Seanergy Maritime Holdings Corp. announced the delivery of a previously-announced Capesize vessel acquisition, the M/V Iconship, 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.
Our fleet is 100% under period employment, with index-linked T/Cs, while the embedded option to convert the floating rates to fixed will further support our hedging strategy which has allowed us to outperform the market on several occasions over the recent years.
..Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated.
We are advancing our position as a leading pure-play Capesize ship-owner and we maintain our longterm conviction that a strategic focus on Capesize vessels will deliver sustained strong returns.
…Stamatis Tsantanis added.
