SOURCE: Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp.

December 08, 2015 09:00 ET

Seanergy Maritime Holdings Corp. Announces Delivery of the Remaining Capesize Vessel & Completion of the Acquisition of Seven Dry Bulk Vessels

ATHENS, GREECE--(Marketwired - Dec 8, 2015) - Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP), a shipping company specializing in the ownership and operation of dry bulk vessels, announced today that it took delivery of a 179,238 DWT Capesize dry bulk vessel, which has been renamed to M/V Championship. The M/V Championship, which was built in 2011 by Sungdong SB, will be employed in the spot market. The acquisition cost of the M/V Championship has been funded by a senior secured loan agreement with an international financial institution and by a funding arrangement with the Company's sponsor.

As previously announced, the M/V Championship is the last delivery of a series of seven modern secondhand dry bulk vessels that the Company agreed to acquire in August 2015.

Stamatis Tsantanis, the Company's Chairman and Chief Executive Officer, stated: "We are very pleased to announce the delivery of the M/V Championship that marks the completion of our delivery schedule under the purchase agreement to acquire seven secondhand dry bulk vessels. In less than four months we managed to significantly increase our fleet size from one to eight vessels with a carrying capacity in excess of 1.1 million DWT. At the current depressed levels of the drybulk market, we strongly believe that our fleet expansion represents a unique opportunity to participate in a market recovery. Our acquisition cost, which is among the lowest of our peers, together with our financing arrangements provide significant potential for our investors. We will continue to cautiously pursue acquisition opportunities that we believe can further enhance value for our shareholders."

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 a modern fleet of a total 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