| [_] | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THESECURITIES EXCHANGE ACT OF 1934 |   |
|-----|-------------------------------------------------------------------------------------------------|--------|

| [X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 |   |
|-----|-------------------------------------------------------------------------------------|--------|

| [_] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 |   |
|-----|-----------------------------------------------------------------------------------------|--------|

| [_] | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 |   |
|-----|--------------------------------------------------------------------------------------------|--------|

| SEANERGY MARITIME HOLDINGS CORP.                                                                                                                                                                                        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (Exact name of Registrant as specified in its charter)                                                                                                                                                                  |
|                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                    |
| (Translation of Registrant's name into English)                                                                                                                                                                         |
|                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                    |
| Republic of the Marshall Islands                                                                                                                                                                                        |
| (Jurisdiction of incorporation or organization)                                                                                                                                                                         |
|                                                                                                                                                                                                                    |
| 16 Grigoriou Lambraki Street, 2nd Floor, 166 74 Glyfada, Athens, Greece                                                                                                                                                 |
| (Address of principal executive offices)                                                                                                                                                                                |
|                                                                                                                                                                                                                    |
| Stamatis Tsantanis, Chairman & Chief Executive OfficerSeanergy Maritime Holdings Corp.16 Grigoriou Lambraki Street, 2nd Floor, 166 74 Glyfada, Athens, GreeceTelephone: 011-30 210 9638450, Fax: 011-30 210 9638404 |
| (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)                                                                                                                                 |

----

| Title of class                                      | Name of exchange on which registered |
|-----------------------------------------------------|--------------------------------------|
| Shares of common stock, par value $0.0001 per share | NASDAQ Capital Market                |

| Large accelerated filer [_] | Accelerated filer [_] | Non-accelerated filer [X] |
|-----------------------------|----------------------------|---------------------------|

| U.S. GAAP [X] |   | International Financial Reporting Standards as issued by the International Accounting Standards Board [_] |   | Other [_] |
|---------------|--------|-----------------------------------------------------------------------------------------------------------|--------|-----------|

|   | [_] Item 17 |   | [_] Item 18 |   |
|--------|-------------|--------|-------------|--------|

|   | [_] Yes |   | [X] No |   |
|--------|---------|--------|--------|--------|

----

----

| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS  | 1                                                                            |
|-----------------------------------------------------------------|------------------------------------------------------------------------------|
|                                                            |                                                                              |  |
| PART I                                                          |                                                                         | 2 |
| ITEM 1.                                                         | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS                        | 2 |
| ITEM 2.                                                         | OFFER STATISTICS AND EXPECTED TIMETABLE                                      | 2 |
| ITEM 3.                                                         | KEY INFORMATION                                                              | 2 |
| ITEM 4.                                                         | INFORMATION ON THE COMPANY                                                   | 26 |
| ITEM 4A.                                                        | UNRESOLVED STAFF COMMENTS                                                    | 40 |
| ITEM 5.                                                         | OPERATING AND FINANCIAL REVIEW AND PROSPECTS                                 | 40 |
| ITEM 6.                                                         | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES                                   | 60 |
| ITEM 7.                                                         | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS                            | 63 |
| ITEM 8.                                                         | FINANCIAL INFORMATION                                                        | 67 |
| ITEM 9.                                                         | THE OFFER AND LISTING                                                        | 68 |
| ITEM 10.                                                        | ADDITIONAL INFORMATION                                                       | 69 |
| ITEM 11.                                                        | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                   | 77 |
| ITEM 12.                                                        | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                       | 77 |
|                                                            |                                                                         |   |
| PART II                                                         |                                                                         | 78 |
| ITEM 13.                                                        | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                              | 78 |
| ITEM 14.                                                        | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 78 |
| ITEM 15.                                                        | CONTROLS AND PROCEDURES                                                      | 78 |
| ITEM 16A.                                                       | AUDIT COMMITTEE FINANCIAL EXPERT                                             | 79 |
| ITEM 16B.                                                       | CODE OF ETHICS                                                               | 79 |
| ITEM 16C.                                                       | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                       | 79 |
| ITEM 16D.                                                       | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                   | 79 |
| ITEM 16E.                                                       | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS       | 80 |
| ITEM 16F.                                                       | CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT                                 | 80 |
| ITEM 16G.                                                       | CORPORATE GOVERNANCE                                                         | 80 |
| ITEM 16H.                                                       | MINE SAFETY DISCLOSURE                                                       | 80 |
|                                                            |                                                                         |   |
| PART III                                                        |                                                                         | 81 |
| ITEM 17.                                                        | FINANCIAL STATEMENTS                                                         | 81 |
| ITEM 18.                                                        | FINANCIAL STATEMENTS                                                         | 81 |
| ITEM 19.                                                        | EXHIBITS                                                                     | 81 |

----

|  | · | our ability to continue as a going concern; |
|--|--------|---------------------------------------------|

|  | · | our future operating or financial results; |
|--|--------|--------------------------------------------|

|  | · | our financial condition and liquidity, including our ability to pay amounts that we owe, obtain additional financing in the future to fund capital expenditures, acquisitions and other general corporate activities; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | our ability to come to a satisfactory resolution with our lenders in our ongoing debt restructuring process; |
|--|--------|--------------------------------------------------------------------------------------------------------------|

|  | · | our ability to pay dividends in the future; |
|--|--------|---------------------------------------------|

|  | · | shipping industry trends, including charter rates and factors affecting vessel supply and demand; |
|--|--------|---------------------------------------------------------------------------------------------------|

|  | · | future, pending or recent acquisitions and disposition, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the useful lives and changes in the value of our vessels and their impact on our compliance with loan covenants; |
|--|--------|------------------------------------------------------------------------------------------------------------------|

|  | · | availability of crew, number of off-hire days, classification survey requirements and insurance costs; |
|--|--------|--------------------------------------------------------------------------------------------------------|

|  | · | global and regional economic and political conditions; |
|--|--------|--------------------------------------------------------|

|  | · | our ability to leverage the relationships and reputation in the dry bulk shipping industry of V.Ships Greece Ltd., or V.Ships Greece, and Fidelity Marine Inc., or Fidelity; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | changes in seaborne and other transportation patterns; |
|--|--------|--------------------------------------------------------|

|  | · | changes in governmental rules and regulations or actions taken by regulatory authorities; |
|--|--------|-------------------------------------------------------------------------------------------|

|  | · | potential liability from future litigation and incidents involving our vessels; |
|--|--------|---------------------------------------------------------------------------------|

|  | · | acts of terrorism and other hostilities; |
|--|--------|------------------------------------------|

|  | · | the number of newbuildings under construction in the dry bulk industry; |
|--|--------|-------------------------------------------------------------------------|

|  | · | future charter hire rates and vessel values; |
|--|--------|----------------------------------------------|

|  | · | loss of our customers, charters or vessels; |
|--|--------|---------------------------------------------|

|  | · | the aging of our fleet and increases in operating costs; |
|--|--------|----------------------------------------------------------|

|  | · | damage to our vessels; and |
|--|--------|----------------------------|

|  | · | other factors discussed in "Item 3.D. Risk Factors." |
|--|--------|------------------------------------------------------|

----

| ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
|---------|-------------------------------------------------------|

| ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE |
|---------|-----------------------------------------|

| ITEM 3. | KEY INFORMATION |
|---------|-----------------|

----

|                                                                 |   | Year Ended December 31, |       |
|----------------------------------------------------------------------|--------|-------------------------|------------|
|                                                                 |   |                         |       |   |  |   |   |  |   |   |  |   |   |  |   |
|                                                                 |   | 2014                    |       |   | 2013 |   |   | 2012 |   |   | 2011 |   |   | 2010 |   |
| Statement of Income Data:                                            |   |                         |       |   |  |   |   |  |   |   |  |   |   |  |   |
| Vessel revenue, net                                                  |   |                    | 2,010      |   |   |   | 23,079 |   |   |   | 55,616 |   |   |   | 104,060 |   |   |   | 95,856 |   |
| Direct voyage expenses                                               |   |                    | (1,274     | ) |   |   | (8,035 | ) |   |   | (13,587 | ) |   |   | (2,541 | ) |   |   | (2,399 | ) |
| Vessel operating expenses                                            |   |                    | (1,006     | ) |   |   | (11,086 | ) |   |   | (26,983 | ) |   |   | (34,727 | ) |   |   | (30,667 | ) |
| Voyage expenses - related party                                      |   |                    | (24        | ) |   |   | (313 | ) |   |   | (532 | ) |   |   | (661 | ) |   |   | (434 | ) |
| Management fees - related party                                      |   |                    | (122       | ) |   |   | (743 | ) |   |   | (1,625 | ) |   |   | (2,415 | ) |   |   | (2,328 | ) |
| Management fees                                                      |   |                    | -          |   |   |   | (194 | ) |   |   | (588 | ) |   |   | (576 | ) |   |   | (316 | ) |
| General and administration expenses                                  |   |                    | (2,987     | ) |   |   | (3,966 | ) |   |   | (6,337 | ) |   |   | (8,070 | ) |   |   | (7,606 | ) |
| General and administration expenses - related party                  |   |                    | (309       | ) |   |   | (412 | ) |   |   | (402 | ) |   |   | (603 | ) |   |   | (697 | ) |
| Loss on bad debts                                                    |   |                    | (38        | ) |   |   | - |   |   |   | (327 | ) |   |   | - |   |   |   | - |   |
| Amortization of deferred dry-docking costs                           |   |                    | -          |   |   |   | (232 | ) |   |   | (3,648 | ) |   |   | (7,313 | ) |   |   | (3,657 | ) |
| Depreciation                                                         |   |                    | (3         | ) |   |   | (982 | ) |   |   | (15,606 | ) |   |   | (28,856 | ) |   |   | (29,328 | ) |
| Loss on sale of vessels                                              |   |                    | -          |   |   |   | - |   |   |   | (15,590 | ) |   |   | - |   |   |   | - |   |
| Impairment loss for goodwill                                         |   |                    | -          |   |   |   | - |   |   |   | (4,365 | ) |   |   | (12,910 | ) |   |   | - |   |
| Impairment loss for vessels and deferred charges                     |   |                    | -          |   |   |   | (3,564 | ) |   |   | (147,143 | ) |   |   | (188,995 | ) |   |   | - |   |
| Gain on disposal of subsidiaries                                     |   |                    | -          |   |   |   | 25,719 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Gain on restructuring                                                |   |                    | 85,563     |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Operating income (loss)                                              |   |                    | 81,810     |   |   |   | 19,271 |   |   |   | (181,117 | ) |   |   | (183,607 | ) |   |   | 18,424 |   |
| Interest and finance costs                                           |   |                    | (1,463     | ) |   |   | (8,389 | ) |   |   | (12,480 | ) |   |   | (13,482 | ) |   |   | (12,931 | ) |
| Interest income                                                      |   |                    | 14         |   |   |   | 13 |   |   |   | 59 |   |   |   | 60 |   |   |   | 358 |   |
| Loss on interest rate swaps                                          |   |                    | -          |   |   |   | (8 | ) |   |   | (189 | ) |   |   | (641 | ) |   |   | (4,164 | ) |
| Foreign currency exchange (losses) gains, net                        |   |                    | (13        | ) |   |   | 19 |   |   |   | (43 | ) |   |   | (46 | ) |   |   | 14 |   |
| Net income / (loss) before taxes                                     |   |                    | 80,348     |   |   |   | 10,906 |   |   |   | (193,770 | ) |   |   | (197,716 | ) |   |   | 1,701 |   |
| Income taxes                                                         |   |                    | -          |   |   |   | 1 |   |   |   | 2 |   |   |   | (40 | ) |   |   | (60 | ) |
| Net income / (loss)                                                  |   |                    | 80,348     |   |   |   | 10,907 |   |   |   | (193,768 | ) |   |   | (197,756 | ) |   |   | 1,641 |   |
| Less: Net income attributable to the noncontrolling interest         |   |                    | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,509 | ) |
| Net income / (loss) attributable to Seanergy Maritime Holdings Corp. |   |                    | 80,348     |   |   |   | 10,907 |   |   |   | (193,768 | ) |   |   | (197,756 | ) |   |   | 132 |   |
| Net income / (loss) per common share                                 |   |                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted                                                    |   |                    | 6.01       |   |   |   | 0.91 |   |   |   | (16.74 | ) |   |   | (27.04 | ) |   |   | 0.02 |   |
| Weighted average common shares outstanding                           |   |                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                |   |                    | 13,364,723 |   |   |   | 11,958,140 |   |   |   | 11,576,576 |   |   |   | 7,314,636 |   |   |   | 5,861,129 |   |
| Diluted                                                              |   |                    | 13,364,750 |   |   |   | 11,959,276 |   |   |   | 11,576,576 |   |   |   | 7,314,636 |   |   |   | 5,861,129 |   |
|                                                                 |   |                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends declared per share                                         |   |                    | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |

|                                                                   |   | As of December 31, |   |
|------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                   |   | 2014               |   |   | 2013 |   |   | 2012 |   |   | 2011 |   |   | 2010 |   |
| Balance Sheet Data:                                                    |   |                    |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Total current assets                                                   |   |               | 3,207  |   |   |   | 66,350 |   |   |   | 52,086 |   |   |   | 43,432 |   |   |   | 68,459 |   |
| Vessels, net                                                           |   |               | -      |   |   |   | - |   |   |   | 68,511 |   |   |   | 381,129 |   |   |   | 597,372 |   |
| Total assets                                                           |   |               | 3,268  |   |   |   | 66,350 |   |   |   | 120,960 |   |   |   | 436,476 |   |   |   | 696,401 |   |
| Total current liabilities, including current portion of long-term debt |   |               | 592    |   |   |   | 157,045 |   |   |   | 222,577 |   |   |   | 58,697 |   |   |   | 72,791 |   |
| Long-term debt, net of current portion                                 |   |               | -      |   |   |   | - |   |   |   | - |   |   |   | 300,586 |   |   |   | 346,168 |   |
| Common stock                                                           |   |               | 2      |   |   |   | 1 |   |   |   | 1 |   |   |   | 1 |   |   |   | 1 |   |
| Total equity / (deficit)                                               |   |               | 2,676  |   |   |   | (90,695 | ) |   |   | (101,617 | ) |   |   | 76,923 |   |   |   | 274,665 |   |

