Seanergy Secures Time Charter for Its Capesize Bulker

Athens-based dry bulk shipping specialist Seanergy Maritime Holdings has entered into a time charter contract for one of its Capesize dry bulk vessels with an undisclosed European charterer.

The company’s 180,000 dwt Capesize vessel M/V Lordship was hired for a period of eighteen to twenty-two months.

Seanergy said that the ship is expected to commence its deployment under the charter deal in June 2017, upon expiration of its current time charter with the same company.

“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 Tsantanis, the company’s Chairman & Chief Executive Officer, said.

“Indicatively, based on the prevailing spot rate for Capesize vessels, this time charter contract could contribute more than USD 10 million of net revenues to the company, assuming the full 22-month employment,” Tsantanis added.

The net daily charter hire is index-linked rate based on the 5 T/C route rate of Baltic Capesize Index. In addition, the charter contract provides the option to Seanergy to convert at any time and for a period of three to twelve months the index-linked rate into a fixed rate corresponding to the prevailing value of the respective Capesize FFA.

Seanergy said that, as the freight market strengthens, the company expects to secure additional long term employment agreements for its fleet.

Built in 2010 by South Korean Hyundai Heavy Industries, M/V Lordship is one of the two bulkers purchased by Seanergy in September 2016.

Both ships, which were bought for a price of USD 20.75 million each, joined the company’s fleet in late 2016.

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