First Quarter 2010 Highlights Net Revenues of $18.2 million Fleet of 11 vessels earning a daily TCE rate of $18,314 EBITDA of $8.9 million Operating Income of $5.2 million Net Income of $0.1 million, or $0.002 per basic and diluted shareDale Ploughman, the Company's Chief Executive Officer, stated: "Our first quarter 2010 revenues were in line with our expectations driven by our secured cash flow from fleet operations and the high utilization rate of our vessels. It is an important achievement that in a tough shipping environment we continue to be profitable. We attribute this success to our customer base, which we view as very strong and established, and our operators, which we feel are highly efficient. In the first quarter 2010 we were able to reduce our daily total vessel operating expenses by 10% over the same period last year. In the first quarter 2010 we completed a public offering of our common stock resulting in approximately $30.0 million in proceeds, which expanded our shareholder base and enhanced the liquidity of our common stock. The offering also strengthened our cash position and our ability to pursue fleet expansion opportunities. We are pleased to announce the completion of the MCS acquisition on schedule. We view this as a strategic and transformational acquisition for Seanergy. It increases our controlled fleet to the significant size of 20 vessels while decreasing the average fleet age, and we believe it expands our revenue and profit generation capacity. We believe that the acquisition of MCS is accretive to our shareholders. The purchase price for the 51% ownership interest in MCS was $33.0 million and the projected adjusted EBITDA from the MCS contribution is estimated to be $23.0 million for the remainder of 2010 and $40.0 million for 2011 implying a purchase price to EBITDA multiple of 1.6 times on an annualized basis. In the short period of less than two years as a publicly-traded company, we have more than tripled our controlled fleet from 6 to 20 vessels and quadrupled our deadweight, in our opinion without sacrificing the strength of our balance sheet. We also believe that the timing of the MCS acquisition is optimal, as it enables Seanergy to benefit from the gradual global economic recovery with a larger and younger fleet. Freight rates continue to remain firm despite an uncertain market place. Currently, congestion at iron ore and coal ports is increasing due to Chinese demand on both products and India's demand for coal which helps offset the newbuildings coming into the market. We expect the harvest season in the southern hemisphere to help sustain rates although volatility will most likely remain. We continue to remain quietly optimistic on the long term outlook for the dry bulk sector due to the robust growth especially in the Far East region and the gradual global economic recovery." Christina Anagnostara, the Company's Chief Financial Officer, stated: "Our results for the first quarter 2010 correspond to a daily TCE, or time charter equivalent rate, of $18,314. Our cash reserves as of March 31, 2010 were $89.4 million, reflecting $7.4 million in cash generated from operations and approximately $30.0 million from our latest public offering of our common stock which were used for the acquisition of the controlling ownership interest in MCS. The purchase consideration was paid from the proceeds of our recent equity offering and our cash reserves. We believe our strong cash position enables us to meet remaining debt repayments and anticipated capital expenditures in 2010, and we believe our healthy balance sheet allows us to take advantage of market opportunities as they become available. Following the MCS acquisition, our total assets will be approximately $730 million and our total debt will be approximately $430.8 million. As of June 3, 2010, our cash reserves amount to $84.5 million and the Company now operates a fleet of 20 vessels. On a combined fleet basis, we have secured under period employment 93% of ownership days in 2010, 58% for 2011, 27% for 2012 and 19% for 2013 providing us with significant cash flow visibility. As we welcome MCS as a new subsidiary we believe that this acquisition contributes significant value in the long term and allows our Company to take advantage and exploit market opportunities in Hong Kong and China, access the Chinese capital markets and subsequently expand its asset base revenue and profitability." First Quarter 2010 Financial Results Net Revenues for the three month period ended March 31, 2010 decreased to $18.2 million from $26.2 million in the same quarter in 2009. This is mainly attributable to the lower market imposed time charter rates earned during the three month period ended