Seanergy Maritime Holdings Corp. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2011

ATHENS, GREECE--(Marketwire - Feb 15, 2012) - Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today its operating results for the fourth quarter and year ended December 31, 2011.

Financial Highlights:

Fourth Quarter 2011

• Net Revenues of $27.5 million
  
• EBITDA of $15.6 million
  
• Net Profit of $6.6 million
  

Year Ended 2011

• Net Revenues of $104.1 million
  
  
• Adjusted EBITDA of $53.8 million, which excludes non-cash impairment losses of $201.9 million
  
  
• Adjusted Net Profit of $4.1 million, which excludes non-cash impairment losses of $201.9 million
  
  

For more information we refer you to the EBITDA and Adjusted EBITDA reconciliation section contained later in this press release.

Management Discussion:

Dale Ploughman, the Company's Chairman and Chief Executive Officer, stated:

"We are pleased to report a profit of $6.6 million versus a loss of $2.6 million in the same quarter a year ago. The improved market conditions in the drybulk shipping industry witnessed in the last quarter of 2011 along with our balanced chartering strategy which includes profit sharing and index-linked charter parties, helped Seanergy's financial performance, which, together with the effect of cost cutting measures initiated during the year, contributed to a profitable quarter. That being said the fourth quarter was an opportunity for China to build up stockpiles of iron ore and coal. This indicates that the first quarter of 2012 will be difficult.

Going forward we intend to profitably employ those vessels whose long-term charters are set to expire, in line with our strategy of favorably positioning our vessels to take advantage of seasonal trade patterns that result in upward pressure on charter rates. So far, it should be noted that fixing vessels on floating rate contracts and profit sharing agreements has proved important in helping Seanergy benefit from spot market fluctuations. We continue to execute our business plan with the purpose of becoming a leading contender in the dry bulk shipping industry.

Market conditions in the beginning of 2012 remain weak, as downside risks to future shipping demand seem to be increasing and deliveries of new vessels over the next twelve months are projected by industry experts to remain close to their peak. For the rest of the year, we expect rates to average at low levels yet with similar seasonal variations to those seen in 2011, as industrial and agricultural inventory cycles as well as unanticipated events continue to drive volatility in the demand for dry bulk vessels.

As far as long-term market fundamentals are concerned, the extremely low expectations seen currently are factoring in a very pessimistic economic outlook and future evolution of vessel supply. As such, any positive developments may cause a re-adjustment of expectations to the upside."

Christina Anagnostara, the Company's Chief Financial Officer, stated:

"We are continuously taking proactive measures in view of the weakness and uncertainty experienced in the markets as we enter 2012. Over the past weeks, significant developments took place as regards to our loan facilities and capital structure that are likely to prove significant in improving Seanergy's financial stability during a period of unfavorable market conditions. Citibank and Marfin waived certain financial covenants, while Marfin deferred 2012 principal debt payments on both the term and revolving facilities. In total, the amendments are expected to reduce our principal debt payments by approximately $24.8 million in 2012. We appreciate the continuing support shown by our lenders and our major shareholders to position Seanergy favorably for future growth.

During the fourth quarter of 2011 Seanergy vessels earned a daily Time Charter Equivalent ("TCE") of $14,806 compared to $15,277 in the same period of 2010, a decrease of 3%. Nevertheless we saw an increase of 6% in quarterly revenue as fewer vessels had to undergo dry docking surveys than in 2010, which increased fleet operating days. Furthermore, we are pleased to report that General and Administrative expenses in the fourth quarter of 2011 decreased by 48%, or $1.5 million, as compared to the same quarter in 2010, while Vessel Operating expenses and Management fees over the same period fell by 18% and 17% respectively, translating into total quarterly reduction in expenses of approximately $2 million. Cost-saving measures implemented over the past year have therefore started to bear fruit and we believe that are going to support profitability and cash flow in the current year, subject of course to the effect of market conditions."

