SEANERGY MARITIME HOLDINGS CORP. ANNOUNCES STRATEGIC ACQUISITION –
ENTERS INTO AGREEMENT TO ACQUIRE BULK ENERGY TRANSPORT (HOLDINGS)
LIMITED
July 15 2009 – Athens, Greece – Seanergy Maritime Holdings Corp. (the “Company”)
(NASDAQ: SHIP; SHIPW) announced today that it has entered into an agreement with
Constellation Bulk Energy Holdings, Inc. ("Seller") to acquire Seller's 50% ownership interest in
Bulk Energy Transport (Holdings) Limited ("BET") for a nominal cash consideration. The
remaining 50% of BET is owned and will remain under the ownership of affiliates of the Restis
family.
BET is a provider of worldwide ocean transportation services through the ownership of a fleet of
five dry bulk carrier vessels. Its current fleet is comprised of four Capesize and one Panamax
dry bulk carriers with a cargo-carrying capacity of 726,620 dwt and an average fleet age of
approximately 16 years.
The acquisition is subject to lenders’ approval and is expected to close by July 31, 2009. Dale Ploughman, the Company’s Chief Executive Officer, stated: “This acquisition, should the subjects be lifted, is accretive to Seanergy and further consolidates Seanergy’s position in the dry bulk sector. With the control of the BET vessels and particularly the four Capesizes, Seanergy will have tonnage that covers the majority of the dry bulk market sectors. It also achieves one of the goals that Seanergy set on its self to expand the fleet within the first year of operations. The deal enhances shareholder value and places Seanergy well on the way to being a strong participant in the dry bulk sector.”
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 purchased and took delivery of six dry bulk carriers in the third and fourth quarters of 2008 from companies associated with members of the Restis family. Its current fleet is comprised of two Panamax, two Supramax and two Handysize dry bulk carriers with a combined cargo-carrying capacity of 316,676 dwt and an average fleet age of approximately 11 years.
The Company’s common stock and warrants trade on the NASDAQ Global Market under the symbols SHIP and SHIPW, respectively. Prior to October 15, 2008, the Company’s common stock and warrants traded on the NYSE Alternext US LLC (formally known as AMEX) under the symbols SRG, SRG.W, respectively.
Seanergy Maritime Corp. press release