Seanergy Maritime Holdings has acquired a secondhand capesize bulk carrier to replace its oldest capesize, which will be spun off into a new listed company.

The pureplay capesize owner has bought an unnamed 2010-built vessel of about 180,000 dwt from a major Japanese company.

It will replace the 171,300-dwt Gloriuship (built 2004), which will be spun off under United Maritime Corp, to the benefit of Seanergy’s average fleet age and operating margin.

The Japanese-built ship, which is being renamed Honorship and funded through cash and debt, is expected to be delivered this month.

Seanergy said it has fixed the Honorship for about two years to NYK Line at an index-linked rate at a “significant premium” over the Baltic Capesize Index.

The company may convert the daily hire from index-linked to fixed for at least two months to a year at most, based on the same premium over the prevailing forward freight agreement rate for capesizes.

“The planning of the recent sale-and-purchase transactions has been well timed in light of improved market conditions compared to the first quarter of the year and the expectation that capesize rates will further improve in the second half of 2022,” chief executive Stamatis Tsantanis said.

“Seanergy remains committed to the capesize sector with a solid operational structure and consistent capital allocation, focusing predominantly on shareholder rewards and sustainable growth.”

Seanergy expanded its fleet from 10 capesizes to 17 capesizes last year.