Capesize Bulk Ship Delivered to Seanergy

Maritime Activity Reports, Inc.

March 23, 2015

Seanergy Maritime Holdings Corp., a shipping company specializing in the ownership and operation of dry bulk vessels, announced the delivery of the 171,199 dwt Capesize dry bulk vessel M/V Leadership. The vessel was acquired from an unaffiliated third party and was built by Imabari-Koyo, Japan in 2001. 
The gross acquisition cost of the M/V Leadership was $17.3 million. The acquisition cost has been funded by a senior secured loan agreement with a reputable financial institution and by the previously announced funding arrangement with one of the company’s major shareholders. Stamatis Tsantanis, the company’s chairman and chief executive officer, stated, “We are very pleased to announce that the company took delivery of its first vessel following the successful completion of our financial restructuring. In addition we managed to secure a loan facility from a reputable financial institution to fund a significant part of the transaction despite the challenging banking environment in the dry bulk sector. The remaining part of this acquisition was funded by a funding arrangement with one of our major shareholders. 
“We believe that Seanergy is in a unique position to rebuild its fleet at the lowest part of the dry bulk market of the last 20 years. We are also exploring other investment opportunities that we expect to generate significant value to our shareholders.”
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