SOURCE: Seanergy Maritime

September 11, 2008 09:04 ET

Seanergy Takes Delivery of Its Fourth Vessel

ATHENS, GREECE--(Marketwire - September 11, 2008) - Seanergy Maritime Corp. (AMEX: SRG) (AMEX: SRG.U) (AMEX: SRG.W) announced today that it has completed the acquisition pursuant to the Master Agreement dated May 20, 2008, and took delivery of, through its wholly owned subsidiary, Seanergy Maritime Holdings Corp., and its designated nominees, the M/V Bremen Max, a 1993 built, Panamax vessel with a capacity of 73,503 dwt. The vessel is chartered at the rate of $65,000 per day until on or about September 2009 to South African Marine Corporation, an affiliate of the Restis family.

Dale Ploughman, the Company's Chief Executive Officer stated: "We are pleased to have taken delivery of our fourth vessel the M/V Bremen Max as scheduled. This is the first of two Panamax vessels we agreed to acquire. I would like to add that the current volatility in the dry bulk market has no direct effect on Seanergy. This is because all six of our vessels, the four currently in the water and the two we expect to take delivery of in September and October 2008 are secured under fixed time charter employment until September 2009 at strong rates."

The Seanergy fleet profile is as follows:

                                                                    Time
                   Vessel   Capacity   Year                  TCE    Charter
Vessel Name*       Class      (dwt)    Built  Delivery Date  Rate   Expiry
                 ---------- -------- -------- ------------- ------ --------
M/V Bremen Max      Panamax   73,503   1993   Sept.11, 2008 65,000 Sept.-09
                 ---------- -------- -------- ------------- ------ --------
M/V Davakis G.     Supramax   54,000   2008   Aug. 28, 2008 60,000 Sept.-09
                 ---------- -------- -------- ------------- ------ --------
M/V Delos Ranger   Supramax   54,000   2008   Aug. 28, 2008 60,000 Sept.-09
                 ---------- -------- -------- ------------- ------ --------
M/V African Oryx  Handysize   24,110   1997   Aug. 28, 2008 30,000 Sept.-09
                 ---------- -------- -------- ------------- ------ --------
Vessels to be
 delivered
M/V Hamburg Max     Panamax   73,498   1994    End Sept.-08 65,000 Sept.-09
                 ---------- -------- -------- ------------- ------ --------
M/V African
 Zebra            Handysize   38,632   1985     End Oct.-08 36,000 Sept.-09
                 ---------- -------- -------- ------------- ------ --------
Total/Average                317,743 10.5 yrs               52,667
                 ---------- -------- -------- ------------- ------ --------

About Seanergy Maritime Corp.

Seanergy Maritime is a Marshall Islands corporation with its principal offices in Athens, Greece. Seanergy was initially formed for the specific purpose of acquiring a business in the shipping industry. Pursuant to the Master Agreement dated May 20, 2008, Seanergy agreed to purchase, six dry bulk carriers, which include two 2008 built vessels, from companies associated with members of the Restis family. Following the acquisition of its first four dry bulk vessels, its current fleet consists of one Panamax vessel, two Supramax vessels and one Handysize vessel with a total dwt capacity of 205,613. The Company expects to take delivery of one Panamax vessel and one Handysize vessel between September 2008 and October 2008. Upon delivery of these vessels, its fleet will be comprised two Panamax, two Supramax and two Handysize dry bulk carriers with a combined cargo-carrying capacity of 317,743 dwt and an average fleet age of approximately 10.5 years.

Seanergy's common stock, warrants and units trade on the America Stock Exchange under the symbols SRG, SRG.W, and SRG.U, respectively. Risks and uncertainties are described in reports filed by Seanergy Maritime Corp. with the U.S. Securities Exchange Commission, which can be obtained free of charge on the SEC's website at www.sec.gov.

For further information please visit our website at www.seanergymaritime.com

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 the expectations reflected in such forward-looking statements are reasonable, no assurance can be given 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 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 Securities and Exchange Commission. 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 Corp.
    c/o Vgenopoulos & Partners Law Firm
    15 Filikis Eterias Square
    Athens, 106 73
    Greece
    Tel: 30 210 7206900
    E-mail: mail@vplaw.gr

    Financial Information:
    Alexis Komninos
    Chief Financial Officer
    Tel: 30 210 3726200
    E-mail: Kalexis@Komninos.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