CEO Provides Brief Market Commentary

GLYFADA, Greece, July 06, 2023 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that it has repurchased 362,161 common shares, or approximately 2% of its issued and outstanding shares, at an average price of approximately $4.35 per share pursuant to its previously announced share repurchase program. The average share repurchase price represents approximately a 11.2% discount from the closing price of July 5, 2023.

Moreover, the Company entered into a 12-month bareboat charter agreement with an unaffiliated third party in Japan for a 2011-built Newcastlemax dry bulk vessel of 207,855 dwt built at Nantong COSCO KHI Ship Engineering Co Ltd (NACKS). Pursuant to the terms of the bareboat charter, Seanergy has advanced a down payment of $3.5 million and will pay an additional $3.5 million on delivery of the vessel to the Company, as well as a daily bareboat rate of $9,000 over the charter period. Delivery is estimated to take place between August and December 2023 while at the end of the 12-month bareboat period, Seanergy has an option to purchase the Vessel for $20.2 million.

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

“Consistent with our commitment to enhance shareholder value, we have repurchased approximately 2% of our outstanding shares. We continue to be very confident in our Company’s prospects and the industry’s fundamentals.

“The bareboat-in agreement for our first Newcastlemax vessel expands our presence in the sector, without substantial capital outlay on its delivery, and provides a purchase option at the end of the bareboat period. We believe the overall purchase price of approximately $30.5 million, including the bareboat payments, is beneficial to the Company.

“Regarding current market conditions, we see that demand for seaborne transportation of dry bulk commodities is very robust. DWT-miles have grown by 5.8% year-on-year1, while the relevant figures from January until the end of May are the strongest of the last three years.

“We believe current freight-rate weakness is due to three main factors:

• First, the unwinding of vessel congestion has released a significant amount of tonnage in the market creating a temporary oversupply of vessels. We believe that later in the year this will be reversed to historical averages that will tighten the supply of tonnage.
• Second, certain charterers and operators have been reluctant to comply with new environmental rules relating to reduced carbon emissions and resultant speed caps for their chartered-in fleets. We believe that these vessels will eventually need to abide by the new requirements as charterers and operators come to terms with the new regulations and the global fleet’s average speed will be reduced further. This is also expected to tighten the supply of tonnage.
• Lastly, the highly volatile trading of FFA contracts is becoming increasingly disconnected from the fundamentals of the physical market. Instead of its intended use as a hedging tool, following the emergence of algorithmic trading, it is becoming a high-risk instrument that may negatively impact sentiment, which subsequently creeps into the physical market.

“We remain committed to the Capesize sector with a solid operational platform and believe we have positioned Seanergy optimally to capitalize on improvements in the dry bulk market. We will continue to focus on shareholder returns and sustainable growth.”

Company Fleet:

(1)  The Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing Capesize FFA Rate for the selected period.

(2)  The latest redelivery date does not include any additional optional period.

(3)  To be delivered between August and December 2023.

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is an international shipping company that provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. As of today, the Company's operating fleet consists of 16 Capesize vessels with an average age of 12.4 years and aggregate cargo carrying capacity of approximately 2,846,965 dwt. Upon completion of the aforementioned transaction, the Company's operating fleet will consist of 17 vessels (16 Capesize and 1 Newcastlemax), with an aggregate cargo carrying capacity of 3,054,820 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Please visit our company 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. Words such as "may," "should," "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. 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 Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from war (or threatened war) or international hostilities, such as between Russia and Ukraine; risks associated with the length and severity of the pandemics, (including COVID-19), including effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company's filings with the SEC, including its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, 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.

For further information please contact:

Seanergy Investor RelationsTel: +30 213 0181 522E-mail: ir@seanergy.gr

Capital Link, Inc.Paul Lampoutis 230 Park Avenue Suite 1540New York, NY 10169Tel: (212) 661-7566E-mail: seanergy@capitallink.com

___________________________1According to independent research