SOURCE: Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp.

November 05, 2009 16:05 ET

Seanergy Maritime Holdings Corp. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2009

ATHENS, GREECE--(Marketwire - November 5, 2009) - Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP) (NASDAQ: SHIP.W) announced today its operating results for the third quarter and nine month period ended September 30, 2009.

Third Quarter 2009 Financial Highlights:

-- Net Revenues of $22.4 million.

-- EBITDA of $23.1 million for the three months ended September 30, 2009.
   Please refer to a subsequent section of the press release for a
   reconciliation of EBITDA to net income.

-- Net Income of $14 million, or $0.57 per basic share and $0.46 per
   diluted share, based on weighted average common shares outstanding of
   24,580,378 basic, and 30,386,931 diluted.

-- Fleet utilization of 92.2%.

   Following the acquisition of BET in August 2009, the Company operates a
   fleet of 11 vessels with a total capacity of 1,043,296 dwt.

Nine Months 2009 Financial Highlights:

--  Net Revenues of $70.7 million.
    
--  EBITDA of $60.7 million for the nine months ended September 30, 2009.
    Please refer to a subsequent section of this press release for a
    reconciliation of EBITDA to net income.
    
--  Net Income of $33.3 million, or $1.44 per basic share and $1.13 per
    diluted share, based on weighted average common shares outstanding of
    23,109,073 basic, and 29,420,518 diluted.
    
--  Fleet utilization of 87.4%.
    

Dale Ploughman, the Company's Chief Executive Officer, stated: "Despite the continued market volatility, we are pleased to report strong results for the third quarter of 2009, our fourth consecutive profitable quarter since the completion of our business combination in August 2008. These results reflect our strong cash flow, the high fleet utilization and our operational efficiency on the cost side.

"In the third quarter of 2009, we doubled our controlled fleet with the acquisition of BET, which was achieved with minimal cash outlay and without sacrificing our strong balance sheet. In addition, we reinforced our capital structure with the conversion of the $28.25 million promissory note issued in our business combination into common stock, which enhances our ability to pursue additional accretive fleet expansion taking advantage of opportunities that may come up in today's market conditions.

"We expect the dry bulk market to continue to experience volatility for the remainder of 2009 and in 2010. Stimulus packages passed by major world economies helped revive global trade growth from its collapse at the beginning of 2009. Despite the challenges facing major world economies in the U.S. and Europe, which appear to be recovering at a slower pace, we believe that demand for dry bulk commodities from the developing markets, especially China and India, will continue as a result of domestic infrastructure development in those countries. The significant orderbook remains a concern, but in the first nine months of 2009 the slippage between scheduled and actual deliveries of newbuildings exceeded 35%. We believe that a continuation of this trend, coupled with increased scrapping, should have a positive impact on fleet supply, which, however, is difficult to quantify. Therefore, we expect freight rates to remain volatile, continuing to put pressure on asset values which, particularly in respect to the smaller units, are too high in relation to the freight market. With our experienced management, strong balance sheet, high liquidity and significant charter coverage of 76% for 2010, we believe that Seanergy is well positioned to take advantage of opportunities to expand its fleet, further enhancing shareholder value for the longer term."

Christina Anagnostara, the Company's Chief Financial Officer, stated: "Following the acquisition of BET, we operate a fleet with a total capacity of 1,043,296 dwt, which represents a 229% increase as compared to the previous quarter. The acquisition is immediately earnings accretive, improving our margins and cash flow, based on the charters currently in place for the vessels acquired. We have time charter agreements for nine of our 11 vessels, providing a stable base of revenue and cash flow. Under two of these charters, we have also negotiated to receive 50% of adjusted profits in addition to the fixed chartered rate, which provides the Company the ability to benefit from an improving future rate environment. We are pleased to deliver strong results with an average TCE rate of $42,127 for the nine months ended September 30, 2009. Our net income margin was approximately 45% of TCE and our free cash flow margin was approximately 65% of TCE.

"Our cash reserves were $64 million as of September 30, 2009, reflecting the $36.4 million in cash from operations we generated during the period. Our cash reserves enable us to meet scheduled debt repayments and capital expenditures. Our net debt to book capitalization stands at 52%, a moderate figure for our industry.

