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Seanergy Maritime Holdings Corp. to Acquire Two Additional Capesize Vessels

Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that it has entered into agreements with unaffiliated third parties to purchase two Capesize vessels. Following their delivery, the size of the Company’s fleet will increase to 14 Capesize vessels with an aggregate cargo capacity of approximately 2.5 million dwt.

The first vessel was built in 2013 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 176,000 deadweight tons (“dwt”) and shall be renamed M/V Flagship. The vessel is expected to be delivered to the Company by the end of April 2021, subject to the satisfaction of certain customary closing conditions. The second vessel was built in 2010 at a reputable shipyard in Japan, has a cargo-carrying capacity of approximately 182,000 dwt and shall be renamed M/V Patriotship.
The vessel is expected to be delivered to the Company by the end of May 2021, subject to the satisfaction of certain customary closing conditions. The special survey and ballast water treatment system installation for both vessels were completed recently by the current owners and therefore the Company does not anticipate incurring significant capital expenditure for these vessels at least for the next two years. Moreover, M/V Patriotship is fitted with an exhaust gas cleaning system (scrubber).
The aggregate purchase price for the two vessels is approximately $55 million and is expected to be funded with cash on hand. The Company is also in discussions with leading financial institutions to finance part of the acquisition cost at competitive financing terms.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “We are very pleased to announce the acquisition of two high-quality Capesize vessels built at reputable shipyards in Japan. The M/Vs Flagship and Patriotship, both delivering promptly and in a rapidly increasing market environment, represent great added value for Seanergy, the only U.S. listed pure-play Capesize company. Following the delivery of these two vessels and a third acquisition announced last month, our fleet’s cargo carrying capacity will increase by 28% as compared to the beginning of the year.
The average of the Baltic Capesize Index for the current quarter stands at substantially higher levels than for the same period in recent years, while the Capesize forward freight contracts (“FFA”) for the second half of 2021 are trading at $23,000 per day.
Based on current FFA rates, the incremental net revenue from all three acquisitions announced so far this year may exceed $15 million for the remainder of the year, assuming the expected deliveries for the vessels.
Seanergy is ideally positioned to capture the substantial improvement of the market as all the vessels of our fleet will be deployed in the spot market or on index-linked time charters. Since the beginning of 2021 we have concluded or have agreed to significant accretive transactions and we will continue to actively pursue similar deals, aiming to create substantial shareholder value in the coming years.”

Company Fleet upon Vessels’ delivery:
Vessel Name Vessel Class Capacity (DWT) Year Built Yard Employment
Partnership Capesize 179,213 2012 Hyundai T/C Index Linked
Championship Capesize 179,238 2011 Sungdong T/C Index Linked
Lordship Capesize 178,838 2010 Hyundai T/C Index Linked
Premiership Capesize 170,024 2010 Sungdong T/C Index Linked
Squireship Capesize 170,018 2010 Sungdong T/C Index Linked
Knightship Capesize 178,978 2010 Hyundai T/C Index Linked
Gloriuship Capesize 171,314 2004 Hyundai T/C Index Linked
Fellowship Capesize 179,701 2010 Daewoo T/C Index Linked
Geniuship Capesize 170,058 2010 Sungdong T/C Index Linked
Goodship Capesize 177,536 2005 Mitsui Engineering Voyage/Spot
Leadership Capesize 171,199 2001 Koyo – Imabari Voyage/Spot
Tradership Capesize 176,925 2006 Japanese Shipyard N/A
Flagship Capesize 176,387 2013 Japanese Shipyard N/A
Patriotship Capesize 181,709 2010 Japanese Shipyard N/A
Total 2,461,138 14
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of the new vessels, the Company's operating fleet will consist of 14 Capesize vessels with an average age of 12 years and aggregate cargo carrying capacity of approximately 2,461,138 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP", its Class A warrants under "SHIPW" and its Class B warrants under “SHIPZ”