Seanergy Maritime

Nasdaq Stock Exchange-listed Seanergy Maritime Holdings Corp. (SHIP) has enhanced its fleet with the acquisition of a Japanese-built 2012-built capesize bulk carrier, 181K DWT MV Orange Tiara, for approximately $35 million. Led by Stamatis Tsantanis, Seanergy Maritime Holdings Corp. (SHIP) now operates 16 capesize bulk carriers along with one newcastlemax bulk carrier. Earlier in Q1 2024, Seanergy Maritime Holdings Corp. (SHIP) finalized the purchase of a 2013-built capesize bulk carrier, 181K DWT MV Iconship (formerly MV Kinokawa Maru), from Shunzan Kaiun for about $34 million. During the same quarter, Seanergy Maritime Holdings Corp. (SHIP) achieved a net profit of $10.2 million, driven by increased iron ore exports and robust coal volumes. Beyond expanding its fleet, Seanergy Maritime Holdings Corp. (SHIP) has also secured a one-year charter extension from Glencore for its 2010-built, scrubber-fitted capesize bulk carrier MV Knightship. 17-May-2024

 

Nasdaq Stock Exchange-listed Seanergy Maritime (SHIP) CEO Stamatis Tsantanis reports that even lesser-quality bulk carriers are fetching solid prices in the active S&P (Sale and Purchase) market. The Athens-based Seanergy Maritime (SHIP) is witnessing robust demand for capesize vessels in the secondary market. According to Seanergy Maritime (SHIP), there’s been an impressive surge in interest for secondhand capesize bulk carriers recently, with the age of the vessels hardly dampening buyer enthusiasm. Seanergy Maritime (SHIP) has observed a significant uptick in transaction activity in the past few weeks. Shipowners are acquiring a substantial number of capesize bulk carriers, notes Seanergy Maritime (SHIP), including ones that are older and considered inferior compared to those Seanergy Maritime (SHIP) itself has been adding to its fleet, yet these vessels are still commanding strong market prices. 25-March-2024

 

The Nasdaq-listed company, Seanergy Maritime (SHIP), a Greek entity renowned for its expertise in operating capesize bulk carriers, has recently finalized another acquisition of a bulk carrier, strategically placing itself ahead of the latest surge in the Sale and Purchase (S&P) market values. Under the leadership of Stamatis Tsantanis, Seanergy Maritime (SHIP) has purchased the 2013 Japanese-built capesize bulk carrier MV Iconship (previously MV Kinokawa Maru) for $33.7 million from the Japanese shipowning firm Shunzan Kaiun. The delivery of MV Iconship (previously MV Kinokawa Maru) is scheduled for June 2024. The sector of capesize bulk carriers has seen an uptick in both pricing and sales activities starting from early October 2023. As a point of comparison, the MV Iconship’s sister ship, a 2014 Japanese-built capesize bulk carrier named MV True Cartier, was acquired by Oldendorff for approximately $41 million just a week following this transaction. Seanergy Maritime (SHIP) maintains a robust fleet consisting of 16 capesize bulk carriers and one newcastlemax bulk carrier. The company’s inaugural newcastlemax bulk carrier was delivered in the fourth quarter of 2023 and has been subsequently leased to a European shipping operator, fetching a rate significantly above the market index. In the same quarter, which saw Seanergy Maritime (SHIP) realizing a profit of $10.8 million, the company successfully renegotiated the charter agreements for six of its other bulk carriers, securing contracts at rates tied to the index for durations varying between 11 and 24 months. 23-March-2024

 

George Economou, a notable figure in Greek shipping, has initiated legal proceedings in the Marshall Islands against another capesize vessel specialist, the New York-listed Seanergy Maritime Holdings Corp. (SHIP), including its head Stamatis Tsantanis and other board members, accusing them of improperly assuming control of the company through the issuance of “super-voting” shares. Stamatis Tsantanis, holding a significant number of common shares and Series B preferred shares acquired for $250,000 in December 2021, effectively wields substantial control over Seanergy Maritime Holdings Corp. (SHIP). Tsantanis was granted 20,000 super-voting shares, bestowing upon him 49.99% of the voting rights within the company. This move solidified his position and the board’s, as previously Tsantanis was the largest shareholder with around 2% of Seanergy Maritime Holdings Corp.’s voting power. George Economou has raised concerns that this strategy allowed Tsantanis and the board to entrench themselves in leadership positions at Seanergy Maritime Holdings Corp., disenfranchising external shareholders without any financial benefit to the company and ensuring perpetual control for Stamatis Tsantanis and the board members without securing an appropriate control premium for the company’s external shareholders. In a submission to the U.S. Securities and Exchange Commission, George Economou articulated that Seanergy Maritime Holdings Corp. directors Christina Anagnostara, Dimitrios Anagnostopoulos, Elias Culucundis, and Ioannis John Kartsonas, who collectively possess around 5% of the corporation, have placed their personal interests and those of Stamatis Tsantanis above the company’s welfare. This, according to Economou, constitutes a breach of their fiduciary duties, adversely affecting his investment in Sphinx. Economou argues that if control of Seanergy Maritime Holdings Corp. had been offered through an open auction, it could have realized a significant value. At the time of the Series B share issuance, Seanergy Maritime Holdings Corp. reported around $487 million in total assets. George Economou points out that to secure 49.99% of the voting power in the market, it would have cost approximately $90 million or more. Moreover, George Economou accuses Tsantanis of benefiting personally from the undervalued share price of Seanergy Maritime Holdings Corp. by purchasing large amounts of common stock in the open market. Economou criticizes the board for allocating control to Tsantanis, which not only marginalized public shareholders but also led to a significant depreciation of shareholder value during Tsantanis’s tenure. Despite Seanergy Maritime Holdings Corp.’s stock initially trading at about $20,000 per share, its value has plummeted to around $8 per share after four reverse stock splits under Stamatis Tsantanis’s leadership. Seanergy Maritime Holdings Corp., headquartered in Athens and listed in New York, manages a fleet of 17 vessels, comprising one newcastlemax and 16 capesize bulk carriers. George Economou, having invested in Seanergy Maritime Holdings Corp. in late 2023, has accumulated approximately 9.5% of the company’s stock through Sphinx. Controlled by Economou, Sphinx intends to nominate new directors at the 2024 annual meeting of shareholders. However, George Economou emphasizes that the board’s actions have rendered the votes of all external shareholders ineffective, and he is now seeking legal remedies to annul the Series B preferred stock and prevent Stamatis Tsantanis from exercising his voting rights. 7-March-2024

