SHIP - Seanergy Maritime Holdings Corp. Announces Letter of Intent for Strategic Acquisition of a Controlling Interest in Maritime Capital Shipping Limited
ATHENS, GREECE -- (MARKET WIRE) -- 05/03/10 -- 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.
