HELLENIC CARRIERS CHARTERS “M/V ORCHID STAR” FOR 3 YEARS AT US$54,000 PER DAY

Fleet Employment Update - 1 May 2008

Hellenic Carriers Limited, (“Hellenic” or the “Company”) (AIM: HCL), an international provider of marine transportation services for dry bulk cargoes, today announced that M/V Orchid Star to be renamed Hellenic Wind, will, subject to her delivery to Hellenic by May 31st 2008, commence a time charter agreement with Seoul listed Hanjin Shipping Company Ltd at the gross rate of US$54,000 per day for a minimum period of 36 and a maximum period of 38 months.

The M/V Orchid Star (to be renamed the M/V Hellenic Wind) is a 74,000 dwt Panamax bulk carrier, built in 1997 at Tsuneishi, Japan, which was acquired by the Company in December 2007 at a purchase price of US$70 million.

Fotini Karamanlis, Chief Executive Officer, commented: “Hellenic has managed to benefit from the current robust freight environment and achieved a long term fixture at a very strong rate for our sixth ship, M/V Orchid Star to be renamed Hellenic Wind, which, is expected to be delivered to us by 31 May 2008. This 3 year time charter agreement with a first class charterer further secures visible and stable cash flows for Hellenic over the longer term. We estimate that throughout the minimum period of 36 months, this charter will generate approximately US$56 million in gross revenue, ensuring a significant return on our investment within a 3 year time frame.”

“With this fixture we have increased our time charter coverage for the whole of 2008 to 78%. We are also building a solid time charter book for 2009 and 2010 with 41% and 22% respectively already covered by existing time charter agreements”.

“This fixture demonstrates the continued positive fundamentals of the dry bulk sector, mainly attributed to the strong demand for sea transportation of dry bulk commodities to the developing countries in the Far East for the years to come.”

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 five vessels, comprising three Panamaxes, one Handymax and one Supramax. The Company has also contracted to acquire a Panamax vessel with expected delivery between 1 March and May 31 2008. Including the new Panamax vessel to be delivered, Hellenic's fleet has an aggregate carrying capacity of 372,761 dwt and an average age of 13 years as at 31 March 2008.

Hellenic Carriers Limited press release