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06/12/2013Press Releases

SEANERGY MARITIME HOLDINGS CORP. REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2013

“I am pleased to announce our first profitable financial quarter since 2011, despite the challenging dry bulk market conditions. Our net income was $1.1 million compared to a net loss of $6.4 million for the same period last year. During the first quarter of 2013 charter rates continued to deteriorate and our average daily Time Charter Equivalent (“TCE”) rate decreased to $6,004 per vessel as compared to $9,546 in the first quarter of 2012.

“Regarding our financial restructuring, since the beginning of 2012 and as of the date of this press release, we managed to reduce our indebtedness to $176.9 million, from $346.4 million, through finalized agreements with three out of our five lenders. In addition, we have entered into an agreement with our fourth lender for the sale of three MCS’s vessel owning subsidiaries in exchange for a nominal cash consideration and full satisfaction of the underlying loan of approximately $38 million. After giving effect to this transaction, we will have reduced our indebtedness by approximately 61% to $135 million. We continue discussions with our remaining lender, aiming to reach a solution that will enable Seanergy to complete the restructuring of its outstanding debt.”
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