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04/29/2009Press Releases


“We are pleased to report a profitable first quarter 2009 in line with our expectations and despite the current volatile market environment. Our performance during this quarter reflects the strong profitability of our vessels, which operate under time charters we had secured prior to the market decline, as well as our strategy implementation and focus on managing our vessels efficiently and cost effectively.

All six of our vessels charters are locked until September 2009 with a first class charterer, which limits our exposure to the volatile spot freight market and enables us to continue building our cash reserves.

The first quarter 2009 marked our second full quarter of operations following the completion of the business combination in August 2008. We continue to remain optimistic about the future of Seanergy and the long term dry bulk fundamentals. Our objective is to build the Company into a market leader expanding its fleet, revenues and profitability and enhancing shareholder value for the longer term.

We continue to look for accretive acquisitions of second hand vessels and we will remain prudent in our fleet expansion. Our strong liquidity and balance sheet are significant competitive advantages in today’s markets enabling us to take advantage of business opportunities as these may occur.

Although we continue to experience a volatile dry bulk market due to the disruptions in the global economy we remain optimistic about the long term prospects of our industry. Freight rates have rebounded from their lows of December 2008 and we expect the demand for dry bulk goods to improve along with the reopening of the credit markets as the global economy gradually recovers. We expect China to continue its appetite for
infrastructure development. During the first quarter 2009, China imported record levels of iron ore despite a much weaker economy compared to prior years and this trend should continue as China’s GDP recovers to an annual growth rate of around 8%. As for the supply side, we continue to see scrapping of older vessels due to the weak freight rate environment and orders of new buildings getting cancelled or delayed due
to the lack of financing. These factors should ultimately contribute to a healthier balance between supply and demand and improved freight market conditions.”
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