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03/04/2010Press Releases

SEANERGY MARITIME HOLDINGS CORP. REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND THE YEAR ENDED DECEMBER 31, 2009

“Despite the difficult market conditions we are pleased to report strong results for 2009. These results reflect our strong cash flow, the high fleet utilization and our operational efficiency.

2009 has been a transformational year for Seanergy. We managed to double our controlled fleet from 6 to 11 vessels with the acquisition of BET and we reinforced our capital structure with the conversion of the $28.5 million promissory note, issued in our business combination, into common stock. Recently, we completed an offering of common stock and successfully raised net proceeds of approximately $28 million for vessel acquisitions, expanding our shareholder base and improving the liquidity of our shares.

We are committed to our goal of using the proceeds of the offering to expand our fleet with the proper acquisitions. We are focusing our resources on identifying vessel(s) with a view to maximizing benefits to the Company, as quickly as possible. We have already identified and inspected a couple of vessels which unfortunately have not met our surveyors’ expectations. Our decisions aim is to safeguard the long term interests of our shareholders.

We remain positive on the long-term outlook of the dry bulk market, as we expect that demand for core bulk commodities will remain strong. However, in the short term, we expect the market to continue to be volatile as there is uncertainty on the size of the orderbook and the global economic recovery is quite fragile.” 
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