Cape deal cut

Victor Restis is a key shareholder at Seanergy.

Restis-backed Seanergy Maritime has canned a plan to buy a capesize bulker despite raising $30m to fund the deal last week.

Nasdaq-listed Seanergy says the plug was pulled on the $89.5m purchase as it was considered too risky.

Dale Ploughman, CEO of the shipowner, says China’s move to restrict bank lending had moved the goal posts.

Completing the deal would have subjected us to prolonged and undue market and credit risk given the vessel's high price, he explains.

Funds raised from last week’s share issue have been deposited in an “interest bearing” back account and will still be used for fleet expansion.

Ploughman added: “We are focusing our resources on identifying vessels ... as quickly as possible.”

During the share issue process Seanergy never identified the 2009-built capesize vessel it intended to buy.

Clarksons presently values a capesize resale at $72m and a five-year-old cape at $59m.

However, the Seanergy vessel had a charter of up to 62 months attached.

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