Seanergy Maritime - Focus on Maintaining a Competitive Fleet & Cleaning up Balance Sheet

Seanergy – Highlights from the Capital Link Presentation Series

New York, January 18, 2022

Capital Link hosted a presentation by the senior management of?Seanergy?Maritime Holdings Corp. (the “Company” or “Seanergy”)?(NASDAQ: SHIP) on Wednesday, January 11, 2023. During the 45-minute session, Mr. Stamatis Tsantanis, CEO, and Mr. Stavros Gyftakis, CFO, outlined Seanergy’s financial status, the impact of China’s reopening on the sector, and maintaining fleet competitiveness.

A replay of the full session of the presentation and the extensive Q&A of Seanergy can be accessed at:?

Seanergy Maritime Holdings Corp. is the only U.S. listed shipping company with a pure-play Capesize fleet. The company provides marine dry bulk transportation services to some of the leading charterers in the world with its modern fleet of 18 Capesize vessels, all of which were built in either Japan or South Korea.?

Seanergy’s fleet has grown by 65% in the last two years through its disciplined strategy of acquiring high-quality Japanese Capesize dry bulk vessels when the market was low. Currently, the Company’s fleet has a combined cargo carrying capacity of 3.20 million dwt and an average age of 12.4 years.?

ESG Efforts Essential in Maintaining Competitive Fleet

·???????Seanergy is one of the first companies to install remote-performance operating systems in its ships. The Company has also begun fitting most of its vessels with energy-saving devices.

·???????“We strongly believe that our fleet is going to remain highly competitive” due to the Company’s ESG efforts, Mr. Tsantanis stated.

·???????In terms of Seanergy’s vessels, Mr. Tsantanis asserted that the Company does intend to increase aggressively its fleet and aims to remain at its current fleet size of 16 to 20 vessels.

·???????In the case that the company can find “quality assets,” he stated that the Company would “dispose of the older ones” and purchase newer high-quality ships fitted with scrubbers. Mr. Tsantanis stressed that the company currently aims to pursue a strategy of “stable growth” rather than rapid expansion, for the benefit of its shareholders.

Seanergy Repurchased Class E Warrants to Clean Up Balance Sheet

·???????Seanergy’s total shareholder rewards equaled nearly $55 million in 2022. The figure consists of stock dividends totaling $28.1 million and buybacks amounting to $26.7 million.

·???????The Company has increased the cargo-carrying capacity of its fleet significantly in the past two years, all while the Company’s corporate leverage and fleet loan to value has reduced by nearly 50%.?

·???????As Mr. Gyftakis noted regarding debt per vessel, Seanergy has “completely eliminated junior debt, marginalized convertible debt, and reduced senior debt” since 2019.?

·???????Responding to a participant’s question regarding capital allocation, Mr. Tsantanis mentioned that the company intends to “maintain a very balanced approach,” and that shareholder rewards are a “top priority” for Seanergy.

·???????The company’s CEO stated that its stock price, which closed at the price of $0.57 on January 11, was “highly undervalued.” “We might be considering a reverse stock split in the near future,” Mr. Tsantanis continued.

·???????Seanergy has also repurchased around 50% of the outstanding Class E warrants, which helps in both “cleaning up the balance sheet and eliminating potential dilution when the stock price” gets better, Mr. Tsantanis said.?

Demand Boosted by China’s Reopening, Bullish Supply Side Ahead

·???????Despite challenging market conditions, Mr. Tsantanis cited China’s reopening as a turning point toward recovery. The country’s push to improve local industrial production, as well as its real estate stimulus, implemented with the goal of fixing its ailing housing market, will likely drive demand for raw materials.

·???????“We are now in the lowest order book point of the last 24 years,” meaning that “the order book for Capesize vessels currently stands at the lowest point since the early 2000s,” Mr. Tsantanis stated.

·???????Due to high costs, very few newbuilds are underway, and as the years go on, the existing world fleet will age and will be forced to either reduce speeds or undergo extensive and costly renovations in order to remain competitive.?

·???????This combination of increased demand and a lack of new vessels “will have a declining effect which will boost demand on a very sustainable basis” Mr. Tsantanis said.?

CAPITAL LINK – DISCLAIMER

Capital Link is hosting a series of online Corporate Presentations, whereby the Senior Management teams of leading listed maritime companies present their business development, strategy, growth prospects, and overall sector outlook. The presentations are approximately 45 minutes and consist of a company presentation followed by live Q&A between company management and webinar participants. All presentations in the series can be accessed at:?

https://webinars.capitallink.com/2023/company_presentation/ .?

The webinars, including the ones mentioned above, are strictly for informational and educational purposes and should not be relied upon. They do not constitute an offer to buy or sell securities or investment advice or advice of any kind. The views expressed are not those of Capital Link which bears no responsibility for them.

ABOUT CAPITAL LINK

Founded in 1995, Capital Link provides Investor & Public Relations and Media services to several listed and private companies, including companies featured in the above mentioned webinars. Capital Link focuses mainly on the sectors of energy, commodities, maritime transportation, US Closed-End Funds and ETFs. Furthermore, Capital Link organizes a series of industry and investment conferences annually in key industry centers in the United States, Europe and Asia. Capital Link is a member of the Baltic Exchange. Based in New York City, Capital Link has presence in London, Athens & Oslo. For additional information, please visit:?www.capitallink.com

CONTACT

For more information on the Company Presentations Series, please email?[email protected] ?or call +1 212 661-7566.