Fourth Quarter 2011 Financial Results:

Net Revenues

Net Revenues in the fourth quarter of 2011 increased to $27.5 million from $25.9 million in the same quarter in 2010. The increase in quarterly revenues was a result of the higher number of operating days enjoyed by our fleet compared to the same quarter last year. This is due to the fact that fewer vessels had to undergo dry docking surveys in the fourth quarter of 2011 compared to 2010.

EBITDA, Operating Income

Operating Income for the fourth quarter of 2011 was equal to $9.8 million, as compared to an operating income of $1.1 million for the same quarter in 2010. EBITDA amounted to $15.6 million in the last quarter of 2011, as compared to $10.7 million in 2010.

For more information we refer you to the EBITDA and Adjusted EBITDA reconciliation section contained later in this press release.

Net Profit

Net profit for the fourth quarter of 2011 was equal to $6.6 million, or $0.91 per basic and diluted share. In the same quarter of 2010, net loss was equal to $2.6 million, or $0.36 loss per basic and diluted share based on weighted average common shares outstanding of 7,314,330 basic and diluted for 2011 and 7,314,932 basic and diluted for 2010, on a reverse-split adjusted basis.

The increase in quarterly profit was due to higher revenue earned, a 48% decrease in General and Administrative Expenses, an 18% and 17% decrease in Vessel Operating Expenses and Management fees, respectively, resulting from cost cutting measures, and a 45% decrease in Depreciation compared to the same quarter of the previous year.

Year Ended December 31, 2011 Financial Results:

Net Revenues

Net Revenues in 2011 amounted to $104.1 million, compared to $95.9 million in 2010. This amounts to an increase of 9%, reflecting the full effect of the larger fleet that resulted from our acquisition of MCS that was completed in 2010. We owned an average of 20 vessels in 2011, up from 16.6 in 2010.

EBITDA, Adjusted EBITDA, Operating Income, Adjusted Operating Income

The operating results for 2011 include the non-cash losses incurred in the third quarter of 2011 due to the $201.9 million impairment of goodwill and vessel values.

Excluding non-cash losses resulting from impairment charges, adjusted EBITDA was $53.8 million for 2011 as compared to $47.3 million in 2010. Including impairment charges, we recorded negative EBITDA of $148.1 million for 2011.

Adjusted operating income excluding the impairment charges amounted to $18.3 million in 2011, as compared to an operating income of $18.4 million in 2010. Operating loss including the impairment charges was equal to $183.6 million.

For more information we refer you to the EBITDA and Adjusted EBITDA reconciliation section contained later in this press release.

Net Loss

Net loss for 2011 was equal to $197.8 million, or $27.04 loss per share based on weighted average common shares outstanding of 7,314,636 for 2011. Adjusted Net Income excluding non-cash impairment charges, was $4.1 million, as compared to $0.1 million, or $0.02 per share, in 2010, based on weighted average common shares outstanding of 5,861,129 basic and diluted for 2010 on a reverse-split adjusted basis.

Debt Repayment

As of December 31, 2011, the Company had $346.4 million of outstanding debt. This reflects a reduction of $17.2 million and of $53.1 million during the fourth quarter and year ended December 31, 2011, respectively.

As of February 15, 2012, total debt outstanding was approximately $326.4 million.

Fourth Quarter 2011 Developments:

BET Commander Dry Docking

The survey for the M/V BET Commander commenced on August 24, 2011 and was completed on October 6, 2011 at a cost of approximately $1.26 million.

Vessel Employment

In November 2011, the M/V BET Prince, a 163,554 dwt Capesize dry bulk carrier built in 1995, commenced a time charter 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.

As of the date of this press release, the Company has contracted employment for 70% of its ownership days for 2012 and 21% for 2013.

