Seanergy purge continues

Seanergy Maritime Holdings has sold four more bulk carriers as part of its ongoing quest to reduce its debt pile.

The Nasdaq-listed Greek owner is left with eight vessels in the water after offloading the handysize quartet for $30m en bloc to a buyer nominated by creditor DVB Merchant Bank (Asia).

The four vessels in question are the 29,516-dwt Fiesta (built 1997), 29,538-dwt Pacific Fantasy (built 1996), 29,538-dwt Pacific Fighter (built 1998) and 29,534-dwt Clipper Freeway (built 1998).

Seanergy’s fleet now consists of four handysize vessels, two panamaxes and two supramax vessels and its total debt has been cut to $177m.

Stamatis Tsantanis, CEO, said: "This transaction represents another important milestone in the company's restructuring process.

“Following the sale of these four subsidiaries, our overall indebtedness is further reduced by approximately $30.3 million, which is another important step towards a sustainable capital structure for our Company."

The move follows Seanergy's exit from the capesize arena earlier this month when it sold Bulk Energy Transport to IMI Holdings, an affiliate of its largest shareholder, Victor Restis

The six sales this year add to the eight vessels offloaded in 2012.


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