----

|                                                | Year Ended December 31, |   |
|-----------------------------------------------------|-------------------------|--------|
|                                                | 2014                    |   | 2013 |   | 2012 |   | 2011 |   | 2010 |   |
| Cash Flow Data:                                     |                         |   |  |   |  |   |  |   |  |   |
| Net cash (used in) provided by operating activities |                    |   | (14,858 | ) |   |   | 1,030 |   |   |   | 2,418 |   |   |   | 26,439 |   |   |   | 31,537 |   |
| Net cash provided by investing activities           |                    |   | 105,895 |   |   |   | 993 |   |   |   | 55,402 |   |   |   | - |   |   |   | 7,885 |   |
| Net cash used in financing activities               |                    |   | (91,239 | ) |   |   | (3,246 | ) |   |   | (71,256 | ) |   |   | (62,492 | ) |   |   | (49,242 | ) |

|  | · | prevailing level of charter rates; |
|--|--------|------------------------------------|

|  | · | general economic and market conditions affecting the shipping industry; |
|--|--------|-------------------------------------------------------------------------|

|  | · | types and sizes of vessels; |
|--|--------|-----------------------------|

|  | · | supply and demand for vessels; |
|--|--------|--------------------------------|

|  | · | other modes of transportation; |
|--|--------|--------------------------------|

|  | · | cost of newbuildings; |
|--|--------|-----------------------|

----

|  | · | governmental and other regulations; and |
|--|--------|-----------------------------------------|

|  | · | technological advances. |
|--|--------|-------------------------|

|  | · | decrease in available financing for vessels; |
|--|--------|----------------------------------------------|

|  | · | sharp decline in charter rates, particularly for vessels employed in the spot market; |
|--|--------|---------------------------------------------------------------------------------------|

|  | · | charterers seeking to renegotiate the rates for existing time charters; |
|--|--------|-------------------------------------------------------------------------|

|  | · | widespread loan covenant defaults in the dry bulk shipping industry due to the substantial decrease in vessel values; and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------|

|  | · | declaration of bankruptcy by some operators, charterers and ship owners. |
|--|--------|--------------------------------------------------------------------------|

----

|  | · | demand for and production of dry bulk products; |
|--|--------|-------------------------------------------------|

|  | · | distance that cargo is to be transported by sea; |
|--|--------|--------------------------------------------------|

|  | · | global and regional economic and political conditions; |
|--|--------|--------------------------------------------------------|

|  | · | environmental and other regulatory developments; and |
|--|--------|------------------------------------------------------|

|  | · | changes in seaborne and other transportation patterns, including changes in the distances over which cargo is transported due to geographic changes in where commodities are produced and cargoes are used. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | factors that influence the supply of vessel capacity include: |
|--|--------|---------------------------------------------------------------|

|  | · | number of new vessel deliveries; |
|--|--------|----------------------------------|

|  | · | scrapping rate of older vessels; |
|--|--------|----------------------------------|

|  | · | vessel casualties; |
|--|--------|--------------------|

|  | · | price of steel; |
|--|--------|-----------------|

|  | · | number of vessels that are out of service; |
|--|--------|--------------------------------------------|

|  | · | changes in environmental and other regulations that may limit the useful life of vessels; and |
|--|--------|-----------------------------------------------------------------------------------------------|

|  | · | port or canal congestion. |
|--|--------|---------------------------|

----

----

----

|  | · | crew strikes and/or boycotts; |
|--|--------|-------------------------------|

|  | · | marine disaster; |
|--|--------|------------------|

|  | · | piracy; |
|--|--------|---------|

|  | · | environmental accidents; |
|--|--------|--------------------------|

|  | · | cargo and property losses or damage; and |
|--|--------|------------------------------------------|

|  | · | business interruptions caused by mechanical failure, human error, war, terrorism, political action in various countries or adverse weather conditions. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

|  | · | generate excess cash flow so that we can invest without jeopardizing our ability to cover current and foreseeable working capital needs (including debt service); |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | raise equity and obtain required financing for our existing and new operations; |
|--|--------|---------------------------------------------------------------------------------|

|  | · | locate and acquire suitable vessels; |
|--|--------|--------------------------------------|

|  | · | identify and consummate acquisitions or joint ventures; |
|--|--------|---------------------------------------------------------|

|  | · | integrate any acquired business successfully with our existing operations; |
|--|--------|----------------------------------------------------------------------------|

|  | · | hire, train and retain qualified personnel and crew to manage and operate our growing business and fleet; |
|--|--------|-----------------------------------------------------------------------------------------------------------|

|  | · | enhance our customer base; and |
|--|--------|--------------------------------|

|  | · | manage expansion. |
|--|--------|-------------------|

----

|  | · | our ability to obtain additional financing, if necessary, for working capital, capital expenditures, acquisitions or other purposes may be impaired or such financing may be unavailable on favorable terms; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | we may need to use a substantial portion of our cash from operations to make principal and interest payments on our debt, reducing the funds that would otherwise be available for operations, future business opportunities and any future dividends to our shareholders; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | our debt level could make us more vulnerable than our competitors with less debt to competitive pressures or a downturn in our business or the economy generally; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | our debt level may limit our flexibility in responding to changing business and economic conditions. |
|--|--------|------------------------------------------------------------------------------------------------------|

----

|  | · | economic and market conditions affecting the shipping industry in general; |
|--|--------|----------------------------------------------------------------------------|

|  | · | supply of dry bulk vessels, including newbuildings; |
|--|--------|-----------------------------------------------------|

|  | · | demand for dry bulk vessels; |
|--|--------|------------------------------|

|  | · | scrap values; |
|--|--------|---------------|

|  | · | types, sizes and ages of vessels; |
|--|--------|-----------------------------------|

|  | · | other modes of transportation; |
|--|--------|--------------------------------|

|  | · | competition from other shipping companies; |
|--|--------|--------------------------------------------|

|  | · | cost of newbuildings; |
|--|--------|-----------------------|

|  | · | technological advances; |
|--|--------|-------------------------|

|  | · | new regulatory requirements from governments or self-regulated organizations; and |
|--|--------|-----------------------------------------------------------------------------------|

|  | · | prevailing level of charter rates. |
|--|--------|------------------------------------|

----

----

|  | · | locating and acquiring suitable vessels at competitive prices; |
|--|--------|----------------------------------------------------------------|

|  | · | identifying and consummating acquisitions or joint ventures; |
|--|--------|--------------------------------------------------------------|

|  | · | integrating any acquired vessels successfully with our existing operations; |
|--|--------|-----------------------------------------------------------------------------|

|  | · | enhancing our customer base; |
|--|--------|------------------------------|

|  | · | managing our expansion; and |
|--|--------|-----------------------------|

|  | · | obtaining required financing, which could include debt, equity or combinations thereof. |
|--|--------|-----------------------------------------------------------------------------------------|

----

----

|  | · | renew existing charters upon their expiration; |
|--|--------|------------------------------------------------|

|  | · | obtain new charters; |
|--|--------|----------------------|

|  | · | obtain financing on commercially acceptable terms; |
|--|--------|----------------------------------------------------|

|  | · | maintain satisfactory relationships with our charterers and suppliers; and |
|--|--------|----------------------------------------------------------------------------|

|  | · | successfully execute our business strategies. |
|--|--------|-----------------------------------------------|

----

----

----

|  | · | quarterly variations in our results of operations; |
|--|--------|----------------------------------------------------|

|  | · | our lenders' willingness to extend our loan covenant waivers, if necessary; |
|--|--------|-----------------------------------------------------------------------------|

|  | · | changes in market valuations of similar companies and stock market price and volume fluctuations generally; |
|--|--------|-------------------------------------------------------------------------------------------------------------|

|  | · | changes in earnings estimates or publication of research reports by analysts; |
|--|--------|-------------------------------------------------------------------------------|

|  | · | speculation in the press or investment community about our business or the shipping industry generally; |
|--|--------|---------------------------------------------------------------------------------------------------------|

|  | · | strategic actions by us or our competitors such as acquisitions or restructurings; |
|--|--------|------------------------------------------------------------------------------------|

|  | · | the thin trading market for our common stock, which makes it somewhat illiquid; |
|--|--------|---------------------------------------------------------------------------------|

|  | · | the current ineligibility of our common stock to be the subject of margin loans because of its low current market price; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------|

|  | · | regulatory developments; |
|--|--------|--------------------------|

|  | · | additions or departures of key personnel; |
|--|--------|-------------------------------------------|

|  | · | general market conditions; and |
|--|--------|--------------------------------|

|  | · | domestic and international economic, market and currency factors unrelated to our performance. |
|--|--------|------------------------------------------------------------------------------------------------|

----

|  | · | the rates we obtain from future charters; |
|--|--------|-------------------------------------------|

|  | · | the level of our operating costs; |
|--|--------|-----------------------------------|

|  | · | the level of our general and administrative costs; |
|--|--------|----------------------------------------------------|

|  | · | the number of unscheduled off-hire days and the timing of, and number of days required for, scheduled drydocking of vessels we may acquire in the future; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | vessel acquisitions and related financings; |
|--|--------|---------------------------------------------|

----

|  | · | restrictions in any future debt facilities; |
|--|--------|---------------------------------------------|

|  | · | prevailing global and regional economic and political conditions; |
|--|--------|-------------------------------------------------------------------|

|  | · | the effect of governmental regulations and maritime self-regulatory organization standards on the conduct of our business; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------|

|  | · | the amount of cash reserves established by our board of directors; and |
|--|--------|------------------------------------------------------------------------|

|  | · | restrictions under Marshall Islands law. |
|--|--------|------------------------------------------|

|  | · | authorize our board of directors to issue "blank check" preferred stock without shareholder approval; |
|--|--------|-------------------------------------------------------------------------------------------------------|

|  | · | provide for a classified board of directors with staggered, three-year terms; |
|--|--------|-------------------------------------------------------------------------------|

|  | · | require a super-majority vote in order to amend the provisions regarding our classified board of directors with staggered, three-year terms; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | permit the removal of any director from office at any time, with or without cause, at the request of the shareholder group entitled to designate such director; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | allow vacancies on the board of directors to be filled by the shareholder group entitled to name the director whose resignation or removal led to the occurrence of the vacancy; and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | prevent our board of directors from dissolving the shipping committee or altering the duties or composition of the shipping committee without an affirmative vote of not less than 80% of the board of directors. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 4. | INFORMATION ON THE COMPANY |
|---------|----------------------------|

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----

----

----

----

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| Customer |   | 2014 |   | 2013 |   | 2012 |
|----------|--------|------|--------|------|--------|------|
| A        |   | 59%  |   | 18%  |   | -    |
| B        |   | 29%  |   | -    |   | -    |
|  C  |   | -    |   | 16%  |   | -    |
|  D  |   | -    |   | 12%  |   | 19%  |
| E        |   | -    |   | 10%  |   | -    |
| F        |   | -    |   | -    |   | 14%  |
| G*       |   | -    |   | -    |   | 14%  |
| Total    |   | 88%  |   | 56%  |   | 47%  |

----

----

----

|  | (i) | injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs; |
|--|-----|-------------------------------------------------------------------------------------------------------|

|  | (ii) | injury to, or economic losses resulting from, the destruction of real and personal property; |
|--|------|----------------------------------------------------------------------------------------------|

|  | (iii) | net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources; |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | loss of subsistence use of natural resources that are injured, destroyed or lost; |
|--|------|-----------------------------------------------------------------------------------|

|  | (v) | lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|  | (vi) | net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

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|  | · | on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship's identity, position, course, speed and navigational status; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------|

|  | · | the development of vessel security plans; |
|--|--------|-------------------------------------------|

|  | · | ship identification number to be permanently marked on a vessel's hull; |
|--|--------|-------------------------------------------------------------------------|

|  | · | a continuous synopsis record kept onboard showing a vessel's history including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship's identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | compliance with flag state security certification requirements. |
|--|--------|-----------------------------------------------------------------|

----

| Subsidiary                             |   | Jurisdiction of Incorporation    |
|----------------------------------------|--------|----------------------------------|
| Seanergy Management Corp.              |   | Republic of the Marshall Islands |
| Seanergy Shipmanagement Corp.          |   | Republic of the Marshall Islands |
| Leader Shipping Co.                    |   | Republic of the Marshall Islands |
| Sea Glorius Shipping Co.               |   | Republic of the Marshall Islands |
| Sea Genius Shipping Co.                |   | Republic of the Marshall Islands |
| Sea Furious Shipping Co.               |   | Republic of the Marshall Islands |
| Sea Olympius Shipping Co.              |   | Republic of the Marshall Islands |
| Amazons Management Inc.                |   | Republic of the Marshall Islands |
| Lagoon Shipholding Ltd.                |   | Republic of the Marshall Islands |
| Cynthera Navigation Ltd.               |   | Republic of the Marshall Islands |
| Martinique International Corp.         |   | British Virgin Islands           |
| Harbour Business International Corp.   |   | British Virgin Islands           |
| Waldeck Maritime Co.                   |   | Republic of the Marshall Islands |
| Maritime Capital Shipping Limited      |   | Bermuda                          |
| Maritime Capital Shipping (HK) Limited |   | Hong Kong                        |
| Maritime Grace Shipping Limited        |   | British Virgin Islands           |
| Maritime Glory Shipping Limited        |   | British Virgin Islands           |
| Atlantic Grace Shipping Limited        |   | British Virgin Islands           |

