Greece-based Seanergy Maritime Holdings Corp. has agreed to acquire two scrubber-fitted 181,500-dwt capesize vessels to be constructed at a shipyard in Japan and has entered into an agreement for the sale of the 2010-built Squireship. 

The transactions expand the company’s newbuilding program to five vessels (four capesizes and one newcastlemax) totaling approximately $384m.

The company entered into an agreement with an unaffiliated third party in Japan for the acquisition of a 181,500-dwt scrubber fitted capesize newbuilding vessel with prompt delivery, constructed at a Japanese Shipyard. The delivery is expected between the second and the third quarter of 2027. 

In addition, the company has entered into a 10-year bareboat-in contract for a second 181,500-dwt scrubber fitted capesize dry bulk vessel to be constructed by the same Japanese shipyard with delivery expected in the first quarter of 2029. Seanergy has the option to buy the vessel starting at the end of year five until the end of the charter period.

The combined acquisition cost of the above vessels is estimated at approximately $158m, assuming the exercise of the option to acquire the second vessel at the end of the 10-year period and excluding interest payments under the bareboat scheme. 

Meanwhile, Seanergy has agreed to sell the2010-built capesize Squireship, constructed in South Korea, with a cargo capacity of 170,018-dwt, to United Maritime Corporation, a related party, for a purchase price of $29.5m, with delivery expected between end April to beginning of June 2026. 

The transaction is expected to generate net cash proceeds of approximately $13.5m after repayment of the associated debt. The vessel sale is expected to result in an accounting profit of around $4m, which will be recorded in Seanergy’s second quarter financial results. 

Following delivery, Seanergy will continue to provide technical and commercial management services to the vessel, facilitating the continuation of the vessel’s existing commercial employment.

Stamatis Tsantanis, the company’s chairman & chief executive officer, stated: “These transactions represent another step in the disciplined renewal of our fleet. By monetizing an older vessel at an attractive valuation and reinvesting in high-quality Japanese newbuildings with favorable delivery positions, we continue to enhance the long-term earnings capacity and efficiency of our fleet.

“Including our newbuilding orders in China, we expect to take delivery of five high-quality vessels with a total contract value of approximately $384 million, including three deliveries in mid-2027, one in mid-2028 and one in early-2029. We believe vessels delivering between 2027 and 2029 will be well positioned to benefit from strong capesize fundamentals, an aging fleet and constrained vessel supply.

“Our strategy remains clear: reallocate capital from older assets into modern capesize tonnage, maintain balance sheet discipline, and position the company to capture long-term market upside. At the same time, we remain firmly committed to our capital return policy and expect to continue delivering meaningful returns to our shareholders.”