Fleet Data:

		Three Months Ended December 31, 2011		Three Months Ended December 31, 2010		Year Ended December 31, 2011		Year Ended December 31, 2010
Fleet Data
Average number of vessels (1)		20.0		20.0		20.0		16.6
Ownership days (2)		1,840		1,840		7,300		6,040
Available days (3)		1,833		1,642		7,133		5,662
Operating days (4)		1,779		1,630		6,944		5,627
Fleet utilization (5)		96.7%		88.6%		95.1%		93.2%
Fleet utilization excluding drydocking off hire days (6)		97.1%		99.3%		97.4%		99.4%
Average Daily Results
TCE rate (7)		$14,806		$15,277		$14,524		$16,532
Vessel operating expenses (8)		$4,688		$5,689		$4,757		$5,077
Management fee (9)		$326		$395		$410		$438
Total vessel operating expenses (10)		$5,014		$6,084		$5,167		$5,515

(1) Average number of vessels is the number of vessels that constituted the Company's fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of the Company's fleet during the relevant period divided by the number of calendar days in the relevant period.

(2) Ownership days are the total number of days in a period during which the vessels in a fleet have been owned. Ownership days are an indicator of the size of the Company's fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.

(3) Available days are the number of ownership days less the aggregate number of days that vessels are off-hire due to major repairs, dry dockings or special or intermediate surveys. The shipping industry uses available days to measure the number of ownership days in a period during which vessels should be capable of generating revenues. During the quarter ended December 31, 2011, the Company incurred 7 off hire days for vessel scheduled drydocking. During the twelve months ended December 31, 2011, the Company incurred 167 off hire days for vessel scheduled drydocking.

(4) Operating days are the number of available days in a period less the aggregate number of days that vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

(5) Fleet utilization is the percentage of time that our vessels were generating revenue, and is determined by dividing operating days by ownership days for the relevant period.

(6) Fleet utilization excluding drydocking off hire days is calculated by dividing the number of the fleet's operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization excluding drydocking off hire days to measure a Company's efficiency in finding suitable employment for its vessels and excluding the amount of days that its vessels are off hire for reasons such as scheduled repairs, vessel upgrades, or dry dockings or special or intermediate surveys.

(7) TCE rates are defined as our net revenues less voyage expenses during a period divided by the number of our operating days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker expenses, canal charges and other commissions.

(In thousands of US Dollars, except operating days and daily time charter equivalent rate)

		Three Months Ended December 31,				Year Ended December 31,
		2011		2010		2011		2010
Net revenues from vessels		27,540		25,861		104,060		95,856
Voyage expenses		1,200		959		3,202		2,833
Net operating revenues		26,340		24,902		100,858		93,023
Operating days		1,779		1,630		6,944		5,627
Daily time charter equivalent rate		14,806		15,277		14,524		16,532

(8) Average daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, are calculated by dividing vessel operating expenses by ownership days for the relevant time periods.

(In thousands of US Dollars, except ownership days and daily vessel operating expenses)

		Three Months Ended December 31,				Year Ended December 31,
		2011		2010		2011		2010
Operating expenses		8,625		10,467		34,727		30,667
Ownership days		1,840		1,840		7,300		6,040
Daily vessel operating expenses		4,688		5,689		4,757		5,077

(9) Daily management fees are calculated by dividing total management fees by ownership days for the relevant time period.

(10) Total vessel operating expenses ("TVOE") is a measurement of total expenses associated with operating the vessels. TVOE is the sum of vessel operating expenses and management fees. Daily TVOE is calculated by dividing TVOE by fleet ownership days for the relevant time period.