March 31, 2010 as compared to the same period in 2009. The Company operated a fleet of 11 vessels on average during the first quarter of 2010, earning a TCE rate of $18,314 as compared to an average of six vessels and TCE rate of $51,831 during the first quarter of 2009. The decrease in TCE reflects the new time charter contracts at prevailing lower market rates. EBITDA was $8.9 million for the three months ended March 31, 2010 as compared to $21.3 million in the same quarter in 2009. Please refer to a subsequent section of the press release for a reconciliation of net income to EBITDA and operating cash flows to EBITDA. Operating Income amounted to $5.2 million for the three months ended March 31, 2010, as compared to an Operating Income of $13.6 million for the same quarter in 2009. Net Income was $0.1 million, or $0.002 per basic and diluted share for the three months ended March 31, 2010, as compared to Net Income of $12.1 million, or $0.54 per basic and $0.50 per diluted share, for the same quarter in 2009, based on weighted average common shares outstanding of 49,347,837 basic and diluted for 2010, 22,361,227, basic, and 24,621,227 diluted, for 2009. Conference Call Details: The Company's management team will host a conference call to discuss the financial results today, Thursday, June 3, 2010 at 9:30 A.M. EDT. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or + (44) (0) 1452 542 301 (from outside the US). Please quote "Seanergy." A replay of the conference call will be available until June 11, 2010. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 2094507#. Slides and Audio Webcast: There will also be a simultaneous live webcast over the Internet, through the Company's website (www.seanergymaritime.com). Participants desiring to view the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Fleet Profile as of June 3, 2010
Time
Charter
Vessel Capacity Year Expiry
Vessel Name Class (DWT) Built TC Rate ($) (latest)
---------- ------------ --------- ------------ ----------
M/V Bremen Max Panamax 73,503 1993 15,500 Sept. 2010
---------- ------------ --------- ------------ ----------
M/V Hamburg Max Panamax 72,338 1994 15,500 Sept. 2010
---------- ------------ --------- ------------ ----------
M/V Davakis G. Supramax 54,051 2008 21,000 Jan. 2011
---------- ------------ --------- ------------ ----------
M/V Delos
Ranger Supramax 54,051 2008 20,000 Mar 2011
---------- ------------ --------- ------------ ----------
M/V African
Zebra (1) Handymax 38,623 1985 7,500 Aug. 2011
---------- ------------ --------- ------------ ----------
M/V African
Oryx (1) Handysize 24,110 1997 7,000 Aug. 2011
---------- ------------ --------- ------------ ----------
M/V BET
Commander Capesize 149,507 1991 24,000 Dec. 2011
---------- ------------ --------- ------------ ----------
M/V BET Fighter Capesize 173,149 1992 25,000 Sept. 2011
---------- ------------ --------- ------------ ----------
M/V BET Prince Capesize 163,554 1995 25,000 Jan. 2012
---------- ------------ --------- ------------ ----------
M/V BET Scouter Capesize 171,175 1995 26,000 Oct. 2011
---------- ------------ --------- ------------ ----------
M/V BET
Intruder Panamax 69,235 1993 15,500 Sept. 2011
---------- ------------ --------- ------------ ----------
BHSI
increased by
100.63%
M/V Fiesta Handysize 29,519 1997 minus Opex Nov. 2013
---------- ------------ --------- ------------ ----------
BHSI
increased by
M/V Pacific 100.63%
Fantasy Handysize 29,538 1996 minus Opex Jan. 2014
---------- ------------ --------- ------------ ----------
BHSI
increased by
M/V Pacific 100.63%
Fighter Handysize 29,538 1998 minus Opex Nov. 2013
---------- ------------ --------- ------------ ----------
BHSI
increased by
M/V Clipper 100.63%
Freeway Handysize 29,538 1998 minus Opex Feb. 2014
---------- ------------ --------- ------------ ----------
M/V African Joy Handysize 26,482 1996 13,250 Aug. 2010
---------- ------------ --------- ------------ ----------
M/V African
Glory Handysize 24,252 1998 14,500 Dec. 2010
---------- ------------ --------- ------------ ----------
M/V Asian Grace Handysize 20,412 1999 13,500 Oct. 2010
---------- ------------ --------- ------------ ----------
M/V Clipper
Glory Handysize 29,982 2007 25,000 Aug. 2012
---------- ------------ --------- ------------ ----------
M/V Clipper
Grace Handysize 29,987 2007 25,000 Aug. 2012
---------- ------------ --------- ------------ ----------
Total 1,292,544 12.7 yrs
---------- ------------ --------- ------------ ----------
(1) Represents gross floor charter rates excluding a 50% adjusted profit
share distributed equally between owners and charterers calculated on the
average spot Time Charter Routes quoted on the Baltic Supramax Index for a
period of 22 to 25 months.