 

United Maritime, a Greek bulker owner listed on the Nasdaq and spearheaded by Stamatis Tsantanis, has strategically expanded its fleet through the acquisition of a kamsarmax bulk carrier, constructed in Japan, on a bareboat charter basis. This arrangement includes an option to purchase. Originating as a division from the capesize-focused Seanergy Maritime, United Maritime is enhancing its operational capacity by integrating an 82K DWT kamsarmax bulk carrier, fabricated at the renowned Oshima shipyard, into its fleet. The carrier is scheduled to be part of United Maritime’s operations for an 18-month period spanning from June to October 2024, with United Maritime retaining the option to purchase the vessel at the charter’s conclusion. The financial structure of the deal involves a $7.5 million initial payment, a daily charter rate of $8,000, and a buyout option priced at $16.6 million, totaling an overall cost of approximately $28.5 million. Upon the delivery of this Japanese-crafted kamsarmax bulk carrier, United Maritime’s fleet will comprise nine bulk carriers. Furthermore, United Maritime has successfully negotiated a new charter agreement, extending for 12 to 15 months, with an enhanced index-linked rate for the 2013-built panamax bulk carrier MV Chrisea, effective from June 2024. Stamatis Tsantanis, the chairman and CEO of United Maritime, has expressed optimism regarding the sector’s prospects, attributing this to the robust dry bulk market observed in the first quarter. Stamatis Tsantanis anticipates this trend will bolster the company’s financial performance in 2024, by which time the fleet will include three capesize, three kamsarmax, and three panamax bulk carriers. United Maritime, recognized for its strategic foresight and efficient fleet management, plays a significant role in the dry bulk shipping sector. Its focus on diversifying and modernizing its fleet underscores a commitment to leveraging market opportunities and enhancing shareholder value. With a diverse portfolio of vessels and a keen eye on market trends, United Maritime is poised for continued growth and success in the dynamic maritime industry. 20-February-2024

 

Seanergy Maritime (SHIP), a capesize ship owner listed in New York, is pioneering the integration of hydrogen power into its fleet as part of the European Union’s Safecraft program. This Greek shipping company Seanergy Maritime (SHIP) is set to retrofit a capesize vessel to utilize hydrogen for both electricity generation and partial propulsion needs. Based in Athens, Seanergy Maritime (SHIP) is at the forefront of adopting green fuel technologies under an EU initiative aimed at demonstrating the safety and effectiveness of alternative fuels. By doing so, Seanergy Maritime (SHIP) becomes the first Greek shipowner to enter into a partnership with the EU for its Safecraft project, showcasing its commitment to sustainable and innovative energy solutions in maritime operations. 3-February-2024

 

New York-listed pure-play capesize owner Seanergy Maritime (SHIP) has become a participant in a European Union-supported project, Safecraft, which aims to explore the application of hydrogen as an alternative energy source for both electricity generation and partial propulsion on ships. This initiative, endorsed by the European Commission in December with a funding allocation of around $10 million and a total budget of approximately $13.5 million, is supported by 11 consortium members, including classification societies, engineering firms, industrial entities, and academic institutions. As part of Safecraft, Stamatis Tsantanis-led shipowner and operator Seanergy Maritime (SHIP) has pledged to retrofit one of its traditional fuel-powered ships with a hydrogen-based system to power a generator set. This setup will work alongside the main engine to drive a shaft motor, highlighting a significant step towards achieving global environmental, social, and governance (ESG) goals. Atehs-based Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) emphasized the partnership’s importance in aligning with the company’s ESG objectives and noted Seanergy Maritime’s role as the first Greek shipowner to contribute to the project. The project’s aim is to foster the adoption of sustainable alternative fuels (SAFs) in maritime transport by demonstrating their safety and effectiveness across various shipping segments, including oceangoing and short sea shipping, for both new constructions and retrofit operations. Safecraft will focus on four technologies that enable the use of SAFs, involving liquid and compressed green hydrogen and two carriers of green hydrogen, namely Liquid Organic Hydrogen Carriers (LOHCs) and ammonia, to potentially revolutionize efficiency and significantly cut greenhouse gas emissions in the maritime industry. 31-January-2024

 

New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime has successfully executed a triple capesize sale-and-leaseback transaction worth $30 million, in preparation for impending loan deadlines and to bolster its financial liquidity. This strategic move comes after a profitable Q3 2023 for the United Maritime, partly attributed to the sale of its last tanker. Stamatis Tsantanis, who serves as the CEO of both United Maritime and Seanergy Maritime (SHIP), pure capesize shipowner, has overseen this financial maneuver. The deal involves separate yet identical sale-and-leaseback agreements, each valued at $10 million, for three of its capesize bulk carriers: 2004 built capesize bulk carrier 171K DWT MV Gloriuship, 2005 built capesize bulk carrier 177K DWT MV Goodship, 2006 built capesize bulk carrier 176K DWT MV Tradership (built in 2006). The counterpart in these transactions is an undisclosed Chinese lessor. These agreements are particularly significant as New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime aim to refinance the remaining debt on these three capesize bulk carriers under United Maritime’s loan facility with EnTrust, a facility that underwent amendment in August 2023. This financial restructuring reflects United Maritime’s proactive approach in managing its capital requirements and ensuring long-term operational stability. 15-November-2023

