Seanergy Maritime Holdings Corp. Reports Financial Results for the First Quarter Ended March 31, 2010

Jun 03, 2010, 08:14 ET from Seanergy Maritime Holdings Corp

ATHENS, Greece, June 3, 2010 /PRNewswire-FirstCall/ -- Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP; SHIP.W) announced today its operating results for the first quarter ended March 31, 2010.

    First Quarter 2010 Highlights

    Net Revenues of $18.2 million
    Fleet of 11 vessels earning a daily TCE rate of $18,314
    EBITDA of $8.9 million
    Operating Income of $5.2 million
    Net Income of $0.1 million, or $0.002 per basic and diluted share

Dale Ploughman, the Company's Chief Executive Officer, stated: "Our first quarter 2010 revenues were in line with our expectations driven by our secured cash flow from fleet operations and the high utilization rate of our vessels. It is an important achievement that in a tough shipping environment we continue to be profitable. We attribute this success to our customer base, which we view as very strong and established, and our operators, which we feel are highly efficient. In the first quarter 2010 we were able to reduce our daily total vessel operating expenses by 10% over the same period last year.

In the first quarter 2010 we completed a public offering of our common stock resulting in approximately $30.0 million in proceeds, which expanded our shareholder base and enhanced the liquidity of our common stock. The offering also strengthened our cash position and our ability to pursue fleet expansion opportunities. We are pleased to announce the completion of the MCS acquisition on schedule. We view this as a strategic and transformational acquisition for Seanergy. It increases our controlled fleet to the significant size of 20 vessels while decreasing the average fleet age, and we believe it expands our revenue and profit generation capacity.

We believe that the acquisition of MCS is accretive to our shareholders. The purchase price for the 51% ownership interest in MCS was $33.0 million and the projected adjusted EBITDA from the MCS contribution is estimated to be $23.0 million for the remainder of 2010 and $40.0 million for 2011 implying a purchase price to EBITDA multiple of 1.6 times on an annualized basis.

In the short period of less than two years as a publicly-traded company, we have more than tripled our controlled fleet from 6 to 20 vessels and quadrupled our deadweight, in our opinion without sacrificing the strength of our balance sheet. We also believe that the timing of the MCS acquisition is optimal, as it enables Seanergy to benefit from the gradual global economic recovery with a larger and younger fleet.

Freight rates continue to remain firm despite an uncertain market place. Currently, congestion at iron ore and coal ports is increasing due to Chinese demand on both products and India's demand for coal which helps offset the newbuildings coming into the market. We expect the harvest season in the southern hemisphere to help sustain rates although volatility will most likely remain. We continue to remain quietly optimistic on the long term outlook for the dry bulk sector due to the robust growth especially in the Far East region and the gradual global economic recovery."

Christina Anagnostara, the Company's Chief Financial Officer, stated: "Our results for the first quarter 2010 correspond to a daily TCE, or time charter equivalent rate, of $18,314.

Our cash reserves as of March 31, 2010 were $89.4 million, reflecting $7.4 million in cash generated from operations and approximately $30.0 million from our latest public offering of our common stock which were used for the acquisition of the controlling ownership interest in MCS. The purchase consideration was paid from the proceeds of our recent equity offering and our cash reserves.

We believe our strong cash position enables us to meet remaining debt repayments and anticipated capital expenditures in 2010, and we believe our healthy balance sheet allows us to take advantage of market opportunities as they become available.

Following the MCS acquisition, our total assets will be approximately $730 million and our total debt will be approximately $430.8 million. As of June 3, 2010, our cash reserves amount to $84.5 million and the Company now operates a fleet of 20 vessels. On a combined fleet basis, we have secured under period employment 93% of ownership days in 2010, 58% for 2011, 27% for 2012 and 19% for 2013 providing us with significant cash flow visibility. As we welcome MCS as a new subsidiary we believe that this acquisition contributes significant value in the long term and allows our Company to take advantage and exploit market opportunities in Hong Kong and China, access the Chinese capital markets and subsequently expand its asset base revenue and profitability."

First Quarter 2010 Financial Results

Net Revenues for the three month period ended March 31, 2010 decreased to $18.2 million from $26.2 million in the same quarter in 2009. This is mainly attributable to the lower market imposed time charter rates earned during the three month period ended March 31, 2010 as compared to the same period in 2009.

