Seanergy Maritime Holdings Corp. Sucessfully Completes Sale of
ATHENS, GREECE -- (Marketwire) -- 01/03/13 -- Seanergy Maritime
Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today that it
has completed the previously announced sale of its 100% ownership
interest in Bulk Energy Transport (Holdings) Limited ("BET"). The
Buyer, I.M.I. Holdings Corp., is an affiliate of members of the
Restis family, the Company's major shareholders.
Following the sale of BET, the Company owns a fleet of 12 dry bulk
carriers (two Panamax, two Supramax, and eight Handysize vessels)
with a total carrying capacity of approximately 468,500 dwt and an
average fleet age of 13.9 years.
Stamatis Tsantanis, the Company's Chief Executive Officer, stated:
"The completion of the sale of BET marks an important milestone in
the Company's restructuring process. Specifically, following the sale
of BET the overall indebtedness of the Company and its subsidiaries
has been reduced by approximately $46.7 million, which is a first
major step towards a sustainable capital structure for our Company.
In addition, we expect the Company's overall operating expenses to be
reduced as a result of the sale of the BET ships. Furthermore, we
reduce the average age of our fleet and concentrate our operating
exposure in dry-bulk market segments that, in our view, enjoy
somewhat better fundamentals with lower freight rate volatility."
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings 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 current fleet consists of 12 dry bulk carriers (two
Panamax, two Supramax, and eight Handysize vessels) with a total
carrying capacity of approximately 468,500dwt and an average fleet
age of 13.9 years.
The Company's common stock trades on the NASDAQ Capital Market under
the symbol "SHIP."
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.
For further information please contact:
Investor Relations / Media
Capital Link, Inc.
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
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