Seanergy Maritime Holdings Corp. Announces
Issuance Of Earn Out Shares


December 2, 2009 – Athens, Greece – Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP; SHIP.W) announced today that it has issued 4,308,075 shares of the Company’s common stock to affiliates of the Restis family following the Company’s achievement of the earn-out provision contained in the acquisition agreement associated with the Company’s 2008 business combination. In accordance with the earn-out, the Company agreed to issue additional shares to the Restis family affiliates if it attained certain earnings thresholds. Such thresholds were achieved and as a result the shares were issued.

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp., the successor to Seanergy Maritime Corp., is a Marshall Islands corporation with its executive offices in Athens, Greece. The Company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers.

The Company's initial fleet is comprised of two Panamax, two Supramax and two Handysize dry bulk carriers which Seanergy purchased and took delivery of the ships in the third and fourth quarters of 2008 from companies associated with members of the Restis family. In August 2009, the Company acquired a controlling interest in Bulk Energy Transport (Holdings) Limited ("BET") which owns five drybulk carriers, four Capesize and one Panamax.

As a result, the Company's current controlled fleet includes 11 drybulk carriers (4 Capesize, 3 Panamax, 2 Supramax and 2 handysize vessels) with a total carrying capacity of 1,043, 296 dwt and an average age of 13 years.

The Company's common stock and warrants trade on the NASDAQ Global Market under the symbols SHIP and SHIP.W, respectively. Prior to October 15, 2008, the Company's common stock and warrants traded on the NYSE Amex LLC (formally known as AMEX) under the symbols SRG, SRG.W, respectively.

Seanergy Maritime Corp. press release