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07/31/2014Press Releases

SEANERGY MARITIME HOLDINGS CORP. REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2014

“Following the conclusion of the financial restructuring process in March 2014, we have focused entirely on completing all the necessary steps in order to finalize the previously announced acquisition of four Capesize vessels by the end of the third quarter of 2014.

“Additionally, we have worked to ensure the Company’s continued compliance with the NASDAQ minimum equity listing requirement, which has been achieved. As part of this effort, certain of our major shareholders contributed the amount of $1.1 million in return for newly issued common shares of Seanergy in June 2014.

“In the six months ended June 30, 2014, Seanergy reported net income of $82.7 million, which includes a non-cash restructuring gain as announced in our first quarter earnings release a few weeks ago. The Company ended the second quarter of 2014 with approximately $3 million in shareholders’ equity, zero debt and $2.7 million in cash and cash equivalents.

“We are optimistic that the expected completion of the transaction will allow us to benefit from the positive long term fundamentals of the Capesize market and will underpin our efforts to grow the Company further.”
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