 

New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime trims its loss for Q2 2023. Greek shipowner Stamatis Tsantanis-led United Maritime hailed the company’s first highly profitable investment cycle but low freight market meant another quarterly loss. Seanergy Maritime (SHIP) spin-off United Maritime narrowed company’s loss during the Q2 as freight markets continued to disappoint, but said United Maritime’s lucrative S&P (Sale and Purchase) transactions should aid its bottom line in Q3 2023. Despite the loss, the Nasdaq-listed United Maritime has declared another quarterly dividend. 3-August-2023

 

New York-listed pure-play capesize owner Seanergy Maritime (SHIP) persevered in its profitability and continued to pay dividends, despite the challenging capesize market conditions. Greek shipowner Stamatis Tsantanis-led New York-listed pure-play capesize owner Seanergy Maritime (SHIP) remains dedicated to distributing cash rewards to its shareholders. Despite the freight market’s lackluster performance during Q2 2023, Seanergy Maritime (SHIP) managed to stay profitable on the Nasdaq, achieving a net profit of $700,000, compared to the previous $5.9 million. Currently, Seanergy Maritime (SHIP) owns and operates a fleet of 16 capesize bulk carriers and one newcastlemax bulk carriers. 2-August-2023

 

New York-listed pure-play capesize owner Seanergy Maritime (SHIP) has expended approximately $1.6 million in the repurchase of its own shares as part of a buyback program, while simultaneously introducing Seanergy Maritime’s (SHIP) first newcastlemax bulk carrier on a bareboat charter, including a purchase option. Greek shipowner Stamatis Tsantanis-led New York-listed pure-play capesize owner Seanergy Maritime (SHIP) has acquired 362,161 common shares, which accounts for approximately 2% of the company’s issued and outstanding shares. The shares were acquired at an average price of around $4.35 per share, at an impressive 11.2% discount from the closing price on July 5, 2023. This news closely follows the recent disclosure by Konstantinos Konstantakopoulos, chairman and CEO of New York-listed shipowner and operator Costamare Inc. (CMRE), regarding his ownership interest of 5.1% in Seanergy Maritime (SHIP), a company listed on Nasdaq. Although Costamare Inc. (CMRE) CEO Konstantinos Konstantakopoulos’ intentions regarding Seanergy Maritime (SHIP) remain unclear, it is worth noting that Stamatis Tsantanis maintains significant control and influence through series B preferred shares and a substantial number of common shares. In the meantime, New York-listed shipowner and operator Seanergy Maritime (SHIP) has expanded its fleet with the addition of a 2011 built 207K DWT newcastlemax bulk carrier. Seanergy Maritime (SHIP) will take the delivery of newcastlemax bulk carrier in August 2023 on a one-year bareboat agreement, with Seanergy Maritime (SHIP) holding the option to purchase the newcastlemax bulk carrier for around $20 million at the conclusion of the charter. The total cost of the newcastlemax bulk carrier, including bareboat payments, amounts to approximately $30 million. Despite the recent downturn in dry bulk charter rates, New York-listed shipowner and operator Seanergy Maritime (SHIP) expressed confidence in the robust demand for seaborne transportation of commodities. Seanergy Maritime (SHIP) highlighted that dwt-miles have increased by 5.8% year-on-year, with the figures from January through May 2023 being the strongest in the last three years. Seanergy Maritime (SHIP) remain fully committed to the capesize sector, benefiting from a robust operational foundation. Currently, Seanergy Maritime (SHIP) owns and operates a fleet of 16 capesize bulk carriers and one newcastlemax bulk carriers. 6-July-2023

 

New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime has expanded its dry bulk fleet by acquiring an additional panamax bulk carrier. Greek shipowner Stamatis Tsantanis-led United Maritime has purchased a 2011 built panamax bulk carrier 76K DWT MV Exelixsea for around $17.8 million. United Maritime will take the delivery of MV Exelixsea in August 2023 for around 37.5 million. Simultaneously, United Maritime sold 2008 built LR2 tanker MT Epanastasea for around $37.5 million. In July 2022, United Maritime acquired 2008 built LR2 tanker MT Epanastasea for around $20 million. United Maritime will generate a huge profit. New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime will deliver MT Epanastasea in August 2023. United Maritime stated that the return on equity from the sale of MT Epanastasea should be around 400% since the MT Epanastasea’s delivery, spanning a period of 10 months. Entering the tanker sector in July 2022, United Maritime acquired two (2) aframax tankers built in 2006, as well as two (2) LR2 tankers built in 2008, for a total of $80 million. Subsequently, Greek shipowner Stamatis Tsantanis-led United Maritime sold the aframax tankers in October 2022 for around $62 million and one of the LR2 tankers in December 2022 for around $39 million. The total value of this four-ship transaction amounted to approximately $139 million, resulting in a profit of $59.5 million. The proceeds from the recent sale of MT Epanastasea will be utilized to finance the 2011 built panamax bulk carrier 76K DWT MV Exelixsea acquisition, and United Maritime is currently in discussions with the lender regarding the rollover of a $15 million loan secured by the sold LR2 tanker to the newly acquired MV Exelixsea. Once all transactions have been finalized, Athens-based United Maritime will possess a fleet of eight (8) bulk carriers, consisting of three (3) capesize bulk carriers, two (2) kamsarmax bulk carriers, and three (3) panamax bulk carriers. Since United Maritime’s IPO (initial public offering) in 2022, United Maritime has successfully executed a series of profitable transactions, totaling almost one million DWT, while maintaining the value of the shares. 29-June-2023

 

