Benzinga | Feb 1, 2021 09:19AM EST

Seanergy Maritime Holdings Corp. Announces New Time Charter Agreements

Seanergy Maritime Holdings Corp. Announces New Time Charter Agreements

ATHENS, Greece, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. ("Seanergy" or the "Company") (NASDAQ:SHIP) announced today that it has entered into time charter contracts ("T/C") for two additional Capesize vessels with Anglo American, a leading global mining corporation, and Pacbulk Shipping, a major Asian drybulk operator. Furthermore, another Capesize vessel of the Company is extending its current time charter employment.



M/V Fellowship

The M/V Fellowship has been fixed on a T/C with Anglo American, a leading global mining company. The T/C is expected to commence in the beginning of the second quarter of 2021 and will have a term of minimum 12 to maximum 15 months. The daily hire of the T/C will be based on the 5 T/C routes of the Baltic Capesize Index ("BCI"), while the Company has also the option to convert the daily hire from index-linked to fixed for a minimum period of three months to a maximum of 12 months based on the prevailing Capesize Freight Futures Agreements ("FFA") curve.

M/V Geniuship

The M/V Geniuship has been fixed on a T/C with Pacbulk Shipping, a major Asian dry bulk operator. The T/C is expected to commence in the beginning of the second quarter of 2021 and will have a term of approximately 11 to 14 months from the delivery date. 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 three months to a maximum of 12 months based on the prevailing Capesize FFA curve.

M/V Gloriuship

The same Asian dry bulk operator, Pacbulk Shipping, has agreed to extend for the second time the T/C of the M/V Gloriuship for a period commencing from the expiration of the current T/C in June 2021 until maximum April 2022. 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 based on the prevailing Capesize FFA curve.

Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:

"We are pleased to further expand our relationship with leading global charterers through two additional Capesize vessels entering into long period employment. The relationships we have established with our charterers attest to the operational and commercial quality of our fleet.

Following the delivery of the M/V Fellowship and the M/V Geniuship to their subject charterers, 82% percent of our fleet will be employed under index-linked time-charters allowing Seanergy to be highly correlated with the performance of the Capesize index.

Based on the significantly improved market conditions, the strong fundamentals, and the worldwide positive sentiment, we believe that Seanergy, being the only pure-play Capesize owner listed in the US equity markets, is best positioned to fully benefit from the rising trend in the Capesize market."

Fleet Employment Profile:

The table summarizes our fleet employment status following commencement of the above T/Cs:

Vessel Capacity Year Earliest FixedVessel Name Yard Employment Charterer Rate Class (DWT) Built Expiration Option T/C Index EuropeanPartnership Capesize 179,213 2012 Hyundai Linked utilities June 2022 Yes companyChampionship Capesize 179,238 2011 Sungdong T/C Index Cargill November Yes Linked 2023 T/C Index EuropeanLordship Capesize 178,838 2010 Hyundai Linked utilities May 2022 Yes companyPremiership Capesize 170,024 2010 Sungdong T/C Index Glencore November n/a Linked 2022Squireship Capesize 170,018 2010 Sungdong T/C Index Glencore December n/a Linked 2022Knightship Capesize 178,978 2010 Hyundai T/C Index Glencore May 2023 n/a LinkedGloriuship Capesize 171,314 2004 Hyundai T/C Index Pacbulk January Yes Linked Shipping 2022Fellowship Capesize 179,701 2010 Daewoo T/C Index Anglo Q2 2022 Yes Linked AmericanGeniuship Capesize 170,058 2010 Sungdong T/C Index Pacbulk Q1 2022 Yes Linked ShippingGoodship Capesize 177,536 2005 Mitsui Voyage Vale S.A. Q1 2021 n/a Charter Voyage InternationalLeadership Capesize 171,199 2001 Koyo Charter Trading Q1 2021 n/a CompanyTotal 1,926,117 12

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a fleet of 11 Capesize vessels with an average age of about 12 years and aggregate cargo carrying capacity of approximately 1,926,117 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP", its Class A warrants under "SHIPW" and its Class B warrants under "SHIPZ".

Please visit our company website at: www.seanergymaritime.com

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's operating or financial results; the Company's ability to continue as a going concern; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company's filings with the SEC, its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact

Capital Link, Inc.

Daniela Guerrero

230 Park Avenue Suite 1536

New York, NY 10169

Tel: (212) 661-7566

E-mail: seanergy@capitallink.com