Greece: Seanergy Maritime Announces New Time Charter Agreements for Three Vessels

Seanergy Maritime Holdings Corp. announced that the Company has entered into new time charter agreements for one of its Panamax vessels and two of its Capesize vessels.

The M/V BET Intruder, a 69,235 dwt Panamax dry bulk carrier built in 1993, has entered into a time charter agreement for a period of about eleven to about thirteen months at a gross charter rate of $12,250 per day. The charter will commence after the completion of the M/V BET Intruder’s current trip.

Each of the M/V BET Fighter and M/V BET Scouter has entered into a time charter agreement for a period of about eleven to about thirteen months at a gross charter rate linked to the adjusted Time Charter Average of the Baltic Exchange Capesize Index. Both charters commenced in June 2011. The M/V BET Fighter is a 173,149 dwt Capesize dry bulk carrier built in 1992, and the M/V BET Scouter is a 171,175 dwt Capesize dry bulk carrier built in 1995.

As a result of these new charter party agreements, the Company has time charter arrangements that cover its ownership days 90% for 2011, 59% for 2012 and 23% for 2013, based on the latest redelivery date of the charter party agreements.

Dale Ploughman, the Company’s Chairman and Chief Executive Officer, stated: “We are pleased to announce the period employment of three of our vessels with a counterparty whom we believe is both credible and reliable. Since the beginning of 2011 and in the face of volatile market conditions, we have increased our employment coverage from 79% to 90% for 2011 and from 38% to 59% for 2012, demonstrating our commitment to a fleet employment strategy of significant time charter coverage with well-known charterers”.

About Seanergy Maritime Holdings Corp.

eanergy Maritime Holdings 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 current fleet consists of 20 drybulk carriers (four Capesize, three Panamax, two Supramax, one Handymax and ten Handysize vessels) with a total carrying capacity of approximately 1,293,693 dwt and an average fleet age of 13.5 years.

The Company’s common stock and warrants trade on the NASDAQ Global Market under the symbols “SHIPD” and “SHIPW”, respectively.

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Source: Seanergy Maritime, June 28, 2011