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Hunter Maritime Acquisition Corp. enters into definitive agreements

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Hunter Maritime Acquisition Corp. Enters into Definitive Agreements for the Purchase of Five Identified Capesize Dry Bulk Vessels

April 26, 2017 – Hunter Maritime Acquisition Corp. (Nasdaq: HUNT) (the “Company”) today announced that it has entered into definitive agreements pursuant to which it has agreed to purchase, for an aggregate purchase price of $139.4 million in cash, five identified Capesize dry bulk carriers (the “Vessels”) in an en-bloc transaction from five Cyprus-based companies (the “Sellers”), subject to the satisfaction of certain important conditions precedent (such transaction, the “Acquisition”).  The Sellers are companies affiliated with one or more members of the Oskar Wehr group of companies of Hamburg, Germany (the “Oskar Wehr Group”).

The Vessels were built by Chinese shipyard New Times Shipbuilding Co. Ltd. and consist of MV Charlotte Selmer (2011), MV Greta Selmer (2011), MV Tom Selmer (2011), MV Lene Selmer (2010) and MV Hugo Selmer (2010). The Vessels have a combined cargo-carrying capacity of approximately 876,352 deadweight tons and an average fleet age of approximately 6.2 years.

Four of the Vessels are employed on time charter, expiring as early as July 2017, August 2017, December 2017 and February 2018, respectively. As part of the Acquisition, the Company expects to have the time charter agreements or other employment arrangements that are in place upon the consummation of the Acquisition novated to the Company or otherwise assumed by the Company.

Commencing upon the closing of the Acquisition, it is intended that Ambra Shipmanagement Ltd., a company affiliated with the Oskar Wehr Group, will continue to provide technical management services for the Vessels and Bocimar International NV, an affiliate of the Company, will provide commercial management services for the Vessels.

In connection with the Acquisition, the Company intends to offer to purchase up to 8,233,100 of its Class A common shares, par value $0.0001 per share, that were sold in the Company’s initial public offering, at a purchase price of $10.00 per share (the “Tender Offer”), subject to certain conditions. Only Class A common shares validly tendered, and not properly withdrawn, will be purchased by the Company pursuant to the Tender Offer. Class A common shares tendered pursuant to the Tender Offer but not purchased by the Company in the Tender Offer will be returned at the Company’s expense promptly following the expiration of the Tender Offer.

The closing of the Acquisition is conditioned upon certain factors, including but not limited to, final approval of the Company’s board of directors, the successful closing of the Tender Offer and the Company having available funds sufficient to pay the purchase price of the Vessels.

The Company will submit a Current Report on Form 6-K disclosing further details on the Acquisition and Tender Offer and attaching copies of the definitive agreements relating to the Acquisition.

About Hunter Maritime Acquisition Corp.

Hunter Maritime Acquisition Corp. is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, debt acquisition, stock purchase, reorganization or other similar business combination, vessels, vessel contracts (including contracts for the purchase and charter-in of vessels) or one or more operating businesses, which the Company intends to be in the international maritime shipping industry.

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