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Seanergy Maritime Holdings Corp. Announces the Successful Completion of Sale & Purchase Transactions

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ATHENS, Greece, Nov. 26, 2018 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ:SHIP) reported today the successful completion of the previously announced sale and purchase agreements. On November 22, 2018 the Company took delivery of the M/V Fellowship, a 179,759 deadweight ton ("dwt") Capesize dry bulk vessel, built in 2010 at Daewoo Shipbuilding in South Korea. The Company entered into the agreement to acquire the M/V Fellowship in August 2018.

Furthermore, the Company has completed the sales of two Chinese built Supramax vessels. Specifically, the M/V Gladiatorship, built in 2010 at CSC Jinling Shipyard, was delivered to its new owners on October 11, 2018 and the M/V Guardianship, built in 2011 at the same yard, was delivered to its new owner on November 19, 2018.

The acquisition of the M/V Fellowship was financed by a combination of cash on hand and a senior loan facility. The existing lender of the two sold Supramax vessels agreed to rollover the underlying loan amount by funding the acquisition of the M/V Fellowship on substantially the same terms.

The M/V Fellowship is currently on time-charter to a major European charterer at a gross daily rate of $17,150, with latest redelivery in January 2019.

Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:

"We are pleased to take delivery of another high quality modern Capesize vessel built in S. Korea. We remain committed to further accretive acquisitions in the Capesize segment, as we strongly believe that it has the best fundamentals in the dry bulk industry. Following the addition of the M/V Fellowship to our fleet, Seanergy is now the only pure-play Capesize owner publicly listed in the U.S."

The Company currently operates the following fleet:

Vessel Name Vessel Class Capacity
(in dwt)
Year Built Yard
Fellowship Capesize 179,759 2010 Daewoo
Championship Capesize 179,238 2011 Sungdong
Partnership Capesize 179,213 2012 Hyundai
Knightship Capesize 178,978 2010 Hyundai
Lordship Capesize 178,838 2010 Hyundai
Gloriuship Capesize 171,320 2004 Hyundai
Leadership Capesize 171,199 2001 Koyo – Imabari
Geniuship Capesize 170,057 2010 Sungdong
Premiership Capesize 170,024 2010 Sungdong
Squireship Capesize 170,018 2010 Sungdong
Total / Average   1,748,644 9.7 years  

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipowner publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with a cargo-carrying capacity of approximately 1,748,644 dwt and an average fleet age of about 9.7 years.

The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP" and class A warrants under "SHIPW".

Please visit our company 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. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates", and variations of such words and similar expressions are intended to identify forward-looking statements. 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 Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the SEC, including its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, 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.

For further information please contact:
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com

 

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