The Greece-based owner of 20 large bulkers that carry iron ore, coal and bauxite around the world, also announced a quarterly cash dividend of $0.20 per common share. It represented the 18th consecutive quarter the company paid a dividend and returned cash to shareholders.
Fleet Expansion Sets Stage For Long-Term Growth Efforts
Seanergy Maritime is scaling its fleet renewal with a $460 million newbuilding program that now includes six modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029.
Since October, Seanergy has steadily expanded its newbuilding program, most recently adding a Capesize newbuilding at Hengli Shipbuilding in China, which was secured in April.
The orderbook now stands at three vessels at Hengli Shipbuilding for delivery in 2027, two at Japan's Imabari Shipbuilding for delivery in 2027 and 2029, and one Newcastlemax at Jiangsu Hantong Heavy Industry scheduled for delivery in 2028. To date, the company said it has paid $68.6 million for its newbuilding program while maintaining a strong liquidity position.
Four of the six vessels have already been financed, with roughly $237 million in debt financing secured. The company has also deployed about $69 million of internal funds toward the program, while continuing selective vessel sales, including a 2010-built Capesize sold for $29.5 million that will generate about $13.4 million in liquidity after repayment of associated debt.
First Quarter Sees Improvements Across Line Items
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