Charter
Vessel Capacity Year Expiry
Vessel Name Class (DWT) Built Charter 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 Sep. 2011
--------- --------- --------- ------------------ ----------
M/V African
Oryx (1) Handysize 24,110 1997 7,000 Sep. 2011
--------- --------- --------- ------------------ ----------
M/V BET
Commander Capesize 149,507 1991 24,000 Dec. 2011
--------- --------- --------- ------------------ ----------
M/V BET Fighter Capesize 173,149 1992 25,000 Sep. 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 Sep. 2011
--------- --------- --------- ------------------ ----------
BHSI increased by
M/V Fiesta Handysize 29,519 1997 100.63% minus Opex Nov. 2013
--------- --------- --------- ------------------ ----------
M/V Pacific BHSI increased by
Fantasy Handysize 29,538 1996 100.63% minus Opex Jan. 2014
--------- --------- --------- ------------------ ----------
M/V Pacific BHSI increased by
Fighter Handysize 29,538 1998 100.63% minus Opex Nov. 2013
--------- --------- --------- ------------------ ----------
M/V Clipper BHSI increased by
Freeway Handysize 29,538 1998 100.63% 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 12.8 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:
Six Six Three Three
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
--------- --------- --------- ---------
Fleet Data
--------- --------- --------- ---------
Average number of vessels (1) 13.0 6.0 15.1 6.0
--------- --------- --------- ---------
Ownership days (2) 2,360 1,086 1,370 546
--------- --------- --------- ---------
Available days (3) 2,258 916 1,273 417
--------- --------- --------- ---------
Operating days (4) 2,247 909 1,266 411
--------- --------- --------- ---------
Fleet utilization (5) 95.2% 83.7% 92.4% 75.3%
--------- --------- --------- ---------
Fleet utilization excluding
drydocking off hire days (6) 99.5% 99.2% 99.5% 98.6%
--------- --------- --------- ---------
Average Daily Results
--------- --------- --------- ---------
TCE rate (7) 17,729 51,982 17,276 52,292
--------- --------- --------- ---------
Vessel operating expenses (8) 5,123 5,360 5,457 5,513
--------- --------- --------- ---------
Management fee (9) 521 568 457 577
--------- --------- --------- ---------
Total vessel operating
expenses (10) 5,644 5,928 5,914 6,090
--------- --------- --------- ---------
(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 six months ended June 30, 2010, the Company incurred 102 off
hire days for vessel scheduled drydocking.
During the three months ended June 30, 2010, the Company incurred 97 off
hire days for vessel scheduled drydocking.
(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) Fleet utilization excluding drydocking off hire days is calculated by
dividing the number of the fleet's operating days during a period by the
number of available days during that period. The shipping industry uses
fleet utilization excluding drydocking off hire days to measure a Company's
efficiency in finding suitable employment for its vessels and excluding the
amount of days that its vessels are off-hire for reasons such as scheduled
repairs, vessel upgrades, or dry dockings or special or intermediate
surveys.
(7) 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)
Six Months Ended Three Months Ended
June 30, June 30,
--------------------- ---------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
Net revenues from vessels 40,821 48,309 22,612 22,067
Voyage expenses 984 1,057 741 575
Net operating revenues 39,837 47,252 21,871 21,492
========== ========== ========== ==========
Operating days 2,247 909 1,266 411
Daily time charter equivalent
rate 17,729 51,982 17,276 52,292
(8) 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)
Six Months Ended Three Months Ended
June 30, June 30,
--------------------- ---------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
Operating expenses 12,090 5,821 7,476 3,010
Ownership days 2,360 1,086 1,370 546
Daily vessel operating expenses 5,123 5,360 5,457 5,513
(9) Daily management fees are calculated by dividing total management fees
by ownership days for the relevant time period.
(10) 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:
Acquisition of 51% ownership interest in MCS
On May 28, 2010, after entering into a share purchase agreement with
Maritime Capital Shipping (Holdings) Limited ("Maritime Capital"), the
Company completed the final documentation for the acquisition of a 51%
ownership interest in MCS for a consideration of $33.0 million. The
consideration was paid to Maritime Capital from the proceeds of the
Company's recent equity offering completed in February 2010 and from the
Company's cash reserves. Maritime Capital 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 12.8 years.
