SOURCE: Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp.

February 08, 2012 09:00 ET

Seanergy Maritime Holdings Corp. Receives Waivers on Citibank Loan Facility

ATHENS, GREECE--(Marketwire - Feb 8, 2012) - Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today the finalization agreement on certain covenant waivers of the loan facility by and among Bulk Energy Transport (Holdings) Limited, the Company's subsidiary, and Citibank International plc, as agent of the lenders. As previously announced, the lenders have agreed to waive all covenants of the loan facility until January 1, 2013 and grant waivers on all previous covenant breaches. The waiver excludes the security requirement to security value covenant which is to be amended from 125% to 100% and be tested quarterly. Furthermore, the applicable margin has been increased by 50 basis points per annum.

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 1,295,594 dwt and an average fleet age of 14 years.

The Company's common stock trades on the NASDAQ Global 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:

    Seanergy Maritime Holdings Corp.
    Dale Ploughman
    Chairman & Chief Executive Officer
    Christina Anagnostara
    Chief Financial Officer
    Tel: +30 213 0181507
    E-mail: ir@seanergymaritime.com
    E-mail: info@seanergymaritime.com.gr

    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