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CMA Shipping 2011

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Seanergy Maritime Holdings announced on Wednesday that it had concluded the previously agreed acquisition of a 51% interest in Maritime Capital Shipping (Holdings) Limited for a purchase price of $33 million which was paid from the proceeds of the recent equity offering and cash on hand. A projected adjusted EBITDA contribution from MCS of $23 million for the balance of 2010 and $40 million in 2011 implies a purchase price/EBITDA multiple of 1.6 times on an annualized basis. The remaining 49% has been retained by the seller, which is controlled by the Restis family, one of Seanergy’s major shareholders. As a result of the acquisition, the company’s fleet now consists of 20 dry bulk vessels, up from 11, including four Capesize, three Panamax, two Supramax, one Handymax and 10 Handysize bulk carriers with an average age of 12.7 years.

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