US-listed Greek capesize bulker specialist Seanergy Maritime has entered into sale and leaseback agreements with a Chinese financier for two of its vessels.
The Stamatis Tsantanis-led company revealed in its annual report that the 2009-built Friendship and the 2010-built Squireship had been sold to China Huarong Shipping Financial Leasing, thereby refinancing the outstanding debt at Alpha Bank secured by both vessels.
The deal for the 176,952 dwt Friendship came at $16.5m with a five-year bareboat charter and purchase obligation at the end. The charter hire principal amortises in 20 quarterly installments of $0.4m along with a purchase obligation of $7.7m at the expiry of the charter, bearing an interest rate of 3-month term SOFR plus 2.15% per annum.
The leaseback agreement for the 170,018 dwt Squireship is worth $18m and has the same bareboat duration and purchase obligation attached. The charter hire includes 20 quarterly installments of $0.5m and an $8.5m purchase obligation at the expiry of the charter and the same interest rate as agreed for the Friendship.
Seanergy operates a fleet of 21 vessels, comprising 19 capes and a pair of newcastlemaxes with an aggregate carrying capacity of about 3.8 dwt. The company said it has continuous options to buy back both ships following the first anniversary of the bareboat charter.
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