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Seanergy Maritime Announces Successful Delivery of a Japanese Capesize Vessel and Two New Time Charter Agreements with Costamare Bulkers Inc.
GLYFADA, Greece, June 13, 2024 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today the delivery
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":"GLYFADA, Greece, June 13, 2024 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today the delivery of a previously-announced Capesize vessel acquisition, the M/V Iconship (the “Vessel”), and the simultaneous commencement of its time charter (“T/C”) employment. The Vessel is a 181,392 dwt Capesize bulk carrier, built in 2013 by Imabari Shipbuilding Co., Ltd., in Japan. Delivery and New T/C for M/V Iconship The M/V Iconship has been fixed on a time-charter with Costamare Bulkers Inc. (“Costamare”), with a duration of about 22 months. The daily hire is based at a premium over the Baltic Capesize Index (“BCI”), and the T/C is expected to commence promptly. The Company has the option to convert the daily hire from index-linked to fixed for a period of 2 to 12 months based on prevailing Capesize Forward Freight Agreement (“FFA”) curve. As previously announced, the acquisition of the vessel has been financed with cash on hand and proceeds from a new sale and leaseback agreement. New T/C for M/V Lordship The M/V Lordship, a 178,838 dwt scrubber-fitted Capesize dry bulk vessel built in 2010, has also been fixed on a T/C with Costamare. The T/C is expected to commence around the end of July, following the vessel’s scheduled drydocking, for a period of about 22 months. 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 2 months to a maximum of 12 months based on the prevailing Capesize FFA curve. Seanergy will also receive the majority of the benefit from the scrubber profit-sharing scheme based on the price difference between high-sulfur and low-sulfur fuel. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “We are pleased to announce the addition of another high-quality Japanese Capesize vessel to our Company, further enhancing our presence in the sector and reaffirming our commitment to growing our fleet. We are also very pleased with the initiation of our commercial relationship with a quality operator like Costamare on the back of period employment contracts for the M/Vs Iconship and Lordship. “Our fleet is 100% under period employment, with index-linked T/Cs, while the embedded option to convert the floating rates to fixed will fu...