Dry CargoEurope

Seanergy lands new capesize charter with Glencore

Greek capesize specialist Seanergy Maritime Holdings has sealed a new charter for one of its 10 capesizes and an extension for another.

Glencore’s ST Shipping and Trading has snapped up its third Seanergy vessel, taking the 2010-built Knightship on charter for a period of 36 to 42 months. The charter will commence in May 2020, upon completion of a scrubber installation, and the daily hire rate will be based on the 5 T/C routes of the Baltic Capesize Index. ST Shipping will compensate Seanergy for the entire scrubber investment, and a profit-sharing agreement is in place based on the spread between the price of high and low sulphur fuel throughout the charter.

Additionally, the unnamed Asian dry bulk operator currently chartering 2004-built Gloriuship has agreed to extend the current time charter for an additional period of 10 to 14 months. The extension commenced last week and the daily rate is also based on the 5 T/C routes of the BCI. Seanergy says it has the option to convert the contract from a floating rate to a fixed rate for a minimum period of three months under certain conditions.

Stamatis Tsantanis, chairman and CEO or Seanergy, commented: “We are pleased to further expand our relationship with Glencore through a third vessel under a commercial arrangement that Seanergy has pioneered in the sector. Our unique expertise was developed through the previous five successful commercial agreements with three prominent dry bulk charterers.

“Most importantly, following the delivery of the Knightship to the subject charterer, 70% percent of our fleet will be employed under index-linked time-charters. The relevant time charter equivalent of the Baltic Capesize Index has increased by 260% from its lowest point seen two months ago.”

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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