Seanergy Maritime Sells Subsidiary BET

Press Release
Sunday, January 06, 2013

Seanergy Maritime Holdings Corp. has completed the sale of its 100% ownership interest in Bulk Energy Transport (Holdings) Limited (BET).

The Buyer, I.M.I. Holdings Corp., is an affiliate of members of the Restis family, the Company’s major shareholders.

Following the sale of BET, the Company owns a fleet of 12 dry bulk carriers (two Panamax, two Supramax, and eight Handysize vessels) with a total carrying capacity of approximately 468,500 dwt and an average fleet age of 13.9 years.

Stamatis Tsantanis, the Company’s Chief Executive Officer, stated: “The completion of the sale of BET marks an important milestone in the Company’s restructuring process. Specifically, following the sale of BET the overall indebtedness of the Company and its subsidiaries has been reduced by approximately $46.7 million, which is a first major step towards a sustainable capital structure for our Company. In addition, we expect the Company’s overall operating expenses to be reduced as a result of the sale of the BET ships. Furthermore, we reduce the average age of our fleet and concentrate our operating exposure in dry-bulk market segments that, in our view, enjoy somewhat better fundamentals with lower freight rate volatility.“

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.
 

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