"To date we have completed the dry dockings of the African Zebra, Hamburg Max and BET Commander. We have no additional scheduled dry dockings this year."

Conference Call Details:

The Company's management team will host a conference call to discuss the financial results tomorrow, Friday, November 6, 2009 at 9:00 A.M. EST.

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 November 13, 2009. 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 Seanergy website (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 November 5, 2009

                                                                   Time
                                                                   Charter
                       Vessel   Capacity                           Expiry
Vessel Name            Class      (DWT)    Year Built TC Rate($)  (latest)
                     ---------- ---------- ---------- ---------- ----------
M/V Bremen Max          Panamax     73,503       1993     15,500  Aug. 2010
                     ---------- ---------- ---------- ---------- ----------
M/V Hamburg Max         Panamax     72,338       1994     15,500 Sept. 2010
                     ---------- ---------- ---------- ---------- ----------
M/V Davakis G.         Supramax     54,051       2008       Spot       Spot
                     ---------- ---------- ---------- ---------- ----------
M/V Delos Ranger       Supramax     54,051       2008       Spot       Spot
                     ---------- ---------- ---------- ---------- ----------
M/V African Zebra (1) Handysize     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 (2)     Capesize    163,554       1995     23,000  Nov. 2009
                     ---------- ---------- ---------- ---------- ----------
M/V BET Scouter        Capesize    171,175       1995     26,000  Oct. 2011
                     ---------- ---------- ---------- ---------- ----------
M/V BET Intruder        Panamax     69,235       1993     15,500 Sept. 2011
                     ---------- ---------- ---------- ---------- ----------

   Total/Average                 1,043,296     14 yrs

(1) Represents gross floor charter rates excluding a 50% adjusted profit share distributed equally between owners and charterers calculated on the average Time Charter Rates quoted for all routes on the Baltic Supramax Index for a period of twenty two (22) to twenty five (25) months.

(2) Under time charter with South African Marine Corporation S.A commencing upon the expiration of the existing time charter at a daily charter rate of $25,000, through January 2012.

Fleet Data:

We commenced operations on August 28, 2008; therefore, comparative information for the first nine months of 2008 and the three months ended September 30, 2008 is not available.

                                               Nine Months   Three Months
                                                  Ended          Ended
                                              September 30,  September 30,
                                                  2009           2009
                                              -------------  -------------
Fleet Data:
                                              -------------  -------------
Average number of vessels (1)                           6.9            8.7
                                              -------------  -------------
Ownership days (2)                                    1,883            797
                                              -------------  -------------
Available days (3)                                    1,654            739
                                              -------------  -------------
Operating days (4)                                    1,646            735
                                              -------------  -------------
Fleet utilization (5)                                  87.4%          92.2%
                                              -------------  -------------
Average Daily Results:
                                              -------------  -------------
TCE rate (6)                                         42,127         30,052
                                              -------------  -------------
Vessel operating expenses (7)                         5,181          4,937
                                              -------------  -------------
Management fee (8)                                      572            580
                                              -------------  -------------
Total vessel operating expenses (9)                   5,753          5,517
                                              -------------  -------------

(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 nine months ended September 30, 2009, the Company incurred 229 off hire days for vessel scheduled dry docking. During the three months ended September 30, 2009, the Company incurred 58 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) Time charter equivalent or 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 commissions.

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


                                               Nine Months   Three Months
                                                  Ended          Ended
                                              September 30,  September 30,
                                                  2009           2009
                                              -------------  -------------
Net revenues from vessels                            70,662         22,352
Voyage expenses                                      (1,321)          (264)

Net operating revenues                               69,341         22,088
                                              =============  =============

Operating days                                        1,646            735

Daily time charter equivalent rate                   42,127         30,052

(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 daily vessel operating expenses)


                                               Nine Months   Three Months
                                                  Ended          Ended
                                              September 30,  September 30,
                                                  2009           2009
                                              -------------- --------------
Operating expenses                                     9,756          3,935

Ownership days                                         1,883            797

Daily vessel operating expenses                        5,181          4,937

(8) Daily management fees are calculated by dividing total management fees by ownership days for the relevant time period. The Company pays a fixed management fee of EUR 425 per vessel per day.

