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  • 2019 October 31 17:55

    Seanergy Maritime provides update on the progress of the fleet’s scrubber installations

    Seanergy  Maritime  Holdings  Corp. announced the  successful  installation  and  commissioning  of  the  first  three  exhaust  gas  cleaning  systems on the M/V Lordship, M/V Partnership and M/V Championship, the company said in its release. The  Scrubbers  are  open  loop  U-Type  design,  built  by  Hyundai  Materials  Corporation  of  Korea  and  have  the  capacity  to  comply  with  the  stricter  0.1%  Sulphur  fuel  content  limit  applicable  in  the  environmentally  controlled  areas  (“ECA”). 

    The  installations  took  place  at  Yiu  Lian  shipyard  in  Zhoushan,  China.  A.M/V Partnership and M/V Lordship Following the successful installation of the Scrubbers on the M/V Lordship and M/V Partnership, the vessels were delivered to a major European utility and energy company on August 4, 2019 and September 11, 2019 respectively to  commence  on  33  to  37  month  time-charters  with  an  additional  period  of  approximately  11  to  13  months  at  the  charterers’ option.

    The daily hire under both charters is based on the TCE of the Baltic Capesize Index, while the Company has the option to convert to a fixed rate for a period of up to 12 months, based on the prevailing Capesize FFA for the selected period. As previously announced, the costs of the acquisition and installation of the equipment and  of  the  associated  off-hires  were  borne  by  the  charterer,  in  a  combination  of  immediate  reimbursement  of  the  expenses incurred and a fixed premium over the index-linked charter-hire.  

    After  the  successful  commissioning  of  the  Scrubber  on  the  M/V  Championship  on  October  18,  2019,  the  vessel  continued its employment under its five-year time charter agreement with a leading American commodities trader, which  commenced  on  November  7,  2018.  As  in  the  case  of  M/V  Lordship  and  M/V  Partnership,  the  daily  hire  is  based on the TCE of the Baltic Capesize Index. The Company has the option to convert to a fixed rate for a period of up to 12 months, based on the prevailing Capesize FFA for the respective period.

    Furthermore, pursuant to the agreement with the charterer of this vessel, concurrently with the Scrubber fitting, we completed the installation of certain energy saving devices in order to increase its energy efficiency by reducing the specific oil consumption and subsequently the vessel’s carbon footprint.  The  study  of  these  upgrades  was  developed  in  cooperation  with  the  charterer,  who  also  funded  the  cost  of  procurement  and  installation  of  the  equipment.  In  addition,  the  option  period  under  the  related  time  charter  was  extended to 27 months, from about 16 to 18 months initially.

    Within the option period, the Company will be entitled to  receive  a  premium  over  the  daily  index-linked  hire  depending  on  the  improvement  in  the  fuel  consumption  realized. The Company is expected to also complete the installation of open loop U-Type scrubbers on the M/V Premiership and M/V Squireship by the end of 2019.

    About Seanergy Maritime Holdings Corp.

    Seanergy  Maritime  Holdings  Corp.  is  the  only  pure-play  Capesize  ship-owner  publicly  listed  in  the  United  States.  Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with a cargo-carrying capacity of approximately 1,748,581 dwt and an average fleet age of approximately 10.6 years. The  Company  is  incorporated  in  the  Marshall  Islands  with  executive  offices  in  Athens,  Greece  and  an  office  in  Hong  Kong. 

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