Seanergy Maritime Holdings has struck a deal to exit the capesize sector by selling one of its subsidiaries to affiliates of its largest shareholder.

Nasdaq-listed Seanergy says IMI Holdings, which is tied to Greek tycoon Victor Restis, signed a share purchase agreement in which it will seize control of Bulk Energy Transport.

The deal, which was approved by the company’s top lenders, will see IMI take 100% stakes in two bulkers with a combined capacity of 313,061 and an average age of 19.3