SOURCE: Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp.

August 25, 2015 09:00 ET

Seanergy Maritime Holdings Corp. Announces Agreement to Acquire Seven Dry Bulk Vessels

ATHENS, GREECE--(Marketwired - Aug 25, 2015) -  Seanergy Maritime Holdings Corp. (the "Company" or "Seanergy") (NASDAQ: SHIP) announced today that it has entered into a purchase agreement to acquire seven secondhand dry bulk vessels, consisting of five Capesize and two Supramax vessels, for a gross purchase price of approximately $183 million.

Upon completion of the acquisition of the vessels, the Company will have a modern fleet of eight dry bulk carriers, consisting of six Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1.1 million DWT and an average fleet age of about 7.1 years. The vessels are expected to be employed in the spot market and the Company will start earning revenue immediately upon completion of the transaction and delivery of the vessels. 

The acquisition cost of the vessels will be funded by senior secured loans with reputable financial institutions and a private placement by the Company's sponsor. The transaction is subject to standard closing conditions and legal documentation and is expected to be completed by November 30, 2015. The sellers of the vessels are entities affiliated with certain of our major shareholders. The transactions were approved by both an independent committee of the Company's Board of Directors and the Company's Board of Directors.

Stamatis Tsantanis, the Company's Chairman and Chief Executive Officer, stated: "We are very pleased to announce a transformational transaction for Seanergy that significantly increases our fleet size from one to eight vessels, exceeding 1.1 million DWT of combined cargo-carrying capacity. We also believe that the timing of this acquisition is optimal given the positive long term fundamentals of the dry bulk sector and, in particular, of the Capesize segment. Additionally, we have achieved advantageous terms with our lenders that will enable us to materially improve our cash flow at a time when the dry bulk markets are still recovering. Seanergy will continue to cautiously pursue acquisition opportunities that we believe can further enhance value for our shareholders."

Pro-forma fleet of the Company

Vessel Name   Vessel Class   Capacity (in DWT)   Year Built   Yard
Leadership   Capesize   171,199   2001   Koyo - Imabari
Geniuship*   Capesize   170,057   2010   Sundong SB
Gloriuship*   Capesize   171,314   2004   Hyundai HI
Squireship*   Capesize   170,018   2010   Sundong SB
Championship*   Capesize   179,238   2011   Sundong SB
Premiership*   Capesize   170,024   2010   Sundong SB
Gladiatorship*   Supramax   56,819   2010   CSC Jinling Shipyard
Guardianship*   Supramax   56,884   2011   CSC Jinling Shipyard
Total / Average       1,145,553   7.1 Years    
*Expected delivery between September 1st and November 30th, 2015

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is an international provider of marine dry bulk shipping services through the ownership and operation of dry bulk vessels. The Company is registered in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong.

The Company currently owns one Capesize vessel built in 2001 and following the anticipated completion of the acquisition of the vessels, the Company will have a modern fleet of eight dry bulk carriers, six Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,145,553 DWT and an average fleet age of about 7.1 years.

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.

Contact Information

  • For further information please contact:

    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