Capital Link Shipping Forum Analyst & Investor Day

S H I P P I N G C O M P A N Y P R O F I L E S
Seanergy Maritime Holdings Corp.
www.seanergymaritime.com
Seanergy Maritime Holdings Corp.(NASDAQ:SHIP), is a Marshall Islands
corporation engaged in the transportation of dry bulk cargoes worldwide
through the ownership and operation of dry bulk carriers.
The Company's current controlled fleet is comprised of 11 drybulk carriers
including four Capesize, three Panamax, two Supramax, one Handymax and
one Handysize vessels with a total carrying capacity of 1,043,296 dwt and an
average age of 14.4 years. On May 3, 2010, Seanergy announced a letter of
intent for the acquisition of a controlling interest in Maritime Capital Shipping
Limited, which owns a fleet of 9 Handysize bulk carriers, with a capacity of
249,248 dwt and an average age of 10.6 years, which is expected to close by
June 1st, 2010.
The Company's common stock and warrants trade on the NASDAQ Global
Market under the symbols SHIP and SHIP.W, respectively.
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CEO Message
Dale Ploughman, the Company's Chief
Executive Officer, stated: "Within the
first year of our operations in 2009, we
doubled our controlled fleet from 6 to 11
vessels with the acquisition of Bulk
Energy Transport or BET. Before our two
year anniversary we believe that we have
creatively added our footprint in the
industry with the agreement to acquire a
majority interest in Maritime Capital Shipping, which will expand our controlled
fleet to 20 vessels.
During our short time in the public markets; we reinforced our capital structure
with the conversion into common stock of the $28.5 million promissory note,
issued in our business combination and in February 2010 we raised a net amount
of about $28 million for acquisition of vessels expanding our shareholder base
and improving the liquidity of our shares.
In line with our goal to expand our fleet with the proper acquisitions, in May
2010 we entered into a Letter of Intent to acquire a 51% interest in Maritime
Capital Shipping Limited ("MCS") for a purchase price of $33 million. MCS has
a fleet of nine Handysize dry bulk carriers with a cargo-carrying capacity of
249,248 dwt and an average age of approximately 10.6 years. Maritime Capital
Shipping, 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
Seanergy's controlled fleet will increase from 11 to 20 dry bulk vessels with a
cargo-carrying capacity of approximately 1,292,544 dwt and an average fleet
age of 12.7 years. Just like the BET acquisition, we didn't sacrifice our balance
sheet in the deal with MCS but managed to expand the range of vessels offered
to our clients and increase our revenue and profit generation capability.
Our strong balance sheet and cash reserves, combined with secure cash flows
from our charterers, allow us to comfortably service scheduled debt commitment
and capital expenditures, and give us the ability to seek opportunities for further
fleet expansion. Based on our current fleet, we have secured under time charter
coverage 95% of our fleet days for 2010 and 51% for 2011. We will seek to take
advantage of the improving freight market by expanding our charter coverage in
2011.
The commercial and technical management of our fleet is outsourced to Safbulk
and EST; both with excellent track records. Safbulk has a strong reputation in the
international shipping industry for efficiency and reliability. The Seanergy team
actively monitors and controls vessel operating expenses incurred by the outside
managers.
Although we are a young company, the fact that we have an excellent
relationship with the Restis family and its affiliates with a long and proven track
record of more than 40 years in shipping, provides confidence among our lenders
and enables us to benefit from economies of scale and efficiencies regarding the
technical and commercial management of our fleet. Our objective is to build
Seanergy further into a leading player in the global shipping industry
capitalizing on its know-how, resources and network. Our prudent decisions
going forward will aim to safeguard the long term interests of our shareholders.”