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09/23/2015Press Releases

SEANERGY MARITIME HOLDINGS CORP. REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2015

“In the second quarter of 2015, Seanergy restored its revenue-generation capacity through the acquisition of its first vessel, the M/V Leadership, in March 2015. The Time Charter Equivalent (“TCE”) rate earned by M/V Leadership during the second quarter of 2015 amounted to $9,788, which compares very favorably with the average rate of the 4 T/C routes of the Baltic Capesize Index for the same period of $4,601. Going forward, we expect our TCE rate to strengthen as the dry bulk market gradually recovers.

“As recently announced, we entered into a purchase agreement to acquire a fleet of seven modern dry bulk carriers for approximately $183 million. The fleet consists of five Capesize and two Supramax vessels with an average age of six years. Seanergy took delivery of the first of these seven bulkers, the 2010 built Capesize M/V Premiership, on September 11, 2015 and we expect the remaining vessels to be delivered by November 30, 2015.

“The vessels will be employed in the spot market and the Company will be expanding its revenuegeneration capacity upon delivery of each vessel. Following completion of the remaining deliveries, our fleet will reach eight quality vessels with a combined cargo-carrying capacity of approximately 1.1 million DWT. The low capital cost of our fleet, combined with the advantageous terms we have achieved with our lenders, positions Seanergy very favorably in the dry bulk peer group. In addition, we believe our fleet expansion is occurring at an optimal time as dry bulk market fundamentals are expected to gradually improve and Seanergy will be in a leading position to capitalize on this recovery. This acquisition is fully consistent with our business plan and Seanergy will continue to pursue acquisition opportunities that we believe can further enhance value for all our shareholders.”
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