Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) has a capacity expansion program in which it is working to acquire seven modern dry bulk vessels at the cost of about $183 million. In a recent development, the company announced a milestone in its ships acquisition program with addition of two more vessels namely M/V Geniuship and M/V Guardianship. With the acquisition of the two vessels, Seanergy is now only three vessels short of its target.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) is expanding its portfolio of vessels as it looks forward to a favorable business future. The company has committed about $183 million to go into the capacity expansion project, and it is almost hitting its set target of seven modern vessels.

Recently, the company announced that its portfolio of ships has increased by two vessels, bringing its total vessels acquisition under the existing program to four. The newly added dry bulk carriers are a 56,884 dwtSupramaxand a 170,057 dwtCapesize. Seanergy has renamed the Supramaxvessel M/V Guardianship and the Capesize vessel M/V Geniuship.

Secondhand but modern vessels

Under its seven-vessel acquisition program, Seanergy is targeting what it calls secondhand but modern dry bulk carriers. The M/V Geniuship is a 2010 model that was built by Sungdong SB while the M/V Guardianship a 2011 model ship that was constructed by CSC Jinling Shipyard.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) intends to deploy the newly acquired vessels in the spot market.

Funding of the purchases

The acquisition of the latest two vessels was backed by Seanergy’s sponsors and funding arrangement by some financial institutions.

The rest three vessels remaining to complete the seven-vessel target are expected to be acquired by late November.

Tough times for Greece shippers

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) is making vessel acquisitions at a time when Greece shipping firms are facing pressure of higher taxes amid the country’s economic woes. Some Greece ship operators have been contemplating relocating their bases to countries where taxes are more bearable.It is unclear whether Seanergy has inversion plans.