Fleet Deployment Update
Press Release 24 June 2009
M/V HELLENIC SKY TIME CHARTERED AT US$18,000 PER DAY FOR 13-16 MONTHS
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 Thasos
Shipping Co Ltd (“Thasos”), the ship owning company of the M/V Hellenic Sky, has delivered the
vessel to its new charterers, Cargill Ocean Transportation (“Cargill”). The M/V Hellenic Sky is a 68,591
dwt Panamax built in 1994 at Sasebo Heavy Industries, Japan.
The time charter agreement with Cargill for the M/V Hellenic Sky is for a period of minimum 13 to about
16 months at a gross rate of US$18,000 per day. The charter commenced on 22 June, 2009 and the
earliest expiration date is 22 July, 2010.
Following the time charter of the M/V Hellenic Sky, the estimated time charter coverage for the
remaining of 2009 is 90% and 59% for the whole of 2010.
Fotini Karamanlis, Chief Executive Officer, commented: “The dry bulk shipping market has improved
significantly since the end of last year, when the severe financial crisis led freight rates below operating
expenses. Both the increasing volumes of trade, mainly towards the Far East, and the gradual
availability of credit have helped the market recover. Whilst we continue to believe in the positive long
term fundamentals of the dry bulk market, we consider that in the short to medium term volatility will
remain a prevalent factor. Consistent with our chartering strategy followed thus far, when market
conditions are favourable, Hellenic aims to secure visible and stable cash flows under time charter
employment, which enhance the Company’s liquidity and returns.”
The deployment of the Hellenic managed fleet is as follows:
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. Currently the fleet consists of six vessels, comprising four Panamaxes, one Supramax and one Handymax with an aggregate carrying capacity of 372,761 dwt.
Hellenic Carriers Limited press release