving market conditions.