----

| ITEM 4A. | UNRESOLVED STAFF COMMENTS |
|----------|---------------------------|

| ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
|---------|----------------------------------------------|

----

|  | · | the nature and duration of our charters; |
|--|--------|------------------------------------------|

|  | · | the amount of time that we spent repositioning our vessels; |
|--|--------|-------------------------------------------------------------|

----

|  | · | the amount of time that our vessels spent in dry-dock undergoing repairs; |
|--|--------|---------------------------------------------------------------------------|

|  | · | maintenance and upgrade work; |
|--|--------|-------------------------------|

|  | · | the age, condition and specifications of our vessels; |
|--|--------|-------------------------------------------------------|

|  | · | the levels of supply and demand in the dry bulk carrier transportation market; and |
|--|--------|------------------------------------------------------------------------------------|

|  | · | other factors affecting charter rates for dry bulk carriers under voyage charters. |
|--|--------|------------------------------------------------------------------------------------|

|  | · | number of vessels owned and operated; |
|--|--------|---------------------------------------|

|  | · | charter market rates and periods of charter hire; |
|--|--------|---------------------------------------------------|

|  | · | vessel operating expenses and direct voyage costs, which were incurred in both U.S. dollars and other currencies, primarily Euros; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

|  | · | depreciation expenses, which are a function of vessel cost, any significant post-acquisition improvements, estimated useful lives, estimated residual scrap values, and fluctuations in the market value of our vessels; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | financing costs related to indebtedness associated with the vessels; and |
|--|--------|--------------------------------------------------------------------------|

|  | · | fluctuations in foreign exchange rates. |
|--|--------|-----------------------------------------|

----

|                                                     |   | Year Ended December 31, |   |
|----------------------------------------------------------|--------|-------------------------|--------|
| Fleet Data:                                              |   | 2014                    |   |   | 2013 |   |   | 2012 |   |
|                                                     |        |                    |   |  |   |   |  |   |
| Average number of vessels(1)                             |   |                    | 1      |   |   |   | 6.2 |   |   |   | 17.6 |   |
| Ownership days(2)                                        |   |                    | 268    |   |   |   | 2,275 |   |   |   | 6,442 |   |
| Available days(3)                                        |   |                    | 268    |   |   |   | 2,218 |   |   |   | 6,333 |   |
| Operating days(4)                                        |   |                    | 142    |   |   |   | 1,840 |   |   |   | 5,559 |   |
| Fleet utilization(5)                                     |   |                    | 53     | % |   |   | 80.9 | % |   |   | 86.3 | % |
| Fleet utilization excluding drydocking off hire days (6) |   |                    | 53     | % |   |   | 83.0 | % |   |   | 87.8 | % |
|                                                     |   |                    |   |   |   |   |   |   |   |   |   |   |
| Average Daily Results:                                   |   |                    |   |   |   |   |   |   |   |   |   |   |
| Vessel TCE rate(7)                                       |   | $                       | 5,014  |   |   | $ | 8,006 |   |   | $ | 7,465 |   |
| Vessel operating expenses(8)                             |   | $                       | 3,754  |   |   | $ | 4,873 |   |   | $ | 4,189 |   |
| Management fees(9)                                       |   | $                       | 455    |   |   | $ | 412 |   |   | $ | 344 |   |
| Total vessel operating expenses(10)                      |   | $                       | 4,209  |   |   | $ | 5,285 |   |   | $ | 4,533 |   |

| (1) | Average number of vessels is the number of vessels that constituted the Company's fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of the Company's fleet during the relevant period divided by the number of calendar days in the relevant period. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Ownership days are the total number of days in a period during which the vessels in a fleet have been owned. Ownership days are an indicator of the size of the Company's fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Available days are the number of ownership days less the aggregate number of days that vessels are off-hire due to major repairs, dry dockings or special or intermediate surveys. The shipping industry uses available days to measure the number of ownership days in a period during which vessels should be capable of generating revenues. During the year ended December 31, 2014, the Company did not incur any off-hire days for vessel surveys. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Operating days are the number of available days in a period less the aggregate number of days that vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Fleet utilization is the percentage of time that our vessels were generating revenue, and is determined by dividing operating days by ownership days for the relevant period. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Fleet utilization excluding drydocking off-hire days is calculated by dividing the number of the fleet's operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization excluding drydocking off-hire days to measure a Company's efficiency in finding suitable employment for its vessels and excluding the amount of days that its vessels are off-hire for reasons such as scheduled repairs, vessel upgrades, or dry dockings or special or intermediate surveys. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | TCE rates are defined as our net revenues less voyage expenses during a period divided by the number of our operating days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (In thousands of U.S. dollars, except operating days and daily time charter equivalent rate) |   | 2014   |   |   | 2013   |   |   | 2012   |   |
|----------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                         |   |        |   |   |        |   |   |        |   |
| Net revenues from vessels*                                                                   |   | $      | 2,010  |   |   | $      | 23,079 |   |   | $ | 55,616 |   |
| Voyage expenses                                                                              |   |   | (1,274 | )      |   |   | (8,035 | )      |   |   | (13,587 | ) |
| Voyage expenses — related party                                                        |   |   | (24    | )      |   |   | (313   | )      |   |   | (532 | ) |
| Net operating revenues                                                                       |   | $      | 712    |   |   | $      | 14,731 |   |   | $ | 41,497 |   |
| Operating days                                                                               |   |   | 142    |   |   |   | 1,840  |   |   |   | 5,559 |   |
| Daily time charter equivalent rate                                                           |   | $      | 5,014  |   |   | $      | 8,006  |   |   | $ | 7,465 |   |

----

| (8) | Average daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, are calculated by dividing vessel operating expenses by ownership days (including the ownership days of the vessels employed under bareboat charters) for the relevant time periods: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                      | Year Ended December 31, |   |
|-------------------------------------------------------------------------------------------|-------------------------|--------|
| (In thousands of U.S. dollars, except ownership days and daily vessel operating expenses) | 2014                    |   | 2013 |   | 2012 |   |
|                                                                                      |                         |   |  |   |  |   |
| Operating expenses                                                                        |                    | $      | 1,006 |   |   | $ | 11,086 |   |   | $ | 26,983 |   |
| Ownership days                                                                            |                    |   | 268 |   |   |   | 2,275 |   |   |   | 6,442 |   |
| Daily vessel operating expenses                                                           |                    | $      | 3,754 |   |   | $ | 4,873 |   |   | $ | 4,189 |   |

| (9) | Daily management fees are calculated by dividing total management fees by ownership days for the relevant time period. |
|-----|------------------------------------------------------------------------------------------------------------------------|

| (10) | Total vessel operating expenses, or TVOE, is a measurement of total expenses associated with operating the vessels. TVOE is the sum of vessel operating expenses and management fees. Daily TVOE is calculated by dividing TVOE by fleet ownership days for the relevant time period. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

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| (amounts in table in millions of US Dollars)                                      |   |        |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|
| Cash and restricted cash                                                          |   |   | 3.5    |   |
| Vessels and other assets                                                          |   |   | 49.5   |   |
| Long-term debt and other liabilities, net of BET's obligation towards the Company |   |   | (58.2  | ) |
| Effect on equity from disposal of subsidiary                                      |   |   | (5.2   | ) |

| (amounts in table in millions of US Dollars) |   |        |   |
|----------------------------------------------|--------|--------|--------|
| Cash and restricted cash                     |   |   | 1.9    |   |
| Vessels and other assets                     |   |   | 22.8   |   |
| Long-term debt and other liabilities         |   |   | (30.4  | ) |
| Net liabilities                              |   |   | (5.7   | ) |

| (amounts in table in millions of US Dollars)                                 |   |        |   |
|------------------------------------------------------------------------------|--------|--------|--------|
| Cash and restricted cash                                                     |   |   | 0.1    |   |
| Vessels and other assets                                                     |   |   | 18.5   |   |
| Long-term debt and other liabilities, net of obligations towards the Company |   |   | (40    | ) |
| Net liabilities                                                              |   |   | (21.4  | ) |

----

----

|  | · | reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------|

|  | · | news and industry reports of similar vessel sales; |
|--|--------|----------------------------------------------------|

|  | · | news and industry reports of sales of vessels that are not similar to our vessels where we have made certain adjustments in an attempt to derive information that can be used as part of our estimates; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | approximate market values for our vessels or similar vessels that we have received from shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | offers that we may have received from potential purchasers of our vessels; and |
|--|--------|--------------------------------------------------------------------------------|

|  | · | vessel sale prices and values of which we are aware through both formal and informal communications with shipowners, shipbrokers, industry analysts and various other shipping industry participants and observers. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Vessel          |   | Dwt     |   | Year purchased   |   | Carrying Value            |   |
|-----------------|--------|-----------------------------|--------|------------------|--------|----------------------------------------------------------------------------------|--------|
|            |   |                        |   |             |   | 2014                                                                             |   |   |   | 2013 |   |
| Davakis G.      |   | 54,051                      |   | 2008             |   | n/a                                                                              |   |   |   | $23.7 million* |   |
| Delos Ranger    |   | 54,057                      |   | 2008             |   | n/a                                                                              |   |   |   | $24.0 million* |   |
| African Oryx    |   | 24,112                      |   | 2008             |   | n/a                                                                              |   |   |   | n/a |   |
| Bremen Max      |   | 73,503                      |   | 2008             |   | n/a                                                                              |   |   |   | $5.6 million* |   |
| Hamburg Max     |   | 73,498                      |   | 2008             |   | n/a                                                                              |   |   |   | $5.9 million* |   |
| African Zebra   |   | 38,632                      |   | 2008             |   | n/a                                                                              |   |   |   | n/a |   |
| BET Commander   |   | 149,507                     |   | 2009             |   | n/a                                                                              |   |   |   | n/a |   |
| BET Intruder    |   | 69,235                      |   | 2009             |   | n/a                                                                              |   |   |   | n/a |   |
| BET Prince      |   | 163,554                     |   | 2009             |   | n/a                                                                              |   |   |   | n/a |   |
| BET Scouter     |   | 172,173                     |   | 2009             |   | n/a                                                                              |   |   |   | n/a |   |
| BET Fighter     |   | 173,149                     |   | 2009             |   | n/a                                                                              |   |   |   | n/a |   |
| Fiesta          |   | 29,519                      |   | 2010             |   | n/a                                                                              |   |   |   | n/a |   |
| Pacific Fantasy |   | 29,538                      |   | 2010             |   | n/a                                                                              |   |   |   | n/a |   |
| Pacific Fighter |   | 29,538                      |   | 2010             |   | n/a                                                                              |   |   |   | n/a |   |
| Clipper Freeway |   | 29,538                      |   | 2010             |   | n/a                                                                              |   |   |   | n/a |   |
| African Joy     |   | 26,482                      |   | 2010             |   | n/a                                                                              |   |   |   | n/a |   |
| African Glory   |   | 24,252                      |   | 2010             |   | n/a                                                                              |   |   |   | n/a |   |
| Asian Grace     |   | 20,138                      |   | 2010             |   | n/a                                                                              |   |   |   | n/a |   |
| Clipper Glory   |   | 30,570                      |   | 2010             |   | n/a                                                                              |   |   |   | n/a |   |
| Clipper Grace   |   | 30,548                      |   |  2010  |   | n/a                                                                              |   |   |   | n/a |   |
| TOTAL DWT       |   | 1,295,594                   |   |             |   |                                                                             |   |   |   |   |   |

----

----

----

----

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|  | · | Leverage: the corporate leverage ratio of the guarantor will not be, at the end of any accounting period or at any other time, higher than 0.75:1.0; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | EBITDA: the consolidated interest cover ratio for the accounting period (EBITDA to Interest Expense) shall not be lower than 2:1; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | · | Liquidity: the borrower and/or the guarantor shall maintain minimum free liquidity in an amount equal to borrower's debt service of the next semester as free deposits with the lender; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Liquidity: the guarantor shall maintain minimum free liquidity in an amount equal to guarantor's debt service of the next semester as free deposits. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The financial covenants listed above are to be tested at the end of each semester. |
|--|--------|------------------------------------------------------------------------------------|

----

----

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| Contractual Obligations |   | Total |   |   | less than 1 year |   |   | 1-3 years |   |   | 3-5 years |   |   | more than 5 years |   |
|-------------------------|--------|-------|--------|--------|------------------|--------|--------|-----------|--------|--------|-----------|--------|--------|-------------------|--------|
| Long-term debt          |   | $     | -      |   |             | $      | -      |      |   | $      | -         |   |   | $                 | -      |   |   | $ | - |   |
| Interest expense        |   | $     | -      |   |             | $      | -      |      |   | $      | -         |   |   | $                 | -      |   |   | $ | - |   |
| Office rent (1)         |   | $     | 38     |   |             | $      | 38     |      |   | $      | -         |   |   | $                 | -      |   |   | $ | - |   |
| Total                   |   | $     | 38     |   |             | $      | 38     |      |   | $      | -         |   |   | $                 | -      |   |   | $ | - |   |

| 1. | The office rent reflects our agreement with Waterfront S.A. for the rent of our executive offices. The current lease term had an expiration date of December 31, 2014, which was extended for one month, and the monthly lease payment was EUR 25,000. The monthly payment due under the office rent in U.S. dollars has been computed by using the Euro/U.S. dollar exchange rate as of December 31, 2014, which was €1.00:$1.2141. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 6. | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
|---------|--------------------------------------------|

|  Name               |   | Age    |   |   | Position                                                                          |   | Director Class           |
|--------------------------|--------|--------|--------|--------|-----------------------------------------------------------------------------------|--------|--------------------------|
| Stamatis Tsantanis       |   | 42     |   |   | Chairman, Chief Executive Officer, Interim Chief Financial Officer & Director |   | A (term expires in 2016) |
| Christina Anagnostara    |   | 43     |   |   | Director                                                                          |   | B (term expires in 2017) |
| Elias Culucundis         |   | 71     |   |   | Director                                                                          |   | A (term expires in 2016) |
| Dimitris Anagnostopoulos |   | 67     |   |   | Director                                                                          |   | C (term expires in 2015) |
|                     |   |   |   |   |                                                                              |   |                     |