Nasdaq-listed pure-play capesize owner Seanergy Maritime (SHIP) reported a net loss of $4.19 million for Q1 2023 which is fuelled by seasonal weakness in the capesize market. Stamatis Tsantanis-led pure capesize shipowner and operator Seanergy Maritime (SHIP) is still optimistic about what the company views as a strengthening sector. The capesize bulk carrier spot market has fallen by a third in the past two weeks, nevertheless, to under $15,000 per day. Recently, Seanergy Maritime (SHIP) found $15 million in new liquidity by refinancing three (3) capesize bulk carriers. Seanergy Maritime (SHIP) reported a net loss of $3.67 million for Q1 2022. Currently, Seanergy Maritime (SHIP) owns and operates 16 capesize bulk carriers. 25-May-2023

 

New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime took a Japanese-built panamax on a bareboat charter with a purchase option attached. Stamatis Tsantanis-led Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) spin-off United Maritime bareboat chartered 78K DWT panamax bulk carrier with a purchase option. This is the second bareboat deal in three months. Stamatis Tsantanis-led United Maritime was established in July 2022 after spinning off from Seanergy Maritime. United Maritime is cultivating a keen interest in broadening its bulker footprint through an innovative approach. This strategic shift underscores the company’s transition towards bulker vessels and departure from tankers. In fact, United Maritime made a highly profitable sale of three tankers last year, taking advantage of the soaring secondhand prices for such vessels. Prior to this, United Maritime secured a trio of bulker vessels through transactions worth a staggering $60 million. 10-May-2023

 

Nasdaq-listed pure-play capesize owner Seanergy Maritime (SHIP) CEO Stamatis Tsantanis has fulfilled his promise to purchase additional shares in the company. According to reports, CEO Stamatis Tsantanis has purchased an additional 100,000 shares in Seanergy Maritime (SHIP) at an average price of $5.32 per share, which amounts to $532K in total. CEO Stamatis Tsantanis had previously expressed his intention to purchase more shares in the company. Furthermore, Nasdaq-listed pure-play capesize owner Seanergy Maritime (SHIP) CFO Stavros Gyftakis has also acquired 18,510 shares in Seanergy Maritime (SHIP) through an open market purchase at an average price of $5.40, amounting to $100,000. Currently, Seanergy Maritime (SHIP) owns and operates 16 capesize bulk carriers. 5-April-2023

 

Nasdaq-listed pure-play capesize owner Seanergy Maritime (SHIP) CEO Stamatis Tsantanis is bullish on capesize bulk carriers. Athens-based shipowner Seanergy Maritime (SHIP) can give several explanations as to why the company anticipates the rising capesize bulker market to resume its upward trend, following a months-long ongoing decline. Seanergy Maritime (SHIP) CEO Stamatis Tsantanis justified that UAE’s $1.5 trillion investment in infrastructure to 2030 is underplayed and underexplained in shipping. The Baltic Exchange’s Capesize 5TC increased by 1.7% on Monday. Seanergy Maritime (SHIP) notice signs of recovery with capesize bulk carrier spot rates and forward increase substantially in recent weeks. Currently, Seanergy Maritime (SHIP) owns and operates 16 capesize bulk carriers. 21-March-2023

 

New York-listed shipowner and operator Seanergy Maritime (SHIP) reported a $493,000 profit for Q4 2022. Stamatis Tsantanis-led Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) beats shipping analyst estimates and Baltic Exchange TCE (Time Charter Equivalent) assessments. Athens-based Seanergy Maritime (SHIP) barely made a profit in 2022 due to China’s stumbling real estate sector caused the capesize bulker market to plunge from historic highs in 2021. Seanergy Maritime (SHIP) reported a $932,000 net income for Q4 2022. In Q4 2021, Seanergy Maritime (SHIP) reported a $27.9 million net income. Seanergy Maritime (SHIP) reported $27.2 million in revenue for Q4 2022. In Q4 2021, Seanergy Maritime (SHIP) reported $56.7 million in revenue. In 2021, post-Covid-19, average capesize bulk carrier rates skyrocketed as port congestion tied up supply. In September 2021, average capesize bulk carrier rates increased to $87,000 per day. In Q4 2022, New York-listed pure-play capesize owner Seanergy Maritime (SHIP) earned average time charter equivalent (TCE) rates of $17,300 per day. Seanergy Maritime (SHIP) earned average time charter equivalent (TCE) rates of $20,400 per day for the full year of 2022. Seanergy Maritime (SHIP) reported a $17.2 million profit for the full year of 2022. Seanergy Maritime (SHIP) reported a $41.3 million profit for the full year of 2021. Seanergy Maritime (SHIP) reported a $125 million revenue for the full year of 2022. Stamatis Tsantanis-led Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) has outperformed the market consistently over the past quarters. Seanergy Maritime (SHIP) reported another profitable year despite the prevailing international economic and political challenges that have negatively affected the shipping industry. Seanergy Maritime (SHIP) delivered a shareholder dividend of $0.025 per share for Q4 2022. Seanergy Maritime’s (SHIP) plan is to keep a balance between financial flexibility, capital returns, and investment opportunities. Seanergy Maritime (SHIP) anticipates the increasing capesize bulk carrier market to keep improving as China’s manufacturing and real-estate sectors get back on track. Seanergy Maritime (SHIP) notice signs of recovery with capesize bulk carrier spot rates and forward increase substantially in recent weeks. Currently, Seanergy Maritime (SHIP) owns and operates 16 capesize bulk carriers. 17-March-2023

 

New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime reported a net income of $37.5 million for Q4 2022. Currently, Stamatis Tsantanis-led Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) spin-off United Maritime owns and operates two (1) capesize bulk carriers, one (1) panamax bulk carrier, and one (1) tanker. On the other hand, Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) owns and operates 17 capesize bulk carriers. Athens-based Nasdaq-listed United Maritime sees most opportunities for profit in dry bulk shipping. Stamatis Tsantanis-led United Maritime was established in July 2022 after spinning off from Seanergy Maritime. 23-February-2023

 