Fleet Data:
Three Months Three Months
Ended March Ended March
31, 2010 31, 2009
----------- -----------
Fleet Data:
----------- -----------
Average number of vessels (1) 11 6.0
----------- -----------
Ownership days (2) 990 540
----------- -----------
Available days (3) 984 498
----------- -----------
Operating days (4) 981 497
----------- -----------
Fleet utilization (5) 99.1% 92.0%
----------- -----------
Average Daily Results:
----------- -----------
TCE rate (6) $ 18,314 $ 51,831
----------- -----------
Vessel operating expenses (7) $ 4,661 $ 5,206
----------- -----------
Management fee (8) $ 609 $ 559
----------- -----------
Total vessel operating expenses (9) $ 5,270 $ 5,765
----------- -----------
(1) Average number of vessels is the number of vessels that constituted the
Company's fleet for the relevant period, as measured by the sum of the
number of days each vessel was a part of the Company's fleet during the
relevant period divided by the number of calendar days in the relevant
period.
(2) Ownership days are the total number of days in a period during which
the vessels in a fleet have been owned. Ownership days are an indicator of
the size of the Company's fleet over a period and affect both the amount of
revenues and the amount of expenses that the Company recorded during a
period.
(3) Available days are the number of ownership days less the aggregate
number of days that vessels are off-hire due to major repairs, dry dockings
or special or intermediate surveys. The shipping industry uses available
days to measure the number of ownership days in a period during which
vessels should be capable of generating revenues. During the three months
ended March 31, 2010, the Company incurred six off hire days for vessel
scheduled dry docking.
(4) Operating days are the number of available days in a period less the
aggregate number of days that vessels are off-hire due to any reason,
including unforeseen circumstances. The shipping industry uses operating
days to measure the aggregate number of days in a period during which
vessels actually generate revenues.
(5) Fleet utilization is the percentage of time that our vessels were
generating revenue, and is determined by dividing operating days by
ownership days for the relevant period.
(6) TCE rates are defined as our net revenues less voyage expenses during a
period divided by the number of our operating days during the period, which
is consistent with industry standards. Voyage expenses include port
charges, bunker (fuel oil and diesel oil) expenses, canal charges and other
commissions.
(In thousands of US Dollars, except operating days and daily time charter
equivalent rate)
Three Months Three Months
Ended March Ended March
31, 2010 31, 2009
------------ ------------
Net revenues from vessels 18,181 26,242
Voyage expenses (215) (482)
Net operating revenues 17,966 25,760
============ ============
Operating days 981 497
Daily time charter equivalent rate 18,314 51,831
(7) Average daily vessel operating expenses, which include crew costs,
provisions, deck and engine stores, lubricating oil, insurance, maintenance
and repairs, are calculated by dividing vessel operating expenses by
ownership days for the relevant time periods:
(In thousands of US Dollars, except ownership days and daily vessel
operating expenses)
Three Months Three Months
Ended March Ended March
31, 2010 31, 2009
------------ ------------
Operating expenses 4,614 2,811
Ownership days 990 540
Daily vessel operating expenses 4,661 5,206
(8) Daily management fees are calculated by dividing total management fees
by ownership days for the relevant time period.
(9) Total vessel operating expenses or TVOE is a measurement of total
expenses associated with operating the vessels. TVOE is the sum of vessel
operating expenses and management fees. Daily TVOE is calculated by
dividing TVOE by fleet ownership days for the relevant time period.
Recent Developments:
Public Offering of 20,833,333 Shares of Common Stock
On January 28, 2010, the Company priced a public offering of 20,833,333
shares of the Company's common stock. The Company granted the
representatives of the underwriters a 45-day option to purchase up to an
additional 3,125,000 shares of common stock to cover over-allotments. The
shares were offered to the public at $1.20 per share. Four of our major
shareholders affiliated with the Restis family purchased an additional
4,166,667 shares of common stock directly from the Company at the public
offering price. The offering and the concurrent sale of 4,166,667 shares to
entities affiliated with the Restis family settled and closed on February
3, 2010. The net proceeds were approximately $28.0 million. On March 19,
2010, the underwriters exercised the overallotment option to purchase an
additional 1,945,000 shares of the Company's common stock, which resulted
in additional net proceeds to the Company of approximately $2.1 million.