----

----

----

| ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
|---------|---------------------------------------------------|

| Title of Class                             | Identity of Person or Group                                     |   | Number ofShares Owned |       |   | Percent of Class |   |
|--------------------------------------------|-----------------------------------------------------------------|--------|-----------------------|------------|--------|------------------|--------|
| Common shares, par value $0.0001 per share |                                                            |   |                       |       |   |                  |   |
|                                       | United Capital Investments Corp.(1)                             |   |                  | 2,528,731  |   |             |   | 5.4 | % |
|                                       | Atrion Shipholding S.A.(1)                                      |   |                  | 2,522,153  |   |             |   | 5.4 | % |
|                                       | Plaza Shipholding Corp.(1)                                      |   |                  | 4,271,393  |   |             |   | 9.2 | % |
|                                            | Claudia Restis (2)                                              |   |                  | 60,201,288 |   |             |   | 87.5 | % |
|                                            | Stamatis Tsantanis                                              |   |                  | 1,667,000  |   |             |   | 3.6 | % |
|                                       | Christina Anagnostara                                           |   |                  | 667        |   |             |   | * |   |
|                                       | All directors and executive officers as a group (5 individuals) |   |                  | 1,667,667  |   |             |   | 3.6 | % |

----

----

----

----

| ITEM 8. | FINANCIAL INFORMATION |
|---------|-----------------------|

----

| ITEM 9. | THE OFFER AND LISTING |
|---------|-----------------------|

|                                        |   | High   |   |   | Low    |   |
|---------------------------------------------|--------|--------|--------|--------|--------|--------|
| For the Fiscal Year Ended December 31, 2010 |   | $      | 44.85  |   |   | $      | 13.50 |   |
| For the Fiscal Year Ended December 31, 2011 |   | $      | 14.84  |   |   | $      | 2.06 |   |
| For the Fiscal Year Ended December 31, 2012 |   | $      | 4.23   |   |   | $      | 1.09 |   |
| For the Fiscal Year Ended December 31, 2013 |   | $      | 2.46   |   |   | $      | 0.80 |   |
| For the Fiscal Year Ended December 31, 2014 |   | $      | 1.99   |   |   | $      | 0.83 |   |
|                                        |   |   |   |   |   |   |   |   |
| For the Quarter Ended                       |   |   |   |   |   |   |   |   |
| March 31, 2015                         |        | $      | 0.90   |        |        | $      | 0.65 |  |
| March 31, 2014                              |   | $      | 1.99   |   |   | $      | 1.31 |   |
| June 30, 2014                               |   | $      | 1.78   |   |   | $      | 1.28 |   |
| September 30, 2014                          |   | $      | 1.83   |   |   | $      | 1.35 |   |
| December 31, 2014                           |   | $      | 1.76   |   |   | $      | 0.83 |   |
| March 31, 2013                              |   | $      | 2.46   |   |   | $      | 1.13 |   |
| June 30, 2013                               |   | $      | 2.04   |   |   | $      | 1.32 |   |
| September 30, 2013                          |   | $      | 2.25   |   |   | $      | 1.30 |   |
| December 31, 2013                           |   | $      | 2.10   |   |   | $      | 0.80 |   |

| For the Month Ended                  |   | High |   |   | Low    |   |
|--------------------------------------|--------|------|--------|--------|--------|--------|
| September 2014                       |   | $    | 1.83   |   |   | $      | 1.45 |   |
| October 2014                         |   | $    | 1.76   |   |   | $      | 1.34 |   |
| November 2014                        |   | $    | 1.43   |   |   | $      | 1.15 |   |
| December 2014                        |   | $    | 1.24   |   |   | $      | 0.83 |   |
| January 2015                         |   | $    | 0.90   |   |   | $      | 0.65 |   |
| February 2015                        |   | $    | 0.83   |   |   | $      | 0.73 |   |
| March 2015                           |   | $    | 0.90   |   |   | $      | 0.71 |   |
| April 1, 2015 through April 20, 2015 |   | $    | 0.85   |   |   | $      | 0.68 |   |

----

| ITEM 10. | ADDITIONAL INFORMATION |
|----------|------------------------|

|  | · | an individual citizen or resident of the United States; |
|--|--------|---------------------------------------------------------|

|  | · | a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized (or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia; or |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | an estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or a trust if (i) a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | financial institutions or "financial services entities"; |
|--|--------|----------------------------------------------------------|

|  | · | broker-dealers; |
|--|--------|-----------------|

|  | · | taxpayers who have elected mark-to-market accounting; |
|--|--------|-------------------------------------------------------|

|  | · | tax-exempt entities; |
|--|--------|----------------------|

|  | · | governments or agencies or instrumentalities thereof; |
|--|--------|-------------------------------------------------------|

|  | · | insurance companies; |
|--|--------|----------------------|

|  | · | regulated investment companies; |
|--|--------|---------------------------------|

|  | · | real estate investment trusts; |
|--|--------|--------------------------------|

|  | · | certain expatriates or former long-term residents of the United States; |
|--|--------|-------------------------------------------------------------------------|

|  | · | persons that actually or constructively own 10% or more of our voting shares; |
|--|--------|-------------------------------------------------------------------------------|

|  | · | persons that hold our warrants; |
|--|--------|---------------------------------|

|  | · | persons that hold our common stock or warrants as part of a straddle, constructive sale, hedging, conversion or other integrated transaction; or |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | persons whose functional currency is not the U.S. dollar. |
|--|--------|-----------------------------------------------------------|

----

|  | · | we are organized in a foreign country (our "country of organization") that grants an "equivalent exemption" to corporations organized in the United States; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | more than 50% of the value of our stock is owned, directly or indirectly, by "qualified shareholders," that are persons (i) who are "residents" of our country of organization or of another foreign country that grants an "equivalent exemption" to corporations organized in the United States, and (ii) who comply with certain documentation requirements, which we refer to as the "50% Ownership Test;" or |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | our stock is primarily and regularly traded on one or more established securities markets in our country of organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States, which we refer to as the "Publicly-Traded Test." |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|  | · | we have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

|  | · | substantially all of our U.S.-source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | at least 50% of the average value of the assets held by the corporation during such taxable year produce, or are held for the production of, passive income. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | the excess distribution or gain would be allocated ratably over the Non-Electing Holders' aggregate holding period for the common stock; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the amount allocated to the current taxable year and any taxable year before we became a passive foreign investment company would be taxed as ordinary income; and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | fails to provide an accurate taxpayer identification number; |
|--|--------|--------------------------------------------------------------|

|  | · | is notified by the IRS that backup withholding is required; or |
|--|--------|----------------------------------------------------------------|

|  | · | fails in certain circumstances to comply with applicable certification requirements. |
|--|--------|--------------------------------------------------------------------------------------|

----

| ITEM 11. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|----------|------------------------------------------------------------|

| ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
|----------|--------------------------------------------------------|

----

| ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
|----------|-------------------------------------------------|

| ITEM 14. | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
|----------|------------------------------------------------------------------------------|

| ITEM 15. | CONTROLS AND PROCEDURES |
|----------|-------------------------|

----

| ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT |
|-----------|----------------------------------|

| ITEM 16B. | CODE OF ETHICS |
|-----------|----------------|

| ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|-----------|----------------------------------------|

|               |   | 2014   |    |   | 2013   |   |
|--------------------|--------|--------|---------|--------|--------|--------|
| Audit fees         |   | $      | 146,000 |   |   | $      | 306,000 |   |
| Audit related fees |   |   | -       |   |   |   | - |   |
| Tax fees           |   |   | -       |   |   |   | - |   |
| All other fees     |   |   | -       |   |   |   | - |   |
| Total fees         |   | $      | 146,000 |   |   | $      | 306,000 |   |

| ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
|-----------|------------------------------------------------------------|

----

| ITEM 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
|-----------|------------------------------------------------------------------------|

|           | Issuer purchases of equity securities |   |
|----------------|---------------------------------------|--------|
| Period         | Total Number of Shares Purchased      |   | Average Price Paid Per Share |   | Total Number of Shares Purchased as Part of Publicly Announced Programs |   | Maximum Amount in U.S. $ that may Yet Be Expected on Share Repurchases Under Programs |   |
|           |                                       |   |  |   |  |   |  |   |
| January 2012   |                                  |   | 4,641,620 |   |   | $ | 2.15442 |   |   |   | 4,641,620 |   |   | $ | 0 |   |
| June 2014      |                                  |   | 1,890,000 |   |   |   | 0.60 |   |   |   | 1,890,000 |   |   |   | 0 |   |
| September 2014 |                                  |   | 1,600,000 |   |   |   | 0.60 |   |   |   | 1,600,000 |   |   |   | 0 |   |
| December 2014  |                                  |   | 4,440,000 |   |   |   | 0.25 |   |   |   | 4,440,000 |   |   |   | 0 |   |
| March 2015     |                                  |   | 26,667,500 |   |   | $ | 0.18 |   |   |   | 26,667,500 |   |   | $ | 0 |   |

| ITEM 16F. | CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT |
|-----------|----------------------------------------------|

| ITEM 16G. | CORPORATE GOVERNANCE |
|-----------|----------------------|

|  | · | In lieu of obtaining shareholder approval, under specified circumstances, prior to the issuance of securities in connection with: (i) the acquisition of the stock or assets of another company, (ii) equity-based compensation of officers, directors, employees or consultants, (iii) a change of control, or (iv) private placements, the Company complies with provisions of the BCA providing that the board of directors may approve share issuances. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Company's Board is not required to be composed of a majority of independent directors. |
|--|--------|--------------------------------------------------------------------------------------------|

| ITEM 16H. | MINE SAFETY DISCLOSURE |
|-----------|------------------------|

----

| ITEM 17. | FINANCIAL STATEMENTS |
|----------|----------------------|

| ITEM 18. | FINANCIAL STATEMENTS |
|----------|----------------------|

| ITEM 19. | EXHIBITS |
|----------|----------|

| ExhibitNumber | Description                                                                                                                                                                             |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1           | Amended and Restated Articles of Incorporation (1)                                                                                                                                      |
| 1.2           | Second Amended and Restated Bylaws (2)                                                                                                                                                  |
| 1.3           | Amendment to Amended and Restated Articles of Incorporation (3)                                                                                                                         |
| 1.4           | Second Amendment to Amended and Restated Articles of Incorporation (4)                                                                                                                  |
| 1.5           | Third Amendment to Amended and Restated Articles of Incorporation (5)                                                                                                                   |
| 1.6           | Fourth Amendment to Amended and Restated Articles of Incorporation (6)                                                                                                                  |
| 2.1           | Specimen Common Stock Certificate(7)                                                                                                                                                    |
| 2.2           | Warrant Agreement between Continental Stock Transfer & Trust Company and the Registrant (8)                                                                                         |
| 2.3           | Unit Purchase Option (8)                                                                                                                                                                |
| 2.4           | Specimen Unit Certificate (9)                                                                                                                                                           |
| 2.5           | Form of Underwriters Warrant (10)                                                                                                                                                       |
| 4.1           | Master Agreement dated as of May 20, 2008 (1)                                                                                                                                           |
| 4.2           | Amendment to Master Agreement dated July 25, 2008 (1)                                                                                                                                   |
| 4.4           | Form of Convertible Unsecured Promissory Note(1)                                                                                                                                        |
| 4.5           | Amendment to Convertible Promissory Note dated August 28, 2009(11)                                                                                                                      |
| 4.7           | Management Agreement dated as of May 20, 2008 (1)                                                                                                                                       |
| 4.8           | Amendment No.1 to Management Agreement dated October 1, 2011 (19)                                                                                                                       |
| 4.17          | Share Purchase Agreement dated January 4, 2012 between registrant and United Capital Investments Corp., Atrion Shipholding S.A., Plaza Shipholding Corp. and Comet Shipholding Inc.(18) |
| 4.18          | Seanergy Maritime Holdings Corp. 2011 Equity Incentive Plan (16)                                                                                                                        |
| 4.19          | Loan Agreement dated August 27, 2008 between Seanergy and Piraeus Bank (11)                                                                                                             |
| 4.20          | Amendment No. 1 to Piraeus Bank Loan Agreement dated September 9, 2009(11)                                                                                                              |
| 4.21          | Amendment No. 2 to Piraeus Bank Loan Agreement dated November 13, 2009(12)                                                                                                              |
| 4.22          | Amendment No. 3 to Piraeus Bank Loan Agreement dated June 2, 2010(13)                                                                                                                   |
| 4.23          | Amendment No. 4 to Piraeus Bank Loan Agreement dated January 31, 2012 (19)                                                                                                              |
| 4.24          | Second Supplement Agreement dated September 30, 2009 relating to and including the Loan Agreement dated June 26, 2007 between BET and Citibank(11)                                      |
| 4.25          | Supplemental Letter Agreement dated August 4, 2010 relating to the Loan Agreement dated June 26, 2007 between BET and Citibank (14)                                                     |
| 4.26          | Third Supplemental Agreement dated December 23, 2010 relating to the Loan Agreement dated June 26, 2007 between BET and Citibank(17)                                                    |
| 4.27          | Fourth Supplemental Agreement dated March 31, 2011 relating to the Loan Agreement dated June 26, 2007 between BET and Citibank (17)                                                     |
| 4.28          | Fifth Supplemental Agreement dated February 7, 2012 relating to the Loan Agreement dated June 26, 2007 between BET and Citibank (19)                                                    |
| 4.29          | Restated Loan Agreement originally dated June 26, 2007 between BET and Citibank (19)                                                                                                    |
| 4.30          | Loan Agreement dated October 19, 2007 between MCS and DVB(13)                                                                                                                           |
| 4.31          | Loan Agreement dated June 5, 2008 between MCS and HSBC(13)                                                                                                                              |

