Seanergy Maritime Holdings Corp. Announces the Reorganization of its Hong Kong Operation with Expected Annual Savings of US$2 Million

May 23, 2011 - Athens Greece – Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP; SHIP.W) announced today that the Company has reorganized its Hong Kong based subsidiary Maritime Capital Shipping Limited (“MCS”) to take full advantage of the synergies that exist between the parent company and the subsidiary. The MCS office is relocated to 22/F Golden Centre, 188 Des Voeux, Central, Hong Kong, from its previous location at 5 Queen’s Road, Central, Hong Kong. The effect of the reorganization measures will optimize the Company’s operation and will result in an annualized saving in G&A expenses of US$2,000,000. The Company is maintaining its presence in Hong Kong as it does offer advantages to pursue further growth in the Far East, a region of critical significance for dry bulk shipping.

About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings 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 current fleet consists of 20 drybulk carriers (four Capesize, three Panamax, two Supramax, one Handymax and ten Handysize vessels) with a total carrying capacity of approximately 1,293,693 dwt and an average fleet age of 13.5 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