Seanergy Maritime Holdings, a Nasdaq-listed Greek capesize specialist, has launched a public offering in Greece for a five-year corporate bond of up to €100m ($114m) to fund fleet expansion, according to a report by Splash247. The offering runs from July 6 to July 8, with the bonds expected to start trading on Euronext Athens on July 13. The minimum subscription has been set at €1,000 per investor. The issue has a minimum coverage threshold of €75m. If fully covered, Seanergy expects net proceeds of about €95.6m after estimated issue costs of up to €4.4m.
Fleet Expansion Plans
The company plans to use €76m of the net proceeds to help fund newbuilding payments or secondhand vessel acquisitions, with the remaining €19.6m earmarked for working capital. Splash247 reported that Seanergy's prospectus shows the company's fleet currently stands at 19 vessels, made up of two newcastlemaxes and 17 capesizes, with a total capacity of about 3.46m dwt and an average age of 14.9 years. The company also has seven newbuildings under construction, including one 211,000 dwt newcastlemax due in the second quarter of 2028 and six capesizes totalling 1.088m dwt. Four of the capesizes are expected to deliver between the second and fourth quarters of 2027, with two more due in 2029. The newbuilding programme carries a total contracted cost of $541.6m. Seanergy has already paid $72.6m in instalments and arranged $236.5m in financing. The company has also agreed to sell two vessels to affiliate United Maritime for $62.2m, a move it expects to boost liquidity by about $25.4m after debt repayment or transfer.
Greek Shipping's Turn to Athens
The Athens move follows a broader push by Greek shipping names to tap local capital markets. Splash247 noted that Safe Bulkers recently cleared the final regulatory steps for a dual listing of its shares on Euronext Athens, adding a domestic investor base to its New York listing. Seanergy has also attracted attention from other Greek shipowners. Costamare’s Konstantinos Konstantakopoulos and George Economou-controlled Sphinx Investment Corp are both listed among the company’s major shareholders in the bond prospectus. The bond also comes as more Greek shipping names look again at Athens as a capital markets venue. The move followed the transformation of the former Athens Stock Exchange into Euronext Athens after Euronext acquired a controlling stake in Hellenic Exchanges in late 2025, bringing Greece into the wider European exchange network.
Fleet Breakdown
| Vessel Type | Count | Capacity (dwt) | Average Age |
|---|---|---|---|
| Newcastlemax | 2 | — | — |
| Capesize | 17 | — | — |
| Total Current Fleet | 19 | 3.46m | 14.9 years |
| Newbuildings | Count | Capacity (dwt) | Delivery Timing |
|---|---|---|---|
| Newcastlemax (211k dwt) | 1 | 211,000 | Q2 2028 |
| Capesize | 6 | 1.088m | Q2-Q4 2027 (4), 2029 (2) |
| Total | 7 | 1.299m |
Implications for Shippers and Operators
For freight forwarders and dry bulk operators, Seanergy’s fleet expansion signals potential increases in capesize capacity on the water by 2027-2029, which could affect spot rate dynamics on major iron ore and coal routes. The €95.6m in net proceeds, largely allocated to vessel acquisitions, will directly translate into more tonnage. The sale of two vessels to United Maritime for $62.2m also shows asset rotation within the sector. With Greek shipping companies increasingly accessing local capital markets via Euronext Athens, investors and operators should watch for further listings that could increase liquidity and investment in dry bulk assets.
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