(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:

Acquisition of Bulk Energy Transport (Holdings) Limited

Seanergy Maritime Holdings Corp. announced on August 13, 2009 that it had completed the acquisition of a 50% ownership interest in Bulk Energy Transport (Holdings) Limited ("BET") from Constellation Bulk Energy Holdings, Inc. for the purchase price of $1.00. The acquisition was initially announced on July 15, 2009.

As a result of the acquisition, the size of the Company's controlled fleet increased to 11 dry bulk vessels with a carrying capacity of approximately 1,043,296 dwt and an average fleet age of 14 years comprising four Capesize, three Panamax, two Supramax and two Handysize dry bulk carriers.

Concurrently with the closing of the acquisition, BET entered into a technical management agreement with Enterprises Shipping and Trading, S.A. ("EST") and a commercial brokerage agreement with Safbulk Maritime S.A. ("Safbulk"). Each of EST and Safbulk are affiliated with members of the Restis family and are the technical manager and commercial broker of the Company's current fleet.

The Company has also entered into a shareholders' agreement with Mineral Transport Holdings Inc., pursuant to which the Company controls BET's Board of Directors and has also appointed BET's Managing Director. The shareholders' agreement also addresses customary matters such as transfer of shares and shareholder reserved matters.

Amendment and Conversion of Convertible Promissory Note

On August 19, 2009, the Company agreed to reduce the conversion price of the convertible promissory note in the principal amount of $28,250,000 due on August 28, 2010 that was issued as partial consideration for the vessels it acquired in its business combination in August 2008. In connection with, and as a condition to, the reduction in the conversion price, the holders of the note have converted the principal amount of the note and all accrued but unpaid fees and interest due thereunder into shares of Seanergy's common stock. The conversion price as amended equaled $4.45598, which was the average closing price of our common stock for the five-day period commencing on the date of the amendment. Upon the required immediate conversion of the note, we issued an aggregate of 6,585,868 shares of our common stock to the holders and the convertible note was cancelled.

Drydocking Schedule

The BET Commander commenced its scheduled drydocking on August 23, 2009 and was completed on October 30, 2009. We have no additional scheduled drydockings this year.

Other Matters:

BET Signing of Supplemental Agreement to its Loan

The Company announced on October 12, 2009 that BET entered into with its lenders a supplemental agreement to its loan for a period up to July 1, 2010 and received a reduction of the security requirement from 125% to 100% and a reduction of the minimum equity ratio requirement from 0.30:1.0 to 0.175:1.0 at the end of the accounting periods ending on December 31, 2009 and June 30, 2010.

Seanergy's Covenant Waiver

The Company has amended its loan agreement and received a waiver on its market value to loan covenant up to July 1, 2010. We have requested, and our lender has indicated its willingness to provide, an extension of this waiver until January 1, 2011.

We expect the extension of this waiver to be granted; thus, the presentation of our long-term debt in the attached financial statements assumes that the extension of this waiver will be granted and, accordingly, substantially all of our long-term debt continues to be classified as non-current as of September 30, 2009.

To the extent that we are unable to obtain this waiver, any long-term debt for which we have been unable to secure a market value to loan covenant waiver will be required to be classified as current, reflecting our lender's ability to call that debt at any time at its option.

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


                                              -------------- --------------
                                               Nine Months   Three Months
                                                  Ended          Ended
                                              September 30,  September 30,
                                                  2009           2009
                                              -------------- --------------
Net income attributable to Seanergy Maritime
 Holdings                                             33,265         13,983
                                              -------------- --------------
Interest and finance costs, net (including
 interest income)                                      6,293          3,417
                                              -------------- --------------
Depreciation & amortization                           21,113          5,673
                                              -------------- --------------
EBITDA                                                60,671         23,073
                                              ============== ==============


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


                                               Nine Months   Three Months
                                                  Ended          Ended
                                              September 30,  September 30,
                                                  2009           2009
                                              -------------- --------------
Net cash flow provided by operating
 activities                                           36,445          1,945
                                              -------------- --------------
Changes in operating assets and liabilities            8,232          9,866
                                              -------------- --------------
Changes in capital expenditures (drydocking)           4,437          2,192
                                              -------------- --------------
Amortization & write-off of deferred charges            -691           -303
                                              -------------- --------------
Change in fair value of financial instruments           -967           -967
                                              -------------- --------------
Fair value of contracts                                   42             42
                                              -------------- --------------
Interest and finance costs, net (includes
 interest income)                                      6,293          3,418
                                              -------------- --------------
Net loss attributable to the noncontrolling
 interest                                                 67             67
                                              -------------- --------------
Gain from acquisition                                  6,813          6,813
                                              -------------- --------------
EBITDA                                                60,671         23,073
                                              ============== ==============

