Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
(NASDAQ: SHIPW) announced today 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. ("Mineral Transport"), which is
an affiliate of members of the Restis family, one of the Company's
major shareholders. The purchase price for the shares was $1.00.
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.
Concurrently with the closing of the acquisition, BET has
entered into a technical management agreement with Enterprises
Shipping and Trading, S.A. ("EST") and a commercial brokerage
agreement with Safbulk Maritime S.A. ("Safbulk") at terms similar
to those that the Company's existing fleet has with these entities.
Each of EST and Safbulk are affiliated with members of the Restis
family and are the technical manager and commercial broker of the
Company's current fleet.
The Company has also entered into a shareholders' agreement with
Mineral Transport, pursuant to which the Company will control BET's
Board of Directors and appoint BET's Managing Director. The
shareholders agreement also addresses customary matters such as
transfer of shares and shareholder reserved matters.
Dale Ploughman, the Company's Chief Executive Officer, stated:
"This acquisition is the first step in our objective of
transforming Seanergy into a leader in the global shipping
industry. We are pleased to have closed it in just one month since
we announced it. With the BET acquisition we expand the range of
vessels offered to our clients and increase our revenue and profit
generation capability. The acquisition is an important step as it
enhances our shareholders' value and still gives us the ability to
focus on fleet growth opportunities during a time of relatively
soft asset values in the dry bulk sector. The Proforma Net Book
Value of BET is approximately USD 22.8 million and going forward
BET is expected to add to Seanergy approximately USD 32 million of
EBITDA up to December 2010 (Please refer to a subsequent section of
the press release for a reconciliation of EBITDA and net income).
By consolidating all of our vessels under one umbrella with
technical and commercial management agreements with EST and Safbulk
respectively, we expect to generate synergies and economies of
scale further optimizing our fleet operations."
The following table provides information with respect to the
Company's expanded controlled fleet including the BET vessels.
Time
Charter
Vessel Name Vessel Capacity Year Expiry
BET VESSELS Class (DWT) Built TC Rate ($) (latest)
----------- ----------- ------- ----------- -----------
BET Commander Capesize 149,507 1991 24,000 (*) Dec. 2011
----------- ----------- ------- ----------- -----------
M/V BET Fighter Capesize 173,149 1992 25,000 Sep. 2011
----------- ----------- ------- ----------- -----------
M/V BET Prince Capesize 163,554 1995 25,000 (*) Jan. 2012
----------- ----------- ------- ----------- -----------
M/V BET Scouter Capesize 171,175 1995 26,000 (**) Oct. 2011
----------- ----------- ------- ----------- -----------
M/V BET Intruder Panamax 69,235 1993 15,500 Sep. 2011
----------- ----------- ------- ----------- -----------
16
Total 726,620 years
----------- ----------- ------- ----------- -----------
Time
Charter
Vessel Name Vessel Capacity Year Expiry
SEANERGY VESSELS Class (DWT) Built TC Rate ($) (latest)
----------- ----------- ------- ----------- -----------
M/V Bremen Max Panamax 73,503 1993 15,500 Aug. 2010
----------- ----------- ------- ----------- -----------
M/V Hamburg Max Panamax 72,338 1994 15,500 Aug. 2010
----------- ----------- ------- ----------- -----------
M/V Davakis G. Supramax 54,051 2008 60,000 Sept. 2009
----------- ----------- ------- ----------- -----------
M/V Delos Ranger Supramax 54,051 2008 60,000 Sept. 2009
----------- ----------- ------- ----------- -----------
M/V African Zebra Handysize 38,623 1985 7,500 (***) Aug. 2011
----------- ----------- ------- ----------- -----------
M/V African Oryx Handysize 24,110 1997 7,000 (***) Aug. 2011
----------- ----------- ------- ----------- -----------
11
Total 316,676 years
----------- ----------- ------- ----------- -----------
----------- ----------- ------- ----------- -----------
13
Grand Total 1,043,296 years
----------- ----------- ------- ----------- -----------
(*) The Company currently operates BET Commander and BET Prince
under time charters at rates of $22,000 and $19,000 per day
respectively. These time charters will expire on October 24, 2009
and November 24, 2009 respectively.
(**) The BET Scouter charter will commence on August 18,
2009.
(***) Represents gross floor charter rates excluding a 50%
adjusted profit share to be distributed equally between owners and
charterers calculated on the average spot Time Charter Routes
quoted on the Baltic Supramax Index for a period of twenty two (22)
to twenty five (25) months.
BET Energy Transport (Holdings) Limited
Reconciliation of Proforma Projected Net Income to
Proforma Projected EBITDA
(all amounts expressed in million U.S. Dollars rounded)
August 12, 2009 to December 31, 2010
Proforma Projected Net income 4.7
Proforma Projected Interest and
finance costs, net (including
interest income) 6
Proforma Projected Depreciation &
amortization 21.3
Proforma Projected EBITDA 32
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's initial fleet is comprised of two Panamax, two
Supramax and two Handysize dry bulk carriers which Seanergy
purchased and took delivery of the ships in the third and fourth
quarters of 2008 from companies associated with members of the
Restis family. In August 2009, the Company acquired a controlling
interest in Bulk Energy Transport (Holdings) Limited ("BET") which
owns five drybulk carriers, four Capesize and one Panamax.
As a result, the Company's current controlled fleet includes 11
drybulk carriers (4 Capesize, 3 Panamax, 2 Supramax and 2 Handysize
vessels) with a total carrying capacity of 1,043,296 dwt and an
average age of 13 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 Amex LLC (formerly 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 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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