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Seanergy Maritime Holdings Corp. Reports Financial Results for the Quarter Ended March 31, 2017

ATHENS, GREECE--(Marketwired - Jul 5, 2017) - Seanergy Maritime Holdings Corp. ( NASDAQ : SHIP )

Highlights of 1Q 2017:

  • Net Revenues: $13.3 million in 1Q 2017, up 90% compared to $7.0 million in 1Q 2016
  • Expected gain of $11.4 million upon closing of refinancing of an existing loan facility
  • Acquisition of another modern Capesize vessel, increasing fleet cargo-carrying capacity to 1.7 million dwt
  • Proactive covenant waivers and deferrals with major lenders until second quarter of 2018

Recent developments in 2Q 2017:

  • Time charter agreement for 18-22 months period for the Capesize M/V Lordship that could contribute more than $10 million of net revenues
  • Delivery of the Capesize M/V Partnership and time charter agreement for 12-18 months period that could generate up to $8.8 million of gross revenue
  • Termination of "At-The-Market" Equity Offering Program

Seanergy Maritime Holdings Corp. (the "Company") ( NASDAQ : SHIP ) announced today its financial results for the quarter ended March 31, 2017.

For the quarter ended March 31, 2017, the Company generated net revenues of $13.3 million, a 90% increase versus the same period 2016. As of March 31, 2017, stockholders' equity was $26.7 million and cash and cash equivalents, including restricted cash was $6.9 million.

Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:

"In the first quarter of 2017 we experienced the first signs of market recovery, which was reflected mostly in the Capesize market. Spot rates peaked at $20,000 per day and asset values recovered significantly from the historical lows of 2016. In respect of financial performance, our larger fleet as well as the improved market conditions led to a substantial increase of our revenues by more than 90% compared to the same period last year. In addition we entered...