Estimated Drydocking and Maintenance Schedule
The BET Scouter's scheduled drydocking, which commenced on March 26, 2010,
was completed on May 17, 2010. The total cost of the BET Scouter's
drydocking amounted to $1.5 million. On May 14, 2010, the BET Prince
commenced its scheduled drydocking, which was completed on June 28, 2010.
The cost of the BET Prince's drydocking amounted to $1.0 million.
Other Matters
On July 22, 2010 the Company announced the results of the annual meeting of
its shareholders held on Wednesday, July 21, 2010 at the Company's
executive offices. At the meeting the following proposals were approved and
adopted: 1) the re-election of Messrs. Elias Culucundis, Dimitrios
Panagiotopoulos, Dimitrios Anagnostopoulos and George Taniskidis, as Class
A Directors to serve until the 2013 Annual Meeting of Shareholders, 2) the
amendment of the Company's Amended and Restated Articles of Incorporation
to increase the number of authorized shares of common stock, par value
$0.0001 per share from 200,000,000 to 500,000,000 shares and 3) the
appointment of PricewaterhouseCoopers S.A. as the Company's Independent
Registered Public Accounting Firm for the Fiscal Year ending December 31,
2010. Mr. George Koutsolioutsos, Chairman and member of the Board of
Directors, has resigned from his position as the Chairman and Director.
Following the annual meeting of its shareholders, the Board of Directors
thanked Mr. Koutsolioutsos for his contribution to Seanergy and appointed
Mr. Dale Ploughman, CEO and Director, as the Chairman of the Board.
Seanergy's Board now consists of nine members.
On June 2, 2010, the Company executed an addendum no. 3 to the Company's
loan agreement with Marfin Bank and extended the waiver on the Company's
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 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.
On May 20, 2010, the voting agreement expired between certain of the
Company's shareholders who are affiliated with members of the Restis family
and Seanergy Maritime's founding shareholders, (Mr. Georgios
Koutsolioutsos, the former Chairman of the Company's Board of Directors,
and Mr. Alexios Komninos and Mr. Ioannis Tsigkounakis, two of the Company's
former Directors). On May 20, 2010, Mr. Komninos resigned from his position
as a member of the Company's Board of Directors following the expiration of
the voting agreement and due to other professional engagements he has
undertaken.
Seanergy Maritime Holdings Corp.
Reconciliation of Net Income to Adjusted EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Three Three
Six Months Six Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
--------- ---------- --------- ----------
Net income / (loss)
attributable to Seanergy
Maritime Holdings (1,409) 19,283 (1,519) 7,167
--------- ---------- --------- ----------
Plus: Net income attributable
to the noncontrolling interest 2,740 0 951 0
--------- ---------- --------- ----------
Plus: Interest and finance
costs, net (including interest
income) 5,131 2,875 3,009 1,411
--------- ---------- --------- ----------
Plus: Income taxes 31 - 31 -
--------- ---------- --------- ----------
Plus: Depreciation and
amortization 14,384 15,439 7,719 7,767
--------- ---------- --------- ----------
EBITDA 20,877 37,597 10,191 16,345
--------- ---------- --------- ----------
Plus: Loss on interest rate
swaps 2,761 - 1,468 -
--------- ---------- --------- ----------
Adjusted EBITDA 23,638 37,597 11,659 16,345
--------- ---------- --------- ----------
Seanergy Maritime Holdings Corp.
Reconciliation of Net Cash Provided by Operating Activities to Adjusted
EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Six Six Three Three
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
--------- --------- --------- ---------
Net cash flow provided by
operating activities 16,389 34,500 9,039 14,284
--------- --------- --------- ---------
Changes in operating assets and
liabilities 468 (1,635) (1,464) (1,408)
--------- --------- --------- ---------
Fair value of contracts 160 - 80 -
--------- --------- --------- ---------
Change in fair value of
financial instruments (1,968) - (1,308) -
--------- --------- --------- ---------
Payments for dry-docking 920 2,245 920 2,231
--------- --------- --------- ---------
Amortization and write-off of
deferred charges (254) (388) (116) (173)
--------- --------- --------- ---------
Interest and finance costs, net
(includes interest income) 5,131 2,875 3,009 1,411
--------- --------- --------- ---------
Income taxes 31 - 31 -
--------- --------- --------- ---------
EBITDA 20,877 37,597 10,191 16,345
--------- --------- --------- ---------
Plus: Loss on interest rate
swaps 2,761 - 1,468 -
--------- --------- --------- ---------
Adjusted EBITDA 23,638 37,597 11,659 16,345
--------- --------- --------- ---------
EBITDA consists of earnings before interest and finance cost, taxes,
depreciation and amortization. Adjusted EBITDA consists of earnings per
share before interest and finance cost, taxes, depreciation and
amortization and gain or losses on interest rate swaps. EBITDA and adjusted
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 and adjusted EBITDA are
presented solely as supplemental disclosures because management believes
that they are common measures of operating performance in the shipping
industry.
