Seanergy maritime holdings corp. announces new time charter for the m/v hamburg max

Thursday, Aug 26, 2010

Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP; SHIP.W) announced today that the M/V Hamburg Max , a 1994 built, 72,338 dwt Panamax vessel, was entered into a two year time charter agreement with a profit sharing arrangement to a first class charterer.

The vessel is chartered with a base rate of $21,500 per day and a ceiling of $25,500 per day, with a 50% profit sharing arrangement to apply to any amount in excess of the ceiling less a 5% brokerage commission. The spread between floor and ceiling will accrue 100% to Seanergy.

The base used for the calculation of the rate will be the Baltic Panamax 4TC route. The vessel is expected to commence her new charter on or about September 2, 2010.

Following this charter arrangement, the Company has secured 95% of its operating days for 2010, 64% for 2011, 30% for 2012 and 19% for 2013 under period employment.

Dale Ploughman, the Company’s Chairman and Chief Executive Officer, stated: “The improved market environment has enabled Seanergy to enter the M/V Hamburg Max into a new two year time charter that represents an increase of 39% from its current employment on the basis of the floor rate and a 52% increase on the median basis between the floor and the ceiling. This time charter enhances the size of our secured cash flows and additionally, the profit sharing arrangement allows Seanergy to benefit from any potential upside in the market.

Overall, our current charter portfolio enables us to enjoy significant cash flow stability and visibility coupled with upside potential through the profit sharing arrangements on three of our vessels and the portion of our fleet that is gradually opening for rechartering in improved market conditions.”

Source: Seanergy Maritime