Benzinga | May 6, 2021 09:17AM EDT

Seanergy Maritime Holdings Announces Delivery Of Capesize M/V Hellasship And Time Charter Agreement With NYK Line

Seanergy Maritime Holdings Corp. (the "Company" or "Seanergy") (NASDAQ:SHIP) announced today that it has taken delivery of the 181,325 dwt Capesize bulk carrier, built in 2012 by Imabari Shipbuilding Co. in Japan, which was renamed M/V Hellasship (the "Vessel"). The delivery of the M/V Hellasship is the first of the four Capesize acquisitions performed already in 2021.



The Vessel has been fixed on a time charter ("T/C") with NYK Line, a leading Japanese shipping company and operator. The T/C is expected to commence immediately, upon finalization of the customary transition process and will have a term of minimum 11 to maximum 15 months from the delivery. The gross daily rate of the T/C is based at a premium over the Baltic Capesize Index ("BCI").

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

"We are pleased to announce the well-timed delivery of our twelfth cape vessel, during the strongest Capesize market of the last decade with spot rates standing currently above $42,000 per day. This delivery is the first of the four acquisitions we agreed so far in 2021, before the impressive surge in freight day rates and asset values. Needless to say, that our timing has been once again optimal.

"At the same time, we are glad to initiate a long-term commercial partnership with another leading charterer through M/V Hellasship' s period employment. The relationships we have established with first class charterers in the Capesize space attest to the operational quality of our fleet and management platforms.

"Currently, 92% percent of our fleet is employed under index-linked time charters allowing Seanergy' s earnings to be highly correlated with the performance of the Capesize index. We believe that Seanergy, as a pure-play Capesize owner, is best positioned to fully benefit from the strong earnings environment and increasing asset values."

Company Fleet upon Vessels' delivery:

Vessel Name Vessel Capacity Year Yard Employment Class (DWT) BuiltPartnership Capesize 179,213 2012 Hyundai T/C Index LinkedChampionship Capesize 179,238 2011 Sungdong T/C Index LinkedLordship Capesize 178,838 2010 Hyundai T/C Index LinkedPremiership Capesize 170,024 2010 Sungdong T/C Index LinkedSquireship Capesize 170,018 2010 Sungdong T/C Index LinkedKnightship Capesize 178,978 2010 Hyundai T/C Index LinkedGloriuship Capesize 171,314 2004 Hyundai T/C Index LinkedFellowship Capesize 179,701 2010 Daewoo T/C Index LinkedGeniuship Capesize 170,058 2010 Sungdong T/C Index LinkedHellasship Capesize 181,325 2012 Imabari T/C Index LinkedGoodship Capesize 177,536 2005 Mitsui T/C Index Engineering LinkedLeadership Capesize 171,199 2001 Koyo ? Imabari Voyage/SpotTradership* Capesize 176,925 2006 Japanese N/A ShipyardFlagship*&# Capesize 176,387 2013 Japanese N/Ax2A; ShipyardPatriotship* Capesize 181,709 2010 Japanese N/A ShipyardTotal / Average 2,642,463 11.9age*delivery expected by mid-June**delivering promptly