Seanergy Maritime Enters Time Charter Contract

Seanergy Maritime Holdings said early Tuesday it entered into a time charter contract with a major European charterer for its 180,000 dwt capesize dry bulk vessel, M/V Lorship, for a period of approximately 18 months to 22 months. Shares were up 5% or four cents in recent pre-market trade. The time charter contract is expected to commence in June following the expiration of the vessel’s current time charter with the same charterer.

The charter contract provides the option to Seanergy to convert at any time and for a period of minimum three months to maximum twelve months the index-linked rate into a fixed rate corresponding to the prevailing value of the respective capesize forward freight agreement. 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.

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