Seanergy Maritime Holdings Corp. Announces New Time Charter Agreements
February 01 2021 - 9:15AM
Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”)
(NASDAQ: SHIP) announced today that it has entered into time
charter contracts (“T/C”) for two additional Capesize vessels with
Anglo American, a leading global mining corporation, and Pacbulk
Shipping, a major Asian drybulk operator. Furthermore, another
Capesize vessel of the Company is extending its current time
charter employment.
M/V Fellowship
The M/V Fellowship has been fixed on a T/C with
Anglo American, a leading global mining company. The T/C is
expected to commence in the beginning of the second quarter of 2021
and will have a term of minimum 12 to maximum 15 months. The daily
hire of the T/C will be based on the 5 T/C routes of the Baltic
Capesize Index (“BCI”), while the Company has also the option to
convert the daily hire from index-linked to fixed for a minimum
period of three months to a maximum of 12 months based on the
prevailing Capesize Freight Futures Agreements (“FFA”) curve.
M/V Geniuship
The M/V Geniuship has been fixed on a T/C with
Pacbulk Shipping, a major Asian dry bulk operator. The T/C is
expected to commence in the beginning of the second quarter of 2021
and will have a term of approximately 11 to 14 months from the
delivery date. The daily hire will be based on the 5 T/C routes of
the BCI, while the Company has the option to convert the daily hire
from index-linked to fixed for a minimum period of three months to
a maximum of 12 months based on the prevailing Capesize FFA
curve.
M/V Gloriuship
The same Asian dry bulk operator, Pacbulk
Shipping, has agreed to extend for the second time the T/C of the
M/V Gloriuship for a period commencing from the expiration of the
current T/C in June 2021 until maximum April 2022. The daily hire
will be based on the 5 T/C routes of the BCI, while the Company has
the option to convert the daily hire from index-linked to fixed
based on the prevailing Capesize FFA curve.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are pleased to further expand our
relationship with leading global charterers through two additional
Capesize vessels entering into long period employment. The
relationships we have established with our charterers attest to the
operational and commercial quality of our fleet.
Following the delivery of the M/V Fellowship and
the M/V Geniuship to their subject charterers, 82% percent of our
fleet will be employed under index-linked time-charters allowing
Seanergy to be highly correlated with the performance of the
Capesize index.
Based on the significantly improved market
conditions, the strong fundamentals, and the worldwide positive
sentiment, we believe that Seanergy, being the only pure-play
Capesize owner listed in the US equity markets, is best positioned
to fully benefit from the rising trend in the Capesize market.”
Fleet Employment Profile:
The table summarizes our fleet employment status
following commencement of the above T/Cs:
Vessel Name |
VesselClass |
Capacity(DWT) |
YearBuilt |
Yard |
Employment |
Charterer |
EarliestExpiration |
Fixed RateOption |
Partnership |
Capesize |
179,213 |
2012 |
Hyundai |
T/C Index Linked |
European utilities company |
June 2022 |
Yes |
Championship |
Capesize |
179,238 |
2011 |
Sungdong |
T/C Index Linked |
Cargill |
November 2023 |
Yes |
Lordship |
Capesize |
178,838 |
2010 |
Hyundai |
T/C Index Linked |
European utilities company |
May 2022 |
Yes |
Premiership |
Capesize |
170,024 |
2010 |
Sungdong |
T/C Index Linked |
Glencore |
November 2022 |
n/a |
Squireship |
Capesize |
170,018 |
2010 |
Sungdong |
T/C Index Linked |
Glencore |
December 2022 |
n/a |
Knightship |
Capesize |
178,978 |
2010 |
Hyundai |
T/C Index Linked |
Glencore |
May 2023 |
n/a |
Gloriuship |
Capesize |
171,314 |
2004 |
Hyundai |
T/C Index Linked |
Pacbulk Shipping |
January 2022 |
Yes |
Fellowship |
Capesize |
179,701 |
2010 |
Daewoo |
T/C Index Linked |
Anglo American |
Q2 2022 |
Yes |
Geniuship |
Capesize |
170,058 |
2010 |
Sungdong |
T/C Index Linked |
Pacbulk Shipping |
Q1 2022 |
Yes |
Goodship |
Capesize |
177,536 |
2005 |
Mitsui |
Voyage Charter |
Vale S.A. |
Q1 2021 |
n/a |
Leadership |
Capesize |
171,199 |
2001 |
Koyo |
Voyage Charter |
International Trading Company |
Q1 2021 |
n/a |
Total |
|
|
1,926,117 |
|
12 |
|
|
|
|
|
|
|
|
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 fleet of
11 Capesize vessels with an average age of about 12 years and
aggregate cargo carrying capacity of approximately 1,926,117 dwt.
The Company is incorporated in the Marshall Islands and has
executive offices in Glyfada, Greece. 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”.
Please visit our company website at:
www.seanergymaritime.com
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks and are based upon
a number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the Company's operating
or financial results; the Company's ability to continue as a going
concern; the Company’s liquidity, including its ability to service
its indebtedness; competitive factors in the market in which the
Company operates; shipping industry trends, including charter
rates, vessel values and factors affecting vessel supply and
demand; future, pending or recent acquisitions and dispositions,
business strategy, areas of possible expansion or contraction, and
expected capital spending or operating expenses; risks associated
with operations outside the United States; risks associated with
the length and severity of the ongoing novel coronavirus (COVID-19)
outbreak, including its effects on demand for dry bulk products and
the transportation thereof; and other factors listed from time to
time in the Company's filings with the SEC, its most recent annual
report on Form 20-F. The Company's filings can be obtained free of
charge on the SEC's website at www.sec.gov. Except to the extent
required by law, the Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
For further information please
contact:
Capital Link, Inc. Daniela Guerrero 230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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