Seanergy Maritime Holdings Corp. Completes
Financial Restructuring Plan

Athens Greece - March 19, 2014

Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that it has closed on its previously announced delivery and settlement agreement with its remaining lender to unwind its final secured credit facility. The Company has sold its four remaining bulk carriers to a nominee of the lender in full satisfaction of the underlying loan.

In exchange for the sale, approximately $146 million of outstanding debt and accrued interest were discharged and the Company’s guarantee has been fully released. After giving effect to the transaction, the Company has no outstanding indebtedness.

The gain from this transaction is expected to be approximately $85 million, which will be reflected in the first quarter of 2014.

Stamatis Tsantanis, the Company’s Chairman and Chief Executive Officer, stated: “We are very pleased to have close d on our agreement with our final lender. Through the successful completion of our financial restructuring plan, the Company has managed to extinguish $346 million of debt since 2012. We are now in a position to evaluate a number of strategic opportunities for the Company. Having achieved this important milestone, we are now focused on pursuing growth through accretive transactions.”

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. Currently, the Company does not own any operating vessels. The Company intends to review the market in order to identify potential vessel acquisitions on accretive terms.

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

Seanergy Maritime Corp. press release