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. and Subsidiaries
                  Condensed Consolidated Balance Sheets
                 September 30, 2009 and December 31, 2008
 (In thousands of US Dollars, except for share and per share data, unless
                            otherwise stated)


                                              September 30,  December 31,
                                                  2009           2008
ASSETS
Current assets:
Cash and cash equivalents                            60,408         27,543
Restricted cash                                       3,564              -
Due from related parties                              4,925            577
Inventories                                           1,211            872
Prepaid insurance expenses                              526            574
Prepaid expenses                                         10              -
Prepaid expenses and other current assets -
 related parties                                         22            248
Other current assets                                    320              -
                                              -------------  -------------
     Total current assets                            70,986         29,814
                                              -------------  -------------
Fixed assets:
Vessels, net                                        450,920        345,622
Office equipment, net                                    17              9
                                              -------------  -------------
     Total fixed assets                             450,937        345,631
                                              -------------  -------------
Other assets
Goodwill                                             17,275
Deferred charges                                      7,762          2,757
Other non-current assets                                180              -
                                              -------------  -------------
  TOTAL ASSETS                                      547,140        378,202
                                              =============  =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt                    30,006         27,750
Trade accounts and other payables                       573            674
Due to underwriters                                      76            419
Accrued expenses                                      2,604            541
Accrued interest                                        559            166
Deferred revenue - related party                        571          3,029
Deferred revenue                                         62              -
                                              -------------  -------------
     Total current liabilities                       34,451         32,579
                                              -------------  -------------
Long-term debt, net of current portion              277,689        184,595
Accrued charges on convertible promissory
 note due to shareholders                                              420
Below market acquired time charter                      668              -
Financial instruments                                 5,884              -
Convertible promissory note due to
 shareholders                                             -         29,043
                                              -------------  -------------
     Total liabilities                              318,692        246,637
                                              -------------  -------------
Commitments and contingencies
Consolidated shareholders' equity
Preferred stock, $0.0001 par value; 1,000,000
 shares authorized; none issued                           -              -
Common stock, $ 0.0001 par value; 200,000,000
 and 89,000,000 authorized shares as at
 September 30, 2009 and December 31, 2008,
 respectively; 28,947,095 and 22,361,227
 shares, issued and outstanding as at
 September 30, 2009 and December 31, 2008,
 respectively                                             3              2
Additional paid-in capital                          213,232        166,361
Noncontrolling interest                              16,746              -
Accumulated deficit                                  (1,533)       (34,798)
                                              -------------  -------------
     Total consolidated shareholders' equity        228,448        131,565
                                              -------------  -------------
                                                          -              -
                                              -------------  -------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY          547,140        378,202
                                              =============  =============




            Seanergy Maritime Holdings Corp. and Subsidiaries
              Condensed Consolidated Statements of Operations
 (In thousands of US Dollars, except for share and per share data, unless
                            otherwise stated)
                                (Unaudited)


                              Three months ended      Nine months ended
                                September 30,           September 30,
                               2009        2008        2009        2008
Revenues:
  Vessel revenue - related
   party                        21,103       6,275      70,651       6,275

  Vessel revenue                 1,887                   1,887
  Commissions - non related
   party                          (232)          -        (232)
  Commissions - related
   party                          (406)       (153)     (1,644)       (153)
                            ----------  ----------  ----------  ----------
  Vessel revenue, net           22,352       6,122      70,662       6,122
                            ----------  ----------  ----------  ----------
Expenses:
  Direct voyage expenses           (42)       (143)       (480)       (143)

  Vessel operating expenses     (3,935)       (719)     (9,756)       (719)

