Seanergy Maritime Announces Refinancing of Existing Vessel, Resulting in Significant Cash Flow and Profits

Seanergy Maritime Announcement Refinancing of the existing vessel

Resulting in Significant cash flow and P&L Advantage

decembre 16, 2021Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that it has entered into a definitive agreement to refinance a loan facility secured by M / V Geniuship, with a new loan facility secured by the same ship .

The current outstanding balance is provided by certain Entrust Global applicants and amounts to $ 14.6 million. The Entrust Facility has a remaining term of 3.5 years, bears interest at a fixed rate of 10.5% per annum and is amortized in quarterly installments of $ 515,000.

The new loan facility will be provided by a leading Far Eastern bank (the “New Facility”), has an initial balance of $ 15 million, a term of five years and bears interest at LIBOR + 3.5. % per year. The new facility will be amortized in 4 quarterly installments of $ 530,000 followed by 16 quarterly installments of $ 385,000.

The significantly lower interest rate, along with the reduced quarterly repayments agreed to from 2023, will further improve the underlying ship’s breakeven rates. In addition, the interest savings for the Company are expected to be $ 0.9 million for 2022 and an average of $ 0.5 million per year for 2023-25.

As of the date of this press release and pro forma of this refinancing, which is expected to be finalized in December, Seanergy’s total indebtedness will be approximately $ 242.7 million, consisting of $ 221.0 million in debt and other finance leases and $ 21.7 million in unsecured convertible notes, while the Company’s total cash and cash equivalents, restricted cash and term deposits are expected to be approximately $ 45.0 million.

Stamatis Tsantanis, Chairman and CEO of the Company, said:

“As part of our continued efforts to further improve our strong cash flow, we have agreed to another successful refinancing for an existing capesize vessel. The New Facility has a significantly lower interest rate, which will immediately benefit the cash flow and profitability of the Company. The total expected interest savings for Seanergy will be approximately $ 2.3 million over the next 3 years. Consistent with our conservative approach to leverage, we aim to achieve more competitive pricing and loan terms without increasing debt on the ship.

“We remain committed to our strategy of further reducing our financing costs through additional refinancings and repurchases or debt repayment which should generate better returns for shareholders. “

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only owner of purely listed Capesize vessels listed on the stock exchange in the United States. Seanergy provides dry bulk shipping services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of 11.7 years and a total cargo carrying capacity of approximately 3,011,083 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

Please visit our company website at:

FForward-looking statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding future events. Words such as “may”, “should”, “expects”, “intends to”, “plans”, “believes”, “foresees”, “hopes”, “estimates” and variations of these Similar words and phrases are intended to identify forward-looking statements. These statements involve known and unknown risks and are based on a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the liquidity of the Company, including its ability to service its debt; competitive factors in the market in which the Company operates; trends in the shipping industry, including charter rates, vessel values ​​and factors affecting supply and demand for vessels; future, pending or recent acquisitions and divestitures, business strategy, areas of possible expansion or contraction, and anticipated capital or operating expenses; risks associated with operations outside the United States; the risks associated with the duration and severity of the current novel coronavirus (COVID-19) outbreak, including its effects on the demand for dry bulk products and their transportation; and other factors listed from time to time in documents filed by the Company with the SEC, including its most recent annual report on Form 20-F. The documents filed by the Company may be obtained free of charge from the SEC’s website at Except to the extent required by law, the Company expressly disclaims any obligation or commitment to publicly release any update or revision to any forward-looking statement contained herein to reflect any change in the Company’s expectations in this regard or any change in the events, conditions or circumstances on which any statement is based.

For more information, please contact:

Seanergy Investor Relations
Phone. : +30 213 0181 522
E-mail: [email protected]

Capital Link, Inc.
Paul Lampoutis
230, avenue du Parc, office 1536
New York, New York 10169
Phone. : (212) 661-7566
E-mail: [email protected]


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