SHIP - Seanergy expands with first newcastlemax addition buys back $1.6M in shares

2023-07-06 15:57:29 ET

• Seanergy Maritime ( NASDAQ: SHIP ) said Thursday it bought its first newcastlemax dry bulk vessel , entering into a 12-month bareboat charter agreement with an unnamed Japanese third party for a Newcastlemax bulker vessel of 207,855 dwt to be delivered between before year-end 2023 on a one-year bareboat deal.
• Seanergy ( SHIP ) said it will have an option to buy the ship for $20.2M at the end of the charter; the ship would cost ~$30.5M including the bareboat payments.
• Despite renewed weakness in dry bulk charter rates, "demand for seaborne transportation of commodities is very robust. DWT-miles have grown by 5.8% Y/Y, while the relevant figures from January until the end of May are the strongest of the last three years," Chairman and CEO Stamatis Tsantanis said.
• Seanergy ( SHIP ) also said it repurchased more than 362K common shares, or ~2% of its issued and outstanding shares, as part of its previously announced stock buyback program.

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