Freight Transport

Seanergy Maritime Holdings has entered into letters of intent for the acquisition of the remaining minority stakes in its subsidiaries: Bulk Energy Transport (Holdings) (BET) and Maritime Capital Shipping (MCS)

The company acquired a 50% interest in BET in August 2009 and a 51% interest in MCS in May 2010

Seanergy has agreed to acquire the remaining 50% interest in BET from Mineral Transport Holdings, for a purchase price of $33 million, comprised of $7 million in cash plus shares of the company's common stock totalling $26 million

Seanergy has agreed to acquire the remaining 49% interest in MCS for a purchase price of $29 million, comprising $3 million in cash plus shares of the company's common stock totalling $26 million

Both transactions are subject to final documentation, lenders' approval and approval by the company's board of directors

The sellers of both BET and MCS are related to Seanergy

Following the acquisitions, Seanergy will own a fleet of twenty dry bulk vessels with a combined capacity of approximately 1,292,544 dwt: four Capesize, three Panamax, two Supramax, one Handymax and ten Handysize dry bulk carriers

Seanergy's chairman & CEO Dale Ploughman commented: "In the short period of less than two years as a publicly traded company, we have more than tripled our fleet from six to twenty vessels, quadrupled our deadweight tonnage, enhanced our fleet's operational versatility without sacrificing the strength of our balance sheet and achieved a charter portfolio that generates sizeable and stable cash flows with significant upside potential"

He added that the company will continue its strategy of seeking accretive growth opportunities