Seanergy Maritime (SHIP) to Acquire Two Hyundai-Built Dry Bulk Vessels

September 29, 2016 7:06 AM EDT

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Seanergy Maritime Holdings Corp. (Nasdaq: SHIP) announced that it has entered into agreements with an unaffiliated third party for the purchase of two secondhand Capesize vessels, each with a cargo-carrying capacity of approximately 180,000 deadweight tons ("DWT"). The vessels were both built in 2010 at Hyundai Heavy Industries in South Korea.

The vessels are expected to be delivered between mid-November 2016 and early January 2017, subject to the satisfaction of certain customary closing conditions. The Company expects to fund the gross purchase price of $20.75 million per vessel by secured loans from financial institutions and financing arrangements with the Company's sponsor.

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