Seanergy Maritime Holdings Corp. Successfully Completes Fleet Compliance Evaluation for the Upcoming Greenhouse Gas Regulation

Rhea-AI Summary

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) completed the evaluation of the Energy Efficiency Existing Ship Index (EEXI) for its Capesize vessels, ensuring compliance with GHG regulations until 2030 at no material cost. The IMO aims for a 50% reduction in GHG emissions from shipping by 2050. Seanergy, in partnership with DNV, emphasizes its commitment to environmental, social, and governance (ESG) goals and the energy efficiency of its fleet. The company operates 11 Capesize vessels with a total capacity of approximately 1.93 million dwt.

Positive

• Completed EEXI evaluation ensuring compliance until 2030.
• No material costs associated with maintaining compliance.
• Strong commitment to ESG initiatives reiterated.

Negative

• None.

ATHENS, Greece, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) announced today that it has successfully completed the evaluation of the Energy Efficiency Existing Ship Index (“EEXI”) of its Capesize vessels.

IMO is targeting a 50% reduction in Greenhouse Gas (“GHG”) emissions from international shipping by 2050, compared to the 2008 levels. This will be achieved by implementing short-term, mid-term and long-term measures. As part of the short-term measures, IMO’s Marine Environment Protection Committee (“MEPC”) 75 approved in November 2020 amendments to MARPOL Annex VI, introducing an Energy Efficiency Design Index for existing vessels.

In cooperation with prominent classification society DNV, Seanergy has completed the evaluation of the EEXI in accordance with IMO’s MEPC 75. Pursuant to the results of the evaluation, the Company expects that its existing fleet will remain compliant with applicable GHG regulatory requirements until 2030 with no material cost for the Company.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“We are very pleased with the outcome of the evaluation of our high-quality fleet, which was done in cooperation with a leading classification society. Seanergy has always been at the forefront of all environmental and regulatory developments in our sector. We maintain our position that the shipping community in cooperation with our charterers should be focusing on improving the energy efficiency and carbon footprint of the existing fleet. This can lead to meaningful GHG emissions reduction.

We hereby reiterate our strong commitment to our ESG agenda and a greener shipping industry.”

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a fleet of 11 Capesize vessels with an average age of about 12 years and aggregate cargo carrying capacity of approximately 1,926,117 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP", its Class A warrants under "SHIPW" and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's operating or financial results; the Company's ability to continue as a going concern; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company's filings with the SEC, its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com 

FAQ

What is the significance of Seanergy's EEXI evaluation completion for SHIP shareholders?

The completion ensures compliance with GHG regulations until 2030 at no additional costs, potentially stabilizing operational expenses.

How does Seanergy Maritime's fleet size impact its stock SHIP?

Seanergy operates 11 Capesize vessels, providing a strategic position in the shipping market that may influence investor confidence.

What are the implications of the IMO's 50% GHG emissions reduction target for SHIP?

The target emphasizes the importance of energy efficiency, affecting operational strategies and potentially improving shareholder value.

Will Seanergy's compliance with EEXI affect its Class A (SHIPW) and Class B (SHIPZ) warrants?

Yes, compliance may enhance overall company sustainability and financial health, positively impacting warrant values.