US-listed Greek bulker owner Seanergy Maritime has agreed to spend about $130m on two Japanese-built capesizes, lifting its fleet renewal programme to eight ships worth a combined $591m, according to Splash247.
The deal covers a scrubber-fitted 181,000 dwt newbuilding due between the first and second quarters of 2029 and a 182,162 dwt vessel built in 2022, Splash247 reported. The second ship has been bought on a forward-delivery basis and is expected to join between late 2028 and the second quarter of 2029. Sellers and shipyard were not disclosed.
Fleet renewal programme reaches $591m
The latest purchases expand a programme that stood at six scrubber-fitted capesize and newcastlemax newbuildings worth about $460m in May, according to Splash247. Seanergy now has seven newbuildings and the 2022-built capesize lined up, with four ships scheduled to arrive during 2027. The Stamatis Tsantanis-led outfit has paid $72.6m towards the programme and secured about $296.5m of pre- and post-delivery financing. It also raised €100m ($115m) through a five-year unsecured bond listed in Athens earlier this month, Splash247 said.
| Vessel / Programme | Specification | Employment |
|---|---|---|
| Newbuilding 1 | 181,000 dwt, scrubber-fitted, due Q1–Q2 2029 | To be delivered |
| 2022-built capesize | 182,162 dwt, forward delivery late 2028–Q2 2029 | To be delivered |
| Primeship & Chrysship | China-built capesize newbuildings, 2027 arrivals | European operator, 5-year charter + options |
| Third China-built newbuilding | Capesize, due Q4 | Mining company, 4-year charter + options |
| Kaizenship | Capesize | Oldendorff, 18–28 months from August |
| Blueship | Capesize | NYK, 14–17 months from November |
| Fellowship / Friendship | Capesizes | Extended into early 2028 / six more months |
Long-term charters set floor rates
Seanergy has locked in long-term employment for three China-built capesize newbuildings arriving next year, according to Splash247. Two vessels, to be named Primeship and Chrysship, have been fixed to a European operator for five years, with three extension options of between 10 and 14 months each. A third ship, due in the fourth quarter, has secured a four-year charter with a mining company and two extension options of about 11 to 13 months.
The three deals carry average floor rates of about $23,100 per day, covering expected cash breakeven, according to Splash247.
Above the floor, earnings rise at a premium to the Baltic Capesize Index until an average threshold of roughly $29,750, after which additional income is split equally between Seanergy and the charterers, Splash247 reported. Elsewhere in the fleet, the Kaizenship has been fixed to Oldendorff for between 18 and 28 months from August, while NYK has taken the Blueship for 14 to 17 months from November. Existing charterers have also extended the Fellowship into early 2028 and the Friendship for another six months.
Record Q2 earnings and United Maritime moves
The fleet moves were announced alongside record second-quarter net income of $26.2m, up from $2.9m a year earlier, according to Splash247. Average daily time-charter equivalent (TCE) earnings climbed 63% to $32,355, and Seanergy lifted its quarterly dividend to $0.35 per share.
Seanergy spin-off United Maritime has also continued shifting towards larger bulkers, Splash247 reported. United has agreed to sell the 2011-built panamax Exelixsea for $17.5m after disposing of the kamsarmax Cretansea earlier this year. At the same time, it has added the capesizes Dukeship and Squireship, the latter acquired from Seanergy for $29.5m. The Squireship's index-linked earnings have been converted to an average rate of $28,246 per day through the end of 2026. United has also extended the Synthesea for between 16 and 19 months and the Nisea for 10 to 12 months, with both charters remaining linked to the Baltic Panamax Index.
Implications for charterers and forwarders
The renewal programme now stands at eight vessels, with four ships scheduled to arrive during 2027 and the two latest units expected from late 2028 into the second quarter of 2029, according to Splash247. At least three of those vessels are already committed: Primeship and Chrysship to a European operator for five years, and the fourth-quarter ship to a mining company for four years. The financing behind the programme includes $72.6m already paid, about $296.5m in pre- and post-delivery financing, and the €100m bond, Splash247 reported. United Maritime's simultaneous sale of panamax tonnage and purchase of capesizes reflects the company's continued shift toward larger bulkers.
Watch list
- Delivery timing for the four 2027 newbuildings and forward delivery of the 2022-built capesize between late 2028 and Q2 2029, per Splash247.
- Exercise of extension options on Primeship, Chrysship and the third China-built newbuilding.
- United Maritime fleet changes after the Exelixsea sale and Dukeship/Squireship additions.
- Baltic Capesize Index movements relative to the $29,750 threshold, as above-floor earnings and profit-split calculations depend on it.
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