Seanergy times secondhand capesize market right with latest buy
Source: Splash247
Nasdaq-listed Greek capesize specialist Seanergy Maritime has confirmed broker reports of its latest bulker acquisition ahead of the most recent value spike in the secondhand market.
The Stamatis Tsantanis-led owner and operator has snapped up an eleven-year-old Japanese-built cape for $33.7m, which ship valuation platform VesselsValue today estimates at around $39m.
Seanergy chairman and chief executive Tsantanis said the purchase, which took place in February, was well-timed “as it occurred prior to the steep upwards adjustment in vessel values witnessed over the recent weeks”.
The 181,392 dwt vessel, identified by brokers as Shunzan Kaiun’s Kinokawa Maru, will be renamed Iconship and is set for delivery between April and June 2024.
The capesize sector has been experiencing a particular surge both in prices and sales activity since early October 2023. For reference, Kinokawa Maru’s one-year younger sister vessel, True Cartier, was sold to Oldendorff a week later for around $41m.
Seanergy currently has a fleet of 16 capes and one newcastlemax. The company’s first newcastlemax was delivered in the fourth quarter and has already been chartered out to a European client at a significant premium over the index. During the fourth quarter, during which Seanergy booked a profit of $10.8m, the company also extended charters on six other vessels at index linked rates for periods ranging from 11 to 24 months.
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