Seanergy Maritime Charter Extensions

Press Release
Tuesday, May 31, 2011

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP; SHIP.W) announced today that it has entered into agreements with MUR Shipping BV to extend the time charter contracts for the Company’s Handysize vessel M/V African Oryx and its Handymax vessel M/V African Zebra, in direct continuation from the end of the minimum period of the previous charter parties of the two vessels. The charters have been extended for a period of 22 to 25 months, at gross base charter rates of $7,000 and $7,500 per day for the M/V African Oryx and the M/V African Zebra, respectively. The Company will also have the opportunity to benefit from a 50% spot rateadjusted profit sharing arrangement above the base rate under each extended charter, which will be calculated based on an adjusted average spot charter rate derived from the Baltic Supramax Index on certain specified trade routes.

As a result of these extensions, the Company has time charter arrangements covering 89% of its ownership days for 2011, 50% for 2012 and 23% for 2013. The M/V African Oryx is a 24,110 dwt Handysize dry bulk carrier built in 1997 and the M/V African Zebra is a 38,623 dwt Handymax dry bulk carrier built in 1985.

Dale Ploughman, the Company’s Chairman and Chief Executive Officer, stated: “We are pleased to have secured extensions for these two Handy vessels to what we believe to be a first class counterparty, especially in a time of freight rate volatility. We continue to aim on a chartering strategy focused on profitable employment of our vessels under long term coverage generating stable cash flows.”

Source: Seanergy Maritime Holdings Corp.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

On USCG Anniversary, Gov. McAuliffe Urges Hurricane Preparedness

Gov. Terry McAuliffe encouraged Virginians to get ready for hurricane season and provided an update on the commonwealth’s preparations Friday at a press conference

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

WKCTC to Host Open House for ILM Institute

West Kentucky Community and Technical College will host an open house and ribbon cutting for the Inland Logistics and Marine Institute August 10 from 4 ­– 6 p.

Vessels

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

DryShips Reaches Agreement with Ocean Rig

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc.

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2230 sec (4 req/sec)