HELLENIC CARRIERS REPORTS FINAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2009

Press Release 16 March 2010

Hellenic Carriers Limited, (“Hellenic” or the “Company”) (AIM: HCL), an international provider of marine transportation services, which owns and operates through its wholly owned subsidiaries a fleet of six dry bulk vessels that transport iron ore, grain, steel products and minor bulk cargoes, is pleased to report today its Full Year Audited Results for the year ended 31 December 2009.

The Company’s management has scheduled a conference call and webcast on 16 March 2010, at 3pm (London), 5pm (Athens) and 11am (EDT) to discuss the Results.

2009 Financial Highlights

• US$58 million Revenue (2008: US$85 million)
• US$38.9 million EBITDA (1) (2008: US$68.2 million)
• US$23.9 million Operating Profit (2008: US$36.5 million)
• US$18.1 million Net Income (2008: US$31.1 million)
• Earnings per share of US$0.40 (2008: US$0.68)
• Payment of final dividend for 2008 of 2.30 pence per share
• Final dividend for 2009 of 2.47 pence per share subject to AGM’s approval
• Restructuring of bank debt for 2009 and 2010 in order to preserve cash liquidity and reduce break even rates
• Significant improvement of Company’s gearing ratio with net debt to total capitalization(2) at 39.4% on 31 December 2009 compared to 52.9% on 31 December 2008
• Reinforcement of cash reserves: As of 31 December 2009, Hellenic Carriers and its subsidiaries had a total unencumbered cash liquidity of US$71.2 million compared to US$54 million as of 31 December 2008 2009 Operational Highlights
• Operation in 2009 of a fleet of 6 vessels compared to an average of 5.4 vessels in 2008
• Continuation of time charter contracts agreed prior to market downturn resulting in reduced earnings volatility and healthy cash flows
• Time Charter Equivalent rate of US$25,910 outperforming the average 2009 Panamax and Supramax rates (US$19,296 and US$17,337 respectively)
• Daily average operating expenses of US$4,799 in 2009 compared to US$4,920 in 2008

Management Commentary

Fotini Karamanlis, Chief Executive Officer, commented: “Hellenic Carriers is pleased to report healthy results for the year ended 31 December 2009 despite the challenging conditions prevailing in the global economy and the dry bulk shipping sector. Due to our healthy results I am also pleased to announce payment of a final dividend for 2009 of GBP 2.47 pence per share or total GBP 1,127 representing about 10% of the Company’s net income.

“During the year, we continued to implement our strategy to strengthen our balance sheet, enhance cash flow visibility and reinforce liquidity. We successfully restructured time charters agreed prior to the market downturn in Q4 2008 and as of today 62% of our 2010 fleet operating days are secured under time charter employments. We preserved liquidity and reduced our breakeven levels by proactively working with our lenders to restructure our bank debt for 2009 and 2010. As a result, we have reduced our net debt from US$93 million at the end of 2008 to US$66 million by the end of 2009, we have built up solid cash reserves while we have no capital commitments and we operate a fleet generating strong and stable cash flows.

“In 2009 the scenario of a sustained market collapse, anticipated by many after October 2008, did not materialise. The impact of demand from the developing world, primarily China, can no longer be underestimated and is expected to continue to support the market in the longer term. At the same time, however, the increase in the supply of vessels, albeit with significant delays and at lower volumes than those recorded in the newbuildings orderbook, remains an issue to be monitored. “In light of the above, our Company is well positioned to face market challenges for the coming year. With an efficiently run fleet, visible and stable cash flows and real liquidity, we are poised to take advantage of acquisition opportunities maximizing long term value for our shareholders.”

Full Year 2009 Results

For the full year 2009, Hellenic reported total revenues of US$58 million compared to US$85 million for 2008, a decrease of 31.8%. EBITDA decreased by 43% to US$38.9 million in 2009 from US$68.2 million in 2008. Net income decreased by approximately 41.8% to US$18.1 million in 2009 from US$31.1 million in 2008.

Basic and diluted earnings per share calculated on 45,616,851 weighted average number of shares were US$0.40 for the full year ended 31 December 2009 compared to US$0.68 for the full year of 2008.

In 2009 the Company, through its subsidiaries, owned and operated 6.0 vessels earning on average US$25,910 per day compared to 5.4 vessels and average earnings of US$41,532 per day in 2008. However, due to the chartering strategy adopted by the Company, which has until now secured returns which are higher compared to prevailing market levels, Hellenic still outperformed the average 2009 Panamax and Supramax rates (US$19,296 and US$17,337 respectively).

In 2009 the vessel operating expenses increased by US$0.8 million to a total of US$10.5 million since the fleet increased from 5.4 vessels in 2008 to 6.0 vessels. On a per day basis operating expenses decreased by 2.5% from US$4,920 in 2008 to US$4,799 in 2009 indicating the management’s efficient cost control over the fleet. The Company’s general and administrative expenses in 2009 were approximately US$2 million, in line with the expenses in 2008.

The vessels depreciation charge increased by approximately US$1.7 million due to the full year depreciation expense of the two dry bulk carriers acquired by Hellenic?s subsidiaries in 2008 (M/V Konstantinos D and M/V Hellenic Wind).

Full report at: www.hellenic-carriers.com

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(1) EBITDA has been calculated as follows: Operating profit + Depreciation + Depreciation of dry-docking costs + impairment
charges + loss on cancellation of vessel acquisition
(2) Net debt to total capitalization has been calculated as debt, net of deferred financing fees less cash and cash equivalents to net
debt and stockholders’ equity

Hellenic Carriers Limited press release