CimbriaIMPA EventsViganTOC Europe 2023Port of South LouisianaBühler GmbH
  • Sailors Society
  • Port of Stockton
  • TBA Group
  • Bühler GmbH
  • IMPA Events
  • TOC Europe 2023

Seanergy announces additional share buybacks

Seanergy announces additional share buybacks

(Posted on 01/07/22)

 Seanergy Maritime Holdings Corp. has announced that the Board of Directors has authorized an additional share repurchase plan (the “Plan”), under which the Company may repurchase up to $5 million of its outstanding common shares, convertible notes or warrants.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US.

Moreover, the Company’s CEO, Mr. Stamatis Tsantanis, intends to purchase an additional aggregate of up to 500,000 common shares of the Company in the open market. Within the last 7 months, the Company has already completed two repurchase plans totalling $26.7 million that were utilised for buybacks of its common shares, convertible notes and warrants. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “Our management and board of directors believe that our current share price is significantly undervalued. Considering this, we feel that authorizing a share buyback is now a well-timed capital allocation decision. “In addition, I intend to buy an additional 500,000 of Seanergy’s common shares in the open market on top of my previous open-market purchases, which reflects my strong confidence in the Company, its fundamentals and the Capesize market. “Over the last 18 months, we have concluded a series of significant transactions, resulting in a great fleet of high-quality Capesize vessels and a solid balance sheet position.

The Company is optimally positioned to capitalise on the strong outlook of our sector.” The Plan The Company may repurchase common shares in open-market transactions pursuant to Rule 10b18 of the Securities Exchange Act of 1934, as amended, or pursuant to a trading plan adopted in accordance with Rule 10b5?1 of the Securities Exchange Act of 1934. Any repurchases pursuant to the Plan will be made at management’s discretion at prices considered to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, applicable securities laws and the Company’s financial performance. The Plan may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate.

These factors may also affect the timing and amount of share repurchases. The Plan does not obligate the Company to purchase any of its shares, and the Company may repurchase other outstanding securities of the Company, including its outstanding convertible notes or warrants, under the Plan. The Board of Directors’ authorization of the Plan is effective immediately and expires on December 31, 2023. About Seanergy Maritime Holdings Corp.

Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon completion of the previously-announced spin-off and vessel acquisition, the Company's operating fleet will consist of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,020,012 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Latest News

Oldendorff Carriers announces change of leadership

(Posted on 28/03/23)

The board of Oldendorff Carriers, has appointed Patrick Hutchins as the new President and CEO of the... Read more


Swedish Club boosts management team

(Posted on 28/03/23)

The Swedish Club is looking to the future with the expansion and restructuring of the Club’s management... Read more


Groke brings new situation awareness expertise to One Sea

(Posted on 24/03/23)

One Sea has welcomeed Finnish start-up Groke Technologies as its new member, bringing additional expertise... Read more


ClassNK releases FAQs on EU-ETS for shipping

(Posted on 24/03/23)

ClassNK has released “FAQs on the EU-ETS for Shipping”, an overview and necessary preparation... Read more


New AXSMarine tool helps users visualize CO2 emissions and CII

(Posted on 20/03/23)

AXSMarine, a pioneer and market leader in the provision of advanced solutions for shipping professionals... Read more


Shipzero advances the decarbonization of logistics

(Posted on 20/03/23)

Shipzero is enabling transport and logistics companies to create transparency about their emissions... Read more


Isle of Man Ship Registry joins INTERCARGO

(Posted on 07/03/23)

The Isle of Man Ship Registry (IOMSR) has become an associate member of The International Association... Read more


More investment into crews’ health and nutrition says MCTC

(Posted on 07/03/23)

The wellbeing of crew members is becoming more important to shipping companies says leading catering... Read more


Strong demand and diversified vessel portfolio fuels strong Algoma performance

(Posted on 28/02/23)

Canada based Algoma Central Corporation has reported its results for the year ended 31 December, 2022... Read more


Ukrainian seafarers back, but many have suffered trauma

(Posted on 24/02/23)

Ukrainian seafarers have largely returned to international shipping thereby restoring balance in crew... Read more


TBA GroupThe Wolfson Centre for Bulk Solids Handling Technology TOC Europe 2023Van AalstTelestackSailors Society
  • TOC Europe 2023
  • Van Aalst

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping