Seanergy Maritime Finds Work for Latest Fleet Addition

Greek dry bulk shipping company Seanergy Maritime Holdings Corp. has entered into a time charter contract for its recently delivered Capesize vessel, the 2012-built M/V Partnership.

Under the deal, reached with an undisclosed European utility and energy company, the ship will commence a period employment of about twelve to eighteen months and is expected to generate some USD 8.8 million of gross revenue, assuming the full 18 months employment.

“The strong rate achieved supports our projections for continued improvement in the Capesize market and overall dry bulk sector,” Stamatis Tsantanis, the company’s Chairman & Chief Executive Officer, said.

Featuring 179,213 dwt, M/V Partnership was added to the company’s fleet on May 31. The Capesize dry bulker was built by Hyundai in South Korea.

Seanergy Maritime funded the gross purchase price of USD 32.65 million by a secured loan facility from a European bank and from financing arrangements with the company’s sponsor.

Seanergy’s CEO earlier said that the company will continue “to actively pursue accretive acquisition opportunities of quality Capesize vessels with an aim of increasing value for our shareholders.”

The shipping firm currently owns a fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of over 1.68 million dwt and an average fleet age of about 8.1 years

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