The Company operated a fleet of 11 vessels on average during the first quarter of 2010, earning a TCE rate of $18,314 as compared to an average of six vessels and TCE rate of $51,831 during the first quarter of 2009. The decrease in TCE reflects the new time charter contracts at prevailing lower market rates.

EBITDA was $8.9 million for the three months ended March 31, 2010 as compared to $21.3 million in the same quarter in 2009. Please refer to a subsequent section of the press release for a reconciliation of net income to EBITDA and operating cash flows to EBITDA.

Operating Income amounted to $5.2 million for the three months ended March 31, 2010, as compared to an Operating Income of $13.6 million for the same quarter in 2009.

Net Income was $0.1 million, or $0.002 per basic and diluted share for the three months ended March 31, 2010, as compared to Net Income of $12.1 million, or $0.54 per basic and $0.50 per diluted share, for the same quarter in 2009, based on weighted average common shares outstanding of 49,347,837 basic and diluted for 2010, 22,361,227, basic, and 24,621,227 diluted, for 2009.

Conference Call Details:

The Company's management team will host a conference call to discuss the financial results today, Thursday, June 3, 2010 at 9:30 A.M. EDT.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866)819-7111 (from the US), 0(800)953-0329 (from the UK) or +(44)(0)1452-542-301 (from outside the US). Please quote "Seanergy."

A replay of the conference call will be available until June 11, 2010. The United States replay number is 1(866)247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44)(0)1452- 550-000 and the access code required for the replay is: 2094507#.

Slides and Audio Webcast:

There will also be a simultaneous live webcast over the Internet, through the Company's website (http://www.seanergymaritime.com). Participants desiring to view the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

    Fleet Profile as of June 3, 2010

    Vessel Name         Vessel Class Capacity    Year    TC Rate     Time
                                                Built      ($)     Charter
                                       (DWT)                        Expiry
                                                                   (latest)
    M/V Bremen Max         Panamax     73,503     1993    15,500   Sept. 2010
    M/V Hamburg Max        Panamax     72,338     1994    15,500   Sept. 2010
    M/V Davakis G.        Supramax     54,051     2008    21,000    Jan. 2011
    M/V Delos Ranger      Supramax     54,051     2008    20,000     Mar 2011
    M/V African Zebra (1) Handymax     38,623     1985     7,500    Aug. 2011
    M/V African Oryx (1) Handysize     24,110     1997     7,000    Aug. 2011
    M/V BET Commander     Capesize    149,507     1991    24,000    Dec. 2011
    M/V BET Fighter       Capesize    173,149     1992    25,000   Sept. 2011
    M/V BET Prince        Capesize    163,554     1995    25,000    Jan. 2012
    M/V BET Scouter       Capesize    171,175     1995    26,000    Oct. 2011
    M/V BET Intruder       Panamax     69,235     1993    15,500   Sept. 2011
    M/V Fiesta           Handysize     29,519     1997      BHSI    Nov. 2013
                                                          increased
                                                             by
                                                           100.63%
                                                            minus
                                                            Opex
    M/V Pacific Fantasy   Handysize    29,538     1996      BHSI    Jan. 2014
                                                          increased
                                                             by
                                                           100.63%
                                                            minus
                                                            Opex
    M/V Pacific Fighter   Handysize    29,538     1998      BHSI    Nov. 2013
                                                          increased
                                                             by
                                                           100.63%
                                                            minus
                                                            Opex
    M/V Clipper Freeway   Handysize    29,538     1998      BHSI    Feb. 2014
                                                          increased
                                                             by
                                                           100.63%
                                                            minus
                                                            Opex
    M/V African Joy       Handysize    26,482     1996    13,250    Aug. 2010
    M/V African Glory     Handysize    24,252     1998    14,500    Dec. 2010
    M/V Asian Grace       Handysize    20,412     1999    13,500    Oct. 2010
    M/V Clipper Glory     Handysize    29,982     2007    25,000    Aug. 2012
    M/V Clipper Grace     Handysize    29,987     2007    25,000    Aug. 2012
    Total                           1,292,544 12.7 yrs

    (1) Represents gross floor charter rates excluding a 50% adjusted profit
share distributed equally between owners and charterers calculated on the
average spot Time Charter Routes quoted on the Baltic Supramax Index for a
period of 22 to 25 months.
    Fleet Data:

                               Three Months    Three Months
                                   Ended           Ended

                             March 31, 2010  March 31, 2009
    Fleet Data:
    Average number of
    vessels (1)                          11             6.0
    Ownership days (2)                  990             540
    Available days (3)                  984             498
    Operating days (4)                  981             497
    Fleet utilization (5)              99.1%           92.0%
    Average Daily Results:
    TCE rate (6)                    $18,314         $51,831
    Vessel operating
    expenses (7)                     $4,661          $5,206
    Management fee (8)                 $609            $559
    Total vessel operating
    expenses (9)                     $5,270          $5,765

(1) Average number of vessels is the number of vessels that constituted the Company's fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of the Company's fleet during the relevant period divided by the number of calendar days in the relevant period.