  Voyage expenses - related
   party                          (222)        (77)       (841)        (77)
  Management fees - related
   party                          (462)        (82)     (1,078)        (82)
  General and administration
   expenses                     (1,014)       (208)     (3,083)       (805)
  General and administration
   expenses - related party       (459)        (50)     (1,553)        (50)
  Amortization of deferred
   dry-docking costs              (387)          -        (397)          -
  Depreciation                  (5,286)     (1,488)    (20,716)     (1,488)
  Gain from acquisition          6,813           -       6,813           -
                            ----------  ----------  ----------  ----------
Operating income                17,358       3,355      39,571       2,758
                            ----------  ----------  ----------  ----------


Other income (expense),
 net:
  Interest and finance costs    (3,451)       (640)     (6,270)       (640)
  Interest and finance costs
   - shareholders                  (74)        (90)       (386)        (90)
  Interest income - money
   market funds                    108         644         363       3,257
  Foreign currency exchange
   gains (losses), net             (25)          1         (80)          1
                            ----------  ----------  ----------  ----------
Net Income                      13,916       3,270      33,198       5,286
                            ----------  ----------  ----------  ----------
Less: Net Loss  Attributable
 to the Noncontrolling
 interest                           67                      67

Net Income Attributable to
 Seanergy Maritime Holdings     13,983       3,270      33,265       5,286
                            ==========  ==========  ==========  ==========
Net income per common share
  Basic                           0.57        0.12        1.44        0.19
                            ==========  ==========  ==========  ==========
  Diluted                         0.46        0.10        1.13        0.16
                            ==========  ==========  ==========  ==========
Weighted average common
 shares outstanding
  Basic                     24,580,378  26,314,831  23,109,073  27,829,907
                            ==========  ==========  ==========  ==========
  Diluted                   30,386,931  32,882,906  29,420,518  34,397,982
                            ==========  ==========  ==========  ==========



            Seanergy Maritime Holdings Corp. and Subsidiaries
        Condensed Consolidated Statements of Shareholders’ Equity
 (In thousands of US Dollars, except for share and per share data, unless
                             otherwise stated)
                                (Unaudited)

                        Common stock              Retained
                     -----------------            Earnings/  Non    Total
                                      Additional (Accumul- control- share-
                       # of       Par   paid-in    ated     ling    holders
                       Shares    value  capital   deficit) interest equity
                     ----------  -----  -------
 Balance January 1,
  2008               28,600,000      3  146,925    1,441           148,369

Net (loss) for the
 year ended
 December 31, 2008            -      -        -  (31,985)          (31,985)
Dividends paid                -      -        -   (4,254)           (4,254)
Reclassification
 of common stock
 no longer subject
 to redemption       (6,370,773)     -   17,144        -            17,144
Reversal of
 underwriter fees
 forfeited to
 redeeming
 shareholders                 -      -    1,433        -             1,433
Liquidation and
 dissolution
 common stock exchange              (1)       1        -                 -
Warrants exercised      132,000      -      858        -               858
Balance December 31,
 2008                22,361,227      2  166,361  (34,798)          131,565
Issuance of common
 stock to convert
 promissory note      6,585,868      1   29,596                     29,597
Issuance of shares
 due to earn-out                         17,275                     17,275
                                        -------
Non controlling
 interest                                                 16,813    16,813
Net income for the
 nine months
 ended September 30,
 2009                         -      -        -   33,265     (67)   33,198
                     ----------  -----  ------- --------  ------  --------
Balance September
 30, 2009            28,947,095      3  213,232   (1,533) 16,746   228,448
                     ==========  =====  ======= ========  ======  ========



            Seanergy Maritime Holdings Corp. and subsidiaries
              Condensed Consolidated Statements of Cash Flows
 (In thousands of US Dollars, except for share and per share data, unless
                            otherwise stated)
                                (Unaudited)



                                                        Nine months ended
                                                          September 30,
                                                          2009      2008
Cash flows from operating activities:
Net income                                                33,198     5,286
Adjustments to reconcile net income to net cash
 provided by (used in) operating activities:
  Depreciation                                            20,716     1,488
  Amortization and write-off of deferred financing costs     691        41
  Amortization of deferred drydocking costs                  397        13
  Deferred drydocking costs                               (4,437)        -
  Change in fair value of financial instruments              967         -
  Amortization of acquired time charters                     (42)        -
  Gain on acquisition                                     (6,813)