New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime keeps the share buybacks rolling after tanker sales. Athens-based Nasdaq-listed United Maritime has conducted the second buyback of 1.4 million shares, at an average price of $2.08 each. Stamatis Tsantanis-led Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) spin-off United Maritime has now repurchased $6 million of its stock in recent months, at an average price of $1.81 each. United Maritime restarts to increase shareholder value with open-market deals. Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) spin-off United Maritime has started another share buyback as the company restarts to return money to shareholders. 26-October-2022

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) notices market optimism for years after record profit. Stamatis Tsantanis-led shipowner and operator Seanergy Maritime (SHIP) reported surging profit numbers on Thursday and communicated the positiveness of the shipping market for years to come. New York-listed pure-play capesize owner Seanergy Maritime (SHIP) rejigs charter hire deals to reflect installing energy-saving devices. Seanergy Maritime (SHIP) is in bullish mode. In Q2 2022, Athens-based Seanergy Maritime (SHIP) reported a net income of $5.9 million. In Q2 2021, Athens-based Seanergy Maritime (SHIP) reported a net income of $2 million. Athens-based Seanergy Maritime (SHIP) reported record profitability increased at an even steeper rate for the entire first half of 2022. Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) believes that the company’s shares are currently extremely undervalued. Seanergy Maritime (SHIP) believes that a robust recovery of capesize rates in Q3 2022. Currently, Seanergy Maritime (SHIP) owns and operates 17 capesize bulk carriers. 12-August-2022

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) chartered out 2010 built capesize bulk carrier 170K DWT MV Squireship to ship a panamax-sized shipment of coal from the Black Sea to the Continent. Seanergy Maritime (SHIP) has not revealed the charter rate or account name. According to Seanergy Maritime (SHIP), charterers prefer capesize bulk carriers because capesize rates are so low. Currently, the capesize bulk carriers 5TC is $6,780 per day which is less than half what panamax bulk carriers are earning. Charterers fixing capesize bulk carriers for panamax size cargoes. Currently, due to seasonality and Chinese New Year, capesize bulk carriers market has bottomed, as rates are effectively zero. 27-January-2022

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) is anticipating to report higher Q4 2021 earnings than previously believed. Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) expressed TCE (Time Charter Equivalent) rates are anticipated to outperform $36K per day for Q4 2021. Stamatis Tsantanis-led shipowner and operator Seanergy Maritime (SHIP) is anticipated TCE (Time Charter Equivalent) rate for Q1 2022 around $19K. Seanergy Maritime (SHIP) expects earnings would be $130 million for 2021. Seanergy Maritime’s (SHIP) pro-active hedging strategy in Q3 2022 means charter rates will still outperform the current spot market rate by about 50% in Q3 2022. Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) believes that the company’s shares are currently extremely undervalued. Seanergy Maritime (SHIP) believes that a robust recovery of capesize rates in Q2 2022. 24-January-2022

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) has refinanced 2010 built capesize bulk carrier 170K DWT MV Geniuship. Seanergy Maritime (SHIP) received a $15 million loan to substitute a loan from EnTrust Global. Seanergy Maritime (SHIP) has refinanced for a fixed interest rate of Libor plus 3.5% with a five-year term. Seanergy Maritime (SHIP) anticipates keeping interest savings around $900,000 for 2022 and $500,000 per year from 2023. Currently, Seanergy Maritime (SHIP) has a total debt of $243 million and cash of $45 million. Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) stays dedicated to its plan of slashing finance costs with more new loan agreements, share buybacks, and debt repayments. 16-December-2021

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) has paid $16.6 million on share and note buybacks to prevent the company’s stock from being diluted. Greek capesize shipowner and operator Seanergy Maritime (SHIP) stated two outstanding convertible note series with a 5.5% coupon and a conversion price of $1.20 per share were redeemed. This will stop the transformation of the notes into 11.63 million new shares by stopping $13.95 million of debt owned by Jelco Delta Holding. Furthermore, a series of warrants to buy the stock at $0.70 were bought back and 1.59 million of Seanergy Maritime’s (SHIP) shares were reacquired. These arrangements are desired at increasing shareholder value and preventing dilution. These transactions are also essential measures to facilitate Seanergy’s financial structure and additionally lower the cost of capital going forward. Seanergy Maritime (SHIP) approved an additional $10 million to be paid on stock, convertible notes, or warrants. Furthermore, CEO Stamatis Tsantanis has purchased another 300K shares throughout 2021. CEO Stamatis Tsantanis expressed his 300K share purchases demonstrate his strong confidence in Seanergy Maritime (SHIP). 8-December-2021

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) acquired 2010 built capesize bulk carrier 181K DWT MV Dukeship (ex MV Rosco Maple) for around $34 million from Redwood Ocean Shipping (ROSCO). 181K DWT MV Dukeship (ex MV Rosco Maple) is fitted with BWTS (Ballast Water Treatment System). Seanergy Maritime (SHIP) will take the delivery of MV Dukeship (ex MV Rosco Maple) in November 2021. Recently, MV Dukeship (ex MV Rosco Maple) passed through SS (Special Survey). Stamatis Tsantanis-led Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) has acquired seven (7) secondhand capesize bulk carriers so far in 2021. Seanergy Maritime (SHIP) is a leading pureplay capesize shipowner and operator. Currently, Seanergy Maritime (SHIP) owns and operates 17 capesize bulk carriers. 20-October-2021

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) sold two (2) capesize bulk carriers in leaseback deals. Furthermore, Seanergy Maritime (SHIP) chartered out one capesize bulk carrier on a long-term charter. Seanergy Maritime (SHIP) sold 2010 built capesize bulk carrier 181K DWT MV Patriotship and 2012 built capesize bulk carrier 181K DWT MV Hellasship in leaseback to a Chinese finance company. Seanergy Maritime (SHIP) sold MV Patriotship and MV Hellasship on leased back on five-year bareboat deals for $30.9 million each. Seanergy Maritime (SHIP) is financing at Libor plus a 3.5% interest rate. Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) may repurchase the two (2) capesize bulk carriers at certain times after two (2) years or the two (2) capesize bulk carriers back at the end of the bareboat charter for around $15 million. MV Patriotship and MV Hellasship leaseback deals could support Seanergy Maritime’s (SHIP) cash flow. Furthermore, Seanergy Maritime (SHIP) chartered out 2012 built capesize bulk carrier 181K DWT MV Worldship at $31,750 per day for a year to a first-class charterer. Currently, Seanergy Maritime (SHIP) owns and operates 16 capesize bulk carriers. 14-July-2021

