Seanergy Maritime announces time charter contract for one of its capesize vessels
Seanergy Maritime Holdings Corp., has entered into a time charter contract (“ T/C ” ) with a major European charterer , for one of its Capesize dry bulk vessels, for a period of about eighteen (18) months to about twenty - two (22) months.
The T/C is for the 180,000 dwt Capesize vessel M/V Lordship and is expecte d to commence in June 2017, upon expiration of the vessel’s current T/C with the same charterer. The net daily charter hire is index - linked rate based on the 5 T/C route rate of Baltic Capesize Index (“BCI”) .
In addition, the charter contract provides the option to Seanergy to convert at any time and for a period of minimum three ( 3 ) months to maximum twelve (12) months the index - linked rate into a fixed rate correspon ding to the prevailing value of the respective Capesize FFA.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is an international shipping company that provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. The Company currently owns a modern fleet of ten dry bulk carriers, consisting of eight Capesizes and two Supramaxes, with a combined cargo - carrying capacity of approximately 1,503,369 dwt and an average fleet age of about 8.2 years.
1 Seanergy Maritime Holdings Corp. A nnounces Time Charter Contract for One of its Capesize Vessels April 18 , 201 7 - Athens, Greece - Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy” ) (NASDAQ: SHIP) , announced today that it has entered into a time charter contract (“ T/C ” ) with a major European charterer , for one of its Capesize dry bulk vessels, for a period of about eighteen (18) months to about twenty - two (22) months. The T/C is for the 180,000 dwt Capesize vessel M/V Lordship and is expecte d to commence in June 2017, upon expiration of the vessel’s current T/C with the same charterer. The net daily charter hire is index - linked rate based on the 5 T/C route rate of Baltic Capesize Index (“BCI”) . In addition, the charter contract provides the option to Seanergy to convert at any t ime and for a period of minimum three ( 3 ) months to maximum twelve (1 2 ) months the index - linked rate into a fixed rate correspon ding to the prevailing value of the respective C apesize FFA. Stamatis Tsantanis, the Com pany’s Chairman & Chief Executive Officer, commented: “We are pleased to announce the time charter contract of M/V Lordship ’s for a period of up to twenty - two months with a major European charterer . Our high quality of service has made us a preferred busin ess partner to first - class charterers and we expect this to continue being a central pillar of our commercial strategy. Indicatively, based on the prevailing spot rate for Capesize vessels, th is time charter contract could contribute more than $ 10 million of net revenues to the Company , assuming the full 22 - month employment . Furthermore, the 5 T/C route rate associated with the agreement will allow us to benefit from the potential market upside , while our option to convert to a fixed rate provides us with t he flexibi li ty to lock into a profitable fixed rate for up to 12 months at any point . “ As the freight market strengthens, we expect to secure additional long term employment agreements for our fleet . ” About Seanergy Maritime Holdings Corp. Seanergy Marit ime Holdings Corp. is an international shipping company that provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. The Company currently owns a modern fleet of ten dry bulk carriers, consisting of eight C apesizes and two Supramaxes, with a combined cargo - carrying capacity of approximately 1,503,369 dwt and an average fleet age of about 8.2 years. Following the delivery of the newly acquired Capesize vessel, the Company will have a modern fleet of a total of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo - carrying capacity of approximately 1,682,582 dwt and an average fleet age of about 8.0 years. The Company is incorporated in the Marshall Islands with execu tive offices in Athens, Greece and an office in Hong Kong. The Company's common shares and class A warrants trade on the Nasdaq Capital Market under the symbols “SHIP” and “SHIPW”, respectively.
