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Maritime Capital Shipping Limited News

12 Jun 2013

Seanergy Reports First Profitable Quarter Since 2011

Seanergy Maritime Holdings Corp. announced its financial results for the first quarter ended March 31, 2013. -Net Revenues of $5.6 million. -EBITDA of $3.8 million. -Net Income of $1.1 million. -Debt reduction of $31.8 million, or approximately 15% of the company’s outstanding indebtedness. “I am pleased to announce our first profitable financial quarter since 2011, despite the challenging dry bulk market conditions. Our net income was $1.1 million compared to a net loss of $6.4 million for the same period last year. During the first quarter of 2013 charter rates continued to deteriorate and our average daily Time Charter Equivalent (“TCE”) rate decreased to $6,004 per vessel as compared to $9,546 in the first quarter of 2012.

24 May 2011

Seanergy Maritime Announces Hong Kong Operation

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced today that the Company has reorganized its Hong Kong based subsidiary Maritime Capital Shipping Limited (“MCS”) to take full advantage of the synergies that exist between the parent company and the subsidiary. The MCS office is relocated to 22/F Golden Centre, 188 Des Voeux, Central, Hong Kong, from its previous location at 5 Queen’s Road, Central, Hong Kong. The effect of the reorganization measures will optimize the Company’s operation and will result in an annualized saving in G&A expenses of US$2,000,000.

18 Nov 2010

Seanergy Maritime Q3 & Nine Month Report

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.

26 Oct 2010

Seanergy Completes Acquisition of Bulk Energy Transport

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.

29 Sep 2010

Seanergy Maritime, Three New Time Charters

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.

30 Aug 2010

Seanergy to Acquire Remaining Stakes in BET, MCS

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.

11 Aug 2010

Seanergy Q2 & Six Month Report

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.

03 Jun 2010

Seanergy Controlling Interest in Maritime Capital Shipping

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.

03 Jul 2008

Maritime Capital Shipping Withdraws Proposed IPO

Maritime Capital Shipping Limited has withdrawn its lodgment of its preliminary prospectus with the Monetary Authority of Singapore in connection with its proposed initial public offering and listing on the Main Board of the Singapore Exchange Securities Trading Limited. The company has just completed its international roadshow with institutional investors but has decided not to proceed with the launch of its proposed initial public offering citing the significant deterioration in sentiment in the world’s equity markets over the past few days.  As a result, the Company does not believe that a stable market for its shares would be established in secondary market trading while such negative market sentiment prevails.

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