Seanergy Maritime Holdings Corp. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2018

Athens, Greece - November 29, 2018

Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP), a global Capesize dry bulk shipping company, announced today its financial results for the third quarter and nine months ended September 30, 2018.

For the quarter ended September 30, 2018, the Company generated net revenues of $26.4 million, a 40% increase compared to the third quarter of 2017. Adjusted EBITDA for the quarter was $10.1 million, a 257% increase compared to $2.8 million in the same period of 2017. Including non-cash impairment loss from the sale of two Supramax vessels, EBITDA1 for the quarter was $3.3 million. Adjusted net income for the third quarter was $1.3 million compared to an adjusted net loss of $4.9 million in the third quarter of 2017. Including the non-cash impairment loss from the sale of two Supramax vessels, the net loss for the quarter was $5.6 million. The Time Charter Equivalent (TCE)1 of the Capesize fleet for the third quarter of 2018 stood at $18, 244, representing a 75% increase from $10,416 in the third quarter of 2017. The average OPEX of the fleet for the quarter was $4,907, down by 5% from $5,170 in the respective quarter of 2017.

For the nine months ended September 30, 2018, net revenues were $64.5 million, up 28% compared to the same period of 2017. Adjusted EBITDA for the period was $16.6 million, a 163% increase compared to $6.3 million in the first 9 months of 2017. Including non-cash impairment loss from the sale of two Supramax vessels, EBITDA for the period was $9.8 million. Adjusted net loss for the first 9 months of 2018 was $11 million compared to an adjusted net loss of $14.5 million in the same period of 2017. Including the non-cash impairment loss from the sale of two Supramax vessels, the net loss for the first 9 months of the year was $17.9 million. The TCE of the Capesize fleet for the first nine months of 2018 stood at $13,312 representing a 42% increase from $9,389 in the first nine months of 2017. The average OPEX of the fleet for the period was $5,087, marginally increased from $4,806 in the respective period of 2017.

In the fourth quarter of 2018 our Capesize vessels have been fixed for 84% of their ownership days at a TCE of approximately $18,600, which compares favorably with the levels of the Baltic Capesize Index that has averaged at $15,732 quarter to date.

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Seanergy Maritime Corp. press release