Seanergy Maritime Holdings Corp. Receives Waiver on Loan Covenant and Temporarily Suspends Dividend Payment
February 06 2009 - 8:40AM
Marketwired
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
(NASDAQ: SHIPW) announced today that it has received a waiver on
its market-value-to loan covenant. As part of the waiver, the Bank
has put a temporary restriction on the Company's payment of
dividends.
Dale Ploughman, the Company's Chief Executive Officer, stated:
"The waiver we received from Marfin Bank, our main bankers, is a
positive development for our company and we believe is indicative
of the excellent relationship we have with our lenders.
"With all six of our vessels fixed under time charters for one
year up to September 2009 at an average daily rate of about $52,700
generating revenues of approximately $110 million, we believe that
we are already in a strong position. However, current market
conditions dictate an increased level of prudence and vigilance to
safeguard and then to increase shareholder value for the long
term.
"In this context, the temporary suspension of our dividend we
believe will reinforce our company's liquidity and financial
strength. We also believe it will enable us not only to weather the
current challenging conditions in the shipping and financial
markets but also position us to take full advantage of accretive
expansion opportunities as these may occur."
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp., the successor to Seanergy
Maritime Corp., is a Marshall Islands corporation with its
executive offices in Athens, Greece. The Company is engaged in the
transportation of dry bulk cargoes through the ownership and
operation of dry bulk carriers. The Company purchased and took
delivery of six dry bulk carriers in the third and fourth quarters
of 2008 from companies associated with members of the Restis
family. Its current fleet is comprised of two Panamax, two Supramax
and two Handysize dry bulk carriers with a combined cargo-carrying
capacity of 317,743 dwt and an average fleet age of approximately
11 years.
The Company's common stock and warrants trade on the NASDAQ
Global Market under the symbols SHIP and SHIP.W, respectively.
Prior to October 15, 2008, the Company's common stock and warrants
traded on the NYSE Alternext US LLC (formally known as AMEX) under
the symbols SRG, SRG.W, respectively.
For further information please visit our website at
www.seanergymaritime.com
Forward-Looking Statements
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and the Company's growth strategy and
measures to implement such strategy. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the scope and timing of
SEC and other regulatory agency review, competitive factors in the
market in which the Company operates; risks associated with
operations outside the United States; and other factors listed from
time to time in the Company's filings with the Securities and
Exchange Commission. The Company's filings can be obtained free of
charge on the SEC's website at www.sec.gov. The Company expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company's expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based.
For further information please contact: Seanergy Maritime
Holdings Corp. Dale Ploughman Chief Executive Officer Tel: +30 210
9638461 E-mail: ir@seanergymaritime.com Investor Relations / Media
Capital Link, Inc. Paul Lampoutis 230 Park Avenue Suite 1536 New
York, NY 10169 Tel. (212) 661-7566 E-mail:
seanergy@capitallink.com
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