----

| ExhibitNumber | Description                                                                                                                                                                                                     |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.32          | Supplemental Agreement dated May 20, 2010 relating to the Loan Agreement dated October 19, 2007 between MCS and DVB(13)                                                                                         |
| 4.33          | Supplemental Agreement dated May 21, 2010 relating to the Loan Agreement dated June 5, 2008 between MCS and HSBC(13)                                                                                            |
| 4.34          | Supplemental Letter and Amended and Restated Agreement dated May 24, 2010 relating to and including the Loan Agreement dated March 6, 2008 between MCS and UOB (17)                                             |
| 4.35          | Share Purchase Agreement with I.M.I. Holdings Corp., dated November 9, 2012 and Addendums (20)                                                                                                                  |
| 4.36          | Settlement Agreement with DVB Group Merchant Bank (Asia) Ltd. dated January 25, 2013 (20)                                                                                                                       |
| 4.37          | HSBC Waiver Letter dated September 4, 2012 and Extension Waiver Letter dated October 24, 2012 (20)                                                                                                              |
| 4.38     | Delivery and Settlement Agreement relating to a term loan facility with Piraeus Bank A.E. (23)                                                                                                                  |
| 4.39     | Settlement Agreement with United Overseas Bank Limited (23)                                                                                                                                                     |
| 4.40     | Addendum No. 1 to Settlement Agreement with United Overseas Bank Limited (23)                                                                                                                                   |
| 4.41     | Memorandum of Agreement with respect to Delos Ranger (23)                                                                                                                                                       |
| 4.42     | Memorandum of Agreement with respect to Hamburg Max (23)                                                                                                                                                        |
| 4.43     | Memorandum of Agreement with respect to Davakis G (23)                                                                                                                                                          |
| 4.44     | Memorandum of Agreement with respect to Bremen Max (23)                                                                                                                                                         |
| 4.45          | Share Purchase Agreement dated June 24, 2014 2014 between registrant and Comet Shipholding Inc. and Plaza Shipholding Corp. (21)                                                                                |
| 4.46          | Registration Rights Agreement dated June 24, 2014 2014 between registrant and Comet Shipholding Inc. and Plaza Shipholding Corp. (21)                                                                           |
| 4.47          | Share Purchase Agreement dated September 29, 2014 between registrant and Comet Shipholding Inc. and Plaza Shipholding Corp. (22)                                                                                |
| 4.48          | Registration Rights Agreement dated September 29, 2014 between registrant and Comet Shipholding Inc. and Plaza Shipholding Corp. (22)                                                                           |
| 4.49          | Share Purchase Agreement dated December 19, 2014 between registrant and Jelco Delta Holding Corp. (22)                                                                                                          |
| 4.50          | Registration Rights Agreement dated December 19, 2014 between registrant and Jelco Delta Holding Corp. (22)                                                                                                     |
| 4.51          | Ship Technical Management Agreement dated as of February 11, 2015 with V.Ships Greece Ltd.*                                                                                                                     |
| 4.52          | Commercial Management Agreement dated as of March 2, 2015 with Fidelity Marine Inc.*                                                                                                                            |
| 4.53          | Loan Agreement dated March 6, 2015 between Seanergy and Alpha Bank A.E.*                                                                                                                                        |
| 4.54          | Convertible Promissory Note dated March 12, 2015 with Jelco Delta Holding Corp. (24)                                                                                                                            |
| 4.55          | Share Purchase Agreement dated March 12, 2015 between registrant and Jelco Delta Holding Corp. (24)                                                                                                             |
| 4.56          | Registration Rights Agreement dated March 12, 2015 between registrant and Jelco Delta Holding Corp. (24)                                                                                                        |
| 4.57          | Share Purchase Agreement dated March 12, 2015 between registrant and Stamatis Tsantanis.*                                                                                                                       |
| 4.58          | Registration Rights Agreement dated March 12, 2015 between registrant and Stamatis Tsantanis.*                                                                                                                  |
| 8.1           | List of Subsidiaries*                                                                                                                                                                                           |
| 12.1          | Certificate of Principal Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act                                                                                                                       |
| 12.2          | Certificate of Principal Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act                                                                                                                       |
| 13.1          | Certificate of Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                              |
| 13.2          | Certificate of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                              |
| 15.1          | Consent of Ernst & Young (Hellas) Certified Auditors Accountants S.A.*                                                                                                                                      |
| 101      | The following financial information from Seanergy Maritime Holding Corp.'s Annual Report on Form 20-F for the fiscal year ended December 31, 2014, formatted in Extensible Business Reporting Language (XBRL)*: |
|          | (1) Consolidated Balance Sheets as of December 31, 2014 and 2013;                                                                                                                                               |
|          | (2) Consolidated Statements of Income/(loss) for the years ended December 31, 2014, 2013 and 2012;                                                                                                              |
|          | (3) Consolidated Statements of Shareholders' (Deficit) / Equity for the years ended December 31, 2014, 2013 and 2012;                                                                                           |
|          | (4) Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012;                                                                                                                 |
|          | (5) Notes to Consolidated Financial Statements.                                                                                                                                                                 |

| * | Previously filed. |
|---|-------------------|

----

| (1)  | Incorporated herein by reference to the corresponding exhibit in the Annex filed with Seanergy Maritime's proxy statement on Form 6-K submitted to the Commission on July 31, 2008.                                                    |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Incorporated herein by reference to our Company's report on Form 6-K submitted to the Commission on July 20, 2012.                                                                                                                     |
| (3)  | Incorporated herein by reference to the corresponding exhibit filed with our Company's registration statement on Form F-1MEF filed with the Commission on August 28, 2009 (File No. 333­161595).                                  |
| (4)  | Incorporated herein by reference to the corresponding exhibit to our Company's report on Form 6-K submitted to the Commission on September 16, 2010.                                                                                   |
| (5)  | Incorporated herein by reference to the corresponding exhibit to our Company's report on Form 6-K submitted to the Commission on June 27, 2011.                                                                                        |
| (6)  | Incorporated herein by reference to the corresponding exhibit to our Company's report on Form 6-K submitted to the Commission on August 5, 2011.                                                                                       |
| (7)  | Incorporated herein by reference to the corresponding exhibit filed with our Company's registration statement on Form F-1/A filed with the Commission on January 15, 2009 (File No. 333­154952).                                  |
| (8)  | Incorporated herein by reference to the corresponding exhibit filed with Seanergy Maritime's report on Form 8-K filed with the Commission on October 4, 2007.                                                                          |
| (9)  | Incorporated herein by reference to the corresponding exhibit filed with Seanergy Maritime's registration statement on Form F-1/A filed with the Commission on July 10, 2007 (File No. 333­144436).                               |
| (10) | Incorporated herein by reference to the corresponding exhibit filed with our Company's registration statement on Form F-1/A filed with the Commission on January 26, 2010 (File No. 333­161961).                                  |
| (11) | Incorporated herein by reference to the corresponding exhibit filed with our Company's registration statement on Form F-1/A filed with the Commission on October 16, 2009 (File No. 333­161961).                                  |
| (12) | Incorporated herein by reference to the corresponding exhibit filed with our Company's registration statement on Form F-1/A filed with the Commission on November 18, 2009 (File No. 333­161961).                                 |
| (13) | Incorporated herein by reference to the corresponding exhibit filed with our Company's registration statement on Form F-1/A filed with the Commission on July 21, 2010 (File No. 333­166872).                                     |
| (14) | Incorporated herein by reference to the corresponding exhibit filed with our Company's post-effective amendment no. 1 to the registration statement on Form F-1 filed with the Commission on September 24, 2010 (File No. 333-166872). |
| (15) | Incorporated herein by reference to the corresponding exhibit to our Company's report on Form 6-K submitted to the Commission on October 29, 2010.                                                                                     |
| (16) | Incorporated herein by reference to the corresponding exhibit to our Company's report on Form 6-K submitted to the Commission on February 7, 2011.                                                                                     |
| (17) | Incorporated herein by reference to the corresponding exhibit filed with our Company's annual report on Form 20-F submitted to the Commission on March 31, 2011.                                                                       |
| (18) | Incorporated herein by reference to the corresponding exhibit filed with a Schedule 13D/A relating to our Company submitted to the Commission on March 18, 2012                                                                        |
| (19) | Incorporated herein by reference to the corresponding exhibit filed with our Company's annual report on Form 20-F submitted to the Commission on March 19, 2012.                                                                       |
| (20) | Incorporated herein by reference to the corresponding exhibit filed with our Company's annual report on Form 20-F submitted to the Commission on April 26, 2013.                                                                       |
| (21) | Incorporated herein by reference to the corresponding exhibit filed with a Schedule 13D/A relating to our Company submitted to the Commission on September 12, 2014.                                                                   |
| (22) | Incorporated herein by reference to the corresponding exhibit filed with a Schedule 13D relating to our Company submitted to the Commission on March 12, 2015.                                                                         |
| (23) | Incorporated herein by reference to the corresponding exhibit filed with our Company's annual report on Form 20-F submitted to the Commission on April 18, 2014.                                                                       |
| (24) | Incorporated herein by reference to the Schedule 13D/A relating to our Company submitted to the Commission on April 13, 2015.                                                                                                          |

----

|   | SEANERGY MARITIME HOLDINGS CORP. |
|--------|----------------------------------|
|   |                             |
|   |                             | By: | /s/ Stamatis Tsantanis |
|   |                             | Name: | Stamatis Tsantanis |
|   |                             | Title: | Chairman & Chief Executive Officer |

----

|                                                                                                                        |   | Page   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                                        |   |   |
| Report of Independent Registered Public Accounting Firm Ernst & Young (Hellas) Certified Auditors Accountants S.A. |   | F-2    |
|                                                                                                                        |   |   |
| Consolidated Balance Sheets as of December 31, 2014 and 2013                                                                |   | F-3    |
|                                                                                                                        |   |   |
| Consolidated Statement of Income/(Loss) for the years ended December 31, 2014, 2013 and 2012                                |   | F-4    |
|                                                                                                                        |   |   |
| Consolidated Statements of Stockholders' Equity for the years ended December 31, 2014, 2013 and 2012                        |   | F-5    |
|                                                                                                                        |   |   |
| Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012                                  |   | F-6    |
|                                                                                                                        |   |   |
| Notes to Consolidated Financial Statements                                                                                  |   | F-7    |
|                                                                                                                        |   |   |
|                                                                                                                        |   |   |
|                                                                                                                        |   |   |
|                                                                                                                        |   |   |
|                                                                                                                        |   |   |

----

----

|                                                                                                                                                                                                                                  |   | Notes  |   |   | 2014   |   |     | 2013   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|----------|--------|--------|
| ASSETS                                                                                                                                                                                                                                |   |        |   |   |        |   |     |        |   |
| Current assets:                                                                                                                                                                                                                       |   |        |   |   |        |   |     |        |   |
|      Cash and cash equivalents                                                                                                                                                                               |   |        |   |   |   | 2,873  |     |   |   | 3,075 |   |
|      Accounts receivable trade, net                                                                                                                                                                          |   |        |   |   |   | 30     |     |   |   | 1,256 |   |
|      Inventories                                                                                                                                                                                             |   |   | 5      |   |   |   | -        |   |   |   | 913 |   |
|      Other current assets                                                                                                                                                                                    |   |   | 6      |   |   |   | 304      |   |   |   | 965 |   |
|      Vessels held for sale                                                                                                                                                                                   |   |   | 7, 10  |   |   |   | -        |   |   |   | 60,141 |   |
| Total current assets                                                                                                                                                                                                                  |   |   |   |   |   |   | 3,207    |   |   |   | 66,350 |   |
|                                                                                                                                                                                                                                  |   |   |   |   |   |   |     |   |   |   |   |   |
| Fixed assets:                                                                                                                                                                                                                         |   |   |   |   |   |   |     |   |   |   |   |   |
|      Office equipment, net                                                                                                                                                                                   |   |   |   |   |   |   | 61       |   |   |   | - |   |
| Total fixed assets                                                                                                                                                                                                                    |   |   |   |   |   |   | 61       |   |   |   | - |   |
|                                                                                                                                                                                                                                  |   |   |   |   |   |   |     |   |   |   |   |   |
|   TOTAL ASSETS                                                                                                                                                                                                              |   |   |   |   |   |   | 3,268    |   |   |   | 66,350 |   |
|                                                                                                                                                                                                                                  |   |   |   |   |   |   |     |   |   |   |   |   |
| LIABILITIES AND EQUITY                                                                                                                                                                                                                |   |   |   |   |   |   |     |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS EQUITY                                                                                                                                                                                                   |   |   |   |   |   |   |     |   |   |   |   |   |
| Current liabilities:                                                                                                                                                                                                                  |   |   |   |   |   |   |     |   |   |   |   |   |
|      Current portion of long-term debt                                                                                                                                                                       |   |   | 8      |   |   |   | -        |   |   |   | 134,911 |   |
|      Trade accounts and other payables                                                                                                                                                                       |   |   | 9      |   |   |   | 264      |   |   |   | 2,148 |   |
|      Due to related parties                                                                                                                                                                                  |   |   | 4      |   |   |   | 105      |   |   |   | 9,049 |   |
|      Accrued expenses                                                                                                                                                                                        |   |   |   |   |   |   | 223      |   |   |   | 1,252 |   |
|      Accrued interest                                                                                                                                                                                        |   |   |   |   |   |   | -        |   |   |   | 9,480 |   |
|      Deferred revenue                                                                                                                                                                                        |   |   |   |   |   |   | -        |   |   |   | 205 |   |
| Total current liabilities                                                                                                                                                                                                             |   |   |   |   |   |   | 592      |   |   |   | 157,045 |   |
| Total liabilities                                                                                                                                                                                                                     |   |   |   |   |   |   | 592      |   |   |   | 157,045 |   |
|                                                                                                                                                                                                                                  |   |   |   |   |   |   |     |   |   |   |   |   |
| Commitments and contingencies                                                                                                                                                                                                         |   |   | 11     |   |   |   | -        |   |   |   | - |   |
|                                                                                                                                                                                                                                  |   |   |   |   |   |   |     |   |   |   |   |   |
| STOCKHOLDERS EQUITY                                                                                                                                                                                                                   |   |   |   |   |   |   |     |   |   |   |   |   |
|      Seanergy shareholders' equity                                                                                                                                                                           |   |   |   |   |   |   |     |   |   |   |   |   |
|      Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued                                                                                                                           |   |   |   |   |   |   | -        |   |   |   | - |   |
|      Common stock, $0.0001 par value; 500,000,000 authorized shares as at December 31, 2014 and 2013; 19,889,271 and 11,959,271 shares issued and outstanding as at December 31, 2014 and 2013, respectively |   |   | 12     |   |   |   | 2        |   |   |   | 1 |   |
|      Additional paid-in capital                                                                                                                                                                              |   |   |   |   |   |   | 307,557  |   |   |   | 294,535 |   |
|      Accumulated deficit                                                                                                                                                                                     |   |   |   |   |   |   | (304,883 | )      |   |   | (385,231 | ) |
| Total Stockholders' equity                                                                                                                                                                                                            |   |   |   |   |   |   | 2,676    |   |   |   | (90,695 | ) |
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY                                                                                                                                                                                             |   |   |   |   |   |   | 3,268    |   |   |   | 66,350 |   |

