Seanergy Maritime Holdings (NASDAQ: SHIP) secured €100 million from the Greek capital markets after investors more than doubled demand for the company’s inaugural corporate bond, giving the Nasdaq-listed dry bulk owner fresh financing for its fleet expansion while showing continued appetite for shipping debt among domestic investors.
The five-year bond, which will begin trading on Euronext Athens on July 13, was priced at par with a 4.9% annual coupon, the bottom of the initially indicated 4.9%-5.2% range. Investor orders reached €202.8 million, representing an oversubscription of 2.03 times the amount offered.
For Seanergy, the transaction marks its first corporate bond issuance in Greece and adds another shipping name to a growing list of U.S.-listed Greek owners tapping the country’s domestic debt market as an alternative to traditional bank lending and equity financing.
Chairman and Chief Executive Officer Stamatis Tsantanis noted:
The successful completion of this offering represents an important milestone for Seanergy in the Hellenic capital markets,
The proceeds will primarily finance newbuilding vessels and second-hand acquisitions, with part of the funds allocated to general corporate and working capital purposes. Offering expenses are expected to total €4.4 million.
The strong reception allowed Seanergy to price the issue at the lowest end of its target range, reducing borrowing costs at a time when shipping companies continue to seek diversified sources of financing through elevated interest rates. The bonds mature in July 2031 and pay interest semi-annually.
Retail investors accounted for the overwhelming majority of demand. Individual investors were allocated 92,000 of the 100,000 bonds issued, equivalent to 92% of the transaction, while institutional investors received the remaining 8%.
This allocation highlights the growing participation of Greek private investors in domestic corporate bond offerings, particularly those backed by well established shipping companies with visible cash flows and publicly traded equity.
Seanergy currently operates a fleet of 19 dry bulk vessels, consisting of 17 Capesize ships and two Newcastlemax vessels, with a combined carrying capacity of 3.46 million dwt. The fleet has an average age of 15 years and operates primarily under period charter agreements linked to market indices.
At the same time, the company is pursuing one of the largest fleet renewal programs in its history. It has committed $460 million to six Capesize and Newcastlemax newbuildings, all of which will be fitted with exhaust gas cleaning systems, commonly known as scrubbers, designed to comply with environmental regulations.
Once deliveries are completed and the planned sale of the M/V Dukeship is finalized, Seanergy expects to expand its fleet to 24 vessels increasing carrying capacity to 4.4 million dwt.
The transaction also reflects the evolution of financing options available to Greek shipping companies. While the sector has traditionally relied on syndicated bank loans, leasing structures and U.S. equity markets, domestic corporate bond issues have emerged as an attractive funding channel, allowing issuers to diversify their investor base without diluting existing shareholders.
Seanergy has also sought to strengthen its appeal beyond freight markets through an emphasis on corporate governance and environmental standards. The company made it known that its fleet incorporates energy-saving technologies and that maintains governance practices focused on transparency and ESG principles.
Headquartered in Greece, Seanergy is incorporated in the Marshall Islands and trades on the Nasdaq Capital Market under the ticker SHIP. The company is one of the few U.S.-listed shipowners focused exclusively on the Capesize segment, transporting commodities such as iron ore and coal on long-haul routes.
Settlement of the bonds is expected on July 10, with trading scheduled to begin three days later on Euronext Athens’ Fixed Income Securities Segment.
