Seanergy Maritime Holdings Corp. Announces Letter of Intent for Strategic Acquisition of a Controlling Interest in Maritime Capi
May 03 2010 - 8:50AM
Marketwired
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
(NASDAQ: SHIPW) announced today that it has entered into a Letter
of Intent with Maritime Capital Shipping (Holdings) Limited, of the
British Virgin Islands ("Seller") to acquire a 51% ownership
interest in Maritime Capital Shipping Limited, of Bermuda ("MCS")
for a purchase price of USD 33 million.
MCS is based in Hong Kong and is a provider of international
maritime transportation services through its ownership of dry bulk
vessels. MCS was founded in 2006 by unaffiliated third parties, a
team of dedicated professionals with many years of experience
operating vessels in the dry bulk sector. The company generates its
revenues by employing its ships on time and bareboat charters with
well established shipping operators. Its current fleet is comprised
of 9 Handysize dry bulk carriers with a combined cargo-carrying
capacity of 249,236 dwt and an average fleet age of approximately
10.7 years.
Maritime Capital Shipping (Holdings) Limited, a company
controlled by members of the Restis family, will retain a 49%
ownership interest in MCS.
As a result of the acquisition, the size of the Company's fleet
will increase from 11 to 20 dry bulk vessels with a combined
cargo-carrying capacity of approximately 1,292,532 dwt and an
average fleet age of 12.6 years, comprising of 4 Capesize, 3
Panamax, 2 Supramax, 1 Handymax and 10 Handysize dry bulk
carriers.
The acquisition is subject to final documentation, expected to
be entered into by the Seller and the Company by June 1, 2010.
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 comprised two Panamax, two Supramax
and two Handysize dry bulk carriers that Seanergy purchased and
took delivery of 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 14 years.
The Company's common stock and warrants trade on the NASDAQ
Global Market under the symbols SHIP and SHIP.W, respectively.
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 Christina
Anagnostara Chief Financial 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
Seanergy Maritime (NASDAQ:SHIPW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Seanergy Maritime (NASDAQ:SHIPW)
Historical Stock Chart
From Jul 2023 to Jul 2024