----

|                                                |   | Notes  |   |   | 2014   |   |       | 2013   |   |   | 2012       |   |
|-----------------------------------------------------|--------|--------|--------|--------|--------|--------|------------|--------|--------|--------|------------|--------|
|  Revenues:                                     |   |        |   |   |        |   |       |        |   |   |            |   |
| Vessel revenue - related party                      |   |   | 3      |   |   |   | -          |   |   |   | -          |   |   |   | 8,221 |   |
| Vessel revenue                                      |   |   |   |   |   |   | 2,075      |   |   |   | 23,838     |   |   |   | 49,026 |   |
| Commissions – related party                   |   |   | 3      |   |   |   | -          |   |   |   | -          |   |   |   | (298 | ) |
| Commissions                                         |   |   |   |   |   |   | (65        | )      |   |   | (759       | )      |   |   | (1,333 | ) |
| Vessel revenue, net                                 |   |   |   |   |   |   | 2,010      |   |   |   | 23,079     |   |   |   | 55,616 |   |
| Expenses:                                           |   |   |   |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Direct voyage expenses                              |   |   | 13     |   |   |   | (1,274     | )      |   |   | (8,035     | )      |   |   | (13,587 | ) |
| Vessel operating expenses                           |   |   | 13     |   |   |   | (1,006     | )      |   |   | (11,086    | )      |   |   | (26,983 | ) |
| Voyage expenses - related party                     |   |   | 3      |   |   |   | (24        | )      |   |   | (313       | )      |   |   | (532 | ) |
| Management fees - related party                     |   |   | 3      |   |   |   | (122       | )      |   |   | (743       | )      |   |   | (1,625 | ) |
| Management fees                                     |   |   |   |   |   |   | -          |   |   |   | (194       | )      |   |   | (588 | ) |
| General and administration expenses                 |   |   | 14     |   |   |   | (2,987     | )      |   |   | (3,966     | )      |   |   | (6,337 | ) |
| General and administration expenses - related party |   |   | 3      |   |   |   | (309       | )      |   |   | (412       | )      |   |   | (402 | ) |
| Loss on bad debts                                   |   |   |   |   |   |   | (38        | )      |   |   | -          |   |   |   | (327 | ) |
| Amortization of deferred dry-docking costs          |   |   |   |   |   |   | -          |   |   |   | (232       | )      |   |   | (3,648 | ) |
| Depreciation                                        |   |   |   |   |   |   | (3         | )      |   |   | (982       | )      |   |   | (15,606 | ) |
| Loss on sale of vessels                             |   |   |   |   |   |   | -          |   |   |   | -          |   |   |   | (15,590 | ) |
| Impairment loss for vessels and deferred charges    |   |   | 7      |   |   |   | -          |   |   |   | (3,564     | )      |   |   | (147,143 | ) |
| Impairment loss for goodwill                        |   |   |   |   |   |   | -          |   |   |   | -          |   |   |   | (4,365 | ) |
| Gain on disposal of subsidiaries                    |   |   | 1      |   |   |   | -          |   |   |   | 25,719     |   |   |   | - |   |
| Gain on restructuring                               |   |   | 1      |   |   |   | 85,563     |   |   |   | -          |   |   |   | - |   |
| Operating income / (loss)                           |   |   |   |   |   |   | 81,810     |   |   |   | 19,271     |   |   |   | (181,117 | ) |
| Other income / (expense), net:                      |   |   |   |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Interest and finance costs                          |   |   | 15     |   |   |   | (1,463     | )      |   |   | (8,389     | )      |   |   | (12,480 | ) |
| Interest income                                     |   |   |   |   |   |   | 14         |   |   |   | 13         |   |   |   | 59 |   |
| Loss on interest rate swaps                         |   |   | 10     |   |   |   | -          |   |   |   | (8         | )      |   |   | (189 | ) |
| Foreign currency exchange gains (losses), net       |   |   |   |   |   |   | (13        | )      |   |   | 19         |   |   |   | (43 | ) |
|                                                |   |   |   |   |   |   | (1,462     | )      |   |   | (8,365     | )      |   |   | (12,653 | ) |
| Income / (loss) before taxes                        |   |   |   |   |   |   | 80,348     |   |   |   | 10,906     |   |   |   | (193,770 | ) |
| Income tax benefit                                  |   |   |   |   |   |   | -          |   |   |   | 1          |   |   |   | 2 |   |
| Net income / (loss)                                 |   |   |   |   |   |   | 80,348     |   |   |   | 10,907     |   |   |   | (193,768 | ) |
| Net income / (loss) per common share                |   |   |   |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Basic and diluted                                   |   |   | 16     |   |   |   | 6.01       |   |   |   | 0.91       |   |   |   | (16.74 | ) |
| Weighted average common shares outstanding          |   |   |   |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Basic                                               |   |   | 16     |   |   |   | 13,364,723 |   |   |   | 11,958,140 |   |   |   | 11,576,576 |   |
| Diluted                                             |   |   |   |   |   |   | 13,364,750 |   |   |   | 11,959,276 |   |   |   | 11,576,576 |   |

----

|                                                        |   | Common stock |       |   |           |   |   |                            |   |   |                     |   |
|-------------------------------------------------------------|--------|--------------|------------|--------|-----------|--------|--------|----------------------------|--------|--------|---------------------|--------|
|                                                        |   | # of Shares  |       |   | Par Value |   |   | Additional paid-in capital |   |   | Accumulated deficit |   |   | Total stockholders' equity / (deficit) |   |
|                                                        |   |              |       |   |           |   |   |                            |   |   |                     |   |   |  |   |
| Balance, January 1, 2012                                    |   |         | 7,317,662  |   |      |   | 1      |                       |   |   | 279,292             |   |   |   | (202,370 | ) |   |   | 76,923 |   |
| Issuance of common stock (Note 3b)                          |   |         | 4,641,620  |   |      |   | -      |                       |   |   | 10,000              |   |   |   | - |   |   |   | 10,000 |   |
| Stock based compensation (Note 17)                          |   |         | -          |   |      |   | -      |                       |   |   | 15                  |   |   |   | - |   |   |   | 15 |   |
| Sale of subsidiary to entity under common control (Note 1a) |   |         | -          |   |      |   | -      |                       |   |   | 5,213               |   |   |   | - |   |   |   | 5,213 |   |
| Net loss for the year ended December 31, 2012               |   |         | -          |   |      |   | -      |                       |   |   | -                   |   |   |   | (193,768 | ) |   |   | (193,768 | ) |
| Balance, December 31, 2012                                  |   |         | 11,959,282 |   |      |   | 1      |                       |   |   | 294,520             |   |   |   | (396,138 | ) |   |   | (101,617 | ) |
| Cancellation of equity incentive plan shares                |   |         | (11        | )      |      |   | -      |                       |   |   | -                   |   |   |   | - |   |   |   | - |   |
| Stock based compensation (Note 17)                          |   |         | -          |   |      |   | -      |                       |   |   | 15                  |   |   |   | - |   |   |   | 15 |   |
| Net income for the year ended December 31, 2013             |   |         | -          |   |      |   | -      |                       |   |   | -                   |   |   |   | 10,907 |   |   |   | 10,907 |   |
| Balance, December 31, 2013                                  |   |         | 11,959,271 |   |      |   | 1      |                       |   |   | 294,535             |   |   |   | (385,231 | ) |   |   | (90,695 | ) |
| Related parties liabilities released (Note 3a)              |   |         | -          |   |      |   | -      |                       |   |   | 9,819               |   |   |   | - |   |   |   | 9,819 |   |
| Issuance of common stock (Note 3b)                          |   |         | 7,930,000  |   |      |   | 1      |                       |   |   | 3,203               |   |   |   | - |   |   |   | 3,204 |   |
| Net income for the year ended December 31, 2014             |   |         | -          |   |      |   | -      |                       |   |   | -                   |   |   |   | 80,348 |   |   |   | 80,348 |   |
| Balance, December 31, 2014                                  |   |         | 19,889,271 |   |      |   | 2      |                       |   |   | 307,557             |   |   |   | (304,883 | ) |   |   | 2,676 |   |

----

|                                                                                       |   | 2014   |    |   | 2013   |   |    | 2012   |   |
|--------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Cash flows from operating activities:                                                      |   |        |    |   |        |   |    |        |   |
| Net income / (loss)                                                                        |   |   | 80,348  |   |   |   | 10,907  |   |   |   | (193,768 | ) |
| Adjustments to reconcile net income / (loss) to net cash provided by operating activities: |   |   |    |   |   |   |    |   |   |   |   |   |
| Depreciation                                                                               |   |   | 3       |   |   |   | 982     |   |   |   | 15,606 |   |
| Amortization of deferred finance charges                                                   |   |   | -       |   |   |   | 1,090   |   |   |   | 466 |   |
| Amortization of deferred dry-docking costs                                                 |   |   | -       |   |   |   | 232     |   |   |   | 3,648 |   |
| Payments for dry-docking                                                                   |   |   | (225    | )      |   |   | (750    | )      |   |   | (1,607 | ) |
| Change in fair value of financial instruments                                              |   |   | -       |   |   |   | 8       |   |   |   | (2,038 | ) |
| Stock based compensation                                                                   |   |   | -       |   |   |   | 15      |   |   |   | 15 |   |
| Loss on sale of vessels                                                                    |   |   | -       |   |   |   | -       |   |   |   | 15,590 |   |
| Loss on bad debt                                                                           |   |   | 38      |   |   |   | -       |   |   |   | 327 |   |
| Impairment of vessels and deferred charges                                                 |   |   | -       |   |   |   | 3,564   |   |   |   | 147,143 |   |
| Impairment of goodwill                                                                     |   |   | -       |   |   |   | -       |   |   |   | 4,365 |   |
| Gain on disposal of subsidiaries                                                           |   |   | -       |   |   |   | (25,719 | )      |   |   | - |   |
| Gain on restructuring                                                                      |   |   | (85,563 | )      |   |   | -       |   |   |   | - |   |
| Changes in operating assets and liabilities:                                               |   |   |    |   |   |   |    |   |   |   |   |   |
| Due from related parties                                                                   |   |   | -       |   |   |   | -       |   |   |   | 405 |   |
| Inventories                                                                                |   |   | 61      |   |   |   | (1,005  | )      |   |   | 1,152 |   |
| Accounts receivable trade, net                                                             |   |   | 1,188   |   |   |   | 1,025   |   |   |   | (1,193 | ) |
| Other current assets                                                                       |   |   | 661     |   |   |   | 1,113   |   |   |   | (2,013 | ) |
| Other non-current assets                                                                   |   |   | -       |   |   |   | 141     |   |   |   | 36 |   |
| Trade accounts and other payables                                                          |   |   | (1,884  | )      |   |   | (658    | )      |   |   | 2,291 |   |
| Accrued expenses                                                                           |   |   | (805    | )      |   |   | 68      |   |   |   | 486 |   |
| Due to related parties                                                                     |   |   | 875     |   |   |   | 2,914   |   |   |   | 10,205 |   |
| Accrued interest                                                                           |   |   | (9,350  | )      |   |   | 6,788   |   |   |   | 1,948 |   |
| Deferred revenue – related party                                                     |   |   | -       |   |   |   | -       |   |   |   | (142 | ) |
| Deferred revenue                                                                           |   |   | (205    | )      |   |   | 315     |   |   |   | (504 | ) |
| Net cash (used in) / provided by operating activities                                      |   |   | (14,858 | )      |   |   | 1,030   |   |   |   | 2,418 |   |
| Cash flows from investing activities:                                                      |   |   |    |   |   |   |    |   |   |   |   |   |
| Net proceeds from sale of vessels                                                          |   |   | 105,959 |   |   |   | 3,998   |   |   |   | 58,933 |   |
| Cash disposed of upon disposal of subsidiaries                                             |   |   | -       |   |   |   | (2,005  | )      |   |   | (3,531 | ) |
| Cash paid at subsidiary disposal                                                           |   |   | -       |   |   |   | (1,000  | )      |   |   | - |   |
| Additions to office furniture & equipment                                              |   |   | (64     | )      |   |   | -       |   |   |   | - |   |
| Net cash provided by investing activities                                                  |   |   | 105,895 |   |   |   | 993     |   |   |   | 55,402 |   |
| Cash flows from financing activities:                                                      |   |   |    |   |   |   |    |   |   |   |   |   |
| Net proceeds from issuance of common stock                                                 |   |   | 3,204   |   |   |   | -       |   |   |   | 10,000 |   |
| Repayments of long term debt                                                               |   |   | (94,443 | )      |   |   | (5,246  | )      |   |   | (98,816 | ) |
| Restricted cash released                                                                   |   |   | -       |   |   |   | 2,000   |   |   |   | 17,560 |   |
| Net cash used in financing activities                                                      |   |   | (91,239 | )      |   |   | (3,246  | )      |   |   | (71,256 | ) |
| Net decrease in cash and cash equivalents                                                  |   |   | (202    | )      |   |   | (1,223  | )      |   |   | (13,436 | ) |
| Cash and cash equivalents at beginning of period                                           |   |   | 3,075   |   |   |   | 4,298   |   |   |   | 17,734 |   |
| Cash and cash equivalents at end of period                                                 |   |   | 2,873   |   |   |   | 3,075   |   |   |   | 4,298 |   |
| SUPPLEMENTAL CASH FLOW INFORMATION                                                         |   |   |    |   |   |   |    |   |   |   |   |   |
| Cash paid for interest                                                                     |   |   | 10,557  |   |   |   | -       |   |   |   | 9,481 |   |
|                                                                                       |   |   |    |   |   |   |    |   |   |   |   |   |

