Seanergy Maritime Holdings Corp. Completes Its Acquisition of the Remaining Minority Interest in Maritime Capital Shipping Limit
September 16 2010 - 9:13AM
Marketwired
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
(NASDAQ: SHIPW) announced today that the Company has successfully
completed the previously announced acquisition of the 49% ownership
interest in Maritime Capital Shipping Limited, of Bermuda ("MCS").
The Company acquired a 51% interest in MCS in May 2010.
As a result of the acquisition, Seanergy now owns 100% of MCS,
increasing the size of the Company's wholly owned fleet from six to
15 vessels. These 15 vessels, together with five additional vessels
controlled by the Company through its interest in Bulk Energy
Transport (Holdings) Limited ("BET"), bring the total Seanergy
controlled fleet to 20 vessels. This fleet is comprised of four
Capesize, three Panamax, two Supramax, one Handymax and ten
Handysize dry bulk carriers and has a combined cargo-carrying
capacity of approximately 1,292,544 dwt and an average fleet age of
12.8 years.
Dale Ploughman, the Company's Chairman and
Chief Executive Officer, stated: "We are very pleased to
announce the completion of the MCS share acquisition as scheduled.
This is a strategic transaction for Seanergy as the Company now
owns 100% of MCS and has increased the Company's wholly owned fleet
and revenue capability.
We are focusing now on the completion of the second transaction
we recently announced, our acquisition of the minority stake BET,
which we expect to close by November 1, 2010. This will expand
Seanergy's wholly owned fleet to 20 vessels. Our objective is to
continue to build Seanergy into a leading player in the global
shipping industry."
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,
one Handymax and one 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 four
Capesize and one Panamax dry bulk carriers. In May 2010, the
Company acquired a controlling interest in Maritime Capital
Shipping Limited ("MCS"), which owns nine Handysize dry bulk
carriers. In September 2010, the Company entered into definite
agreements to acquire all minority stakes in its MCS and BET
subsidiaries. The MCS acquisition was completed on September 15,
2010 and the BET acquisition is expected to close by November 1,
2010.
Following the completion of the BET acquisition, the Company
will have a wholly owned fleet of 20 drybulk carriers (four
Capesize, three Panamax, two Supramax and one Handymax and ten
Handysize vessels) with a total carrying capacity of approximately
1,292,544 dwt and an average fleet age of 12.8 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 Securities and Exchange Commission ("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 SEC. 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
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