Seanergy Maritime Holdings Corp. Completes its Acquisition of the Remaining Interest in Bulk Energy Transport (Holdings) Limited

October 25, 2010 – Athens, Greece – Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP; SHIP.W) announced today that the Company has completed the previously announced acquisition of the remaining 50% ownership interest in Bulk Energy Transport (Holdings) Limited ("BET"). The Company had acquired a 50% controlling interest in BET in August 2009.

As a result of this acquisition, Seanergy now owns 100% of BET, and has increased the size of its wholly owned fleet from fifteen to 20 vessels. Currently, the Company’s wholly owned fleet comprises four Capesize, three Panamax, two Supramax, one Handymax and ten Handysize dry bulk carriers with aggregate cargo-carrying capacity of approximately 1.3 million dwt and an average fleet age of approximately 12.8 years.

Dale Ploughman, the Company’s Chairman and Chief Executive Officer, stated: “Following the acquisition of Maritime Capital Shipping Limited in September, we are now very pleased to announce the completion of the BET transaction on schedule. As planned, we have now completed our expansion to 20 wholly owned vessels. This is a transformational transaction for Seanergy as we have significantly grown our wholly owned fleet and, thereby, our revenue generating capability. We remain committed to our goal to strengthen our position in the global shipping industry by building Seanergy into a leading player.”

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 comprised two Panamax, two Supramax, one Handymax and one Handysize dry bulk carriers that Seanergy purchased and took delivery of 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 four Capesize and one Panamax dry bulk carriers. In May 2010, the Company acquired a controlling interest in Maritime Capital Shipping Limited ("MCS"), which owns nine Handysize dry bulk carriers. In September 2010, the Company completed the acquisition of the remaining 49% in MCS and in October 2010 it completed the acquisition of the remaining 50% in BET.

Following the MCS and BET acquisitions, the Company owns a fleet of 20 drybulk carriers (four Capesize, three Panamax, two Supramax and one Handymax and ten Handysize vessels) with a total carrying capacity of approximately 1,292,544 dwt and an average fleet age of 12.8 years. The Company's common stock and warrants trade on the NASDAQ Global Market under the symbols "SHIP" and "SHIP.W", respectively.

Seanergy Maritime Corp. press release