Seanergy Maritime Holdings Corp. Receives Waivers
on Citibank Loan Facility

February 8, 2012 - Athens, Greece

Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today the finalization agreement on certain covenant waivers of the loan facility by and among Bulk Energy Transport (Holdings) Limited, the Company’s subsidiary, and Citibank International plc, as agent of the lenders. As previously announced, the lenders have agreed to waive all covenants of the loan facility until January 1, 2013 and grant waivers on all previous covenant breaches. The waiver excludes the security requirement to security value covenant which is to be amended from 125% to 100% and be tested quarterly. Furthermore, the applicable margin has been increased by 50 basis points per annum.

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 1,295,594 dwt and an average fleet age of 14 years.

The Company's common stock trades on the NASDAQ Global Market under the symbol “SHIP”.

Seanergy Maritime Corp. press release