Greek Capesize specialist Seanergy Maritime has taken delivery of its latest Capesize acquisition, which is being financed and chartered by commodities giant Cargill.

This vessel acquired is Hsin Chien Marine’s 2013-built (Mitsui) New Expedition, which has been renamed Flagship.

The vessel is being financed through a leasing agreement with Cargill, who has bareboat chartered the vessel back to Seanergy and subsequently signed a five-year time charter agreement for the ship.

The bareboat financing amount is $20.5m, and Seanergy has the option to buy back the vessel at any time during the five-year leasing period. There is also a $10m purchase obligation at the end of the period.