Fleet Profile and Employment:

As of February 15, 2012

Vessel Name		Vessel Class		Capacity		Year Built		Charter Rate ($)		Charter Expiry (latest)
				(DWT)
M/V Bremen Max		Panamax		73,503		1993		Spot positioning		May 2012
M/V Hamburg Max (1)		Panamax		73,498		1994		21,500		Oct. 2012
M/V Davakis G.		Supramax		54,051		2008		14,500		Jan. 2013
M/V Delos Ranger		Supramax		54,057		2008		Spot positioning		Feb. 2012
M/V African Oryx (2)		Handysize		24,112		1997		7,000		Jun. 2013
M/V BET Commander		Capesize		149,507		1991		Spot positioning		-
M/V BET Fighter (3)		Capesize		173,149		1992		Floating, BCI linked		Aug. 2012
M/V BET Prince (3)		Capesize		163,554		1995		Floating, BCI linked		Dec. 2012
M/V BET Scouter (3)		Capesize		172,173		1995		Floating, BCI linked		Jul. 2012
M/V BET Intruder		Panamax		69,235		1993		12,250		Oct. 2012
M/V Fiesta (4)		Handysize		29,519		1997		Floating, BHSI linked		Nov. 2013
M/V Pacific Fantasy (4)		Handysize		29,538		1996		Floating, BHSI linked		Jan. 2014
M/V Pacific Fighter (4)		Handysize		29,538		1998		Floating, BHSI linked		Nov. 2013
M/V Clipper Freeway (4)		Handysize		29,538		1998		Floating, BHSI linked		Jan. 2014
M/V African Joy		Handysize		26,482		1996		Spot positioning		Mar. 2012
M/V African Glory (5)		Handysize		24,252		1998		7,000		Nov. 2012
M/V Asian Grace (6)		Handysize		20,138		1999		7,000		Sep. 2012
M/V Clipper Glory		Handysize		30,570		2007		25,000		Aug. 2012
M/V Clipper Grace		Handysize		30,548		2007		25,000		Aug. 2012
Total				1,256,962

(1) Represents profit sharing arrangement at a floor rate of $21,500 per day and a ceiling of $25,500 per day, with a 50% profit sharing arrangement to apply to any amount in excess of the ceiling. The spread between floor and ceiling will accrue 100% to Seanergy. The base used for the calculation of the rate is the Time Charter Average of the Baltic Panamax Index.

(2) Represents floor charter rate excluding a 50% profit share distributed equally between the Company and the charterer calculated on the adjusted Time Charter Average of the Baltic Supramax Index ("BSI").

(3) Daily rate based on adjusted Time Charter Average of the BCI. Seanergy has the option of converting the floating rate into a fixed rate at any time during the charter, after mutual agreement with the charterers.

(4) Charter rate is based on Time Charter Average of the Baltic Handysize Index increased by 100.63% minus operating expenses for the vessel.

(5) Represents profit sharing arrangement at a floor rate of $7,000 per day and a ceiling of $12,000 per day, with a profit sharing arrangement of 75% for the Company and 25% for the charterer applicable between the $7,000 floor and $12,000 ceiling and, for any amount in excess of the ceiling, profit sharing of 50% for the Company and 50% for the charterer. The calculation of the rate will be based on the adjusted Time Charter Average of the BSI. The two (2) year time charter agreement with a profit sharing arrangement may be extended by either party with 6 months' notice following November 2012.

(6) Represents profit sharing arrangement at a floor rate of $7,000 per day and a ceiling of $11,000 per day, with a profit sharing arrangement of 75% for the Company and 25% for the charterer applicable between the $7,000 floor and $11,000 ceiling and, for any amount in excess of the ceiling, profit sharing of 50% for the Company and 50% for the charterer. The calculation of the rate will be based on the adjusted Time Charter Average of the BSI. The two (2) year time charter agreement with a profit sharing arrangement may be extended by either party with 6 months' notice following September 2012.

Subsequent Developments:

Sale of the African Zebra

Seanergy sold its Handymax dry bulk carrier, the African Zebra to an unaffiliated third party for a gross price of $4.1 million. The vessel was delivered to its new owners today, February 15, 2012. The African Zebra is a 38,632 dwt Handymax bulk carrier built in 1985 and the Company used the proceeds to reduce debt. The sale will result in a book loss of approximately $2.4 million. Following the sale of African Zebra, the Company's fleet consists of four Capesize, three Panamax, two Supramax and ten Handysize dry bulk carriers with an average age of 13.7 years.