(2) Ownership days are the total number of days in a period during which the vessels in a fleet have been owned. Ownership days are an indicator of the size of the Company's fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.

(3) Available days are the number of ownership days less the aggregate number of days that vessels are off-hire due to major repairs, dry dockings or special or intermediate surveys. The shipping industry uses available days to measure the number of ownership days in a period during which vessels should be capable of generating revenues. During the three months ended March 31, 2010, the Company incurred six off hire days for vessel scheduled dry docking.

(4) Operating days are the number of available days in a period less the aggregate number of days that vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

(5) Fleet utilization is the percentage of time that our vessels were generating revenue, and is determined by dividing operating days by ownership days for the relevant period.

(6) TCE rates are defined as our net revenues less voyage expenses during a period divided by the number of our operating days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions.

    (In thousands of US Dollars, except operating days and daily time charter
equivalent rate)

                                   Three Months     Three Months
                                          Ended            Ended

                                 March 31, 2010    March 31, 2009
    Net revenues from vessels            18,181            26,242
    Voyage expenses                        (215)             (482)

    Net operating revenues               17,966            25,760

    Operating days                          981               497

    Daily time charter
    equivalent rate                      18,314            51,831

(7) Average daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, are calculated by dividing vessel operating expenses by ownership days for the relevant time periods:

    (In thousands of US Dollars, except ownership days and daily vessel
operating expenses)

                                   Three Months    Three Months
                                          Ended           Ended

                                 March 31, 2010  March 31, 2009
    Operating expenses                    4,614           2,811
    Ownership days                          990             540

    Daily vessel operating
    expenses                              4,661           5,206

(8) Daily management fees are calculated by dividing total management fees by ownership days for the relevant time period.

(9) Total vessel operating expenses or TVOE is a measurement of total expenses associated with operating the vessels. TVOE is the sum of vessel operating expenses and management fees. Daily TVOE is calculated by dividing TVOE by fleet ownership days for the relevant time period.

Recent Developments:

Public Offering of 20,833,333 Shares of Common Stock

On January 28, 2010, the Company priced a public offering of 20,833,333 shares of the Company's common stock. The Company granted the representatives of the underwriters a 45-day option to purchase up to an additional 3,125,000 shares of common stock to cover over-allotments. The shares were offered to the public at $1.20 per share. Four of our major shareholders affiliated with the Restis family purchased an additional 4,166,667 shares of common stock directly from the Company at the public offering price. The offering and the concurrent sale of 4,166,667 shares to entities affiliated with the Restis family settled and closed on February 3, 2010. The net proceeds were approximately $28.0 million. On March 19, 2010, the underwriters exercised the overallotment option to purchase an additional 1,945,000 shares of the Company's common stock, which resulted in additional net proceeds to the Company of approximately $2.1 million.

Termination of a memorandum of agreement for intended vessel acquisition

On February 8, 2010, the Company announced its termination of a memorandum of agreement for the intended acquisition of a 2009 Capesize vessel, as described in the Company's prospectus dated January 28, 2010.

MCS acquisition of 51% ownership interest

The Company announced on June 2, 2010 that it had completed the final documentation after entering into a Share and Purchase Agreement with Maritime Capital Shipping (Holdings) Limited, of the British Virgin Islands ("Seller") for the acquisition of a 51% ownership interest in Maritime Capital Shipping Limited, of Bermuda ("MCS") for a purchase price of USD 33.0 million. The purchase price was paid to the Seller from the proceeds of the Company's recent equity offering completed in February 2010 and from the Company's cash reserves. The Seller, which is controlled by the Restis family, one of the Company's major shareholders, has retained a 49% ownership interest in MCS.

As a result of the acquisition, the size of the Company's fleet increased from 11 to 20 dry bulk vessels, consisting of four Capesize, three Panamax, two Supramax, one Handymax and 10 Handysize dry bulk carriers, with a combined cargo-carrying capacity of approximately 1,292,544 dwt and an average fleet age of 12.7 years.

