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ATHENS, Greece, Oct. 31, 2018 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) appear today that it has entered into bartering agreements for the accession of bankrupt gas charwoman systems (“scrubbers”) on bristles of its capesize accumulated carriers afore the January 1, 2020 accomplishing date of the IMO sulfur discharge cap regulations. Aloft achievement of the installations appointed for Q2 and Q3 2019, the argosy will arise basis affiliated aeon application with three arch dry-bulk charterers alignment in durations amid three and bristles years.
The Aggregation has anchored the scrubber accessories from Hyundai Materials, a acclaimed Korean architect and has aloof retrofitting slots at an accomplished dry-dock adeptness in China. The absolute investment, to be covered by the charterers, is accepted to beat $12.5 million, including accessories and accession costs.
Stamatis Tsantanis, the Company’s Chairman & Chief Controlling Officer, stated:
“We are absolute aflame to advertise these bartering agreements which should aftereffect in about $12.5 actor accession in our NAV. We accept that the cogent advance that will be implemented in abounding cooperation with our charterers represents a counterbalanced and absolute access appear the new ecology regulations appointed to become able as of January 1, 2020.
“Such cardinal administration comes afterwards accurate application of the assorted aspects of the new regulations and their implications in our sector, accustomed that Seanergy was one of the aboriginal Greek dry-bulk companies to achieve a achievability abstraction on scrubbers, in cooperation with the American Bureau of Aircraft (ABS).
“This cogent advance by our charterers, in accumulated with avant-garde allotment agreements, is accepted to access the bazaar amount of the accountable argosy after our Aggregation incurring added debt or diluting our shareholders.
“It is important to added agenda that the basal time-charters are basis linked, maximizing Seanergy’s acknowledgment to the absolute fundamentals and angle of the Capesize market. Moreover, through accumulation administration agreements affected on the advance amid aerial and low sulfur fuel, we accept we will be able to capitalize on concise distortions in the alembic market.
“We aim to complete the installations of the scrubbers during 2019 afore the IMO 2020 regulations appear into force. Finally, aloft accomplishing of the new IMO regulations, all of Seanergy’s agile will be absolutely adjustable with the new rules.”
Details of the Agreements:
A. M/V Partnership and M/V Lordship
The Aggregation has entered into two time allotment agreements with a above European account company, for M/Vs Partnership and Lordship, for a close aeon of 33 to 37 months added one added aeon of 11 to 13 months at charterer’s option.
B. M/V Premiership and M/V Squireship
The Aggregation has entered into two time allotment agreements with a arch bunch article trading and mining company, for the M/Vs Premiership and Squireship, for a close aeon of 36 to 42 months added two added periods of 11 to 13 months at charterer’s option.
C. M/V Championship
The Aggregation has entered into an acceding for the auction and leaseback and a bristles year time allotment with a ample all-embracing article trading aggregation for the M/V Championship, for a close time-charter aeon of 60 months added an added 18 ages aeon at charterer’s option.
The closing two agreements are accountable to the cessation of absolute documentation.
The circadian appoint on all three agreements is index-linked amount based on the 5-routes T/C boilerplate of the Baltic Exchange Capesize Basis (BCI).
As allotment of the time allotment agreements, the charterers will awning 100% of the accessories and accession amount for retrofitting the argosy with bankrupt gas charwoman systems (scrubbers). On top of the circadian hire, the Aggregation will accept an added advantage based on the advance amid the amount of Aerial Sulphur Ammunition Oil and the amount of Abyssal Gas Oil or added IMO-compliant and ISO certified Low Sulphur Ammunition Oil throughout the appellation of the time charters.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is an all-embracing aircraft aggregation that provides abyssal dry accumulated busline casework through the buying and operation of dry accumulated vessels. The Aggregation currently operates a avant-garde agile of ten dry accumulated carriers, consisting of nine Capesizes and one Supramax, with a accumulated cargo-carrying accommodation of about 1,625,763 dwt and an boilerplate agile age of about 9.6 years.
Upon the achievement of the auction of the added Supramax and the acquirement of the new Capesize ahead announced, the Company’s operating agile shall abide of ten Capesize argosy with an boilerplate age of 9.6 years and accumulated burden accustomed accommodation of 1,748,638 dwt.
The Aggregation is congenital in the Marshall Islands with controlling offices in Athens, Greece and an appointment in Hong Kong. The Company’s accepted shares and chic A warrants barter on the Nasdaq Basic Bazaar beneath the symbols “SHIP” and “SHIPW”, respectively.
Please appointment our aggregation website at: www.seanergymaritime.com
This columnist absolution contains advanced statements (as authentic in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) apropos approaching events. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates”, and variations of such words and agnate expressions are advised to analyze advanced statements. These statements absorb accepted and alien risks and are based aloft a cardinal of assumptions and estimates, which are inherently accountable to cogent uncertainties and contingencies, abounding of which are above the ascendancy of the Company. Absolute after-effects may alter materially from those bidding or adumbrated by such advanced statements. Factors that could account absolute after-effects to alter materially include, but are not bound to, the Company’s adeptness to abide as a activity concern; the Company’s operating or banking results; the Company’s liquidity, including its adeptness to pay amounts that it owes and access added costs in the approaching to armamentarium basic expenditures, acquisitions and added accepted accumulated activities; the cessation of absolute documentation, aggressive factors in the bazaar in which the Aggregation operates; aircraft industry trends, including allotment rates, barge ethics and factors affecting barge accumulation and demand; future, awaiting or contempo acquisitions and dispositions, business strategy, areas of accessible amplification or contraction, and accepted basic spending or operating expenses; risks associated with operations alfresco the United States; and added factors listed from time to time in the Company’s filings with the SEC, including its best contempo anniversary address on Form 20-F. The Company’s filings can be acquired chargeless of allegation on the SEC’s website at www.sec.gov. Except to the admeasurement appropriate by law, the Aggregation especially disclaims any obligations or adventure to absolution about any updates or revisions to any advanced statements independent herein to reflect any change in the Company’s expectations with account thereto or any change in events, altitude or affairs on which any account is based.
For added advice amuse contact:Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1536New York, NY 10169Tel: (212) 661-7566E-mail: firstname.lastname@example.org
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