Seanergy to Acquire Bulk Energy Transport

Thursday, July 16, 2009

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIPW) announced that it has entered into an agreement with Constellation Bulk Energy Holdings, Inc. to acquire Seller's 50% ownership interest in Bulk Energy Transport (Holdings) Limited for a nominal cash consideration. The remaining 50% of BET is owned and will remain under the ownership of affiliates of the Restis family.

BET is a provider of worldwide ocean transportation services through the ownership of a fleet of five dry bulk carrier vessels. Its current fleet is comprised of four Capesize and one Panamax dry bulk carriers with a cargo-carrying capacity of 726,620 dwt and an average fleet age of approximately 16 years.

As a result of the acquisition, the size of the company's fleet will increase to 11 dry bulk vessels with a carry capacity of approximately 1,043,296 dwt and an average fleet age of 13 years comprising of four Capesize, three Panamax, two Supramax and two Handysize dry bulk carriers.

The acquisition is subject to lenders’ approval and is expected to close by July 31, 2009.

Dale Ploughman, the company’s Chief Executive Officer, stated “This acquisition, should the subjects be lifted, is accretive to Seanergy and further consolidates Seanergy’s position in the dry bulk sector. With the control of the BET vessels and particularly the four Capesizes, Seanergy will have tonnage that covers the majority of the dry bulk market sectors. It also achieves one of the goals that Seanergy set on its self to expand the fleet within the first year of operations. The deal enhances shareholder value and places Seanergy well on the way to being a strong participant in the dry bulk sector.”


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