Greek dry bulk owner Seanergy Maritime Holdings has entered into a new time charter contract for capesize vessel Lordship with a major European charterer.
with a major European charterer.The 18-22 month charter is expected to commence in June 2017 upon expiration of the current charter, which is with the same client. The charter rate is index-linked to the Baltic Capesize Index, with an option included for Seanergy to convert to a fixed rate.
“We are pleased to announce the time charter contract of M/V Lordship’s for a period of up to twenty-two months with a major European charterer. Our high quality of service has made us a preferred business partner to first-class charterers and we expect this to continue being a central pillar of our commercial strategy. Indicatively, based on the prevailing spot rate for Capesize vessels, this time charter contract could contribute more than $10 million of net revenues to the Company, assuming the full 22-month employment. Furthermore, the 5 T/C route rate associated with the agreement will allow us to benefit from the potential market upside, while our option to convert to a fixed rate provides us with the flexibility to lock into a profitable fixed rate for up to 12 months at any point,” commented Stamatis Tsantanis, chairman and chief executive officer of Seanergy.
