Seanergy Maritime Holdings Corp. (the “Company”) announced that it has entered into commercial agreements for the installation of exhaust gas cleaning systems (“scrubbers”) on five of its Capesize bulk carriers before the January 1, 2020 implementation date of the IMO sulfur emission cap regulations.
Upon completion of the installations scheduled for Q2 and Q3 2019, the vessels will commence index-linked period employment with three leading dry-bulk charterers ranging in durations between three and five years.
The Company has secured the scrubber equipment from Hyundai Materials, a well-known Korean manufacturer and has reserved retrofitting slots at an experienced dry-dock facility in China. The total investment, to be covered by the charterers, is expected to exceed $12.5 million, including equipment and installation costs.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“We are very excited to announce these commercial agreements which should result in approximately $12.5 million accretion in our NAV. We believe that the significant investment that will be implemented in full cooperation with our charterers represents a balanced and comprehensive approach towards the new environmental regulations scheduled to become effective as of January 1, 2020.