Seanergy Maritime Announces Shake-Up of Capesize Fleet

Seanergy Maritime Holdings Corp. has recently announced the delivery of the capesize vessel, m/v Iconship, along with the commencement of its time charter (T/C) employment. The m/v Iconship has been fixed on a time-charter with Costamare Bulkers Inc. for a duration of approximately 22 months, with a daily hire based on a premium over the Baltic Capesize Index (BCI). The company also 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 (FFA) curve. The vessel acquisition was financed using cash on hand and proceeds from a new sale and leaseback agreement.

Additionally, the m/v Lordship, a scrubber-fitted capesize dry bulk vessel built in 2010, has also been fixed on a time charter with Costamare. The T/C is expected to commence at the end of July for a period of around 22 months, with the daily hire based on the 5 T/C routes of the BCI. Seanergy Maritime Holdings Corp.’s Chairman & CEO, Stamatis Tsantanis, expressed satisfaction with the new additions to the fleet and the commercial relationship with Costamare, emphasizing the company’s commitment to growing its fleet and maintaining a strategic focus on capesize vessels.

With a fleet that is 100% under period employment, Seanergy Maritime Holdings Corp. aims to capitalize on favorable market conditions and sustain strong returns by focusing on capesize vessels. The company’s hedging strategy, which includes the option to convert floating rates to fixed, has allowed them to outperform the market on several occasions. Seanergy continues to execute a clear strategy, emphasizing shareholder rewards and sustainable growth, while reaffirming its long-term conviction in the capesize sector’s earning potential and market fundamentals.

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