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) acquired 2012 built capesize bulk carrier 181K DWT MV United Breeze for around $28 million. Currently, pure capesize player Seanergy Maritime (SHIP) owns and operates 15 capesize bulk carriers. Stamatis Tsantanis-led Seanergy Maritime (SHIP) reported a net loss of $18.4 million for 2020. Seanergy Maritime (SHIP) anticipates to profit from quickly increasing capesize freight rates. Based on capesize FFA (Forward Freight Contracts) rates, the incremental net revenue from Seanergy Maritime’s latest four (4) capesize purchases may provide $21 million for the remainder of 2021. In February 2021, Seanergy Maritime (SHIP) raised $75 million in a share sale. 29-March-2020

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) acquired 2006 built capesize bulk carrier 177K DWT MV Tradership for around $17 million. Seanergy Maritime (SHIP) is looking for more capesize bulk carriers to acquire. Nasdaq-listed shipowner and operator Seanergy Maritime’s (SHIP) total cargo capacity increased to 2.1 million DWT. Recently, 2006 built capesize bulk carrier 177K DWT MV Tradership underwent its special survey (SS). MV Tradership was installed BWTS (Ballast Water Treatment System). Seanergy Maritime (SHIP) does not anticipate any off-hire days or significant capital expenditure for MV Tradership. Baltic Exchange capesize 5TC increased to $12,314, a weighted average of spot rates on five (5) key routes, is currently about 60% higher than the same period average since 2016. Capesize FFA (Forward Freight Agreements) for Q3 2021 are trading at around $19,400 per day. Stamatis Tsantanis-led Seanergy Maritime (SHIP) is positive that the capesize bulk carrier market will proceed to increase. Currently, Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) has a fleet of twelve (12) capesize bulk carriers. 15-February-2021

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) chartered out three (3) capesize bulk carriers for around a year at Baltic Exchange index-linked charter rates. Currently, the Baltic Capesize Index’s (BCI) time-charter average (TCA) weighed across five routes is around $15,500. Seanergy Maritime chartered out 2010 built capesize bulk carrier 179K DWT MV Fellowship for around a year to Australian miner Anglo American. Seanergy Maritime chartered out 2010 built capesize bulk carrier 170K DWT MV Geniuship for around a year to Singapore based ship operator Pacbulk Shipping Pte Ltd. Furthermore, Seanergy Maritime extended the charter of 2004 built capesize bulk carrier 171K DWT MV Gloriuship till April 2022 to Singapore based ship operator Pacbulk Shipping Pte Ltd. Around 80% of Seanergy Maritime is employed under index-linked time-charters. Therefore, Seanergy Maritime is going to benefit from the rising trend in the capesize dry bulk market. Currently, Greek shipowner and operator Seanergy Maritime has a fleet of ten (10) large bulk carriers. 31-January-2021

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) anticipates to raise $25 million from capital markets. Nasdaq listed shipowner Seanergy Maritime is starting an underwritten offering of 35 million units consisting of a common share and a warrant to buy another. CEO Stamatis Tsantanis-led Seanergy Maritime is planning to use the cash for general corporate purposes. In May 2020, Seanergy Maritime had determined to back off the capital markets for a while. Currently, Seanergy Maritime has a fleet of 10 capesize bulk carriers. Afterward, Seanergy Maritime raised $30 million in cash by selling 228 million shares. In July 2020, Seanergy Maritime used some of the cash to buy a capesize bulk carrier for around $11 million. 16-August-2020

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) CEO Stamatis Tsantanis clarified that the shipping business is going through one of the toughest periods in shipping history. Seanergy Maritime has lowered the company’s debt through refinancing while striving to extend loan maturities. Seanergy Maritime has been operating in capesize segment and capesize daily spot rates averaged around $7K through Q1 and Q2 2020. Recently, Seanergy Maritime has acquired 2005 built capesize bulk carrier 178K DWT MV Cape Baltic for around $11.5 million. Seanergy Maritime’s fleet increased to eleven (11) capesize bulk carriers. Seanergy Maritime has been discussing with moneylenders on pushing back loan maturities. Seanergy Maritime’s share price reached over the $1 minimum price requirement of NASDAQ after the reverse stock split in July 2020. 20-July-2020

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) sold $30 million common shares since March 2020. But unfortunately, Seanergy Maritime’s common shares are still quite below Nasdaq’s minimum requirement. On 8 May 2020, Seanergy Maritime’s shares are closed at $0.16 per share which is quite below Nasdaq’s minimum requirement of $1. Currently, Athens based Seanergy Maritime has decided to stay away from the money markets for a while. Dry bulk market is rising from a period of historically low freight rates. Seanergy Maritime has $216 million total debt and $57 million shareholder equity. Greek Stamatis Tsantanis-led shipowner has a fleet of 10 capesize bulk carriers. 7-May-2020