Seanergy Maritime Holdings Corp.
Condensed Consolidated Balance Sheets
June 30, 2010 (unaudited) and December 31, 2009
(In thousands of US Dollars, except for share and per share data,
unless otherwise stated)
June 30,
2010 December 31,
(unaudited) 2009
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents 70,898 63,607
Restricted cash 10,196 -
Accounts receivable trade, net 875 495
Due from related parties 2,045 265
Inventories 1,429 1,126
Prepaid insurance expenses 558 623
Prepaid expenses and other current assets -
related parties 66 58
Insurance claims 467 1,260
Other current assets 714 39
----------- -----------
Total current assets 87,248 67,473
----------- -----------
Fixed assets:
Vessels, net 613,776 444,820
Office equipment, net 39 20
----------- -----------
Total fixed assets 613,815 444,840
----------- -----------
Other assets
Goodwill 17,275 17,275
Deferred charges 9,343 8,684
Other non-current assets 180 180
----------- -----------
TOTAL ASSETS 727,861 538,452
=========== ===========
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt 48,585 33,206
Trade accounts and other payables 3,290 990
Due to underwriters - 19
Accrued expenses 3,879 1,719
Accrued interest 924 1,508
Financial instruments 6,288 3,556
Deferred revenue - related party 886 894
Deferred revenue 1,961 246
----------- -----------
Total current liabilities 65,813 42,138
----------- -----------
Long-term debt, net of current portion 372,997 267,360
Financial instruments, net of current portion 4,271 1,550
Below market acquired time charters 425 585
----------- -----------
Total liabilities 443,506 311,633
----------- -----------
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 June 30, 2010 and
December 31, 2009, respectively; 60,200,170
and 33,255,170 shares, issued and outstanding
as at June 30, 2010 and December 31, 2009,
respectively 6 3
Additional paid-in capital 239,701 213,232
Accumulated deficit (6,155) (4,746)
----------- -----------
Total Seanergy shareholders' equity 233,552 208,489
----------- -----------
Noncontrolling interest 50,803 18,330
----------- -----------
Total equity 284,355 226,819
----------- -----------
TOTAL LIABILITIES AND EQUITY 727,861 538,452
=========== ===========
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Income
For the three and six months ended June 30, 2010 and 2009
(In thousands of US Dollars, except for share and per share data,
unless otherwise stated)
Three months ended Six months ended
June 30, June 30,
---------------------- ----------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
Revenues:
Vessel revenue - related
party 10,950 22,633 24,068 49,548
Vessel revenue 12,414 - 18,138 -
Commissions - related
party (372) (566) (826) (1,239)
Commissions (380) - (559) -
---------- ---------- ---------- ----------
Vessel revenue, net 22,612 22,067 40,821 48,309
Expenses:
Direct voyage expenses (530) (292) (535) (438)
Vessel operating
expenses (7,476) (3,010) (12,090) (5,821)
Voyage expenses - related
party (211) (283) (449) (619)
Management fees (58) - (58) -
Management fees - related
party (568) (315) (1,171) (617)
General and administration
expenses (1,886) (1,617) (2,622) (2,807)
General and administration
expenses - related party (166) (150) (348) (355)
Amortization of deferred
dry-docking costs (769) (9) (1,467) (9)
Depreciation (6,950) (7,758) (12,917) (15,430)
---------- ---------- ---------- ----------
Operating income 3,998 8,633 9,164 22,213
Other income (expense),
net:
Interest and finance
costs (3,156) (1,354) (5,412) (2,819)
Interest and finance
costs - shareholders - (172) - (312)
Interest income 147 116 281 256
Loss on financial
instruments (1,468) - (2,761) -
Foreign currency exchange
(loss)/gain, net (58) (56) 90 (55)
---------- ---------- ---------- ----------
(4,535) (1,466) (7,802) (2,930)
---------- ---------- ---------- ----------
Net (loss)/income before
taxes (537) 7,167 1,362 19,283
---------- ---------- ---------- ----------
Income taxes (31) - (31) -
---------- ---------- ---------- ----------
Net (loss)/income (568) 7,167 1,331 19,283
---------- ---------- ---------- ----------
Less: Net income
attributable to the
noncontrolling
interest (951) - (2,740) -
---------- ---------- ---------- ----------
Net (loss)/income
attributable to Seanergy
Maritime Holdings Corp.
