Seanergy Announces Proactive Covenant Deferral and Waiver Agreements of its Bank Lending Facilities

Athens, Greece - March 14, 2017

Seanergy Maritime Holdings Corp. (the“Company”) (NASDAQ: SHIP), announced today that it has entered into agreements with four of its senior lenders for the proactive waiver and deferral of the application date of certain major financial covenants.

Based on these agreements the Company expects to be in compliance with all major applicable covenants concerning the Company and the respective borrowers or that such covenants will be waived and postponed until the second quarter of 2018.

Stamatis Tsantanis, CEO of Seanergy commented: “We are pleased to announce that we have proactively agreed with our lenders to waive and defer certain major financial covenants of all of our existing banking facilities through the second quarter of 2018.

While the Company was not in a breach of covenants in any of its facilities, we approached our banks well in advance to resolve any issue that could arise in the next 13 to 15 months.

These agreements are a result of our strong relationships with our lenders and are aimed to align the application date of certain major financial covenants starting in the second quarter of 2018.

Currently, we are seeing rising freight rates and asset values within the dry bulk market and we believe this strategic agreement will also allow us to operate with significantly more financial flexibility as we look to grow our fleet.”

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. The Company currently owns a modern fleet of ten dry bulk carriers, consisting of eight Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,503,369 DWT and an average fleet age of about 8.1 years.
The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company's common shares and class A warrants trade on the Nasdaq Capital Market under the symbols “SHIP” and “SHIPW”, respectively.

Seanergy Maritime Corp. press release