Financial Developments

Amendments of the loan agreements with Marfin Egnatia Bank SA ("Marfin") and Citibank International plc ("Citi") have been signed and finalized.

In particular, Marfin and Citi, as agent of the lenders, waived certain financial and other covenants of three loan facilities and amended certain terms of two loan facilities. As part of the lenders' agreement, the Company entered into a share purchase agreement with four entities affiliated with members of the Restis family, the Company's major shareholders, for an equity injection of $10 million.

Marfin agreed to an extension of the revolving and term facilities' maturity date from 2015 to 2018, the deferral of principal debt payments for 2012 and amendment of the facilities' installment profiles, an extension of the waiver on the Company's security margin covenant for the period from January 3, 2012 through January 1, 2014, as well as to waive all other financial covenants until January 1, 2014. The applicable margin was increased by 50 basis points per annum on the term and revolving facilities. Additionally, Marfin waived all previous covenant breaches.

For the loan facility of Bulk Energy Transport (Holdings) Limited ("BET"), the Company's subsidiary, with Citi, as agent of the lenders, Citi waived all covenants for the period up to and including January 1, 2013 and waived all previous covenant breaches. The waiver excludes the security requirement to security value covenant which was amended from 125% to 100% and will be tested quarterly. Furthermore, the applicable margin was increased by 100 basis points per annum.

As part of the equity injection plan, four entities affiliated with members of the Restis family, purchased an aggregate of 4,641,620 common shares of the Company in exchange of $10 million. The common shares were issued on January 31, 2012 at a price equal to the average closing price of five trading days preceding the execution of the agreement, or $2.15442 per share.

EBITDA and Adjusted EBITDA Reconciliation:

		Three Months Ended December 31, 2011		Three Months Ended December 31, 2010		Year Ended December 31, 2011		Year Ended December 31, 2010
Net income / (loss) attributable to Seanergy Maritime Holdings		6,643		(2,629)		(197,756)		132
Plus: Net income attributable to the noncontrolling interest		-		-		-		1,509
Plus: Interest and finance costs, net (including interest income)		3,234		3,843		13,422		12,573
Plus: Income taxes		(11)		44		40		60
Plus: Depreciation and amortization		5,684		9,472		36,169		32,985
EBITDA		15,550		10,730		(148,125)		47,259
Plus: Impairment Charges		-		-		201,905		-
Adjusted EBITDA		15,550		10,730		53,780		47,259

		Three Months Ended December 31, 2011		Three Months Ended December 31, 2010		Year Ended December 31, 2011		Year Ended December 31, 2010
Net cash flow provided by operating activities		12,214		5,240		26,439		31,537
Changes in operating assets and liabilities		(1,123)		(3,100)		4,000		(2,038)
Fair value of contracts		40		79		266		319
Change in fair value of financial instruments		447		800		4,202		27
Stock-based compensation		(4)		-		(14)		-
Payments for dry-docking		909		4,012		6,414		5,519
Amortization and write-off of deferred charges		(156)		(188)		(989)		(738)
Interest and finance costs, net (includes interest income)		3,234		3,843		13,422		12,573
Income taxes		(11)		44		40		60
Impairment of vessels and Goodwill		-		-		(201,905)		-
EBITDA		15,550		10,730		(148,125)		47,259
Plus: Impairment of vessels and Goodwill		-		-		201,905		-
Adjusted EBITDA		15,550		10,730		53,780		47,259

EBITDA represents earnings before interest and finance cost, taxes, depreciation and amortization. Adjusted EBITDA represents earnings before interest and finance cost, taxes, depreciation and amortization and non-cash losses associated with the impairment of the Book Values of Vessels and Goodwill. Adjusted Net Profit and Adjusted Operating Income represent earnings adjusted for non cash impairment losses. EBITDA, Adjusted EBITDA, Adjusted Net Profit and Adjusted Operating Income are not measurements of financial performance under accounting principles generally accepted in the United States of America, and do not represent cash flow from operations. EBITDA and Adjusted EBITDA are presented solely as supplemental disclosures because management believes that they are common measures of operating performance and they are useful to investors, securities analysts as well as other interested parties in the assessment of operating performance and liquidity position of different companies in the shipping industry. The definition of EBITDA, Adjusted EBITDA, Adjusted Net Profit and Adjusted Operating used here may not be comparable to that used by other companies in shipping industry due to difference in methods of calculation.