Termination of a memorandum of agreement for intended vessel acquisition
On February 8, 2010, the Company announced its termination of a memorandum
of agreement for the intended acquisition of a 2009 Capesize vessel, as
described in the Company's prospectus dated January 28, 2010.
MCS acquisition of 51% ownership interest
The Company announced on June 2, 2010 that it had completed the final
documentation after entering into a Share and Purchase Agreement with
Maritime Capital Shipping (Holdings) Limited, of the British Virgin Islands
("Seller") for the acquisition of a 51% ownership interest in Maritime
Capital Shipping Limited, of Bermuda ("MCS") for a purchase price of USD
33.0 million. The purchase price was paid to the Seller from the proceeds
of the Company's recent equity offering completed in February 2010 and from
the Company's cash reserves. The Seller, which is controlled by the Restis
family, one of the Company's major shareholders, has retained a 49%
ownership interest in MCS.
As a result of the acquisition, the size of the Company's fleet increased
from 11 to 20 dry bulk vessels, consisting of four Capesize, three Panamax,
two Supramax, one Handymax and 10 Handysize dry bulk carriers, with a
combined cargo-carrying capacity of approximately 1,292,544 dwt and an
average fleet age of 12.7 years.
Estimated Drydocking and Maintenance Schedule
The BET Scouter commenced its scheduled drydocking on March 26, 2010, which
was completed on May 17, 2010. The total cost of the BET Scouter drydocking
amounted to approximately $1.2 million. The BET Prince commenced its
scheduled drydocking on May 14, 2010 which is expected to be completed by
June 8, 2010. The cost of the BET Prince drydocking is expected to be $0.7
million.
Other Matters
On June 2, 2010 the Company executed Addendum No. 3 to its loan agreement
with Marfin Bank of Greece, S.A. ("Marfin") and extended the waiver on its
market value to loan covenant from January 1, 2011 through January 3, 2012.
In connection with the addendum and extension of the waiver, Marfin made
certain changes to the Company's loan agreement including increasing the
interest payable during the waiver period from LIBOR plus 3.00% to LIBOR
plus 3.50% in respect of the term loan and from LIBOR plus 3.50% to LIBOR
plus 4.00% in respect of the revolving facility and accelerating the due
dates of certain of the Company's principal installments.
Resignation of Board member
Mr. Alexis Komninos has resigned from his position as a member of the
Company's Board of Directors following the termination of the voting
agreement among the Company's founding shareholders and entities affiliated
with the Restis family, and due to other professional engagements he has
undertaken. The Company wishes Mr. Komninos the best as he takes on new
challenges.
Seanergy Maritime Holdings Corp.
Reconciliation of Net Income to EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Three Months Three Months
Ended March Ended March
31, 2010 31, 2009
------------ ------------
Net income (loss) attributable to Seanergy
Maritime Holdings 110 12,115
Interest and finance costs, net (including
interest income) 2,122 1,463
Depreciation and amortization 6,665 7,672
EBITDA 8,897 21,250
============ ============
Seanergy Maritime Holdings Corp.
Reconciliation of Net Cash Provided by
Operating Activities to EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Three Months Three Months
Ended March Ended March
31, 2010 31, 2009
------------ ------------
Net cash flow provided by operating activities 7,350 20,215
Changes in operating assets and liabilities 1,932 (227)
Amortization and write-off of deferred charges (138) (201)
Change in fair value of financial instruments (660) --
Fair value of contracts 80 --
Interest and finance costs, net (includes
interest income) 2,122 1,463
Net (income) / loss attributable to the
noncontrolling interest (1,789) --
EBITDA 8,897 21,250
============ ============
EBITDA consists of earnings before interest and finance cost, taxes,
depreciation and amortization. EBITDA is not a measurement of financial
performance under accounting principles generally accepted in the United
States of America, and does not represent cash flow from operations.
