Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced a new charter contract that's leading to excitement among investors who are pushing the stock toward the sky. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:41), SHIP is trading at $0.80 per share after a gain of $0.11 per share or 15.65% thus far today.
SHIP Announces Charter Contract
As mentioned above, Seanergy Maritime Holdings is having an overwhelmingly strong day in the market today after announcing that the company has entered into a time charter contract. The contract was signed with a major European utility and energy company. The contract is specifically associated with a recently delivered Capesize vessel that SHIP acquired.
According to the press release, the period of employment surrounding the contract will be between 12 and 18 months. It is also expected that the contract will generate gross revenue in the amount of $8.8 million should the employment last the full 18 month period. In a statement, Stamatis Tsantanis, CEO and Chairman at SHIP had the following to offer...
“We are pleased to announce a period employment contract for our most recent Capesize acquisition. The strong rate achieved supports our projections for continued improvement in the Capesize market and overall dry bulk sector.
Assuming the full 18 months employment, this time charter is expected to generate approximately $8.8 million of gross revenue, offering a considerable return on our most recent investment.”
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SHIP. In particular, we're interested in following this employment as well as following ongoing work surrounding the company int eh Capesize arena. Nonetheless, we'll continue to follow the story closely and bring the news to you as it breaks!
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