Greek capesize specialist Seanergy Maritime has fixed out two of its vessels on new deals with compatriot boxship and bulker owner Costamare.
The company said that it took delivery of its recent acquisition, the 181,392 dwt vessel Iconship or as it was previously known – the Kinokawa Maru, which the company bought from Shunzan Kaiun for $33.7m.
The vessel, built in 2013 by Imabari Shipbuilding, has been fixed on a time charter with Costamare with a duration of about 22 months. The daily hire is based at a premium over the Baltic Capesize Index, and the charter is expected to commence soon.
Seanergy has the option to convert the daily hire from index-linked to fixed for a period of 2 to 12 months based on the prevailing capesize Forward Freight Agreement curve.
The second charter with Costamare was for the 178,838 dwt scrubber-fitted bulker Lordship. The charter for the 2010-built vessel is expected to commence around the end of July following the vessel’s scheduled drydocking. The length of the charter is also 22 months.
The daily hire will be based on similar conditions to the Iconship. The company can 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.
“Our fleet is 100% under period employment, with index-linked time charters, 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,” said Stamatis Tsantanis, the chairman and CEO of Seanergy.
Including the newly delivered Iconship, the company’s operating fleet consists of 18 vessels – one newcastlemax and 17 capesize – with an average age of approximately 13.2 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. The Greek firm is still awaiting delivery of one recently bought capesize.