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) raised another $5.2 million in equity. Stamatis Tsantanis-led shipowner and operator Seanergy Maritime raised around $25 million since the beginning of April 2020. Seanergy Maritime (SHIP) aims to enhance the company’s balance sheet. Currently, capesize player Seanergy Maritime (SHIP) has a fleet of ten (10) built capesize bulk carriers. Capesize bulk carrier rates emerge from historic lows while the Covid-19 pandemic made day-to-day business almost impossible. On 30-April-2020, The Baltic Exchange capesize weighted TCE (Time Charter Average ) across five routes reached at $7,263 per day. On 2-March-2020, The Baltic Exchange capesize weighted TCE (Time Charter Average ) across five routes was at $2,172 per day. However, on 3-December-2019, the Baltic Exchange capesize weighted TCE (Time Charter Average) across five routes was at $25,202 per day. Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP has been attempting to lift the company’s share price out of noncompliance with the Nasdaq Stock Market. On 25-September-2019, Seanergy Maritime’s (SHIP) shares reached Nasdaq’s $1 minimum bid price after getting a two-month extension. Stamatis Tsantanis-led capesize player Seanergy Maritime’s (SHIP) fleet is now generating adequate cash flows and Seanergy Maritime’s (SHIP) cash balance is quite sufficient. 30-April-2020

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) chartered out another capesize bulk carrier to Glencore subsidiary ST Shipping and Transportation for 3 years. Stamatis Tsantanis-led capesize player Seanergy Maritime (SHIP) chartered out 2010 built capesize bulk carrier 178K DWT MV Knightship at a rate based on the Baltic Exchange Capesize Index’s (BCI) TCE (Time Charter Average) weighted across five routes. Glencore subsidiary ST Shipping and Transportation will get the delivery of MV Knightship after Seanergy Maritime (SHIP) installs an exhaust gas scrubber in June 2020. Additionally, in November 2019, Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) chartered out capesize bulk carriers MV Premiership and MV Squireship to Glencore subsidiary ST Shipping and Transportation. MV Knightship is the third capesize bulk carrier chartered out to the same charterers. Seanergy Maritime (SHIP) developed a good relationship with Glencore subsidiary ST Shipping and Transportation. Previously, Seanergy Maritime (SHIP) signed five (5) prosperous commercial agreements with Glencore subsidiary ST Shipping and Transportation. Seanergy Maritime (SHIP) believes that the company’s fleet is well-positioned to achieve the full upside potential of the increasing trend in the capesize market. 28-April-2020

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) is given several more weeks to comply with reach Nasdaq’s compliance $1 share-price minimum by extending the grace period to 25 September 2020. Seanergy Maritime (SHIP) raised almost $20 million through three (3) equity offerings to institutional and retail investors in March 2020.
Greek shipowner and operator Seanergy Maritime (SHIP) studies methods to maintain the minimum bid price for at least 10 business days. Nasdaq grants extension for the compliance periods for all public companies due to the extraordinary market conditions and unprecedented turmoil in US financial markets. Greek shipowner and operator Seanergy Maritime (SHIP) sold approximately $6.8 million worth of shares, as allowed by a shelf registration recorded in August 2018. 20-April-2020

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) sold nearly $6.8 million worth of shares offered to institutional investors. Furthermore, Seanergy Maritime (SHIP) issued warrants to buy up to 50 million shares at $0.135 each. Seanergy Maritime (SHIP) also sold 50 million shares at $0.135 each and 5.29 million over-allotment units to the deal’s underwriters for total offering proceeds of $13.7 million. Currently, Greek shipowner and operator Seanergy Maritime (SHIP) owns a fleet of ten (10) capesize bulk carriers. At the beginning of April, Seanergy Maritime (SHIP) priced an underwritten public offering at $6 million which will be utilized for general corporate purposes. In March 2020, Stamatis Tsantanis-led capesize player Seanergy Maritime (SHIP) received extensions on two loan facilities. 13-April-2020

 

Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) has received extensions on two loan facilities, one of which will mature in less than two weeks. Seanergy Maritime (SHIP) has received lender approval in the form of a commitment letter to extend the loans’ maturities. Greek shipowner and operator Seanergy Maritime’s (SHIP) bank debt and other financial liabilities stood at $183 million as of 31 December 2019. Seanergy Maritime (SHIP) has a market capitalization of $7.26 million based on 26.9 million shares. Seanergy Maritime (SHIP) owns a fleet of ten (10) capesize bulk carriers. 4-March-2020

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) has completed scrubber retrofits on five (5) capesize bulk carriers. Seanergy Maritime (SHIP) has completed a previously announced IMO (International Maritime Organization) 2020 regulation compliance plan. Seanergy Maritime (SHIP) spent $14 million for open-loop scrubbers installed on five (5) capesize bulk carriers. Greek shipowner and operator Seanergy Maritime (SHIP) chartered out Cargill International, Glencore’s subsidiary ST Shipping and Transport, and Uniper Global Commodities for the long-term. Seanergy Maritime (SHIP) chartered out 2012 built capesize bulk carrier 179K DWT MV Partnership and 2010 built capesize bulk carrier 179K DWT MV Lordship for four (4) years. Furthermore, Seanergy Maritime (SHIP) chartered out the 2010 built capesize bulk carrier 179K DWT MV Partnership and 2010 built capesize bulk carrier 170K DWT MV Squireship to a multinational commodity trading company for five (5) years. Seanergy Maritime (SHIP) chartered out the 2011 built capesize bulk carrier 179K DWT MV Championship for five (5) years. Greek shipowner and operator Seanergy Maritime’s charterers compensated for the open-loop scrubbers either by directly reimbursing Seanergy Maritime (SHIP) or working the cost into the charter terms. Seanergy Maritime (SHIP) has retrofitted the ships for the Neo Panama canal. Furthermore, Seanergy Maritime (SHIP) hedge against bunker price fluctuations. 12-February-2020

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) foresees the dry bulk market to climb up from its lows after Q1 2020. Seanergy Maritime (SHIP) envisages 2020 to be a positive year. According to Seanergy Maritime (SHIP), Vale is going to export more iron ore and Chinese steel production is going to increase by an average of 7% in 2020. Greek shipowner and operator Seanergy Maritime (SHIP) reported a net loss of $11.7 million in 2019. Seanergy Maritime (SHIP) reported a revenue of $86.5 million in 2019. In 2019, Greek shipowner and operator Seanergy Maritime (SHIP) completed a scrubber installation programme for half its ten (10) capesize bulk carrier fleet. Afterward the installation of scrubbers, Seanergy Maritime (SHIP) chartered out scrubber fitted capesize bulk carriers on long-term at BCI (Baltic Capesize Index) index-linked charters. Seanergy Maritime’s (SHIP) non-scrubber fitted five (5) capesize bulk carriers are all employed in the spot market. 11-February-2020

