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April 30, 2020

Seanergy Maritime signs charter contract with Glencore

Seanergy Maritime Holdings has signed a time charter contract with Glencore for an additional Capsize vessel M/V Knightship.

Seanergy Maritime Holdings has signed a time charter contract with Glencore for an additional Capsize vessel M/V Knightship.

The ship will be the third vessel of Seanergy, which is time-chartered by Glencore subsidiary ST Shipping and Transport.

ST Shipping and Transport received M/V Premiership and M/V Squireship in the fourth quarter of last year.

The charter period is expected to begin in May after the scrubbers are installed on the vessel. The agreement will be valid for a period of 36 to 42 months.

The daily hire of the agreement will be based on the Baltic Capesize Index’s five-time charter routes.

ST Shipping and Transport will compensate for the entirety of the scrubber investment, which includes the cost of equipment and installation along with the associated off-hire days.

Furthermore, Seanergy will receive additional revenue after a certain limit between the high and low sulphur fuel oil price during the charter term.

The company also announced that another Capsize vessel M/V Gloriuship is also extending its time charter period by another ten to 14 months, effective from 23 April.

Seanergy Maritime chairman and CEO Stamatis Tsantanis said: “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% 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.

“Based on the improving market fundamentals, as further driven by the worldwide economic stimulus offered to ease the Covid-19 impact, we believe that our fleet is well-positioned to capture the full upside potential of the rising trend in the Capesize market.”

In 2018, Seanergy Maritime completed the previously announced sale of its two Chinese-built Supramax vessels to unaffiliated third parties.

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