Seanergy Hungry for More Bulker Acquisitions as Vessel Prices Reach Historic Lows

Seanergy Athens-based dry bulk shipping company Seanergy Maritime Holdings Corp is looking to avail of the market conditions and low prices of vessels to expand fleet with more vessel acquisitions. Stamatis Tsantanis, the company’s Chairman & Chief Executive Officer, believes that current market conditions represent a unique opportunity to acquire quality tonnage at 30-year historical low prices. For that reason, we intend to pursue acquisition opportunities that we believe can further enhance value for our shareholders. We believe that Seanergy is the right platform in dry bulk listed space for further fleet expansion in order to capitalize on the recovery of the freight market and asset values,” he adds. The opportunities are being viewed as the company closes the year with the completion of the USD 185 million fleet acquisition that was signed in August of 2015. The result brings the companys fleet to  6 Capesize and 2 Supramax vessels, driving the Seaenergys cargo carrying capacity from zero to more than 1.1 million DWT. The fleet additions saw the company report net revenues of USD 6.8 million for the fourth quarter of 2015. Furthermore, the year seems to have started on a promising note as the company has regained compliance with Nasdaq’s minimum bid price requirement.