SOURCE: Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp.

June 27, 2011 16:05 ET

Seanergy Maritime Holdings Corp. Announces New Time Charter Agreements for Three of Its Vessels

ATHENS, GREECE--(Marketwire - Jun 27, 2011) - Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIPD) (NASDAQ: SHIPW) announced today that the Company has entered into new time charter agreements for one of its Panamax vessels and two of its Capesize vessels.

The M/V BET Intruder, a 69,235 dwt Panamax dry bulk carrier built in 1993, has entered into a time charter agreement for a period of about eleven to about thirteen months at a gross charter rate of $12,250 per day. The charter will commence after the completion of the M/V BET Intruder's current trip.

Each of the M/V BET Fighter and M/V BET Scouter has entered into a time charter agreement for a period of about eleven to about thirteen months at a gross charter rate linked to the adjusted Time Charter Average of the Baltic Exchange Capesize Index. Both charters commenced in June 2011. The M/V BET Fighter is a 173,149 dwt Capesize dry bulk carrier built in 1992, and the M/V BET Scouter is a 171,175 dwt Capesize dry bulk carrier built in 1995.

As a result of these new charter party agreements, the Company has time charter arrangements that cover its ownership days 90% for 2011, 59% for 2012 and 23% for 2013, based on the latest redelivery date of the charter party agreements.

Dale Ploughman, the Company's Chairman and Chief Executive Officer, stated: "We are pleased to announce the period employment of three of our vessels with a counterparty whom we believe is both credible and reliable. Since the beginning of 2011 and in the face of volatile market conditions, we have increased our employment coverage from 79% to 90% for 2011 and from 38% to 59% for 2012, demonstrating our commitment to a fleet employment strategy of significant time charter coverage with well-known charterers".

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's current fleet consists of 20 drybulk carriers (four Capesize, three Panamax, two Supramax, one Handymax and ten Handysize vessels) with a total carrying capacity of approximately 1,293,693 dwt and an average fleet age of 13.5 years.

The Company's common stock and warrants trade on the NASDAQ Global Market under the symbols "SHIPD" and "SHIPW", 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 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
    Chairman & 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: (212) 661-7566
    E-mail: seanergy@capitallink.com