Seanergy Maritime Reports Q3 Revs $23.5M vs $26.4M Est

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced today its operating results for the third quarter 2011 and nine months ended September 30, 2011. Financial Highlights: Third Quarter 2011 Net Revenues of $23.5 million Adjusted EBITDA of $11.8 million, which excludes non-cash impairment losses of $201.9 million Adjusted Net Loss of $1.6 million, which excludes non-cash impairment losses Nine Months 2011 Net Revenues of $76.5 million Adjusted EBITDA of $38.2 million, which excludes non-cash impairment losses of $201.9 million Adjusted Net Loss of $2.5 million, which excludes non-cash impairment losses Management Discussion: Dale Ploughman, the Company's Chairman and Chief Executive Officer, stated: "During the first nine months of 2011 we increased our revenues as the result of the larger average size of our fleet compared to the same period of last year, which expanded from 15.4 to 20 vessels. This also enabled us to minimize the effect of the sharp fall in freight rates that prevailed in the shipping markets since the beginning of 2011. "We believe that the high quality of our fleet and our expertise in commercial management have enabled us to continue to keep our vessels employed with charterers who we believe are reputable and creditworthy while we utilize the spot market to position our vessels into areas where we believe that the chances are higher in achieving favorable period employment whenever possible. Overall, we focused on achieving a balanced exposure to spot market fluctuations arranging for a diversified portfolio of charter contracts that provide both long term cash flow stability and upside potential. "In this context, three of the four Capesize vessels in our fleet which operate under charter arrangements with market linked rates benefited from the renewed strength in the Capesize spot rates that we have experienced during the fourth quarter of 2011. Furthermore, our increased exposure to the less volatile Handysize segment, with 11 out of 20 vessels in our fleet, counterbalanced the downward pressure on the daily charter rates earned over the first nine months of 2011. At the same time, we implemented certain cost cutting measures during the year such as the reduction of general and administrative expenses and fleet management fees in an effort to support profitability and minimize losses during a difficult market environment. We also believe that our decision to adjust the book value of our six vessels acquired in 2008 will positively affect our balance sheet and profitability going forward. We believe that the recent agreement with our lenders and major shareholders for an equity injection demonstrates their confidence and commitment to the Company.