SHIP - Seanergy Maritime to acquire modern Capesize vessel from Japanese firm

Seanergy Maritime (NASDAQ:SHIP) said Thursday it will acquire a modern Capesize vessel from a major Japanese firm. The vessel will substitute SHIP's oldest vessel - M/V Gloriuship - which will be spun-off under United Maritime (USEA) and will benefit SHIP's average fleet age and operating margin. The Capesize vessel, which will be renamed M/V Honorship, has a cargo-carrying capacity of ~180K dwt. The vessel, which is expected to be delivered this month, will be funded through cash on hand and a committed senior credit facility. M/V Honorship has been fixed at an index-linked rate at a significant premium over the Baltic Capesize Index for a period employment of ~20-24 months with NYK Lines, SHIP's existing charterer. Under the time charter, SHIP has the option to convert the daily hire from index-linked to fixed for a minimum period of 2 months to a maximum of 12 months based on the same premium over the

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Seanergy Maritime to acquire modern Capesize vessel from Japanese firm