Shareholders (1,519) 7,167 (1,409) 19,283
========== ========== ========== ==========
Net (loss)/income per
common share
Basic (0.03) 0.32 (0.03) 0.86
========== ========== ========== ==========
Diluted (0.03) 0.30 (0.03) 0.80
========== ========== ========== ==========
Weighted average common
shares outstanding
Basic 60,200,170 22,361,227 54,803,982 22,361,227
========== ========== ========== ==========
Diluted 60,200,170 24,621,227 54,803,982 24,621,227
========== ========== ========== ==========
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Equity
For the six months ended June 30, 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
---------------- tional (Accumu- share- Noncontroll-
# 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
six months
ended
June 30,
2009 - - - 19,283 19,283 - 19,283
---------- ----- ------- -------- ------- ---------- -------
Balance,
June 30,
2009 22,361,227 2 166,361 (15,515) 150,848 - 150,848
---------- ----- ------- -------- ------- ---------- -------
Total
Common stock Addi- Seanergy
---------------- tional (Accumu- share- Noncontroll-
# 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 28,523 - 28,526 - 28,526
Consolidation
of
subsidiary
acquired - - (2,054) - (2,054) 29,733 27,679
Net (loss)/
income for
the six
months
ended June
30, 2010 - - - (1,409) (1,409) 2,740 1,331
---------- ----- ------- -------- ------- ---------- -------
Balance,
June 30,
2010 60,200,170 6 239,701 (6,155) 233,552 50,803 284,355
---------- ----- ------- -------- ------- ---------- -------
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
For the six months ended June 30, 2010 and 2009
(In thousands of US Dollars, except for share and per share data,
unless otherwise stated)
Six months ended
June 30,
--------------------
2010 2009
--------- ---------
Cash flows from operating activities:
Net income 1,331 19,283
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 12,917 15,430
Amortization of deferred finance charges 254 388
Amortization of deferred dry-docking costs 1,467 9
Payments for dry-docking (920) (2,245)
Change in fair value of financial instruments 1,968 -
Amortization of acquired time charters (160) -
Changes in operating assets and liabilities:
(Increase) decrease in -
Due from related parties (1,779) 795
Inventories (40) 176
Accounts receivable trade, net (370) (27)
Insurance claims 793 -
Other current assets (103) -
Prepaid insurance expenses 248 389
Prepaid expenses and other current assets -
related parties (8) (20)
Trade accounts and other payables 167 (209)
Due to underwriters (19) (286)
Accrued expenses 915 1,323
Accrued charges on convertible note due to
shareholders - 411
Premium amortization on convertible note due
to shareholders - (181)
Accrued interest (1,087) (54)
Deferred revenue - related party (8) (682)
Deferred revenue 823 -
--------- ---------
Net cash provided by operating activities 16,389 34,500
--------- ---------
Cash flows from investing activities:
Additions to vessels - (6)
Additions to office furniture and equipment (31) (15)
Acquisition of subsidiary, including cash acquired 17,913 -
--------- ---------
Net cash used in investing activities 17,882 (21)
--------- ---------
Cash flows from financing activities:
Deemed distribution upon subsidiary acquisition (2,054)
Net proceeds from issuance of common stock 28,526 -
Repayment of long term debt (45,907) (15,000)
Deferred finance charges (801) -
Increase in restricted cash (6,744) -
--------- ---------
Net cash (used in) financing activities (26,980) (15,000)
--------- ---------
Net increase in cash and cash equivalents 7,291 19,479
Cash and cash equivalents at beginning of period 63,607 27,543
--------- ---------
Cash and cash equivalents at end of period 70,898 47,022
========= =========
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest 4,719 2,501
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 12.8 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