Time
Charter
Vessel Name Vessel Capacity Year Expiry
BET VESSELS Class (DWT) Built TC Rate ($) (latest)
----------- ----------- ------- ----------- -----------
BET Commander Capesize 149,507 1991 24,000 (*) Dec. 2011
----------- ----------- ------- ----------- -----------
M/V BET Fighter Capesize 173,149 1992 25,000 Sep. 2011
----------- ----------- ------- ----------- -----------
M/V BET Prince Capesize 163,554 1995 25,000 (*) Jan. 2012
----------- ----------- ------- ----------- -----------
M/V BET Scouter Capesize 171,175 1995 26,000 (**) Oct. 2011
----------- ----------- ------- ----------- -----------
M/V BET Intruder Panamax 69,235 1993 15,500 Sep. 2011
----------- ----------- ------- ----------- -----------
16
Total 726,620 years
----------- ----------- ------- ----------- -----------
Time
Charter
Vessel Name Vessel Capacity Year Expiry
SEANERGY VESSELS Class (DWT) Built TC Rate ($) (latest)
----------- ----------- ------- ----------- -----------
M/V Bremen Max Panamax 73,503 1993 15,500 Aug. 2010
----------- ----------- ------- ----------- -----------
M/V Hamburg Max Panamax 72,338 1994 15,500 Aug. 2010
----------- ----------- ------- ----------- -----------
M/V Davakis G. Supramax 54,051 2008 60,000 Sept. 2009
----------- ----------- ------- ----------- -----------
M/V Delos Ranger Supramax 54,051 2008 60,000 Sept. 2009
----------- ----------- ------- ----------- -----------
M/V African Zebra Handysize 38,623 1985 7,500 (***) Aug. 2011
----------- ----------- ------- ----------- -----------
M/V African Oryx Handysize 24,110 1997 7,000 (***) Aug. 2011
----------- ----------- ------- ----------- -----------
11
Total 316,676 years
----------- ----------- ------- ----------- -----------
----------- ----------- ------- ----------- -----------
13
Grand Total 1,043,296 years
----------- ----------- ------- ----------- -----------
(*) The Company currently operates BET Commander and BET Prince under time
charters at rates of $22,000 and $19,000 per day respectively. These time
charters will expire on October 24, 2009 and November 24, 2009
respectively.
(**) The BET Scouter charter will commence on August 18, 2009.
(***) Represents gross floor charter rates excluding a 50% adjusted profit
share to be distributed equally between owners and charterers calculated on
the average spot Time Charter Routes quoted on the Baltic Supramax Index
for a period of twenty two (22) to twenty five (25) months.
BET Energy Transport (Holdings) Limited
Reconciliation of Proforma Projected Net Income to
Proforma Projected EBITDA
(all amounts expressed in million U.S. Dollars rounded)
August 12, 2009 to December 31, 2010
Proforma Projected Net income 4.7
Proforma Projected Interest and
finance costs, net (including
interest income) 6
Proforma Projected Depreciation &
amortization 21.3
Proforma Projected EBITDA 32
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 is comprised of two Panamax, two Supramax and
two Handysize dry bulk carriers which Seanergy purchased and took delivery
of the ships 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 13 years.
The Company's common stock and warrants trade on the NASDAQ Global Market
under the symbols SHIP and SHIP.W, respectively. Prior to October 15, 2008,
the Company's common stock and warrants traded on the NYSE Amex LLC
(formerly known as AMEX) under the symbols SRG, SRG.W, respectively.
For further information please visit our website at
www.seanergymaritime.com
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 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 Securities and Exchange Commission. 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.
Contact Information: For further information please contact: Seanergy Maritime Holdings Corp. Dale Ploughman Chief Executive 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