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Seanergy Maritime Holdings Corp. Announces Successful Delivery of the Capesize Vessel M/V Goodship

ATHENS. Greece, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced that it has taken delivery of a 177,536 dwt Capesize dry bulk vessel, renamed to M/V Goodship and built in 2005 by Mitsui Engineering & Shipbuilding Co. Ltd. in Japan. The Company funded the gross purchase price of $11.4 million with cash on hand as sourced through its recent capital markets activities.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“We are pleased with the successful delivery of our eleventh cape vessel. This acquisition was agreed at what we believe to be a historically low purchase price, while the delivery is well timed as it is completed during a strong Capesize market with spot rates at approximately $20,000 per day.

Seanergy is the only shipping company publicly listed in the US with a pure-play Capesize fleet. We strongly believe that our segment represents the best fundamentals in the dry bulk industry. We will continue to actively pursue accretive transactions that will further increase value for our shareholders.”

Company Fleet following vessel’s delivery:

Vessel Name

Vessel Class

Capacity (DWT)

Year Built

Yard

Employment

Partnership

Capesize

179,213

2012

Hyundai

T/C Index Linked (1)

Championship

Capesize

179,238

2011

Sungdong

T/C Index Linked (2)

Lordship

Capesize

178,838

2010

Hyundai

T/C Index Linked (3)

Premiership

Capesize

170,024

2010

Sungdong

T/C Index Linked (4)

Squireship

Capesize

170,018

2010

Sungdong

T/C Index Linked (5)

Knightship

Capesize

178,978

2010

Hyundai

T/C Index Linked (6)

Gloriuship

Capesize

171,314

2004

Hyundai

T/C Index Linked (7)

Fellowship

Capesize

179,701

2010

Daewoo

Voyage Charter

Geniuship

Capesize

170,058

2010

Sungdong

Voyage Charter

Goodship

Capesize

177,536

2005

Mitsui Engineering

Voyage Charter

Leadership

Capesize

171,199

2001

Koyo – Imabari

Voyage Charter

Total

1,926,117

11.5


(1)

This vessel is chartered by a major European utility and energy company and was delivered to the charterer on September 11, 2019, for a period of minimum 33 to maximum 37 months with an optional period of 11-13 months. The net daily charter hire is calculated at an index linked rate based on the 5 T/C routes rate of the BCI. In addition, the time charter provides the option for any period of time during the hire to be converted into a fixed rate time charter, between 3 and 12 months, with a rate corresponding to the prevailing value of the respective Capesize Forward Freight Agreement rate (“FFA”) for the selected period.

(2)

This vessel is chartered by Cargill. The vessel was delivered to the charterer on November 7, 2018 for a period of employment of 60 months, with an additional period of 24 to 27 months at the charterer’s option. The net daily charter hire is calculated at an index linked rate based on the 5 T/C routes of the BCI plus a gross daily scrubber premium of $1,740. In addition, the time charter provides the option to convert the index linked rate to a fixed rate for a period of between 3 and 12 months priced at the then prevailing Capesize FFA for the selected period.

(3)

This vessel is chartered by a major European utility and energy company and was delivered to the charterer on August 4, 2019, for a period of minimum 33 to maximum 37 months with an optional period of 11-13 months. The net daily charter hire is calculated at an index linked rate based on the 5 T/C routes rate of the BCI plus a net daily scrubber premium of $3,735 until May 2021. In addition, the time charter provides the option for any period of time during the hire to be converted into a fixed rate time charter, between 3 and 12 months, with a rate corresponding to the prevailing value of the respective Capesize FFA for the selected period.

(4)

This vessel is chartered by Glencore and was delivered to the charterer on November 29, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of 11-13 months. The net daily charter hire is calculated at an index linked rate based on the 5 T/C routes rate of the BCI plus a net daily scrubber premium of $2,055.

(5)

This vessel is chartered by Glencore and was delivered to the charterer on December 19, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of 11-13 months. The net daily charter hire is calculated at an index linked rate based on the 5 T/C routes rate of the BCI plus a gross daily scrubber premium of $2,055.

(6)

This vessel is chartered by Glencore and was delivered to the charterer in May 2020 for a period of about 36 to about 42 months with two optional periods of 11-13 months. The net daily charter hire is calculated at an index linked rate based on the 5 T/C routes rate of the BCI.

(7)

This vessel is chartered by a dry bulk charter operator and was delivered to the charterer on April 23, 2020 for a period of minimum 10 to maximum 14 months. The net daily charter hire is calculated at an index linked rate based on the five T/C routes of the BCI. In addition, the time charter provides the option to convert the index linked rate to a fixed rate for a period of between 3 and 12 months priced at the then prevailing Capesize FFA for the selected period.

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a fleet of 11 Capesize vessels with an average age of about 11.5 years and aggregate cargo carrying capacity of approximately 1,926,117 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Athens, Greece and an office in Hong Kong. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP", its Class A warrants under "SHIPW" and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the SEC, including the Registration Statement and its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Capital Link, Inc.
Judit Csepregi
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com


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