Dale Ploughman News

Seanergy Maritime Holdings Corp. has announced the results of the annual meeting of its shareholders held yesterday at the company's executive offices. 2) The appointment of PricewaterhouseCoopers S.A. 3) The amendment of the company's Amended and Restated Articles of Incorporation to increase the aggregate number of shares of capital stock that the Company is authorized to issue to 525,000,000, consisting of 25,000,000 registered preferred shares, par value $0.0001 per share and 500,000,000 registered shares of common stock, par value $0.0001 per share.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP; SHIP.W) announced today that it has entered into agreements with MUR Shipping BV to extend the time charter contracts for the Company’s Handysize vessel M/V African Oryx and its Handymax vessel M/V African Zebra, in direct continuation from the end of the minimum period of the previous charter parties of the two vessels. The charters have been extended for a period of 22 to 25 months, at gross base charter rates of $7,000 and $7,500 per day for the M/V African Oryx and the M/V African Zebra, respectively.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced today its operating results for the first quarter ended March 31, 2011. “Against challenging conditions, with the BDI down 50% from Q1 2010, Seanergy’s strategy of securing long term agreements with reputable charterers, as well as the fact that we have been operating a larger fleet this year, effectively insulated our revenues from the worsening market environment seen during the first quarter of the year. In accordance with our strategy…

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced its operating results for the third quarter and nine months ended September 30, 2010. Dale Ploughman, the company’s Chief Executive Officer, stated: “The third quarter of 2010 was another important quarter in our development as we completed successfully the acquisition of the remaining 49% ownership interest in Maritime Capital Shipping Limited (“MCS”). In addition, on October 22, 2010 we completed the acquisition of the remaining 50% ownership interest in Bulk Energy Transport (Holdings) Limited (“BET”) and, as a result, we now own 100% of MCS and BET and their fleets.

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.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (NASDAQ: SHIPW) announced that it has entered into letters of intent for the acquisition of the remaining ownership percentages in each of Bulk Energy Transport (Holdings) Limited (BET) and Maritime Capital Shipping Limited (MCS). The company acquired a 50% interest in BET in August 2009 and a 51% interest in MCS in May 2010. Pursuant to the letter of intent with Mineral Transport Holdings Inc. (the BET Seller), the company has agreed to acquire the remaining 50% interest in BET owned by the BET Seller for a purchase price of $33,000,000, which will be paid by the company to the BET Seller in the form of cash in the amount of $7,000,000 and shares of the company's common stock totaling to $26,000,000 at an agreed price of $1.05 per share.

Seanergy Maritime Holdings Corp. announced that the MV Bet Fighter, a 1992 built, 173,149 dwt Capesize vessel, was boarded by pirates off Singapore, on August 17, while en route to China. Currently the vessel is continuing with her voyage with no disruption. During this incident the pirates did not seize the vessel or any of its crew members and left of their own accord. Dale Ploughman, the company’s Chairman and Chief Executive Officer, stated: “We are pleased that the crew members are safe and that there was no damage to the vessel. Unfortunately piracy is a real concern in some parts of the world and we are fortunate to escape without incident to the MV BET Fighter.”

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (NASDAQ: SHIPW) announced its operating results for the second quarter and six months ended June 30, 2010. Dale Ploughman, the company's Chief Executive Officer, stated: "The second quarter of 2010 was another milestone in the development of our company. Without, in our opinion, sacrificing the strength of our balance sheet, we concluded another transformational transaction with the acquisition of a controlling interest in Maritime Capital Shipping Limited ('MCS'). We expanded our controlled fleet to a total of 20 dry bulk vessels and decreased its average age from 14.5 years to 12.8 years. In addition, we enhanced our fleet's operational versatility, as we increased our presence in all dry bulk vessel classes.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced its operating results for the first quarter ended March 31, 2010. Dale Ploughman, the company's Chief Executive Officer, stated: "Our first quarter 2010 revenues were in line with our expectations driven by our secured cash flow from fleet operations and the high utilization rate of our vessels. It is an important achievement that in a tough shipping environment we continue to be profitable. We attribute this success to our customer base, which we view as very strong and established, and our operators, which we feel are highly efficient. In the first quarter 2010 we were able to reduce our daily total vessel operating expenses by 10% over the same period last year.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced that the company has completed the final documentation, after entering into a Share and Purchase Agreement with Maritime Capital Shipping (Holdings) Limited, a company incorporated in the British Virgin Islands, for the acquisition of a 51% ownership interest in Maritime Capital Shipping Limited, a company incorporated in Bermuda (MCS), for a purchase price of $33m. The purchase price was paid to the seller from the proceeds of the company's recent equity offering completed in February 2010 and from the company's cash reserves. The seller, which is controlled by the Restis family, one of the Company's major shareholders, has retained a 49% ownership interest in MCS.

Seanergy Maritime Holdings Corp. announced its operating results for the fourth quarter and the year ended December 31, 2009. Dale Ploughman, the Company's Chief Executive Officer, stated: "Despite the difficult market conditions we are pleased to report strong results for 2009. These results reflect our strong cash flow, the high fleet utilization and our operational efficiency. "2009 has been a transformational year for Seanergy. We managed to double our controlled fleet from 6 to 11 vessels with the acquisition of BET and we reinforced our capital structure with the conversion of the $28.5 million promissory note, issued in our business combination, into common stock.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (NASDAQ: SHIPW) announced that, due to market conditions, the company's Board of Directors has determined to terminate the memorandum of agreement for the intended acquisition of a 2009 Capesize vessel as described in the Company's prospectus dated January 28, 2010. "The decision of the Board safeguards the long-term interests of our shareholders," explained Dale Ploughman, Chief Executive Officer of the Company. "Our initial intention, as expressed in the prospectus, was to use the net proceeds of our recent offering for this purchase. The purchase price we agreed to pay for this vessel reflected the above-market charterhire that we expected to receive from the charter currently in place.

Seanergy Maritime Holdings Corp. announced its operating results for the third quarter and nine month period ended September 30, 2009. -- EBITDA of $23.1 million for the three months ended September 30, 2009. -- Following the acquisition of BET in August 2009, the company operates a fleet of 11 vessels with a total capacity of 1,043,296 dwt. --  Net Revenues of $70.7 million. --  EBITDA of $60.7 million for the nine months ended September 30, 2009. --  Net Income of $33.3 million, or $1.44 per basic share and $1.13 per diluted share, based on weighted average common shares outstanding of 23,109,073 basic, and 29,420,518 diluted. --  Fleet utilization of 87.4%.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (NASDAQ: SHIPW) announced that it has closed on its previously announced agreement to purchase a 50% ownership interest in Bulk Energy Transport (Holdings) Limited (BET) from Constellation Bulk Energy Holdings, Inc. BET's other equity owner is Mineral Transport Holdings, Inc., which is an affiliate of members of the Restis family, one of the Company's major shareholders. The purchase price for the shares was $1. BET owns five drybulk carriers, four Capesizes and one Panamax. As result of this acquisition, the Company's controlled fleet increases to a total of 11 vessels with a carrying capacity of approximately 1,043,296 dwt and an average age of about 13 years.

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.