Conference Call and Webcast: February 15, 2012
As announced, the Company's management team will host a conference call today, February 15, 2012, at 10:00 a.m. EST to discuss the Company's financial results.

Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or + (44) (0) 1452 542 301 (from outside the US). Please quote "Seanergy".

A replay of the conference call will be available until February 22, 2012. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 2094507#.

Slides and audio webcast:
There will also be a simultaneous live webcast of the conference call over the Internet, through the Seanergy website (www.seanergymaritime.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Seanergy Maritime Holdings Corp.
Consolidated Balance Sheets
December 31, 2011 and 2010
(In thousands of US Dollars, except for share data, unless otherwise stated)
					2011 (unaudited)			2010 (audited)
ASSETS
Current assets:
		Cash and cash equivalents			17,734			53,787
		Restricted cash			19,560			10,385
		Accounts receivable trade, net			1,764			999
		Due from related parties			405			-
		Inventories			2,512			1,459
		Other current assets			1,457			1,829
			Total current assets		43,432			68,459
Fixed assets:
		Vessels, net			381,129			597,372
		Office equipment, net			15			29
			Total fixed assets		381,144			597,401
Other assets
		Goodwill			4,365			17,275
		Deferred charges			7,358			13,086
		Other non-current assets			177			180
	TOTAL ASSETS				436,476			696,401
LIABILITIES AND EQUITY
Current liabilities:
		Current portion of long-term debt			45,817			53,380
		Trade accounts and other payables			2,595			2,340
		Due to related parties			1,097			4,025
		Accrued expenses			2,428			3,491
		Accrued interest			1,936			1,009
		Financial instruments			4,092			5,787
		Below market acquired time charters			-			266
		Deferred revenue - related party			142			1,041
		Deferred revenue			590			1,452
			Total current liabilities		58,697			72,791
Long-term debt, net of current portion					300,586			346,168
Financial instruments, net of current portion					270			2,777
			Total liabilities		359,553			421,736
Commitments and contingencies					-			-
EQUITY
		Seanergy shareholders' equity
		Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued			-			-
		Common stock, $0.0001 par value; 500,000,000 authorized shares as at December 31, 2011 and 2010; 7,317,662 and 7,314,931 shares issued and outstanding as at December 31, 2011 and 2010, respectively			1			1
		Additional paid-in capital			279,292			279,278
		Accumulated deficit			(202,370	)		(4,614	)
			Total equity		76,923			274,665
TOTAL LIABILITIES AND EQUITY					436,476			696,401

