HELLENIC CARRIERS CHARTERS ONE OF ITS PANAMAX VESSELS FOR 11/13 MONTHS AT US$71,000 PER DAY

Fleet Employment Update - 16 May 2008

Hellenic Carriers Limited, (“Hellenic” or the “Company”) (AIM: HCL), an international provider of marine transportation services for dry bulk cargoes, today announces that it has entered into a time charter agreement with Rizzo Bottiglieri-De Carlini Armatori SpA for the M/V Hellenic Breeze for a minimum period of 11 months to 13 months at the gross rate of US$71,000 per day. The charter is due to commence by 25 June 2008 with delivery of the vessel in the Middle East.

The M/V Hellenic Breeze is a 69,601 dwt Panamax built in 1993 at Tsuneishi Shipbuilding Yard in Japan.

Fotini Karamanlis, Chief Executive Officer, commented: “Hellenic has achieved an impressive fixture at a gross rate of US$71,000 per day, which exemplifies our strategy of opportunistically seeking medium term coverage in conjunction with long term employment providing visibility of cash flows. This fixture with an established charterer is at a much higher rate than the vessel’s previous short term employment at a gross rate of US$64,000 per day. We estimate that this charter will generate about US$23 million within the 11 month time frame. With this fixture we have increased our time charter coverage for the whole of 2008 to 88% and are continuing to build a solid time charter base for 2009 with 48% already covered by existing charters.

About Hellenic Carriers Limited
Hellenic Carriers Limited owns and operates a fleet of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes worldwide. Its current fleet consists of six vessels, comprising four Panamaxes, one Supramax and one Handymax with an aggregate carrying capacity of 372,761 dwt and an average age of 13.1 years as at 30 April 2008.

Hellenic Carriers Limited press release