HELLENIC CARRIERS CHARTERS ITS HANDYMAX VESSEL “M/V HELLENIC HORIZON” FOR TWO YEARS AT US$45,000 PER DAY

Fleet Employment Update - 23 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 for the M/V Hellenic Horizon for a period of minimum 24 months to about 26 months at the gross rate of US$45,000 per day. The charter is due to commence by 10 July 2008 with delivery of the vessel in the Indian sub continent.

The M/V Hellenic Horizon is a 44,800 dwt Handymax built in 1995 at Halla Engineering, & Heavy Industries, Korea.

Fotini Karamanlis, Chief Executive Officer, commented: “With this fixture we have increased our time charter coverage for the whole of 2008 to 97% and this has vindicated our decision in April to deploy the M/V HELLENIC HORIZON on a short term charter until the market improved. We also continue to build a solid time charter cover for 2009 and 2010 with 65% and 30% respectively already committed.”

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