Seanergy Maritime Announces Successful Delivery of a Japanese Capesize Vessel and Two New Time Charter Agreements with Costamare Bulkers Inc.

Seanergy Maritime Holdings Corp. announced today the delivery of a previously-announced Capesize vessel acquisition, the M/V Iconship (the “Vessel”), and the simultaneous commencement of its time charter (“T/C”) employment. The Vessel is a 181,392 dwt Capesize bulk carrier, built in 2013 by Imabari Shipbuilding Co.

, Ltd., in Japan. The M/V Iconship has been fixed on a time-charter with Costamare Bulkers Inc.

(“Costamare”), with a duration of about 22 months. The daily hire is based at a premium over the Baltic Capesize Index (“BCI”), and the T/C is expected to commence promptly. The Company has the option to convert the daily hire from index-linked to fixed for a period of 2 to 12 months based on prevailing Capesize Forward Freight Agreement (“FFA”) curve.

As previously announced, the acquisition of the vessel has been financed with cash on hand and proceeds from a new sale and leaseback agreement. The M/V Lordship, a 178,838 dwt scrubber-fitted Capesize dry bulk vessel built in 2010, has also been fixed on a T/C with Costamare. The T/C is expected to commence around the end of July, following the vessel’s scheduled drydocking, for a period of about 22 months.

The daily hire will be based on the 5 T/C routes of the BCI, while the Company has the option to convert the daily hire from index-linked to fixed for a minimum period of 2 months to a maximum of 12 months based on the prevailing Capesize FFA curve. Seanergy will also receive the majority of the be.