Seanergy Maritime Holdings has put new financing in place for two of its capesize bulk carriers, including a sustainability-linked loan.
The Nasdaq-listed shipowner has secured a new green senior credit facility that will finance its latest vessel, the 180,242-dwt Honorship (built 2010), which was acquired in the secondhand market in June and has just been delivered. Equasis shows the Japan-built vessel was acquired from Japanese owner Shoei Kisen Kaisha.
The $38m sustainability-linked loan was provided by “a major European bank” by upsizing and refinancing the existing loan secured by Seanergy’s 181,415-dwt Worldship (built 2012) at what the shipowner said were “improved” terms.
The principal amount of the loan will amortise over five years through quarterly instalments averaging $1.08m, followed by a $16.5m final balloon payment at maturity.
The annual interest rate is 3% plus Libor, which Seanergy said and can be further reduced “based on certain emission reduction thresholds”, which were not disclosed.
The loan is secured against the Honorship and Worldship.
Meanwhile, Seanergy has secured a $21m senior loan facility with a major European bank and one of its existing lenders secured by the 181,453-dwt Dukeship (built 2010). Neither lender was identified.
The loan bears an interest rate of 2.95% plus secured overnight financing rate (SOFR) per annum. It will be repaid through 16 quarterly instalments averaging $625,000 over four years, plus a $11m final balloon payment.
Stamatis Tsantanis, Seanergy’s chairman and chief executive, said the two new loan facilities with more favourable terms from existing lenders “attests to their confidence in Seanergy and its prospects”.
“Finally, we have expanded our sustainability-linked loan portfolio, reiterating our commitment to our ESG agenda,” he commented.
He added that the company is “very pleased” with the prompt delivery of its 18th capesize, the Honorship, which is on charter to NYK Line.
“The Honorship already commenced its period employment with one of our close partners,” Tsantanis said.
“Our fleet remains 100% under period employment, with the vast majority on index-linked [time-charters] and most of them accompanied by the option to convert to fixed rates.”
The Honorship has been chartered to NYK for 20 to 24 months at an index-linked rate at a “significant premium” over the Baltic Capesize Index, plus options to convert to fixed-rate hire. The specific premium has not been disclosed.
