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03/27/2014Press Releases

SEANERGY MARITIME HOLDINGS CORP. REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2013

“I am very pleased to announce a number of positive news for the Company: First, we have another profitable period, the fourth quarter of 2013, and most importantly a profitable year, which is the first since 2010.

“In addition, as we announced last week, we successfully completed our restructuring plan, which resulted in the extinguishment of approximately $346 million of debt since 2012. Since the beginning of 2013, the accumulated expected benefit in our total equity is approximately $110.7 million, $25.7 million of which has been reflected in 2013 and approximately $85 million will be reflected in the first quarter of 2014.

“After giving effect to the transactions, our December 31, 2013 pro-forma total equity is approximately $3.0 million. For more information please refer to the capitalization table further down in this release.

“All the above mark the completion of our financial restructuring plan and see Seanergy emerging with a clean capital structure. We are now in a position to evaluate a number of strategic opportunities for the Company and pursue growth through accretive transactions.

“As far as market fundamentals are concerned, 2013 saw a significant reversal in dry bulk market conditions, as increased China imports of iron ore and the expected slowdown in vessel deliveries over the next years have led to higher freight rates in the fourth quarter. Seanergy’s Time Charter Equivalent (TCE) improved by 7% in the full year period, as it rose to $8,006 from $7,465 in 2012. Net revenue for the full year fell by 58% to $23.1 million, as Seanergy owned an average of 6.2 vessels in 2013 as opposed to an average of 17.6 vessels owned in 2012. We are seeing continued strength in the charter market in 2014, as conditions are appreciably better than they were at the same time in 2012.
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