Dry CargoEurope

Seanergy renews capesize charter

Greek dry bulk owner Seanergy Maritime Holdings has entered into a new time charter contract for capesize vessel Lordship 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.

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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