SOURCE: Seanergy Maritime Holdings Corp.

SEANERGY MARITIME HOLDINGS CORP.

September 16, 2010 09:13 ET

Seanergy Maritime Holdings Corp. Completes Its Acquisition of the Remaining Minority Interest in Maritime Capital Shipping Limited

ATHENS, GREECE--(Marketwire - September 16, 2010) -  Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP) (NASDAQ: SHIPW) announced today that the Company has successfully completed the previously announced acquisition of the 49% ownership interest in Maritime Capital Shipping Limited, of Bermuda ("MCS"). The Company acquired a 51% interest in MCS in May 2010.

As a result of the acquisition, Seanergy now owns 100% of MCS, increasing the size of the Company's wholly owned fleet from six to 15 vessels. These 15 vessels, together with five additional vessels controlled by the Company through its interest in Bulk Energy Transport (Holdings) Limited ("BET"), bring the total Seanergy controlled fleet to 20 vessels. This fleet is comprised of four Capesize, three Panamax, two Supramax, one Handymax and ten Handysize dry bulk carriers and has a combined cargo-carrying capacity of approximately 1,292,544 dwt and an average fleet age of 12.8 years.

Dale Ploughman, the Company's Chairman and Chief Executive Officer, stated: "We are very pleased to announce the completion of the MCS share acquisition as scheduled. This is a strategic transaction for Seanergy as the Company now owns 100% of MCS and has increased the Company's wholly owned fleet and revenue capability.

We are focusing now on the completion of the second transaction we recently announced, our acquisition of the minority stake BET, which we expect to close by November 1, 2010. This will expand Seanergy's wholly owned fleet to 20 vessels. Our objective is to continue to build Seanergy into a leading player in the global shipping industry."

About Seanergy Maritime Holdings Corp.
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 Company's initial fleet comprised two Panamax, two Supramax, one Handymax and one Handysize dry bulk carriers that Seanergy purchased and took delivery of 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 Bulk Energy Transport (Holdings) Limited ("BET"), which owns four Capesize and one Panamax dry bulk carriers. In May 2010, the Company acquired a controlling interest in Maritime Capital Shipping Limited ("MCS"), which owns nine Handysize dry bulk carriers. In September 2010, the Company entered into definite agreements to acquire all minority stakes in its MCS and BET subsidiaries. The MCS acquisition was completed on September 15, 2010 and the BET acquisition is expected to close by November 1, 2010.

Following the completion of the BET acquisition, the Company will have a wholly owned fleet of 20 drybulk carriers (four Capesize, three Panamax, two Supramax and one Handymax and ten Handysize vessels) with a total carrying capacity of approximately 1,292,544 dwt and an average fleet age of 12.8 years.

The Company's common stock and warrants trade on the NASDAQ Global Market under the symbols "SHIP" and "SHIP.W", 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 - 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