Seanergy Completes Acquisition of Bulk Energy Transport

Tuesday, October 26, 2010

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced 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.”
 

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