----

| 1. | Basis of Presentation and General Information: |
|----|------------------------------------------------|

| a. | Disposal of Subsidiaries: |
|----|---------------------------|

| Cash and restricted cash                                                          |   |   | 3,531   |   |
|-----------------------------------------------------------------------------------|--------|--------|---------|--------|
| Vessels and other assets                                                          |   |   | 49,444  |   |
| Long-term debt and other liabilities, net of BET's obligation towards the Company |   |   | (58,188 | )      |
| Effect on equity from disposal of subsidiary                                      |   |   | (5,213  | )      |

| Cash and restricted cash                                                     |   |   | 1,902   |   |
|------------------------------------------------------------------------------|--------|--------|---------|--------|
| Vessels and other assets                                                     |   |   | 22,780  |   |
| Long-term debt and other liabilities, net of obligations towards the Company |   |   | (30,382 | )      |
| Net liabilities                                                              |   |   | (5,700  | )      |

----

| Cash and restricted cash                                                     |   | 103     |   |
|------------------------------------------------------------------------------|--------|---------|--------|
| Vessels and other assets                                                     |   | 18,514  |   |
| Long-term debt and other liabilities, net of obligations towards the Company |   | (39,957 | )      |
| Net liabilities                                                              |   | (21,340 | )      |

| b. | Disposal of Vessels: |
|----|----------------------|

| c. | Vessels Acquisitions: |
|----|-----------------------|

| d. | Going Concern: |
|----|----------------|

----

| e. | Subsidiaries in Consolidation: |
|----|--------------------------------|

| Company                                    |   | Country of Incorporation |   | Date of Incorporation |   | Vessel name   |   | Date of Delivery   |   | Date of Sale/Disposal |   | Financed by  |
|--------------------------------------------|--------|--------------------------|--------|-----------------------|--------|---------------|--------|--------------------|--------|-----------------------|--------|--------------|
| Seanergy Management Corp.(1) (3)           |   | Marshall Islands         |   | May 9, 2008           |   | N/A           |   | N/A                |   | N/A                   |   | N/A          |
| Seanergy Shipmanagement Corp. (1)          |   | Marshall Islands         |   | September 16, 2014    |   | N/A           |   | N/A                |   | N/A                   |   | N/A          |
| Sea Glorius Shipping Co. (1)               |   | Marshall Islands         |   | September 16, 2014    |   | N/A           |   | N/A                |   | N/A                   |   | N/A          |
| Sea Genius Shipping Co. (1)                |   | Marshall Islands         |   | September 16, 2014    |   | N/A           |   | N/A                |   | N/A                   |   | N/A          |
| Sea Furious Shipping Co. (1)               |   | Marshall Islands         |   | September 16, 2014    |   | N/A           |   | N/A                |   | N/A                   |   | N/A          |
| Sea Olympius Shipping Co. (1)              |   | Marshall Islands         |   | September 16, 2014    |   | N/A           |   | N/A                |   | N/A                   |   | N/A          |
| Amazons Management Inc.(1)                 |   | Marshall Islands         |   | April 21, 2008        |   | Davakis G.    |   | August 28, 2008    |   | March 6, 2014         |   | Piraeus Bank |
| Lagoon Shipholding Ltd.(1)                 |   | Marshall Islands         |   | April 21, 2008        |   | Delos Ranger  |   | August 28, 2008    |   | March 11, 2014        |   | Piraeus Bank |
| Cynthera Navigation Ltd.(1)                |   | Marshall Islands         |   | March 18, 2008        |   | African Oryx  |   | August 28, 2008    |   | April 10, 2013        |   | Piraeus Bank |
| Martinique International Corp.(1)          |   | British Virgin Islands   |   | May 14, 2008          |   | Bremen Max    |   | September 11, 2008 |   | March 7, 2014         |   | Piraeus Bank |
| Harbour Business International Corp.(1)    |   | British Virgin Islands   |   | April 1, 2008         |   | Hamburg Max   |   | September 25, 2008 |   | March 10, 2014        |   | Piraeus Bank |
| Waldeck Maritime Co.(1)                    |   | Marshall Islands         |   | April 21, 2008        |   | African Zebra |   | September 25, 2008 |   | February 15, 2012     |   | Piraeus Bank |
| Maritime Capital Shipping Limited (1)      |   | Bermuda                  |   | April 30, 2007        |   | N/A           |   | May 21, 2010       |   | N/A                   |   | N/A          |
| Maritime Capital Shipping (HK) Limited (3) |   | Hong Kong                |   | June 16, 2006         |   | N/A           |   | May 21, 2010       |   | N/A                   |   | N/A          |
| Maritime Glory Shipping Limited (2)        |   | British Virgin Islands   |   | April 8, 2008         |   | Clipper Glory |   | May 21, 2010       |   | December 4, 2012      |   | HSBC         |
| Maritime Grace Shipping Limited (2)        |   | British Virgin Islands   |   | April 8, 2008         |   | Clipper Grace |   | May 21, 2010       |   | October 15, 2012      |   | HSBC         |
| Atlantic Grace Shipping Limited (4)        |   | British Virgin Islands   |   | October 9, 2007       |   | N/A           |   | May 21, 2010       |   | N/A                   |   |         |

| (1) Subsidiaries wholly owned               |
|---------------------------------------------|
| (2) Vessel owning subsidiaries owned by MCS |
| (3) Management company                 |
| (4) Dormant company                         |

----

| 2. | Significant Accounting Policies: |
|----|----------------------------------|

| (a) | Principles of Consolidation |
|-----|-----------------------------|

| (b) | Use of Estimates |
|-----|------------------|

| (c) | Foreign Currency Translation |
|-----|------------------------------|

| (d) | Concentration of Credit Risk |
|-----|------------------------------|

| Customer |   | 2014 |   | 2013 |   | 2012 |
|----------|--------|------|--------|------|--------|------|
| A        |   | 59%  |   | 18%  |   | -    |
| B        |   | 29%  |   | -    |   | -    |
|  C  |   | -    |   | 16%  |   | -    |
|  D  |   | -    |   | 12%  |   | 19%  |
| E        |   | -    |   | 10%  |   | -    |
| F        |   | -    |   | -    |   | 14%  |
| G*       |   | -    |   | -    |   | 14%  |
| Total    |   | 88%  |   | 56%  |   | 47%  |

----

| (e) | Cash and Cash Equivalents |
|-----|---------------------------|

| (f) | Accounts Receivable Trade, Net |
|-----|--------------------------------|

| (g) | Inventories |
|-----|-------------|

| (h) | Insurance Claims |
|-----|------------------|

| (i) | Vessels |
|-----|---------|

| (j) | Vessel Depreciation |
|-----|---------------------|

----

| (k) | Long-lived Assets Classified as Held for Sale |
|-----|-----------------------------------------------|

| (l) | Impairment of Long-Lived Assets (Vessels) |
|-----|-------------------------------------------|

| (m) | Office equipment, net |
|-----|-----------------------|

| (n) | Goodwill |
|-----|----------|

----

| (o) | Dry-Docking and Special Survey Costs |
|-----|--------------------------------------|

| (p) | Commitments and Contingencies |
|-----|-------------------------------|

| (q) | Revenue Recognition |
|-----|---------------------|

| (r) | Commissions |
|-----|-------------|

----

| (s) | Vessel Voyage Expenses |
|-----|------------------------|

| (t) | Repairs and Maintenance |
|-----|-------------------------|

| (u) | Financing Costs |
|-----|-----------------|

| (v) | Income Taxes |
|-----|--------------|

~~ ~~

----

| (w) | Stock-based Compensation |
|-----|--------------------------|

| (x) | Earnings (Losses) per Share |
|-----|-----------------------------|

| (y) | Segment Reporting |
|-----|-------------------|

| (z) | Financial Instruments |
|-----|-----------------------|

----

----

| 3. | Transactions with Related Parties: |
|----|------------------------------------|

----

----

| 4. | Due from / Due to Related Parties: |
|----|------------------------------------|

| 5. | Inventories: |
|----|--------------|

|       |   | December 31, 2014 |   |   | December 31, 2013 |   |
|------------|--------|-------------------|--------|--------|-------------------|--------|
| Lubricants |   |              | -      |   |              |   | 266 |   |
| Bunkers    |   |              | -      |   |              |   | 647 |   |
| Total      |   |              | -      |   |              |   | 913 |   |
|       |   |              |   |   |              |   |   |   |

| 6. | Other Current Assets: |
|----|-----------------------|

| The amounts in the accompanying consolidated balance sheets are analyzed as follows: |
|--------------------------------------------------------------------------------------|

|             |   | December 31, 2014 |   |   | December 31, 2013 |   |
|------------------|--------|-------------------|--------|--------|-------------------|--------|
| Prepaid expenses |   |              | 78     |   |              |   | 441 |   |
| Insurance claims |   |              | 22     |   |              |   | 134 |   |
| Other            |   |              | 204    |   |              |   | 390 |   |
| Total            |   |              | 304    |   |              |   | 965 |   |

----

| 7. | Vessels Held for Sale: |
|----|------------------------|

|                              |   | December 31, 2014 |     |   | December 31, 2013 |   |
|-----------------------------------|--------|-------------------|----------|--------|-------------------|--------|
| Cost:                             |   |                   |     |   |                   |   |
| Beginning balance                 |   |              | 109,178  |   |              |   | 55,647 |   |
| - Transfers from vessels          |   |              | -        |   |              |   | 101,222 |   |
| - Transfers from deferred charges |   |              | -        |   |              |   | 956 |   |
| - Remeasurement                   |   |              | -        |   |              |   | 8,000 |   |
| - Disposals                       |   |              | (109,178 | )      |              |   | (56,647 | ) |
| Ending balance                    |   |              | -        |   |              |   | 109,178 |   |
|                              |   |              |     |   |              |   |   |   |
| Accumulated depreciation:         |   |              |     |   |              |   |   |   |
| Beginning balance                 |   |              | (49,037  | )      |              |   | (15,897 | ) |
| - Additions                       |   |              | -        |   |              |   | (49,037 | ) |
| - Disposals                       |   |              | 49,037   |   |              |   | 15,897 |   |
| Ending balance                    |   |              | -        |   |              |   | (49,037 | ) |
|                              |   |              |     |   |              |   |   |   |
| Net book value                    |   |              | -        |   |              |   | 60,141 |   |

----

| 8. | Long-Term Debt: |
|----|-----------------|

|                                                  |   | December 31, 2014 |   |   | December 31, 2013 |   |
|-------------------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
| Piraeus Bank  reducing revolving credit facility |   |              | -      |   |              |   | 40,929 |   |
| Piraeus Bank  term facility                      |   |              | -      |   |              |   | 93,982 |   |
| Total                                                 |   |              | -      |   |              |   | 134,911 |   |
| Less - current portion                                |   |              | -      |   |              |   | (134,911 | ) |
| Long-term portion                                     |   |              | -      |   |              |   | - |   |

| 9. | Trade Accounts and Other Payables: |
|----|------------------------------------|

| The amounts in the accompanying consolidated balance sheets are analyzed as follows: |
|--------------------------------------------------------------------------------------|

|       |   | December 31, 2014 |   |   | December 31, 2013 |   |
|------------|--------|-------------------|--------|--------|-------------------|--------|
| Creditors  |   |              | 184    |   |              |   | 1,631 |   |
| Insurances |   |              | 3      |   |              |   | 161 |   |
| Other      |   |              | 77     |   |              |   | 356 |   |
| Total      |   |              | 264    |   |              |   | 2,148 |   |

