Seanergy Maritime Holdings Corp. Announces Delivery of a Capesize Vessel

ATHENS, GREECE--(Marketwired - Mar 23, 2015) -  Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP), a shipping company specializing in the ownership and operation of dry bulk vessels, today announced the delivery of the Capesize dry bulk vessel M/V Leadership of 171,199 dwt. The vessel was acquired from an unaffiliated third party and was built by Imabari-Koyo, Japan in 2001. 

As previously announced, the gross acquisition cost of the M/V Leadership was $17.3 million. The acquisition cost has been funded by a senior secured loan agreement with a reputable financial institution and by the previously announced funding arrangement with one of the Company's major shareholders.

Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:

"We are very pleased to announce that the Company took delivery of its first vessel following the successful completion of our financial restructuring. In addition we managed to secure a loan facility from a reputable financial institution to fund a significant part of the transaction despite the challenging banking environment in the dry bulk sector. The remaining part of this acquisition was funded by a funding arrangement with one of our major shareholders.

We believe that Seanergy is in a unique position to rebuild its fleet at the lowest part of the dry bulk market of the last 20 years. We are also exploring other investment opportunities that we expect to generate significant value to our shareholders.

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings 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 owns one Capesize bulk carrier of approximately 171,199 dwt and with age of 14.2 years. According to the Company's business plan, Seanergy is continuously reviewing the market in order to identify further suitable vessel acquisitions.

The Company's common stock trades on the Nasdaq Capital Market under the symbol "SHIP".

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 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.