Seanergy Maritime Holdings Corp. Secures Charter Extensions for Two Vessels
News Release
Seanergy Maritime Holdings Corp
June 1, 2011
May 31, 2011 - Athens Greece – Seanergy Maritime Holdings Corp. (the “Company”) (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.”
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.”