----

| 10. | Financial Instruments: |
|-----|------------------------|

| (a) | Significant Risks and Uncertainties, including Business and Credit Concentration |
|-----|----------------------------------------------------------------------------------|

| (b) | Interest Rate Risk |
|-----|--------------------|

| a. | Cash and cash equivalents, accounts receivable trade, net, trade accounts and other payables, due to related parties, accrued expenses, and accrued interest: the carrying amounts approximate fair value because of the short maturity of these instruments. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b. | Long-term debt: The carrying value approximates the fair market value as the long-term debt bears interest at floating interest rate. |
|----|---------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Fair Value Hierarchy |
|-----|----------------------|

|                      |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|---------------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Vessels held for sale (1) |   |    | -      |   |    |   | -      |    |   |   | 48,000 |   |   |   | 48,000 |   |
|                      |   |    | -      |   |    |   | -      |    |   |   | 48,000 |   |   |   | 48,000 |   |

|  | (1) | The Company compared the carrying values of the vessels which were classified as held for sale in the accompanying consolidated balance sheet for the years ended December 31, 2013 (Note 7), with their estimated fair market values less costs to sell and recognized an impairment loss of $3,564 (including re measurement of $8,000) in the accompanying consolidated statement of income. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Derivatives not designated as hedging instruments | Location of loss recognized |   | Amount of loss |   |
|---------------------------------------------------|-----------------------------|--------|----------------|--------|
|                                              |                        |   | 2014           |   |   | 2013 |   |   | 2012 |   |
| Interest rate swaps                               | Loss on interest rate swaps |   |           | -      |   |   |   | (8 | ) |   |   | (189 | ) |
|                                              |                        |   |           |   |   |   |   |   |   |   |   |   |   |

| 11. | Commitments and Contingencies: |
|-----|--------------------------------|

| Year ending December 31, |   |        |   |
|--------------------------|--------|--------|--------|
| 2015                     |   |   | 38     |   |
| Total                    |   |   | 38     |   |

| 12. | Capital Structure: |
|-----|--------------------|

| (b) Warrants and Unit Purchase Option |
|---------------------------------------|

----

| (c) Preferred Stock |
|---------------------|

| (d) Dividends |
|---------------|

| 13. | Direct Voyage Expenses and Vessel Operating Expenses: |
|-----|-------------------------------------------------------|

|          |        |        |        |        | Year ended December 31 |        |        |        |        |
|---------------|--------|--------|--------|--------|------------------------|--------|--------|--------|--------|
|          |   | 2014   |   |   | 2013                   |   |   | 2012   |   |
| Bunkers       |   |   | 1,087  |   |                   |   | 6,563  |   |   |   | 10,736 |   |
| Port expenses |   |   | 123    |   |                   |   | 888    |   |   |   | 1,609 |   |
| Commissions   |   |   | 1      |   |                   |   | 243    |   |   |   | 266 |   |
| Other         |   |   | 63     |   |                   |   | 341    |   |   |   | 976 |   |
| Total         |   |   | 1,274  |   |                   |   | 8,035  |   |   |   | 13,587 |   |
|          |   |   |   |   |                   |   |   |   |   |   |   |   |

|                         |        |        |        |        | Year ended December 31 |        |        |        |        |
|------------------------------|--------|--------|--------|--------|------------------------|--------|--------|--------|--------|
|                         |   | 2014   |   |   | 2013                   |   |   | 2012   |   |
| Crew wages and related costs |   |   | 700    |   |                   |   | 5,624  |   |   |   | 13,670 |   |
| Chemicals and lubricants     |   |   | 72     |   |                   |   | 862    |   |   |   | 2,831 |   |
| Repairs and maintenance      |   |   | 65     |   |                   |   | 2,594  |   |   |   | 6,592 |   |
| Insurance                    |   |   | 169    |   |                   |   | 1,233  |   |   |   | 2,791 |   |
| Miscellaneous expenses       |   |   | -      |   |                   |   | 773    |   |   |   | 1,099 |   |
| Total                        |   |   | 1,006  |   |                   |   | 11,086 |   |   |   | 26,983 |   |

----

| 14. | General and Administration Expenses: |
|-----|--------------------------------------|

|                                              |   |                   |        |   |
|---------------------------------------------------|--------|------------------------|--------|--------|
|                                              |        | Year ended December 31 |        |
|                                              |        |                        |        |        |  |  |  |  |  |
|                                              |   | 2014                   |   |   | 2013 |   |   | 2012 |   |
| Auditors' and accountants' fees                   |   |                   | 176    |   |   |   | 263 |   |   |   | 712 |   |
| Professional services                             |   |                   | 502    |   |   |   | 968 |   |   |   | 2,142 |   |
| Salaries, BOD remuneration and other compensation |   |                   | 1,594  |   |   |   | 1,993 |   |   |   | 2,210 |   |
| Directors and Officers Insurance                  |   |                   | 124    |   |   |   | 133 |   |   |   | 137 |   |
| Other                                             |   |                   | 591    |   |   |   | 609 |   |   |   | 1,136 |   |
| Total                                             |   |                   | 2,987  |   |   |   | 3,966 |   |   |   | 6,337 |   |

|                                 |   |                   |        |   |
|--------------------------------------|--------|------------------------|--------|--------|
|                                 |        | Year ended December 31 |        |
|                                 |   | 2014                   |   |   | 2013 |   |   | 2012 |   |
| Seanergy's executive office expenses |   |                   | 71     |   |   |   | 96 |   |   |   | 136 |   |
| MCS office rent                      |   |                   | 40     |   |   |   | 86 |   |   |   | 112 |   |
| Travel and transportation            |   |                   | 90     |   |   |   | 128 |   |   |   | 132 |   |
| Subscriptions                        |   |                   | 23     |   |   |   | 52 |   |   |   | 94 |   |
| Other                                |   |                   | 367    |   |   |   | 247 |   |   |   | 662 |   |
| Total                                |   |                   | 591    |   |   |   | 609 |   |   |   | 1,136 |   |

----

| 15. | Interest and Finance Costs: |
|-----|-----------------------------|

|                                        |   |                   |        |   |
|----------------------------------------|--------|------------------------|--------|--------|
|                                   |   | Year ended December 31 |   |
|                                   |   | 2014                   |   |   | 2013 |   |   | 2012 |   |
| Interest on long-term debt             |   |                   | 811    |   |   |   | 5,075 |   |   |   | 9,602 |   |
| Interest on revolving credit facility  |   |                   | 396    |   |   |   | 2,144 |   |   |   | 2,252 |   |
| Amortization of debt issuance costs    |   |                   | -      |   |   |   | 1,090 |   |   |   | 466 |   |
| Arrangement fees on undrawn facilities |   |                   | 246    |   |   |   | - |   |   |   | - |   |
| Other                                  |   |                   | 10     |   |   |   | 80 |   |   |   | 160 |   |
| Total                                  |   |                   | 1,463  |   |   |   | 8,389 |   |   |   | 12,480 |   |

| 16. | Earnings per Share: |
|-----|---------------------|

|                                                            |   |                            |            |   |
|------------------------------------------------------------|--------|---------------------------------|------------|--------|
|                                                       |   | For the years ended December 31 |       |
|                                                       |   | 2014                            |       |   | 2013 |   |   | 2012 |   |
| Basic:                                                     |   |                                 |       |   |  |   |   |  |   |
| Net income / (loss)                                        |   |                            | 80,348     |   |   |   | 10,907 |   |   |   | (193,768 | ) |
|                                                       |   |                            |       |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding – basic   |   |                            | 13,364,723 |   |   |   | 11,958,140 |   |   |   | 11,576,576 |   |
| Net income / (loss) per common share – basic         |   | $                               | 6.01       |   |   | $ | 0.91 |   |   | $ | (16.74 | ) |
|                                                       |   |                            |       |   |   |   |   |   |   |   |   |   |
| Diluted:                                                   |   |                            |       |   |   |   |   |   |   |   |   |   |
| Net income / (loss)                                        |   |                            | 80,348     |   |   |   | 10,907 |   |   |   | (193,768 | ) |
|                                                       |   |                            |       |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding – basic   |   |                            | 13,364,723 |   |   |   | 11,958,140 |   |   |   | 11,576,576 |   |
| Non-vested equity incentive shares                         |   |                            | 27         |   |   |   | 1,136 |   |   |   | - |   |
| Weighted average common shares outstanding – diluted |   |                            | 13,364,750 |   |   |   | 11,959,276 |   |   |   | 11,576,576 |   |
|                                                       |   |                            |       |   |   |   |   |   |   |   |   |   |
| Net income / (loss) per common share – diluted       |   | $                               | 6.01       |   |   | $ | 0.91 |   |   | $ | (16.74 | ) |
|                                                       |   |                            |       |   |   |   |   |   |   |   |   |   |

----

|              |   | 2014   |      |   | 2013   |   |      | 2012   |   |
|-------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Private warrants  |   |   | 1,138,917 |   |   |   | 1,138,917 |   |   |   | 1,138,917 |   |
| Non-vested shares |   |   | -         |   |   |   | -         |   |   |   | 2,218 |   |
| Total             |   |   | 1,138,917 |   |   |   | 1,138,917 |   |   |   | 1,141,135 |   |

| 17. | Equity Incentive Plan: |
|-----|------------------------|

| 18. | Subsequent Events: |
|-----|--------------------|

| a)  | On January 1, 2015, the lease of Seanergy's executive offices was extended for one month up to January 31, 2015, at a monthly lease payment of EUR 25. On February 1, 2015, the lease of Seanergy's executive offices was further extended for one month up to February 28, 2015, at a monthly lease payment of EUR 25. On March 13, 2015, the lease of Seanergy's executive offices was further extended up to March 15, 2015, at a lease payment of EUR 12.5, at which point the Company relocated its executive offices to premises owned by an unaffiliated third party.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b)       | On January 2, 2015, the Company paid $1,730 as a deposit for the purchase of the second hand Capesize vessel as per agreement dated December 23, 2014, for a gross purchase price of $17,300 (Note 1c). On March 19, 2015, the Company acquired the 2001 Capesize, 171,199 DWT vessel M/V Leadership from an unaffiliated third party. The acquisition of the vessel was financed by (i) a shareholder's convertible note of $4,000 dated March 12, 2015 by Jelco, (ii) by $8,750 loan agreement with Alpha Bank, dated March 6, 2015 and (iii) by an equity injection of $4,500 on March 16, 2015 by Jelco in exchange for the issuance of 25,000,500 newly issuance shares of common stock. The convertible note is repayable in ten consecutive semi-annual installments of $200, along with a balloon installment of $2,000 payable on the final maturity date. The note bears interest of Libor plus a margin of 5% with quarterly interest payments. At Jelco's option, the Company's obligation to repay the principal amount under the convertible note may be paid in common shares at a conversion price of $0.18 per share. The Company has the right to defer up to three consecutive installments to the balloon installment. The Alpha Bank loan is repayable in twenty consecutive quarterly installments, the first four installments being $200 each and the next sixteen quarterly installments being $250 each, along with a balloon installment of $3,950 payable on the final maturity date. The loan bears interest of Libor plus a margin of 3.75% with quarterly interest payments. On March 12, 2015, the Company had entered into a share purchase agreement under which the Company sold 25,000,500 of its common shares to Jelco for $4,500. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using a build-up method, combining the Company's net asset value with the cost that a private company would incur to be listed on a U.S. stock exchange. On March 16, 2015, the Company completed the equity injection plan with the abovementioned entity. The shares to the entity were issued on March 16, 2015. |
| c)       | On January 15, 2015, the Company announced that the closing of the previously announced agreement for the contribution of four Capesize vessels to Seanergy has been extended to June 30, 2015. The Company also announced that continued discussions could lead to changes in the transaction which remains subject to certain conditions and sellers' third party consents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

----

| d) | On January 28, 2015, the Company received written notification from the NASDAQ Stock Market, indicating that because the closing bid price of the Company's common stock for 30 consecutive business days, from December 12, 2014 to January 27, 2015, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until July 27, 2015. The Company intends to monitor the closing bid price of its common stock between now and July 27, 2015 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, the Company may be eligible for additional 180-day grace period. The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company's common stock will continue to be listed and trade on the Nasdaq Capital Market. The Company's business operations are not affected by the receipt of the notification. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| e) | As of February 2, 2015, by virtue of a proxy granted to Claudia Restis, the beneficial owner of 100% of the capital stock of each of Comet Shipholding Inc. and Jelco, by Plaza Shipholding Corp., Claudia Restis may be deemed to beneficially own 4,271,393 shares of common stock pursuant to which Claudia Restis may be deemed to share the power to vote such shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| f) | On February 11, 2015, the Company's wholly owned subsidiary Leader Shipping Co., or Leader, signed a management agreement with V.Ships Greece Ltd. for the provision of technical management services relating to the newly acquired vessel M/V Leadership. The monthly fixed management fee is agreed to approximately $11.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| g) | On March 2, 2015, the Company's wholly owned subsidiary Seanergy Management Corp. signed a commercial management agreement with Fidelity Marine Inc., or Fidelity, for a minimum period of one year and shall continue thereafter until terminated by either party giving to the other notice in writing. Pursuant to this commercial management agreement, Fidelity will perform the commercial management of the Company's fleet and its employment. The Company shall reimburse Fidelity for all reasonable running and/or out of pocket expenses, including but not limited to, telephone, fax, stationary and printing expenses, as well as any pre-approved travelling expenses in relation to this agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| h) | On March 12, 2015, the Company entered into a share purchase agreement under which the Company sold 1,667,000 of its common shares to its Chief Executive Officer, or CEO, for $300. The Company's Board of Directors obtained a fairness opinion from an independent third party for the share price. The price was determined using a build-up method, combining the Company's net asset value with the cost that a private company would incur to be listed on a U.S. stock exchange. On March 16, 2015, the Company completed the equity injection plan with the abovementioned entity. The shares to the CEO were issued on March 16, 2015. The funds were contributed for general corporate purposes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| i) | On March 19, 2015, Seanergy Shipmanagement Corp., or Seanergy Shipmanagement, entered into an agreement with Leader, the owner of the M/V Leadership, for the provision of the vessel's insurances, bunkering and operation. Leader shall reimburse Seanergy Shipmanagement for all reasonable running and/or out of pocket expenses in relation to this agreement. The agreement between Leader and Seanergy Shipmanagement is for an indefinite period until terminated by either party giving to the other notice in writing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |