Seanergy Maritime Holdings Corp. Announces New Time Charters for Three of Its Vessels
September 28 2010 - 9:00AM
Marketwired
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
(NASDAQ: SHIPW) announced today that the m/vs African Joy, African
Glory and Asian Grace, owned though the Company's wholly owned
subsidiary Maritime Capital Shipping Limited ("MCS"), have entered
into new charter agreements with first class charterers.
The m/v African Joy, a 1996 built and 26,482 dwt handysize dry
bulk carrier, entered into a time charter agreement for a period of
eleven (11) to thirteen (13) months with a first class charterer at
a gross charter rate of $14,000 per day. The charterer has the
option to extend the charter for another eleven (11) to thirteen
(13) months at the same rate. The vessel is expected to commence
her charter by the end of October 2010.
The m/v African Glory, a 1998 built and 23,515 dwt handysize dry
bulk carrier, entered into a two (2) year time charter agreement
with a profit sharing arrangement to a first class charterer. The
vessel is chartered at a base rate of $7,000 per day and a ceiling
of $12,000 per day, with a profit sharing arrangement of 75% for
owners and 25% for charterers to apply to any amount between the
base and the ceiling and for any amount in excess of the ceiling
the profit sharing arrangement will be 50% for owners and 50% for
charterers. The calculation of the rate will be based on the
average spot Time Charter Routes derived from the Baltic Supramax
Index (BSI), as adjusted. The vessel is expected to commence her
new charter on or about November 11, 2010.
The m/v Asian Grace, a 1999 built and 20,427 dwt handysize dry
bulk carrier, entered into a two (2) year time charter agreement
with a profit sharing arrangement to a first class charterer. The
vessel is chartered at a base rate of $7,000 per day and a ceiling
of $11,000 per day, with a profit sharing arrangement of 75% for
owners and 25% for charterers to apply to any amount between the
base and the ceiling and for any amount in excess of the ceiling
the profit sharing arrangement will be 50% for owners and 50% for
charterers. The calculation of the rate will be based on the
average spot Time Charter Routes derived from the Baltic Supramax
Index (BSI), as adjusted. The vessel is expected to commence her
new charter on or about mid October 2010.
Following these charter arrangements, the Company has secured
98% of its operating days for 2010, 78% for 2011, 38% for 2012 and
19% for 2013 under period employment.
Dale Ploughman, the Company's Chairman and
Chief Executive Officer, stated: "Consistent with our strategy
of seeking long term employment of our vessels, we are pleased to
announce that we have secured time charters for three of our
vessels, two of which, the African Glory and Asian Grace, include
profit sharing arrangements. Our time charter coverage is among the
highest in the industry, providing cash flow stability and
protection against the volatile freight rate environment. We also
benefit of having five of our vessels on profit sharing
arrangements that allow us to participate in market upswings."
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp., the successor to Seanergy
Maritime Corp., is a Marshall Islands corporation with its
executive offices in Athens, Greece. The Company is engaged in the
transportation of dry bulk cargoes through the ownership and
operation of dry bulk carriers.
The Company's initial fleet comprised two Panamax, two Supramax,
one Handymax and one Handysize dry bulk carriers that Seanergy
purchased and took delivery of in the third and fourth quarters of
2008 from companies associated with members of the Restis family.
In August 2009, the Company acquired a controlling interest in Bulk
Energy Transport (Holdings) Limited ("BET"), which owns four
Capesize and one Panamax dry bulk carriers. In May 2010, the
Company acquired a controlling interest in Maritime Capital
Shipping Limited ("MCS"), which owns nine Handysize dry bulk
carriers. In September 2010, the Company entered into definite
agreements to acquire all minority stakes in its MCS and BET
subsidiaries. The MCS acquisition was completed on September 15,
2010 and the BET acquisition is expected to close by November 1,
2010.
Following the completion of the BET acquisition, the Company
will have a wholly owned fleet of 20 drybulk carriers (four
Capesize, three Panamax, two Supramax and one Handymax and ten
Handysize vessels) with a total carrying capacity of approximately
1,292,544 dwt and an average fleet age of 12.8 years.
The Company's common stock and warrants trade on the NASDAQ
Global Market under the symbols "SHIP" and "SHIP.W,"
respectively.
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 and the Company's growth strategy and
measures to implement such strategy. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the
Company believes that such expectations will prove to have been
correct, 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 scope and
timing of Securities and Exchange Commission ("SEC") and other
regulatory agency review, competitive factors in the market in
which the Company operates; risks associated with operations
outside the United States; and other factors listed from time to
time in the Company's filings with the SEC. The Company's filings
can be obtained free of charge on the SEC's website at www.sec.gov.
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: Seanergy
Maritime Holdings Corp. Dale Ploughman - Chief Executive
Officer Christina Anagnostara - Chief Financial Officer Tel: +30
210 9638461 E-mail: ir@seanergymaritime.com Investor Relations /
Media Capital Link, Inc. Paul Lampoutis 230 Park Avenue Suite
1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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