HCL Hellenic Carr.

 

TIDMHCL 
 
RNS Number : 2101N 
Hellenic Carriers Limited 
08 June 2010 
 

Hellenic Carriers Limited 
Sale of vessel 
 
Press Release 8 June 2010 
 
                          SALE OF M/V HELLENIC BREEZE 
 
Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM: HCL), an 
international provider of marine transportation services for dry bulk cargoes, 
announces that its wholly owned subsidiary Nestos Shipping Corp. ("Nestos"), the 
ship owning company of the M/V Hellenic Breeze has signed a Memorandum of 
Agreement ('MoA') with an unaffiliated third party domiciled in China for the 
sale of its vessel at a gross price of US$23.46 million in cash. M/V Hellenic 
Breeze is a 69,601dwt Panamax built in 1993 at Tsuneishi Shipbuilding, Japan. 
According to the terms of the MoA delivery to the new owners is expected to take 
place between 20 June to 30 August 2010 at Nestos' option. Taking depreciation 
and amortization into account the Company expects to realize a net book gain of 
approximately US$8.5 million on this sale. The proceeds of the sale will be used 
primarily towards debt repayment. 
 
Due to their intention to sell the vessel, Nestos exercised its option not to 
extend the charter party with the vessel's previous charterers 
Rizzo-Botiglieri-De Carlini Armatori S.p.A. ('RBDA') and the relevant time 
charter was terminated on 25 May 2010. The vessel is currently trading in the 
spot market. 
 
Fotini Karamanlis, Chief Executive Officer commented: "With this sale, Hellenic 
initiates its fleet renewal program. The Hellenic Breeze was acquired in May 
2006 for a total consideration of US$21 million and is now being sold for a 
price above its acquisition cost, four years ago. Most importantly, since 2006 
the vessel has contributed a total amount of approximately US$28 million to 
Hellenic's net profit. Since the market downturn in early 2009, second hand 
vessel values have appreciated significantly, hence we consider market 
conditions favorable for the sale of an older vessel and the renewal of the 
fleet through investments in modern high quality units. Going forward, Hellenic 
is well positioned to enhance shareholders' value by exploiting vessel 
acquisition opportunities as well as new building options that would expand the 
business in a prudent and timely manner." 
 
The fleet profile is currently as follows: 
 
+----------------+----------+-------+----------------------+----------+ 
| Vessel         | Type     | Year  | Yard                 | Carrying | 
|                |          | Built |                      | Capacity | 
|                |          |       |                      | (dwt)    | 
+----------------+----------+-------+----------------------+----------+ 
| M/V Hellenic   | Panamax  | 1993  | Tsuneishi            | 69,601   | 
| Breeze (1)     |          |       | Shipbuilding, Japan  |          | 
+----------------+----------+-------+----------------------+----------+ 
| M/V Hellenic   | Panamax  | 1994  | Sasebo Heavy         | 68,591   | 
| Sky            |          |       | Industries, Japan    |          | 
+----------------+----------+-------+----------------------+----------+ 
| M/V Hellenic   | Panamax  | 1991  | Jiangnan Shipyard,   | 65,434   | 
| Sea            |          |       | China                |          | 
+----------------+----------+-------+----------------------+----------+ 
| M/V Hellenic   | Panamax  | 1997  | Tsuneishi,           | 73,981   | 
| Wind           |          |       | Shipbuidling, Japan  |          | 
+----------------+----------+-------+----------------------+----------+ 
| M/V Hellenic   | Handymax | 1995  | Halla Engineering &  | 44,809   | 
| Horizon        |          |       | Heavy Industries,    |          | 
|                |          |       | Korea                |          | 
+----------------+----------+-------+----------------------+----------+ 
| M/V            | Supramax | 2000  | Mitsui Engineering & | 50,326   | 
| Konstantinos D |          |       | Shipbuilding, Japan  |          | 
+----------------+----------+-------+----------------------+----------+ 
| W. Average Age |          | 15.1  |                      | 372,742  | 
+----------------+----------+-------+----------------------+----------+ 
(1) The Company has signed an MoA for the sale of the vessel. 
 
ENDS 
 
For further information please contact: 
 
Hellenic Carriers Limited 
Fotini Karamanlis, Chief Executive Officer 
E-mail: info@hellenic-carriers.com                                  +30 210 455 
8900 
 
Jefferies International Limited 
Anne Dovigen                                                                +44 
(0) 20 7029 8000 
Oliver Griffiths 
 
Capital Link 
Ramnique Grewal                                                           +1 212 
661 7566 (New York) 
Annie Evangeli                                                               +44 
(0) 20 3206 1320 (London) 
E-mail: helleniccarriers@capitallink.com 
 
Further Information - Notes to Editors 
 
About Hellenic Carriers Limited 
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 372,742 dwt. 
 
Following the delivery of the "Hellenic Breeze" to her new owners, the Company 
will manage through Hellenic Shipmanagement Corp. three Panamaxes, one Supramax 
and one Handymax with an aggregate carrying capacity of 303,141 dwt and a 
weighted average age of 12.2 years (as of 8 June 2010) . 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 DISDBGDLRGGBGGR 
 

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