Seanergy partners with Costamare for dual capesize charter deal

Seanergy Maritime Holdings Corp. announced the delivery of a previously-announced Capesize vessel acquisition, the M/V Iconship, and the simultaneous commencement of its time charter (T/C) employment.

The Vessel is a 181,392 dwt Capesize bulk carrier, built in 2013 by Imabari Shipbuilding Co., Ltd., in Japan.

The M/V Iconship has been fixed on a time-charter with Costamare Bulkers Inc. (Costamare), with a duration of about 22 months. The daily hire is based at a premium over the Baltic Capesize Index, and the T/C is expected to commence promptly.

The Company has the option to convert the daily hire from index-linked to fixed for a period of 2 to 12 months based on prevailing Capesize Forward Freight Agreement curve. As previously announced, the acquisition of the vessel has been financed with cash on hand and proceeds from a new sale and leaseback agreement.

The M/V Lordship, a 178,838 dwt scrubber-fitted Capesize dry bulk vessel built in 2010, has also been fixed on a T/C with Costamare. The T/C is expected to commence around the end of July, following the vessel’s scheduled drydocking, for a period of about 22 months.

The daily hire will be based on the 5 T/C routes of the BCI, while the Company has the option to convert the daily hire from index-linked to fixed for a minimum period of 2 months to a maximum of 12 months based on the prevailing Capesize FFA curve.