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) issued 4.83 million Class C warrants on 13 May, 4.77 million of which were exercised within their 13 November expiry date. Seanergy Maritime (SHIP) has received $17.8 million as a result of the exercised warrants. Seanergy Maritime (SHIP) is going to use the raised funds for general corporate purposes. Seanergy Maritime (SHIP) announced that the remaining 59K Class C warrants have become void and no longer exist. Seanergy Maritime (SHIP) has 26.9 million common shares, issued and outstanding, and does not expect that number to change as a result of the Class C warrants. 17-November-2019

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) reported a net profit of $750K in Q3 2019. In Q3 2019, Seanergy Maritime (SHIP) reported a revenue of $24 million due to dry-dockings. Seanergy Maritime (SHIP) reported daily time-charter averages of $20,143 per day per ship. Athens-based shipowner and operator Seanergy Maritime (SHIP) anticipates a positive trend to continue in dry bulk markets and expects that the charter rates at elevated levels. In Q4 2019, Seanergy Maritime (SHIP) chartered out the capesize bulk carriers at a TCE (Time-Charter Equivalent) rate of $25,800. 15-November-2019

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) reported a net loss of $6.9 million in Q2 2019. Seanergy Maritime (SHIP) explained that negative developments impacted the capesize market in Q1 2019. Seanergy Maritime (SHIP) was properly placed to capture the upturn in the capesize market because Seanergy Maritime (SHIP) chartered out the fleet on index-linked employment. Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) reported a revenue of $18.8 million in Q2 2019. Greek shipowner and operator Seanergy Maritime’s (SHIP) capesize bulk carriers have been installed scrubbers between July and October. Furthermore, Seanergy Maritime’s (SHIP) capesize bulk carriers have been installed BWTS (Ballast Water Treatment Systems). 30-July-2019

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime’s (SHIP) CEO Stamatis Tsantanis observes a phenomenal capesize buying opportunity in the dry bulk market. According to Seanergy Maritime (SHIP), capesize charter rates should recover in the Q2 2019. BCI (Baltic Capesize Index) has plunged to 122 points since the 25 January Vale’s dam collapse. According to Seanergy Maritime (SHIP), it’s an incredible buying opportunity for the capesize bulk carriers. Currently, the price tag for a five-year-old capesize bulker is around $36 million. Seanergy Maritime (SHIP) anticipates the US-China trade relations should improve soon. Seanergy Maritime (SHIP) is highly optimistic about the dry bulk market. 1-April-2019

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) is holding off on any fleet expansion programs while capesize bulk carrier rates have remained very low following the Vale’s dam collapse. Stamatis Tsantanis-led capesize player Seanergy Maritime (SHIP) is asking charterers to cover $12 million in scrubber costs but still wants to see the capesize market recover before acquiring any bulk carrier. Seanergy Maritime (SHIP) took a wait-and-see approach to see the capesize market recover. Capesize bulk carrier rates have plummeted to $5,306 in three months. Currently, Seanergy Maritime (SHIP) has a fleet of ten (10) capesize bulk carriers. 19-March-2019

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) CEO Stamatis Tsantanis is very optimistic about dry bulk markets. According to Stamatis Tsantanis, dry bulk market currently has the best fundamentals for the last 15 to 17 years in shipping history. Seanergy Maritime CEO Stamatis Tsantanis expects a very healthy dry bulk market for the next few years. Stamatis Tsantanis expects the capesize market to experience a boost due to the number of ships set to be docked for scrubber retrofitting. 19-December-2018

 

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) is optimistic about capesize dry bulk market for 2019. Greek shipowner and operator Seanergy Maritime (SHIP) is in loss in Q3 2018. In Q3 2018, Seanergy Maritime (SHIP) reported revenue of $26.4 million. In Q3 2018, Seanergy Maritime (SHIP) reported TCE (Time Charter Equivalent) earnings of $18,244 per day per ship. Nasdaq-listed Greek shipowner and operator Seanergy Maritime’s (SHIP) CEO Stamatis Tsantanis remarked that capesize dry bulk market conditions improved significantly in Q3 2018. In Q3 2018, Seanergy Maritime (SHIP) reported EBIDTA $10.1 million and a net income of $1.3 million. Seanergy Maritime (SHIP) is the only pure-play capesize dry bulk company listed in the US capital markets. Seanergy Maritime’s (SHIP) CEO Stamatis Tsantanis is very optimistic for the capesize dry bulk market in 2019 and 2020. 11-December-2018

 

Greek shipowner and operator Seanergy Maritime Holdings bought capesize dry bulk carrier 2012 Korean built 179K DWT from Dong-A Artemis for $32.5 million. This week, dry bulk market capesize daily spot rates reach $20,000 per day. Greek shipowner and operator Seanergy Maritime Holdings bought the capesize dry bulk carrier from South Korean shipowner Dong-A Artemis which has a fleet of 20 vessels. In September 2016, CEO Stamatis Tsantanis led Seanergy Maritime Holdings expanded its fleet by buying two capesize dry bulk carriers 2010 built from German shipowner ER Schiffahrt 178K DWT MV ER Bavaria and 178K DWT MV ER Bayern for a total of $41 million. 2-April-2017

 

German E.R. Schiffahrt is a ship-owning and ship-management company sold cape size bulk carriers to Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP). New York-listed Seanergy Maritime has paid around $61 million for three Korean built capesize bulkers 178K DWT 2010 built sisterships MV ER Bayern, MV ER Boston and M/V ER Bavaria. 29-September-2016