TIDMHCL

RNS Number : 6139Z

Hellenic Carriers Limited

18 January 2011

Hellenic Carriers Limited

Fleet Deployment Update

Press Release 18 January 2011

Fleet Deployment Update

Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM: HCL), an international provider of marine transportation services for dry bulk cargoes, announces today that its wholly owned subsidiary Vergina Shipping Corp., the shipowning company of M/V Konstantinos D has entered into a time charter agreement with an unaffiliated third party for a period of 4 - 7 months. The daily hire rate has been fixed at US$ 9,250 gross for the first 40 days and US$ 14,200 thereafter.

The charter commenced on 14 January 2011. The earliest expiration date is 14 May 2011 and the latest 14 August 2011.

The M/V Konstantinos D is a 50,326dwt Supramax vessel built in 2000 at Mitsui Engineering and Shipbuilding, Japan.

Following the time charter of Konstantinos D, the estimated time charter coverage for the first half of 2011 is approximately 52% and 26% for the whole of 2011.

Fotini Karamanlis, Chief Executive Officer, commented: "We are pleased to announce this new employment agreement for M/V Konstantinos D. Hellenic continues to implement its balanced chartering strategy aiming to secure visible and stable cash flows. We consider that the short to medium term volatility will remain a prevalent factor in the dry bulk shipping market. We will continue to monitor the effect of the new building tonnage delivered throughout 2010 and the substantial orderbook of vessels scheduled to be delivered within 2011 and we believe that Hellenic remains well positioned to take advantage of market opportunities as these occur.

The deployment of the fleet is as follows:

 
                                                                                        Daily 
                                                                             T/C       Charter 
                                                     Carrying              Earliest     Rate 
                             Year                    Capacity   Charter   Expiration     US$ 
    Vessel         Type      Built       Yard         (dwt)       Type       Date      (Gross) 
--------------  ----------  ------  --------------  ---------  --------  -----------  -------- 
                                     Jiangnan 
 M/V Hellenic                         Shipyard, 
  Sea            Panamax     1991     China          65,434     T/C       29/04/2011   23,300 
--------------  ----------  ------  --------------  ---------  --------  -----------  -------- 
                                     Sasebo Heavy 
 M/V Hellenic                         Industries, 
  Sky            Panamax     1994     Japan          68,591     T/C       20/03/2011   22,000 
--------------  ----------  ------  --------------  ---------  --------  -----------  -------- 
                                     Halla 
                                     Engineering & 
                                     Heavy 
 M/V Hellenic                        Industries,                Trading 
  Horizon        Handymax    1995    Korea           44,809      Spot              -         - 
--------------  ----------  ------  --------------  ---------  --------  -----------  -------- 
                                     Mitsui 
 M/V                                 Engineering & 
  Konstantinos                       Shipbuilding, 
  D              Supramax    2000    Japan           50,326     T/C       14/05/2011   9,250 
--------------  ----------  ------  --------------  ---------  --------  -----------  -------- 
                                     Tsuneishi, 
 M/V Hellenic                        Shipbuilding, 
  Wind           Panamax     1997    Japan           73,981     T/C       14/05/2011   54,000 
--------------  ----------  ------  --------------  ---------  --------  -----------  --------

(1) The rate applies for the first 40 days and increases to US$ 14,200 thereafter.

ENDS

For further information please contact:

Hellenic Carriers Limited

Fotini Karamanlis, Chief Executive Officer

E-mail: info@hellenic-carriers.com +30 210 455 8900

Panmure Gordon (UK) Limited

Andrew Godber +44 (0) 20 7459 3600

Capital Link

Ramnique Grewal +1 212 661 7566 (New York)

Annie Evangeli +44 (0) 20 3206 1320 (London)

E-mail: helleniccarriers@capitallink.com

Further Information - Notes to Editors

About Hellenic Carriers Limited

Hellenic Carriers Limited manages through Hellenic Shipmanagement Corp. a fleet of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes worldwide. The fleet consists of five vessels, comprising three Panamaxes, one Supramax and one Handymax with an aggregate carrying capacity of 303,141 dwt plus two new building vessels currently on order, both Kamsarmaxes with an aggregate carrying capacity of about 164,000 dwt.

Following the delivery of the two Kamsarmax vessels, the Company will manage through Hellenic Shipmanagement Corp. a fleet of seven dry bulk carriers comprising two Kamsarmaxes, three Panamaxes, one Supramax and one Handymax with an aggregate carrying capacity of about 467,141 dwt and a weighted average age of 12.5 years (as of 31 March 2013).

Hellenic Carriers is listed on the AIM of the London Stock Exchange under ticker HCL.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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