Seanergy Maritime unveils new sustainability-linked loan

Greek shipowner Seanergy Maritime Holdings Corp. has secured a sustainability-linked loan facility to finance part of the acquisition cost of the M/V Worldship, a 181,400 dwt bulker.

Seanergy said it received a commitment letter from an unnamed European bank for the loan.

Pursuant to the commitment letter, the sustainability-linked loan will be for an amount of $16.85 million and will amortize over a five-year term with a final balloon payment of $6.1 million at maturity.

“We are very pleased to announce another innovative financing for Seanergy which is consistent both with our conservative leverage approach, as well as our commitment to our sustainability objectives. The proceeds of this new loan will further enhance our strong liquidity position,” Stamatis Tsantanis, the company’s Chairman & Chief Executive Officer, commented.

The interest rate will be 3.05% plus LIBOR per annum, which can be further improved based on certain emission reduction thresholds.

The approval is subject to definitive documentation, which is expected to be completed within November 2021.

Seanergy joins Call to Action for Shipping Decarbonization

The company also revealed it became a signatory to the Call to Action for Shipping Decarbonization, a global coalition of over 190 industry leaders and organizations representing the entire maritime value chain.

The Call to Action was developed by a task force convened by the Getting To Zero Coalition in September 2021 and will be delivered to world Governments in November 2021, in advance of the UN Climate Change Conference (COP26) in Glasgow.

The signatories to this Call to Action firmly believe that equitable decarbonization of the maritime supply chain by 2050 is both possible and necessary.

“We are excited to actively participate along with global industry leaders in the Call to Action, a significant initiative aiming to contribute to our industry’s decarbonization targets,” Seanergy CEO added.

“Seanergy has long ago prioritized its ESG agenda and has implemented concrete actions and collaborations upon this matter. In this context, we are encouraging stakeholder engagement on all levels, including that of our financiers and governmental organizations, as means to support the common goal of a ‘greener’ shipping.”

Seanergy provides marine dry bulk transportation services through a fleet of Capesize vessels. Upon delivery of the M/V Dukeship, the company’s operating fleet will consist of 17 Capesize vessels with an average age of 11.5 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt.