Seanergy Maritime 2Q Revenue Nets $1.8 mln

Maritime Activity Reports, Inc.

September 24, 2015

Dry bulk shipper Seanergy Maritime Holdings Corp.  announced its financial results for the second quarter and six months ended June 30, 2015. For the three months ended June 30, 2015, the company generated net revenues of $1.8 million. Total equity as of June 30, 2015 was $9.4 million.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated, “In the second quarter of 2015, Seanergy restored its revenue-generation capacity through the acquisition of its first vessel, the M/V Leadership, in March 2015. The Time Charter Equivalent (“TCE”) rate earned by M/V Leadership during the second quarter of 2015 amounted to $9,788, which compares very favorably with the average rate of the 4 T/C routes of the Baltic Capesize Index for the same period of $4,601. Going forward, we expect our TCE rate to strengthen as the dry bulk market gradually recovers.

“As recently announced, we entered into a purchase agreement to acquire a fleet of seven modern dry bulk carriers for approximately $183 million. The fleet consists of five Capesize and two Supramax vessels with an average age of six years. Seanergy took delivery of the first of these seven bulkers, the 2010 built Capesize M/V Premiership, on September 11, 2015 and we expect the remaining vessels to be delivered by November 30, 2015.

“The vessels will be employed in the spot market and the Company will be expanding its revenuegeneration capacity upon delivery of each vessel. Following completion of the remaining deliveries, our fleet will reach eight quality vessels with a combined cargo-carrying capacity of approximately 1.1 million DWT. The low capital cost of our fleet, combined with the advantageous terms we have achieved with our lenders, positions Seanergy very favorably in the dry bulk peer group. In addition, we believe our fleet expansion is occurring at an optimal time as dry bulk market fundamentals are expected to gradually improve and Seanergy will be in a leading position to capitalize on this recovery. This acquisition is fully consistent with our business plan and Seanergy will continue to pursue acquisition opportunities that we believe can further enhance value for all our shareholders.”


Subsequent Developments:
Agreement to Acquire Seven Dry Bulk Carriers On August 25, 2015, Seanergy announced that it has entered into a purchase agreement with entities affiliated with certain of our major shareholders to acquire seven secondhand dry bulk vessels, consisting of five Capesize and two Supramax vessels, for a gross purchase price of approximately $183 million. Following the completion of the transaction the Company will have a fleet of eight dry bulk carriers, consisting of six Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1.1 million DWT and an average fleet age of about 7.1 years. The acquisition cost of the vessels will be funded by senior secured loans with international financial institutions and a private investment by the Company’s major shareholder, which we refer to as the Company’s Sponsor. The transaction is subject to standard closing conditions and definitive legal documentation and is expected to be completed by November 30, 2015. The transactions were approved by both an independent committee of the Company's Board of Directors and the Company's Board of Directors.

Agreement for New Loan Facilities

The Company has secured firm commitments for the financing of the seven vessels from four international financial institutions.
On September 1, 2015, the Company entered into an approximately $44.4 million bank loan facility to finance the acquisition of two of five Capesizes that the Company has it agreed to acquire. The loan facility is secured by a first priority mortgage over the two vessels.

On September 11, 2015, the Company entered into an approximately $52.7 million bank loan facility to partly finance the acquisition of the Capesize M/V Premiership and the two Supramaxes that it has agreed to acquire. The loan facility is secured by a first priority mortgage over the three vessels. On September 11, 2015, the Company drew the first advance of approximately $25.4 million in order to partly finance the acquisition of the M/V Premiership.

Share Purchase Agreement
On September 7, 2015, the Company entered into a share purchase agreement to raise additional equity capital with an entity affiliated with the Company’s Sponsor for an equity contribution of $9.0
million to be contributed in three tranches, all for general corporate purposes. On September 11,2015, the first tranche of approximately $3.5 million was contributed in exchange for the 19,449,900 common shares of the Company, which were issued on September 11, 2015. The purchaser of the newly issued shares has received customary registration rights. The transaction was approved by an independent committee of the Company’s Board of Directors.

Revolving Convertible Promissory Note

On September 7, 2015, the Company also issued an unsecured revolving convertible promissory note of up to $6.8 million (the “Applicable Limit”) to an entity affiliated with the Company’s Sponsor for general corporate purposes. The revolving convertible promissory note has a tenor of up to five years after the first drawdown and the Applicable Limit is reduced by $1 million each year after the second year following first drawdown. The note bears interest of 3 months Libor plus a margin. At the Sponsor’s option, the Company’s obligations under this note may be paid in common shares of Seanergy. On September 10, 2015, the Company proceeded with a drawdown of $1.7 million under
the note.

Delivery of the 2010-built Capesize vessel

On September 11, 2015, the Company took delivery of the 2010-built Capesize vessel that was renamed Premiership. M/V Premiership is the first of seven vessels that the Company has agreed to acquire. The gross acquisition cost of the M/V Premiership was financed by a senior secured bank loan and a private investment from the Company’s Sponsor.

Filing of F-3 with the Securities and Exchange Commission (the “SEC”)
The Company filed with the SEC a universal shelf registration statement on Form F-3 pursuant to Rule 415 under the Securities Act of 1933 for the registration of up to $200,000,000 in securities, which was declared effective on August 14, 2015.

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