Recommends Shareholders Vote the WHITE Proxy Card “FOR” Seanergy’s Director Nominees and “AGAINST” Economou’s Proposals  

Mails Proxy Materials to Shareholders and Launches

www.VoteSeanergy.com to Provide Additional Information and Resources to Shareholders

Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) announced that it has commenced mailing of proxy materials to its shareholders in connection with the Company’s 2024 Annual Meeting of Shareholders (the “2024 Annual Meeting”), scheduled to be held on November 4, 2024. Shareholders of record as of the close of business on September 19, 2024, will be entitled to vote at the meeting.

The Company also mailed a letter to Seanergy shareholders highlighting the commitment of the Board of Directors and management team to delivering value for all Seanergy shareholders and how the Company’s continued execution of its strategic plan has it positioned to continue delivering leading and sustainable shareholder returns through the cycle.  

George Economou – a shipowner and a competitor of Seanergy – has acquired a stake in Seanergy. He has brought litigation and launched a proxy fight against Seanergy seeking to gain effective control over the Company’s Board and its corporate strategy by replacing two of the Company’s directors with his own closely-associated nominees and calling for the resignations of the rest of Seanergy’s Board members. In turn, this would allow Economou’s nominees to fill those vacancies, such that the entire Board would be constituted with the nominees of a single shareholder. Based on his extensive track record of destroying shareholder value across multiple publicly listed companies, Economou’s blatant attempt to seize effective control over the Company by replacing the entire Board with his own nominees and their appointees would be detrimental to Seanergy’s ability to continue to deliver outperformance and would negatively impact shareholder value.

The Board of Directors unanimously recommends that shareholders vote on the WHITE proxy card “FOR” Seanergy’s nominees and “AGAINST” the Economou proposals.

Highlights from the letter include:

•Seanergy’s purposeful and successful actions have evolved the Company into a leading pure-play, growth-oriented Capesize operator with significant value creation potential that is well-positioned to continue to deliver leading and sustainable shareholder returns.

•Seanergy’s highly qualified and engaged director nominees are proven leaders with the combined expertise to lead and oversee a present-day public shipping company, including in commodities trading, finance, bank management and capital markets.

•Economou brings a well-documented record of shareholder value destruction, poor corporate stewardship and self-dealing at the expense of other shareholders. If he were to be successful in his campaign at Seanergy, the Board believes he would apply the same self-serving approach to Seanergy’s business dealings.

•The Seanergy Board unanimously recommends that shareholders reject Economou’s nominees, his proposals and his self-interested takeover attempt.

The Company also launched www.VoteSeanergy.com, which provides additional information and resources to shareholders about Seanergy’s value creation strategy, Economou’s record of value destruction and voting at the 2024 Annual Meeting.

The full text of the letter follows:

September 30, 2024

Dear Fellow Shareholders,

We are reaching out because we need you to vote “ FOR” Seanergy’s director nominees in connection with Seanergy’s upcoming Annual Meeting of Shareholders on November 4, 2024.

The Seanergy Board of Directors and management team are committed to delivering value for all Seanergy shareholders. Over the past few years, through our purposeful and successful actions, we have evolved Seanergy into a leading pure-play, growth-oriented Capesize operator that is attractively positioned to capitalize on favorable trends in the Capesize market.

As a result of this strategy, we have been able to:

Efficiently grow our fleet through a disciplined, well-timed strategy that has resulted in low vessel acquisition costs and sustainable cash break-even rates;

Deliver strong profitability and cash flow generation,

Rapidly reduce our leverage, and

Return increasing amounts of capital to our shareholders, including our recently announced policy to return approximately 50% of net operating cash flow after debt repayments and reserves moving forward.

Looking forward, we believe Seanergy is well-positioned to continue to deliver leading, sustainable shareholder returns through the cycle, as demonstrated by our peer-leading total shareholder returns of more than 130% over the last year.

While we are excited about our significant value creation potential, we are writing to you today to address developments that we believe put Seanergy’s future and your investment at risk.

George Economou – a shipowner and a competitor of Seanergy with a well-documented record of self-dealing, shareholder value destruction and poor corporate stewardship – has acquired a ~9% stake in Seanergy. He has brought litigation and launched a proxy fight against Seanergy seeking to gain effective control over the Company’s Board and our corporate strategy by replacing two of our current directors with his own closely-associated nominees and calling for the resignations of the rest of our Board members. In turn, this would allow Economou’s nominees to fill those vacancies, such that the entire Board would be constituted with the nominees of a single shareholder. Based on his extensive track record of destroying shareholder value across multiple publicly listed companies, Economou’s blatant attempt to seize effective control over the Company by replacing the entire Board with his own nominees and their appointees would be detrimental to Seanergy’s ability to continue to deliver outperformance and would negatively impact the value of your investment.

Enriching himself while destroying value for other shareholders is nothing new for Economou. He has a long and well-documented history of extracting hundreds of millions of dollars from public companies under his control through conflicted, related-party transactions. If he were to be successful in his campaign at Seanergy, we believe he would apply the same self-serving approach to Seanergy’s business dealings.

Our Board strongly recommends that shareholders reject Economou’s nominees, his proposals and his self-interested takeover attempt.

Every vote counts. You can protect your Seanergy investment by voting “FOR” Seanergy’s director nominees and “AGAINST” Economou’s proposals by voting the WHITE proxy card today.

Learn more about our plans to continue creating value for shareholders and how to vote at www.VoteSeanergy.com.

Full report:Seanergy Maritime Holdings Corp.