SEANERGY MARITIME HOLDINGS CORP.
Consolidated Statements of Income
For the three and twelve months ended December 31, 2011 and 2010
(All amounts in footnotes in thousands of US Dollars, except for share and per share data)
			Three months ended December 31,						Twelve months ended December 31,
			2011 (unaudited)			2010 (unaudited)			2011 (unaudited)			2010 (audited)
Revenues:
	Vessel revenue - related party		7,602			8,569			35,684			44,175
	Vessel revenue		20,654			18,100			71,555			54,777
	Commissions - related party		(306	)		(319	)		(1,327	)		(1,546	)
	Commissions		(410	)		(489	)		(1,852	)		(1,550	)
	Vessel revenue, net		27,540			25,861			104,060			95,856
Expenses:
	Direct voyage expenses		(951	)		(1,199	)		(2,541	)		(2,399	)
	Vessel operating expenses		(8,625	)		(10,467	)		(34,727	)		(30,667	)
	Voyage expenses - related party		(249	)		240			(661	)		(434	)
	Management fees - related party		(456	)		(597	)		(2,415	)		(2,328	)
	Management fees		(144	)		(129	)		(576	)		(316	)
	General and administration expenses		(1,490	)		(2,985	)		(8,070	)		(7,606	)
	General and administration expenses - related party		(167	)		(175	)		(603	)		(697	)
	Amortization of deferred dry-docking costs		(1,174	)		(1,268	)		(7,313	)		(3,657	)
	Depreciation		(4,510	)		(8,204	)		(28,856	)		(29,328	)
	Impairment loss for vessels		-			-			(188,995	)		-
	Impairment loss for goodwill		-			-			(12,910	)		-
Operating income (loss)			9,774			1,077			(183,607	)		18,424
Other income (expense), net:
	Interest and finance costs		(3,246	)		(3,883	)		(13,482	)		(12,931	)
	Interest income		12			40			60			358
	Gain (loss) on financial instruments		121			171			(641	)		(4,164	)
	Foreign currency exchange (loss) gain, net		(29	)		10			(46	)		14
			(3,142	)		(3,662	)		(14,109	)		(16,723	)
Net income (loss) before taxes			6,632			(2,585	)		(197,716	)		1,701
	Income taxes		11			(44	)		(40	)		(60	)
Net income (loss)			6,643			(2,629	)		(197,756	)		1,641
	Less: Net income attributable to the noncontrolling interest		-			-			-			(1,509	)
Net income (loss) attributable to Seanergy Maritime Holdings Corp. Shareholders			6,643			(2,629	)		(197,756	)		132
Net income (loss) per common share
	Basic		0.91			(0.36	)		(27.04	)		0.02
	Diluted		0.91			(0.36	)		(27.04	)		0.02
Weighted average common shares outstanding
	Basic		7,314,330			7,314,932			7,314,636			5,861,129
	Diluted		7,314,330			7,314,932			7,314,636			5,861,129

Seanergy Maritime Holdings Corp.
Consolidated Statements of Changes in Equity
For the years ended December 31, 2011, 2010 and 2009
(In thousands of US Dollars, except for share data, unless otherwise stated)
		Common stock				Addi- tional paid-in capital		Accumu- lated deficit			Total Seanergy share-holders' equity			Non-controlling interest			Total equity
		# of Shares		Par Value
Balance, December 31, 2008		1,490,748		-		166,363		(34,798	)		131,565			-			131,565
Issuance of common stock to convert promissory note		439,058		-		29,597		-			29,597			-			29,597
Issuance of common stock due to earn-out		287,205		-		17,275		-			17,275			-			17,275
Gain from acquisition		-		-		-		-			-			6,813			6,813
Noncontrolling interest contribution		-		-		-		-			-			10,000			10,000
Net income for the year ended December 31, 2009		-		-		-		30,052			30,052			1,517			31,569
Balance, December 31, 2009		2,217,011		-		213,235		(4,746	)		208,489			18,330			226,819
Issuance of common stock		1,796,333		1		28,525		-			28,526			-			28,526
Subsidiaries acquired		3,301,587		-		37,518		-			37,518			(19,839	)		17,679
Net income for the year ended December 31, 2010		-		-		-		132			132			1,509			1,641
Balance, December 31, 2010		7,314,931		1		279,278		(4,614	)		274,665			-			274,665
Issuance of non-vested shares		3,332		-		-		-			-			-			-
Redemption of partial shares due to reverse stock split		(601	)	-		-		-			-			-			-
Stock based compensation		-		-		14		-			14			-			14
Net loss for the year ended December 31, 2011		-		-		-		(197,756	)		(197,756	)		-			(197,756	)
Balance, December 31, 2011 (Unaudited)		7,317,662		1		279,292		(202,370	)		76,923			-			76,923