EBITDA is presented solely as a supplemental disclosure because management
believes that it is a common measure of operating performance in the
shipping industry.
Seanergy Maritime Holdings Corp.
Condensed Consolidated Balance Sheets
March 31, 2010 (unaudited) and December 31, 2009
(In thousands of US Dollars, except for share and per share data, unless
otherwise stated)
March 31, December
2010 31, 2009
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents 85,849 63,607
Restricted cash 3,564 -
Accounts receivable trade, net 683 495
Due from related parties 1,061 265
Inventories 1,114 1,126
Prepaid insurance expenses 703 623
Prepaid expenses and other current assets -
related parties 57 58
Insurance claims 1,158 1,260
Other current assets 238 39
----------- -----------
Total current assets 94,427 67,473
----------- -----------
Fixed assets:
Vessels, net 438,865 444,820
Office equipment, net 42 20
----------- -----------
Total fixed assets 438,907 444,840
----------- -----------
Other assets
Goodwill 17,275 17,275
Deferred charges 7,150 8,684
Other non-current assets 226 180
----------- -----------
TOTAL ASSETS 557,985 538,452
=========== ===========
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt 29,106 33,206
Trade accounts and other payables 1,633 990
Due to underwriters - 19
Accrued expenses 359 1,719
Accrued interest 657 1,508
Financial instruments 3,967 3,556
Deferred revenue - related party 1,032 894
Deferred revenue 259 246
----------- -----------
Total current liabilities 37,013 42,138
----------- -----------
Long-term debt, net of current portion 260,960 267,360
Financial instruments 1,799 1,550
Below market acquired time charters 505 585
----------- -----------
Total liabilities 300,277 311,633
----------- -----------
Commitments and contingencies - -
EQUITY
Seanergy shareholder's equity
Preferred stock, $0.0001 par value; 1,000,000
shares authorized; none issued - -
Common stock, $0.0001 par value; 200,000,000
authorized shares as at March 31, 2010 and
December 31, 2009, respectively; 60,200,170
and 33,255,170 shares, issued and outstanding
as at March 31, 2010 and December 31, 2009,
respectively 6 3
Additional paid-in capital 242,219 213,232
Accumulated deficit (4,636) (4,746)
----------- -----------
Total Seanergy shareholders' equity 237,589 208,489
----------- -----------
Noncontrolling interest 20,119 18,330
----------- -----------
Total equity 257,708 226,819
----------- -----------
TOTAL LIABILITIES AND EQUITY 557,985 538,452
=========== ===========
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Income
For the three months ended March 31, 2010 and 2009
(In thousands of US Dollars, except for share and per share data, unless
otherwise stated)
Three months ended
March 31,
----------- -----------
2010 2009
----------- -----------
Revenues:
Vessel revenue - related party 13,100 26,915
Vessel revenue 5,714 -
Commissions - related party (454) (673)
Commissions (179) -
----------- -----------
Vessel revenue, net 18,181 26,242
Expenses:
Direct voyage expenses 23 (146)
Vessel operating expenses (4,614) (2,811)
Voyage expenses - related party (238) (336)
Management fees - related party (603) (302)
General and administration expenses (736) (1,193)
General and administration expenses - related
party (182) (205)
Amortization of deferred dry-docking costs (698) -
Depreciation (5,967) (7,672)
----------- -----------
Operating income 5,166 13,577
Other income (expense), net:
Interest and finance costs (2,256) (1,464)
Interest and finance costs - shareholders - (139)
Interest income - money market funds 134 140
Loss on interest rate swaps (1,293) -
Foreign currency exchange losses, net 148 1
----------- -----------
(3,267) (1,462)
----------- -----------
Net income 1,899 12,115
----------- -----------
Less: Net income attributable to the
noncontrolling interest 1,789 -
----------- -----------
Net income attributable to Seanergy Maritime
Holdings Corp. Shareholders 110 12,115
=========== ===========
Net income per common share
Basic 0.002 0.542
=========== ===========
Diluted 0.002 0.500
=========== ===========
Weighted average common shares outstanding
Basic 49,347,837 22,361,227
=========== ===========
Diluted 49,347,837 24,621,227
=========== ===========
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Equity
