Seanergy Maritime Sells Bulk Energy Transport

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January 3, 2013

Athens, Greece – Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) announced today that it has completed the previously announced sale of its 100% ownership interest in Bulk Energy Transport (Holdings) Limited (BET) and its pair of Capesize bulk carriers. The buyer, I.M.I. Holdings Corp., is an affiliate of members of the Restis family, the major shareholders of Seanergy Maritime.

Following the sale of BET, the Seanergy owns a fleet of 12 dry bulk carriers (two Panamax, two Supramax, and eight Handysize vessels) with a total carrying capacity of approximately 468,500 dwt and an average fleet age of 13.9 years.

Seanergy’s Chief Executive Officer Stamatis Tsantanis commented:

“The completion of the sale of BET marks an important milestone in the Company’s restructuring process. Specifically, following the sale of BET the overall indebtedness of the company and its subsidiaries has been reduced by approximately $46.7 million, which is a first major step towards a sustainable capital structure for our company. In addition, we expect the company’s overall operating expenses to be reduced as a result of the sale of the BET ships. Furthermore, we reduce the average age of our fleet and concentrate our operating exposure in dry-bulk market segments that, in our view, enjoy somewhat better fundamentals with lower freight rate volatility.


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