Estimated Drydocking and Maintenance Schedule

The BET Scouter commenced its scheduled drydocking on March 26, 2010, which was completed on May 17, 2010. The total cost of the BET Scouter drydocking amounted to approximately $1.2 million. The BET Prince commenced its scheduled drydocking on May 14, 2010 which is expected to be completed by June 8, 2010. The cost of the BET Prince drydocking is expected to be $0.7 million.

Other Matters

On June 2, 2010 the Company executed Addendum No. 3 to its loan agreement with Marfin Bank of Greece, S.A. ("Marfin") and extended the waiver on its market value to loan covenant from January 1, 2011 through January 3, 2012. In connection with the addendum and extension of the waiver, Marfin made certain changes to the Company's loan agreement including increasing the interest payable during the waiver period from LIBOR plus 3.00% to LIBOR plus 3.50% in respect of the term loan and from LIBOR plus 3.50% to LIBOR plus 4.00% in respect of the revolving facility and accelerating the due dates of certain of the Company's principal installments.

Resignation of Board member

    Mr. Alexis Komninos has resigned from his position as a member of the
Company's Board of Directors following the termination of the voting
agreement among the Company's founding shareholders and entities affiliated
with the Restis family, and due to other professional engagements he has
undertaken. The Company wishes Mr. Komninos the best as he takes on new
challenges.

                         Seanergy Maritime Holdings Corp.
                      Reconciliation of Net Income to EBITDA
               (All amounts expressed in thousands of U.S. Dollars)

                                                 Three Months    Three
                                                 Ended March    Months
                                                   31, 2010   Ended March
                                                               31, 2009
    Net income (loss) attributable to Seanergy          110      12,115
    Maritime Holdings
    Interest and finance costs, net (including        2,122       1,463
    interest income)
    Depreciation and amortization                     6,665       7,672
    EBITDA                                            8,897      21,250



                         Seanergy Maritime Holdings Corp.
      Reconciliation of Net Cash Provided by Operating Activities to EBITDA
               (All amounts expressed in thousands of U.S. Dollars)

                                                Three Months     Three Months
                                               Ended March 31,   Ended March
                                                     2010         31, 2009
    Net cash flow provided by operating
    activities                                      7,350           20,215
    Changes in operating assets and
    liabilities                                     1,932             (227)
    Amortization and write-off of deferred
    charges                                         (138)             (201)
    Change in fair value of financial
    instruments                                     (660)               --
    Fair value of contracts                           80                --
    Interest and finance costs, net (includes       2,122            1,463
    interest income)
    Net (income) / loss attributable to the
    noncontrolling interest                        (1,789)              --
    EBITDA                                          8,897           21,250

EBITDA consists of earnings before interest and finance cost, taxes, depreciation and amortization. EBITDA is not a measurement of financial performance under accounting principles generally accepted in the United States of America, and does not represent cash flow from operations. EBITDA is presented solely as a supplemental disclosure because management believes that it is a common measure of operating performance in the shipping industry.

                        Seanergy Maritime Holdings Corp.
                      Condensed Consolidated Balance Sheets
                March 31, 2010 (unaudited) and December 31, 2009
           (In thousands of US Dollars, except for share and per share
                       data, unless otherwise stated)

                                              March 31,   December
                                                  2010    31, 2009
    ASSETS
    Current assets:
    Cash and cash equivalents                   85,849     63,607
    Restricted cash                              3,564          -
    Accounts receivable trade, net                 683        495
    Due from related parties                     1,061        265
    Inventories                                  1,114      1,126
    Prepaid insurance expenses                     703        623
    Prepaid expenses and other current
    assets - related parties                        57         58
    Insurance claims                             1,158      1,260
    Other current assets                           238         39
    Total current assets                        94,427     67,473
    Fixed assets:
    Vessels, net                               438,865    444,820
    Office equipment, net                           42         20
    Total fixed assets                         438,907    444,840
    Other assets
    Goodwill                                    17,275     17,275
    Deferred charges                             7,150      8,684
    Other non-current assets                       226        180
    TOTAL ASSETS                               557,985    538,452

    LIABILITIES AND EQUITY
    Current liabilities:
    Current portion of long-term debt           29,106     33,206
    Trade accounts and other payables            1,633        990
    Due to underwriters                              -         19
    Accrued expenses                               359      1,719
    Accrued interest                               657      1,508
    Financial instruments                        3,967      3,556
    Deferred revenue - related party             1,032        894
    Deferred revenue                               259        246
    Total current liabilities                   37,013     42,138
    Long-term debt, net of current portion     260,960    267,360
    Financial instruments                        1,799      1,550
    Below market acquired time charters            505        585
    Total liabilities                          300,277    311,633