Changes in operating assets and liabilities:
(Increase) decrease in -
    Advances (trade) to related party                     (3,098)   (2,240)
    Inventories                                            1,137      (742)
    Other current assets                                    (320)        -
    Trade accounts and other receivables                     232         -
    Other non current assets                                (180)
    Prepaid expenses                                         (10)       79
    Prepaid insurance expenses                                48      (384)
    Prepaid expenses and other current assets - related
     parties                                               1,587       (54)
    Accrued expenses                                        (950)       38
    Trade accounts and other payables                     (3,912)    2,685
    Due to underwriters                                     (343)   (5,085)
    Accrued charges on convertible note due to
     shareholders                                           (420)       76
    Premium amortization on convertible note due to
     shareholders                                            554
    Accrued interest                                         227       137
    Deferred revenue - related party                      (2,784)    2,138
Net cash provided by operating activities                 36,445     3,476
                                                        --------  --------
Cash flows from investing activities:
Funds placed in trust account from offering                        232,923
Acquisition of business, net of cash acquired             36,374  (375.283)
Additions to vessels                                          (6)
Additions to office furniture and equipment                  (15)        -
                                                        --------  --------
Net cash provided by/(used in) investing activities       36,353  (142,360)
                                                        --------  --------
Cash flows from financing activities:
Proceeds from long term debt & revolving facility                  219,845
Dividends paid                                                      (4,254)
Redemption of common shares                                        (62,271)
Restricted cash                                           (2,183)        -
Noncontrolling interest contribution                      10,000         -
                                                                  --------
Repayment of long term debt                              (47,750)        -
                                                                  --------
Deferred finance charges                                       -    (2,688)
                                                        --------  --------
Net cash used in financing activities                    (39,933)  150,632
                                                        --------  --------
Net increase in cash and cash equivalents                 32,865    11,748
Cash and cash equivalents at beginning of period          27,543     2,211
                                                        --------  --------
Cash and cash equivalents at end of period                60,408    13,959
                                                        ========  ========
Cash paid for:
 Interest                                                  4,089       445
                                                        --------  --------

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Corp. was incorporated in the Marshall Islands on August 15, 2006, originally under the name Seanergy Maritime Acquisition Corp., as a blank check company formed to acquire, through a merger, capital stock exchange, asset acquisition or other similar business combination, one or more businesses in the maritime shipping industry or related industries.

Seanergy Maritime Holdings Corp. commenced operations on August 28, 2008 following shareholder approval on August 26, 2008 for its business combination including the acquisition of six dry bulk carriers from the Restis family. On August 28, 2008, the shareholders of Seanergy Maritime Holdings Corp. also approved the dissolution and liquidation of Seanergy Maritime Corp., which became effective on January 27, 2009.

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 consolidated financial statements included in this release are for the nine months ended September 30, 2009 and include the accounts of Seanergy Maritime Holdings Corp. and its acquired wholly owned subsidiaries, as well as Seanergy Maritime Corp., the Company's predecessor, and the accounts of Bulk Energy Transport (Holdings) Limited ("BET). Because we commenced our operations on August 28, 2008, comparative operating information for the first nine months of 2008 is not available.

The Company's initial fleet comprised two Panamax, two Supramax and two Handysize dry bulk carriers. Seanergy purchased and took delivery of these ships 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 BET, which owns five drybulk carriers, four Capesize and one Panamax.

As a result, the Company's current controlled fleet includes 11 drybulk carriers (four Capesize, three Panamax, two Supramax and two Handysize vessels) with a total carrying capacity of 1,043, 296 dwt and an average age of 14 years.

The Company's common stock and warrants trade on the NASDAQ Global Market under the symbols SHIP and SHIP.W, respectively. Prior to October 15, 2008, the Company's common stock and warrants traded on the NYSE Amex LLC (formally known as AMEX) under the symbols SRG, SRG.W, respectively.

For further information please visit our website at www.seanergymaritime.com

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, 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 Securities and Exchange Commission. 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.

Contact Information

  • For further information please contact:

    Seanergy Maritime Holdings Corp.
    Dale Ploughman
    Chief Executive 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. (212) 661-7566
    E-mail: seanergy@capitallink.com