Seanergy Maritime Holdings Corp. (Seanergy Maritime), an international shipping company, specializes in the worldwide seaborne transportation of dry bulk commodities.
The company operates 19 Capesize dry bulk vessels and two Newcastlemax dry bulk vessels, predominantly built in Japan and S. Korea, with a cargo-carrying capacity of approximately 3,803,918 dwt and an average fleet age of approximately 13.8 years.
Business Strategy
The company intends to continue to review the market from time t...
Seanergy Maritime Holdings Corp. (Seanergy Maritime), an international shipping company, specializes in the worldwide seaborne transportation of dry bulk commodities.
The company operates 19 Capesize dry bulk vessels and two Newcastlemax dry bulk vessels, predominantly built in Japan and S. Korea, with a cargo-carrying capacity of approximately 3,803,918 dwt and an average fleet age of approximately 13.8 years.
Business Strategy
The company intends to continue to review the market from time to time aiming to identify potential acquisition targets. The company’s acquisition strategy mainly focuses on secondhand Capesize dry bulk vessels, although it may acquire vessels in other sectors which offer attractive investment opportunities.
Management of Fleet
The company manages its vessels’ operations, insurances, and bunkering; and has the general supervision of its third-party technical and commercial managers. In addition, the company provides certain management services to vessels owned or operated by United.
Seanergy Shipmanagement, the company’s wholly owned subsidiary, provides technical management services to the majority of the vessels of its fleet, namely the M/Vs Dukeship, Fellowship, Friendship, Knightship, Lordship, Worldship, Hellasship, Partnership, Flagship, Patriotship, Honorship, Premiership, Geniuship, Squireship, Kaizenship and Iconship. These technical management services include, inter alia, day-to-day operations, general administrative and support services, drydocking, bunkering, insurance arrangements and accounting related to vessels and provisions.
V.Ships Greece, an independent third party, provides technical management services to six of the company’s vessels, the M/Vs Championship, Friendship, Titanship, Paroship, Blueship and Meiship, that includes general administrative and support services, such as crewing and other technical management services, accounting related to vessels and provisions. Seanergy Management has entered into a commercial management agreement with Fidelity, an independent third party, pursuant to which Fidelity provides commercial management services for all of the vessels in the company’s fleet. V.Ships Greece and Global Seaways provide crew management services to six and nine vessels of the company’s fleet, respectively.
Customers
The company's customers include or have included national, regional, and international companies.
Environmental and Other Regulations
A variety of government and private entities subject the company’s vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities, such as the United States Coast Guard (USCG), harbor master, or equivalent), classification societies, flag state administrations (countries of registry), terminal operators, and charterers. Certain of these entities require the company to obtain permits, licenses, certificates and other authorizations for the operation of its vessels.
In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits ‘deliberate emissions’ of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below. Emissions of ‘volatile organic compounds’ from certain vessels, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or PCBs) are also prohibited. All the company’s vessels are compliant in all material respects with these regulations.
The company’s vessels are in substantial compliance with SOLAS and LLMC standards.
Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or the ISM Code, the company’s operations are also subject to environmental standards and requirements.
The company has obtained applicable documents of compliance for its offices and safety management certificates for all of its vessels for which the certificates are required by the IMO.
Both the U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act impact the company’s operations.
All the company’s vessels are in substantial compliance with and are certified to meet the Maritime Labor Convention 2006, or MLC 2006.
History
The company was founded in 2008. It was incorporated under the laws of the Republic of the Marshall Islands, pursuant to the Marshall Islands Business Corporations Act, in January 2008. The company was formerly known as Seanergy Maritime Corp. and changed its name to Seanergy Maritime Holdings Corp. in July 2008.