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07/30/2009Press Releases

SEANERGY MARITIME HOLDINGS CORP. REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2009

“Our operating results for the second quarter of 2009, although below our expectations due to the extended drydocking period were none the less satisfactory and supported by a time charter equivalent rate of $52,292 per day. So far in 2009, we believe Seanergy’s management has met the challenge of delivering a strong bottom line despite the fact that we operate in a highly volatile environment. We also achieved our objective to grow our fleet within our first year of operations.

We strongly believe that our planned acquisition of a controlling interest in Bulk Energy Transport will strengthen Seanergy’s position in the dry bulk sector and enhance shareholder value. This deal is accretive to shareholder value and enables Seanergy to expand its controlled fleet and revenue generation capability, while maintaining a strong balance sheet.

We believe that opportunities to acquire distressed assets will continue to present themselves and Seanergy is well placed to take advantage of them.

We have entered into long term charter agreements for our handy and our panamax vessels securing stable and visible cash flows with the added incentive of sharing into the potential market upside which can further enhance our revenues and profitability.

Even though the dry bulk market has considerably improved since the beginning of 2009, we believe we will continue experiencing a volatile market for the remainder of 2009. On the demand side, freight rates are recovering sooner than expected due to China’s strong demand for major core commodities iron ore and coal. On the supply side, we experience newbuilding order cancellations and delivery delays, which are expected to have a positive impact on the demand supply balance.

Although we remain cautiously optimistic on the outlook for demand for dry bulk commodities, we continue to believe that the long term prospects remain favorable as the world begins to recover from the economic and credit crisis.” 
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