Seanergy Maritime announces new time charter agreement with Glencore for an additional Capesize vessel
Seanergy Maritime Holdings Corp. has entered into a time charter agreement (“T/C”) with Glencore for an additional Capesize vessel, the company said in its release.
Furthermore, another Capesize vessel of the Company is extending its current time charter contract. The M/V Knightship will be the third of the Company’s vessels time-chartered by ST Shipping and Transport Pte. Ltd., a fully owned subsidiary of Glencore plc, a leading multinational commodity trading and mining company.
The M/V Knightship is following the M/V Premiership and the M/V Squireship, which were delivered to ST Shipping in the fourth quarterof 2019. The T/C will commence immediately upon completion of scrubber installationon the M/V Knightship, which is expected by the end of May 2020, and will extend fora period of 36 to 42 months.
The daily hire of the T/C will be based on the 5T/C routes of the Baltic Capesize Index(“BCI”). The charterer will compensate the Company for 100% of the scrubber investment, including equipment and installation cost as well as for the associated off-hiredays. In addition to the daily hire, the Company will be entitled to additional revenue (profit-sharing) above a certainspread between the price of Highand Low SulphurFuel Oil throughout the term of the charter.
The charterer of the M/V Gloriuship, which is a major Asian dry bulk operator,has agreed to extend the initial 4 to 7-month T/C for an additional period of 10 to 14 months, commencing as of April 23, 2020. The daily hire is based on the 5T/C routes of the BCI. Seanergy has the option to convert the contract from floating to fixed for a minimum period of three months under certain conditions.
About Seanergy Maritime Holdings Corp.Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. 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 11 years. The Company is incorporated in the Marshall Islands and has executive offices in Athens, Greece and an office in Hong Kong. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP", its Class A warrants under "SHIPW" and its Class B warrants under “SHIPZ”.