Contact Information: For further information please contact: Seanergy Maritime Holdings Corp. Dale Ploughman Chief Executive 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
Seanergy Maritime Holdings Corp. Announces Strategic Acquisition -- Enters Into Agreement to Acquire Bulk Energy Transport (Holdings) Limited
| Source: Seanergy Maritime Holdings Corp.
ATHENS, GREECE--(Marketwire - July 15, 2009) - Seanergy Maritime Holdings Corp. (the
"Company") (NASDAQ : SHIP ) (NASDAQ : SHIPW ) announced today that it has
entered into an agreement with Constellation Bulk Energy Holdings, Inc.
("Seller") to acquire Seller's 50% ownership interest in Bulk Energy
Transport (Holdings) Limited ("BET") for a nominal cash consideration. The
remaining 50% of BET is owned and will remain under the ownership of
affiliates of the Restis family.
BET is a provider of worldwide ocean transportation services through the
ownership of a fleet of five dry bulk carrier vessels. Its current fleet is
comprised of four Capesize and one Panamax dry bulk carriers with a
cargo-carrying capacity of 726,620 dwt and an average fleet age of
approximately 16 years.
As a result of the acquisition, the size of the Company's fleet will
increase to 11 dry bulk vessels with a carry capacity of approximately
1,043,296 dwt and an average fleet age of 13 years comprising of four
Capesize, three Panamax, two Supramax and two Handysize dry bulk carriers.
The acquisition is subject to lenders' approval and is expected to close by
July 31, 2009.
Dale Ploughman, the Company's Chief Executive Officer, stated: "This
acquisition, should the subjects be lifted, is accretive to Seanergy and
further consolidates Seanergy's position in the dry bulk sector. With the
control of the BET vessels and particularly the four Capesizes, Seanergy
will have tonnage that covers the majority of the dry bulk market sectors.
It also achieves one of the goals that Seanergy set on its self to expand
the fleet within the first year of operations. The deal enhances
shareholder value and places Seanergy well on the way to being a strong
participant in the dry bulk sector."
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
purchased and took delivery of six dry bulk carriers in the third and
fourth quarters of 2008 from companies associated with members of the
Restis family. Its current fleet is comprised of two Panamax, two Supramax
and two Handysize dry bulk carriers with a combined cargo-carrying capacity
of 316,676 dwt and an average fleet age of approximately 11 years.
The Company's common stock and warrants trade on the NASDAQ Global Market
under the symbols SHIP and SHIPW, respectively. Prior to October 15, 2008,
the Company's common stock and warrants traded on the NYSE Alternext US LLC
(formally known as AMEX) under the symbols SRG, SRG.W, respectively.
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 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'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.