    Commitments and contingencies                    -          -

    EQUITY
    Seanergy shareholder's equity
    Preferred stock, $0.0001 par value;
    1,000,000 shares authorized; none
    issued                                           -          -
    Common stock, $0.0001 par value;
    200,000,000 authorized shares as at
    March 31, 2010 and December 31, 2009,
    respectively; 60,200,170 and 33,255,170
    shares, issued and outstanding as at
    March 31, 2010 and December 31, 2009,
    respectively                                     6          3
    Additional paid-in capital                 242,219    213,232
    Accumulated deficit                        (4,636)    (4,746)
    Total Seanergy shareholders' equity        237,589    208,489
    Noncontrolling interest                     20,119     18,330
    Total equity                               257,708    226,819
    TOTAL LIABILITIES AND EQUITY               557,985    538,452


                        Seanergy Maritime Holdings Corp.
              Unaudited Condensed Consolidated Statements of Income
               For the three months ended March 31, 2010 and 2009
           (In thousands of US Dollars, except for share and per share
                       data, unless otherwise stated)

                                         Three months ended

                                              March 31,
                                          2010              2009
    Revenues:
    Vessel revenue - related party       13,100           26,915
    Vessel revenue                        5,714                -
    Commissions - related party            (454)            (673)
    Commissions                            (179)               -
    Vessel revenue, net                  18,181           26,242
    Expenses:
    Direct voyage expenses                   23             (146)
    Vessel operating expenses            (4,614)          (2,811)
    Voyage expenses - related party        (238)            (336)
    Management fees - related party        (603)            (302)
    General and administration
    expenses                               (736)          (1,193)
    General and administration
    expenses - related party               (182)            (205)
    Amortization of deferred
    dry-docking costs                      (698)               -
    Depreciation                         (5,967)          (7,672)
    Operating income                      5,166           13,577
    Other income (expense), net:
    Interest and finance costs           (2,256)          (1,464)
    Interest and finance costs -
    shareholders                              -             (139)
    Interest income - money market
    funds                                   134              140
    Loss on interest rate swaps          (1,293)               -
    Foreign currency exchange
    losses, net                             148                1
                                         (3,267)          (1,462)
    Net income                            1,899           12,115
    Less: Net income attributable
    to the noncontrolling interest        1,789                -
    Net income attributable to
    Seanergy Maritime Holdings
    Corp. Shareholders                      110           12,115
    Net income per common share
    Basic                                 0.002            0.542
    Diluted                               0.002            0.500
    Weighted average common shares
    outstanding
    Basic                            49,347,837       22,361,227
    Diluted                          49,347,837       24,621,227


                        Seanergy Maritime Holdings Corp.
              Unaudited Condensed Consolidated Statements of Equity
               For the three months ended March 31, 2010 and 2009
           (In thousands of US Dollars, except for share and per share
                       data, unless otherwise stated)




                                                                 Retained
                            Common stock          Additional   earnings/
                                                   paid-in    (Accumulated
                    # of Shares      Par Value      capital      deficit)

    Balance,
    December 31,
    2008            22,361,227               2     166,361      (34,798)
    Net income for
    the three
    months ended
    March 31, 2009           -               -           -        12,115
    Balance, March
    31, 2009        22,361,227               2     166,361      (22,683)

                                                                Retained
                            Common stock          Additional   earnings/
                                                   paid-in    (Accumulated
                   # of Shares      Par Value      capital      deficit)

    Balance,
    December 31,
    2009             33,255,170             3     213,232       (4,746)
    Issuance of
    common stock     26,945,000             3      28,987             -
    Net income for
    the three
    months ended
    March 31, 2010            -             -           -           110
    Balance, March
    31, 2010         60,200,170             6     242,219       (4,636)

                         Total
                       Seanergy
                     shareholders'    Noncontrolling    Total
                        equity           interest       equity
    Balance,
    December 31,
    2008                131,565                 -     131,565
    Net income for
    the three
    months ended
    March 31, 2009       12,115                 -      12,115
    Balance, March
    31, 2009            143,680                 -     143,680

