Seanergy Maritime, Three New Time Charters

Wednesday, September 29, 2010

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced that the MVs African Joy, African Glory and Asian Grace, owned though the company’s wholly owned subsidiary Maritime Capital Shipping Limited (MCS), have entered into new charter agreements with first class charterers.

The MV African Joy, a 1996 built and 26,482 dwt handysize dry bulk carrier, entered into a time charter agreement for a period of eleven to thirteen months with a first class charterer at a gross charter rate of $14,000 per day. The charterer has the option to extend the charter for another eleven to thirteen months at the same rate. The vessel is expected to commence her charter by the end of October 2010.

The MV African Glory, a 1998 built and 23,515 dwt handysize dry bulk carrier, entered into a two year time charter agreement with a profit sharing arrangement to a first class charterer. The vessel is chartered at a base rate of $7,000 per day and a ceiling of $12,000 per day, with a profit sharing arrangement of 75% for owners and 25% for charterers to apply to any amount between the base and the ceiling and for any amount in excess of the ceiling the profit sharing arrangement will be 50% for owners and 50% for charterers. The calculation of the rate will be based on the average spot Time Charter Routes derived from the Baltic Supramax Index (BSI), as adjusted. The vessel is expected to commence her new charter on or about November 11, 2010.

The MV Asian Grace, a 1999 built and 20,427 dwt handysize dry bulk carrier, entered into a two year time charter agreement with a profit sharing arrangement to a first class charterer. The vessel is chartered at a base rate of $7,000 per day and a ceiling of $11,000 per day, with a profit sharing arrangement of 75% for owners and 25% for charterers to apply to any amount between the base and the ceiling and for any amount in excess of the ceiling the profit sharing arrangement will be 50% for owners and 50% for charterers. The calculation of the rate will be based on the average spot Time Charter Routes derived from the Baltic Supramax Index (BSI), as adjusted. The vessel is expected to commence her new charter on or about mid October 2010.

Following these charter arrangements, the company has secured 98% of its operating days for 2010, 78% for 2011, 38% for 2012 and 19% for 2013 under period employment.

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