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Seanergy Maritime Holdings provides update on progress of scrubber installations

Published by , Editorial Assistant
Dry Bulk,

Seanergy Maritime Holdings Corp. has announced the successful installation and commissioning of the first three exhaust gas cleaning systems (scrubbers) on the M/V Lordship, M/V Partnership and M/V Championship.

The scrubbers are open loop U-Type design, built by Hyundai Materials Corporation of Korea and have the capacity to comply with the stricter 0.1% sulfur fuel content limit applicable in the environmentally controlled areas (ECA). The installations took place at Yiu Lian shipyard in Zhoushan, China, the company’s partner for all scrubber installations and dry-dockings for periodic surveys for its entire fleet.

M/V Partnership and M/V Lordship

Following the successful installation of the scrubbers on the M/V Lordship and M/V Partnership, the vessels were delivered to a major European utility and energy company on 4 August 2019 and 11 September 2019 respectively to commence on 33 - 37 month time-charters with an additional period of approximately 11 - 13 months at the charterers’ option.

The daily hire under both charters is based on the TCE of the Baltic Capesize Index, while the company has the option to convert to a fixed rate for a period of up to 12 months, based on the prevailing capesize FFA for the selected period. As previously announced, the costs of the acquisition and installation of the equipment and of the associated off-hires were borne by the charterer, in a combination of immediate reimbursement of the expenses incurred and a fixed premium over the index-linked charter-hire.

M/V Championship

After the successful commissioning of the scrubber on the M/V Championship on 18 October 2019, the vessel continued its employment under its 5 year time charter agreement with a leading American commodities trader, which commenced on 7 November 2018. As in the case of M/V Lordship and M/V Partnership, the daily hire is based on the TCE of the Baltic Capesize Index. The company has the option to convert to a fixed rate for a period of up to 12 months, based on the prevailing capesize FFA for the respective period. Furthermore, pursuant to the agreement with the charterer of this vessel, concurrently with the scrubber fitting, we completed the installation of certain energy saving devices in order to increase its energy efficiency by reducing the specific oil consumption and subsequently the vessel’s carbon footprint.

The study of these upgrades was developed in cooperation with the charterer, who also funded the cost of procurement and installation of the equipment. In addition, the option period under the related time charter was extended to 27 months, from about 16 - 18 months initially. Within the option period, the company will be entitled to receive a premium over the daily index-linked hire depending on the improvement in the fuel consumption realised.

The company is expected to also complete the installation of open loop U-Type scrubbers on the M/V Premiership and M/V Squireship by the end of 2019.

Stamatis Tsantanis, the company’s Chairman and CEO, stated: “Seanergy is actively implementing its plan to be fully compliant with the upcoming environmental regulations of IMO 2020. Moreover, our top priority is the company’s environmental social governance. In close cooperation with our leading charterers, we have already applied the results of these practices on one of our capesize vessels and we are looking to expand this further in the fleet.”

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