Seanergy Bags Time Charter for Capesize Bulker
By Aiswarya Lakshmi
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 18
months to about 22 months.
The T/C is for the 180,000 dwt Capesize vessel M/V Lordship and
is expected 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 months
to maximum 12 months the index-linked rate into a fixed rate
corresponding to the prevailing value of the respective Capesize
FFA.
Stamatis Tsantanis, the Company'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 business partner to first-class
charterers and we expect this to continue being a central pillar
of our commercial strategy.
Stamatis added: "Indicatively, based on the prevailing spot rate
for Capesize vessels, this 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 the flexibility 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,"
Stamatis concluded.
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.
Apr 18, 2017