Seanergy Maritime Holdings Corp.
Consolidated Statements of Cash Flows
For the years ended December 31, 2011, 2010 and 2009
(In thousands of US Dollars)
				2011 (unaudited)			2010 (audited)			2009 (audited)
Cash flows from operating activities:
Net (loss) income				(197,756	)		1,641			31,569
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
	Depreciation			28,856			29,328			26,812
	Amortization of deferred finance charges			989			738			696
	Amortization of deferred dry-docking costs			7,313			3,657			1,045
	Payments for dry-docking			(6,414	)		(5,519	)		(7,119	)
	Change in fair value of financial instruments			(4,202	)		(27	)		189
	Amortization of acquired time charters			(266	)		(319	)		(125	)
	Stock based compensation			14			-			-
	Impairment of vessels			188,995			-			-
	Impairment of goodwill			12,910			-			-
	Gain on acquisition			-			-			(6,813	)
	Changes in operating assets and liabilities:
	(Increase) decrease in operating assets
		Due from related parties		(405	)		265			1,760
		Inventories		(1,053	)		(70	)		1,222
		Accounts receivable trade, net		(765	)		(493	)		(263	)
		Other current assets		371			904			(191	)
		Other non-current assets		3			-			(180	)
		Increase (decrease) in operating liabilities
		Trade accounts and other payables		255			37			(3,299	)
		Due to underwriters		-			(19	)		(400	)
		Accrued expenses		1,356			(2,071	)		(885	)
		Accrued charges on convertible note due to shareholders		-			-			670
		Due to related parties		(2,928	)		4,025			-
		Premium amortization on convertible note due to shareholders		-			-			(379	)
		Accrued interest		927			(1,002	)		1,176
		Deferred revenue - related party		(899	)		148			(2,523	)
		Deferred revenue		(862	)		314			246
Net cash provided by operating activities				26,439			31,537			43,208
Cash flows from investing activities:
Acquisition of businesses, including of cash acquired				-			17,913			36,374
Additions to office furniture and equipment				-			(28	)		(21	)
Acquisition of noncontrolling interest				-			(10,000	)		-
Net cash provided by investing activities				-			7,885			36,353
Cash flows from financing activities:
Deemed distribution upon acquisition of MCS				-			(2,054	)		-
Net proceeds from issuance of common stock				-			28,526			-
Repayments of long term debt				(53,145	)		(67,941	)		(54,878	)
Deferred finance charges				(172	)		(841	)		-
Noncontrolling interest contribution				-			-			10,000
Restricted cash (retained) released				(9,175	)		(6,932	)		1,381
Net cash used in financing activities				(62,492	)		(49,242	)		(43,497	)
Net (decrease) increase in cash and cash equivalents				(36,053	)		(9,820	)		36,064
Cash and cash equivalents at beginning of period				53,787			63,607			27,543
Cash and cash equivalents at end of period				17,734			53,787			63,607
SUPPLEMENTAL CASH FLOW INFORMATION
	Cash paid for interest			11,045			11,070			6,447
	Non-cash investing and financing activities:
	Issuance of common shares at fair value for the acquisition of BET			-			30,952			-
	Issuance of common shares at fair value for the acquisition of MCS			-			26,743			-
	Deemed distribution to controlling shareholder - BET acquisition			-			(18,113	)		-
	Deemed distribution to controlling shareholder - MCS acquisition			-			(10	)
	Issuance of common shares at fair value upon conversion of convertible note			-			-			29,597
	Issuance of warrants for offering			-			1,053			-

About Seanergy Maritime Holdings Corp.

Seanergy 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 19 drybulk carriers (four Capesize, three Panamax, two Supramax, and ten Handysize vessels) with a total carrying capacity of approximately 1,256,962 dwt and an average fleet age of 13.7 years.

The Company's common stock trades on the NASDAQ Global Market under the symbol "SHIP".

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 Securities and Exchange Commission ("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 SEC. 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.