Seanergy has inked an index-linked charter for a capsize bulker for 18 – 22 months.

The charter for the 180,000 dwt vessel Lordship is with an undisclosed European charterer and expected to start in June.

The charter rate will be index-linked based on the 5 T/C route Baltic Capesize Index (BCI) for 18 to 22 months. Under the charter Seanergy has the option to at any time convert the charter to a fixed rate for three to 12 months based on the prevailing value of the BCI.

Stamatis Tsantanis, chairman and ceo of Seanergy, said that based on prevailing rates the charter could be worth over $10m in revenues for the full 22-month period. “Furthermore, the 5 T/C route rate associated with the agreement will allow us to benefit from the potential market upside, while our option to convert to a fixed rate provides us with the flexibility to lock into a profitable fixed rate for up to 12 months at any point,” he added.

Source:seatrade-maritime