                         Total
                       Seanergy
                     shareholders'    Noncontrolling    Total
                        equity           interest       equity
    Balance,
    December 31,
    2009                208,489            18,330     226,819
    Issuance of
    common stock         28,990                 -      28,990
    Net income for
    the three
    months ended
    March 31, 2010          110             1,789       1,899
    Balance, March
    31, 2010            237,589            20,119     257,708

                        Seanergy Maritime Holdings Corp.
            Unaudited Condensed Consolidated Statements of Cash Flows
               For the three months ended March 31, 2010 and 2009
           (In thousands of US Dollars, except for share and per share
                       data, unless otherwise stated)

                                         Three months ended

                                             March 31,
                                         2010       2009
    Cash flows from operating
    activities:
    Net income                            1,899     12,115
    Adjustments to reconcile net
    income to net cash provided by
    operating activities:
    Depreciation                          5,967      7,672
    Amortization of deferred finance
    charges                                 138        201
    Amortization of deferred
    dry-docking costs                       698          -
    Change in fair value of financial
    instruments                             660          -
    Amortization of acquired time
    charters                               (80)          -
    Changes in operating assets and
    liabilities:
    (Increase) decrease in -
    Due from related parties              (796)       (138)
    Inventories                              12        214
    Trade accounts and other
    receivables                            (188)       (41)
    Insurance claims                        102          -
    Other current assets                   (199)         -
    Other non-current assets                (46)         -
    Prepaid insurance expenses              (80)       430
    Prepaid expenses and other
    current assets - related parties          -        (33)
    Trade accounts and other payables       643        173
    Due to underwriters                     (19)      (229)
    Accrued expenses                       (661)       120
    Accrued charges on convertible
    note due to shareholders                  -        205
    Premium amortization on
    convertible note due to
    shareholders                              -       (114)
    Accrued interest                       (851)       (23)
    Deferred revenue - related party        138       (337)
    Deferred revenue                         13          -
    Net cash provided by operating
    activities                            7,350     20,215
    Cash flows from investing
    activities:
    Additions to vessels                      -         (6)
    Additions to office furniture and
    equipment                               (34)       (14)
    Net cash used in investing
    activities                              (34)       (20)
    Cash flows from financing
    activities:
    Net proceeds from issuance of
    common stock                         28,990          -
    Repayment of long term debt         (10,500)    (7,500)
    Increase in Restricted cash          (3,564)         -
    Net cash provided by (used in)
    financing activities                 14,926     (7,500)
    Net increase in cash and cash
    equivalents                          22,242     12,695
    Cash and cash equivalents at
    beginning of period                  63,607     27,543
    Cash and cash equivalents at end
    of period                            85,849     40,238
    SUPPLEMENTAL CASH FLOW
    INFORMATION

    Cash paid for:
    Interest                              1,692      1,283
    About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp., the successor to Seanergy Maritime Corp., is a Marshall Islands corporation with its executive offices in Athens, Greece. The Company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers.

The Company's initial fleet comprised two Panamax, two Supramax, one Handymax and one Handysize dry bulk carriers that Seanergy purchased and took delivery of in the third and fourth quarters of 2008 from companies associated with members of the Restis family. In August 2009, the Company acquired a controlling interest in Bulk Energy Transport (Holdings) Limited, which owns four Capesize and one Panamax dry bulk carriers. In May 2010, the Company acquired a controlling interest in Maritime Capital Shipping Limited, which owns nine Handysize dry bulk carriers.

The Company's current controlled fleet includes 20 drybulk carriers (four Capesize, three Panamax, two Supramax and one Handymax and 10 Handysize vessels) with a total carrying capacity of approximately 1,292,544 dwt and an average fleet age of 12.7 years.

The Company's common stock and warrants trade on the NASDAQ Global Market under the symbols "SHIP" and "SHIP.W", respectively.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that such expectations will prove to have been correct, these statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the scope and timing of Securities and Exchange Commission ("SEC") and other regulatory agency review, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the SEC. The Company's filings can be obtained free of charge on the SEC's website at http://www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.


    For further information please contact:
    Seanergy Maritime Holdings Corp.
    Dale Ploughman - Chief Executive Officer
    Christina Anagnostara - Chief Financial Officer
    Tel: +30-210-9638461
    E-mail: ir@seanergymaritime.com

    Investor Relations / Media
    Capital Link, Inc.
    Paul Lampoutis
    230 Park Avenue Suite 1536
    New York, NY 10169
    Tel: +1(212)661-7566
    E-mail: seanergy@capitallink.com


SOURCE Seanergy Maritime Holdings Corp