For the three months ended March 31, 2010 and 2009
(In thousands of US Dollars, except for share and per share data, unless
otherwise stated)
Retained Total
Common stock Addi- earnings/ Seanergy Non-
--------------- tional (Accumu- share- controll-
# of Par paid in lated holders ing Total
Shares Value capital deficit) equity interest equity
---------- ---- ------- --------- -------- ---------- --------
Balance,
December
31, 2008 22,361,227 2 166,361 (34,798) 131,565 - 131,565
---------- ---- ------- --------- -------- ---------- --------
Net income
for the
three
months
ended
March 31,
2009 - - - 12,115 12,115 - 12,115
---------- ---- ------- --------- -------- ---------- --------
Balance,
March 31,
2009 22,361,227 2 166,361 (22,683) 143,680 - 143,680
---------- ---- ------- --------- -------- ---------- --------
Retained Total
Common stock Addi- earnings/ Seanergy Non-
--------------- tional (Accumu- share- controll-
# of Par paid in lated holders ing Total
Shares Value capital deficit) equity interest equity
---------- ---- ------- --------- -------- ---------- --------
Balance,
December
31, 2009 33,255,170 3 213,232 (4,746) 208,489 18,330 226,819
---------- ---- ------- --------- -------- ---------- --------
Issuance
of common
stock 26,945,000 3 28,987 - 28,990 - 28,990
Net income
for the
three
months
ended
March 31,
2010 - - - 110 110 1,789 1,899
---------- ---- ------- --------- -------- ---------- --------
Balance,
March 31,
2010 60,200,170 6 242,219 (4,636) 237,589 20,119 257,708
---------- ---- ------- --------- -------- ---------- --------
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
For the three months ended March 31, 2010 and 2009
(In thousands of US Dollars, except for share and per share data, unless
otherwise stated)
Three months ended
March 31,
2010 2009
----------- -----------
Cash flows from operating activities:
Net income 1,899 12,115
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 5,967 7,672
Amortization of deferred finance charges 138 201
Amortization of deferred dry-docking costs 698 -
Change in fair value of financial instruments 660 -
Amortization of acquired time charters (80) -
Changes in operating assets and liabilities:
(Increase) decrease in -
Due from related parties (796) (138)
Inventories 12 214
Trade accounts and other receivables (188) (41)
Insurance claims 102 -
Other current assets (199) -
Other non-current assets (46) -
Prepaid insurance expenses (80) 430
Prepaid expenses and other current assets -
related parties - (33)
Trade accounts and other payables 643 173
Due to underwriters (19) (229)
Accrued expenses (661) 120
Accrued charges on convertible note due to
shareholders - 205
Premium amortization on convertible note due
to shareholders - (114)
Accrued interest (851) (23)
Deferred revenue - related party 138 (337)
Deferred revenue 13 -
----------- -----------
Net cash provided by operating activities 7,350 20,215
----------- -----------
Cash flows from investing activities:
Additions to vessels - (6)
Additions to office furniture and equipment (34) (14)
----------- -----------
Net cash used in investing activities (34) (20)
----------- -----------
Cash flows from financing activities:
Net proceeds from issuance of common stock 28,990 -
Repayment of long term debt (10,500) (7,500)
Increase in Restricted cash (3,564) -
----------- -----------
Net cash provided by (used in) financing
activities 14,926 (7,500)
----------- -----------
Net increase in cash and cash equivalents 22,242 12,695
Cash and cash equivalents at beginning of period 63,607 27,543
----------- -----------
Cash and cash equivalents at end of period 85,849 40,238
=========== ===========
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for:
Interest 1,692 1,283
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, which owns four Capesize and one Panamax dry bulk carriers. In May
2010, the Company acquired a controlling interest in Maritime Capital
Shipping Limited, which owns nine Handysize dry bulk carriers.
The Company's current controlled fleet includes 20 drybulk carriers (four
Capesize, three Panamax, two Supramax and one Handymax and 10 Handysize
vessels) with a total carrying capacity of approximately 1,292,544 dwt and
an average fleet age of 12.7 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