Seanergy Maritime Holdings Corp. Completes Its Acquisition of the Remaining Interest in Bulk Energy Transport (Holdings) Limited
October 25 2010 - 9:05AM
Marketwired
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
(NASDAQ: SHIPW) announced today that the Company has completed the
previously announced acquisition of the remaining 50% ownership
interest in Bulk Energy Transport (Holdings) Limited ("BET"). The
Company had acquired a 50% controlling interest in BET in August
2009.
As a result of this acquisition, Seanergy now owns 100% of BET,
and has increased the size of its wholly owned fleet from fifteen
to 20 vessels. Currently, the Company's wholly owned fleet
comprises four Capesize, three Panamax, two Supramax, one Handymax
and ten Handysize dry bulk carriers with aggregate cargo-carrying
capacity of approximately 1.3 million dwt and an average fleet age
of approximately 12.8 years.
Dale Ploughman, the Company's Chairman and
Chief Executive Officer, stated: "Following the acquisition of
Maritime Capital Shipping Limited in September, we are now very
pleased to announce the completion of the BET transaction on
schedule. As planned, we have now completed our expansion to 20
wholly owned vessels. This is a transformational transaction for
Seanergy as we have significantly grown our wholly owned fleet and,
thereby, our revenue generating capability. We remain committed to
our goal to strengthen our position in the global shipping industry
by building Seanergy into a leading player."
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 completed the acquisition
of the remaining 49% in MCS and in October 2010 it completed the
acquisition of the remaining 50% in BET.
Following the MCS and BET acquisitions, the Company owns a 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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