Dry CargoEnvironmentEuropeOperations

Seanergy seals capesize scrubber deals with charterers

Greek dry bulk owner Seanergy Maritime Holdings has entered into agreements for the installation of scrubbers on five of its capesizes.

The five vessels will have Hyundai Materials scrubbers installed during the second and third quarters of 2019, and immediately go on long-term charters to clients. The contracts see the charterers covering the equipment and installation cost, expected to be over $12.5m in total.

Stamatis Tsantanis, chairman & CEO of Seanergy, commented: “We are very excited to announce these commercial agreements which should result in approximately $12.5 million accretion in our NAV. We believe that the significant investment that will be implemented in full cooperation with our charterers represents a balanced and comprehensive approach towards the new environmental regulations scheduled to become effective as of January 1, 2020.

“This significant investment by our charterers, in combination with innovative charter agreements, is expected to increase the market value of the subject vessels without our Company incurring additional debt or diluting our shareholders.”

Partnership and Lordship will go on charter to a major European utility company for a firm period of 33 to 37 months, while Premiership and Squireship will go on charter to a leading multinational commodity trading and mining company for 36 to 42 months, and the Championship is involved in a sale and leaseback deal and five-year charter with a large international commodity trading company.

The time charters are all index linked, and include additional compensation based on the spread between high and low sulphur fuel.

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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