TIDMHCL
RNS Number : 1330X
Hellenic Carriers Limited
08 January 2014
HELLENIC CARRIERS LIMITED
Press Release 8 January 2014
VESSEL DELIVERY AND TRADING UPDATE
Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM:
HCL), an international provider of marine transportation services,
which owns through its subsidiaries a fleet of dry bulk vessels
that transport iron ore, grain, steel products and minor bulk
cargoes, announces today the delivery of the 2004 built M/V OCEAN
ALLIANCE which was renamed PISTIS (the word "PISTIS" means faith in
English).
M/V PISTIS, which was delivered on 7 January 2014, is a geared
52,388 dwt Supramax vessel built at Tsuneishi Shipbuilding
Corporation, Japan in 2004 and was acquired on 23 August 2013 at
the price of US$ 16.16 million.
The acquisition was funded partly by cash reserves of US $8.3
million and partly by one of Hellenic's existing bank facilities.
The bank facilities included the proceeds from the sale of M/V
HELLENIC SEA amounting to US$ 5.3 million, which were transferred
as bank financing towards the acquisition price of the new vessel,
coupled with new debt of US$2.5 million.
Fotini Karamanli, Chief Executive Officer commented:
"We are pleased to announce the delivery of M/V PISTIS, a 2004
built Supramax acquired in late August 2013 at a price of US$16.16
million. Since August 2013 both the freight market and asset values
have appreciated, hence we consider that the decision to invest
enhances shareholder value..
M/V PISTIS is the latest addition to the fleet, following the
deliveries of the new Kamsarmaxes in August and September 2013.
Within a year the fleet has more than doubled in dwt capacity and
improved in terms of age profile. Most importantly, these recent
additions were concluded at levels which are well below the 10 year
average prices for similar assets and have come at a time when the
signs of recovery are apparent. This makes us believe that these
ships have the potential for significant profit generation
capacity. Even more so, since the fleet has no previous long term
employment commitments and may fully capitalize on the eventual
market recovery as freight rates have been improving since Q4
2013.
After almost two years of consistently depressed rates, close to
the historical lows, we believe that the fundamentals are now
positive: the massive order book inherited from the years of the
shipping super cycle has now to a great degree been absorbed, many
older vessels have been scrapped, forward orders are increasing but
not threatening and demand not only from the developing countries
but also from mature economies is strengthening. We consider that
these factors combined herald the recovery of the shipping market,
which started earlier than most anticipated in H2 2013. Although
seasonal volatility will persist, interrupting at times the upward
trajectory, the trend is positive.
Hellenic is well positioned to benefit from this trend, with a
larger, younger and uncommitted fleet. The timing of the recent
additions was favorable and, since we believe that the prospects
remain strong, the Company will endeavor to further enhance
shareholder value through timely and accretive acquisitions as
market opportunities arise".
Fleet Profile
Following the delivery of M/V PISTIS, Hellenic, through its
subsidiaries, owns and trades a fleet of six dry bulk vessels with
an aggregate carrying capacity of 384,864 dwt and an average age of
9.9 years.
Fleet details as of the date of the announcement:
Vessel Type Year Yard Date Carrying
Built Acquired Capacity
(dwt)
------------------ ----------- -------- ------------------------ ----------- ----------
Tsuneishi Shipbuilding
Corporation,
M/V Pistis Supramax 2004 Japan 2013 52,388
------------------ ----------- -------- ------------------------ ----------- ----------
Zhejiang Ouhua
M/V Konstantinos Shipbuilding
II Kamsarmax 2013 Co. Ltd., China 2013 81,662
------------------ ----------- -------- ------------------------ ----------- ----------
Zhejiang Ouhua
Shipbuilding
M/V Odysseas Kamsarmax 2013 Co. Ltd., China 2013 81,698
------------------ ----------- -------- ------------------------ ----------- ----------
Tsuneishi Shipbuilding
M/V Hellenic Corporation,
Wind Panamax 1997 Japan 2008 73,981
------------------ ----------- -------- ------------------------ ----------- ----------
Mitsui Engineering
M/V Konstantinos & Shipbuilding,
D Supramax 2000 Japan 2008 50,326
------------------ ----------- -------- ------------------------ ----------- ----------
Halla Engineering
M/V Hellenic & Heavy Industries,
Horizon Handymax 1995 Korea 2007 44,809
------------------ ----------- -------- ------------------------ ----------- ----------
Total Operating Fleet: 6 Vessels,
Average age 9.1 384,864
------------------------------------------------------------------- ----------- ----------
Hellenic acquired three vessels from the end of 2012 to date,
doubling the number of vessels currently trading in worldwide
maritime routes and increasing the fleet carrying capacity by 127%
to 384,864dwt from 169,116dwt on 31 December 2012. At the same time
the average age has reduced by 36.1% to 9.9 years from 15.5 years
on 31 December 2012.
Fleet Deployment
From the beginning of 2012 until the end of H1 2013 the dry bulk
freight market dropped to its lowest levels of the last 27 years,
since inception of the Baltic Dry Index (BDI). During this period
the Company decided to avoid committing the vessels at low hire
rates and focused on a combination of employment in the spot market
and short term period fixtures.
In H2 2013 and especially during Q4 2013 the first signs of a
market recovery became apparent. The BDI increased by 86% from an
average of 842 points in H1 to 1,564 points in H2 2013. The
sharpest rise was witnessed in the cape size sector, however the
sub cape size segments also benefited from the improvement in the
freight market.
The two Kamsarmaxes, ordered in 2010, were delivered in August
and September 2013, thus increasing the fleet to 5 vessels.
Furthermore, the agreement for the acquisition of M/V OCEAN
ALLIANCE, as described above, was reached in H2 2013.
The chartering strategy during Q4 2013 remained the same,
employment in the spot market or short period fixtures.
The fleet deployment profile as of the date of the announcement
is outlined below:
Vessel Type Charter T/C Earliest Daily Charter
Type Expiration Rate US$
Date(1) (Gross)
------------------ ----------- -------------- -------------- --------------
M/V Pistis Supramax - - -
(2)
------------------ ----------- -------------- -------------- --------------
M/V Konstantinos Kamsarmax T/C 4 May 2014 BPI average
II(3) +12% premium
------------------ ----------- -------------- -------------- --------------
Time Charter 1 March
M/V Odysseas(4) Kamsarmax Trip 2014 13,900
------------------ ----------- -------------- -------------- --------------
M/V Hellenic Time Charter
Wind(5) Panamax Trip 7 Feb 2014 11,100
------------------ ----------- -------------- -------------- --------------
M/V Konstantinos Time Charter
D(6) Supramax Trip 29 Jan 2014 8,000
------------------ ----------- -------------- -------------- --------------
M/V Hellenic Time Charter
Horizon(7) Handymax Trip 15 Jan 2014 9,300
------------------ ----------- -------------- -------------- --------------
(1) The earliest charter expiration date represents the first
day on which the Charterer may redeliver the vessel to the ship
owning company.
(2) M/V PISTIS remains unemployed until she completes her
periodical Dry Docking (originally due by August 2014), which is
anticipated to have concluded by 25 January 2014, so as to avoid
interrupting her operation later in the year.
(3) M/V KONSTANTINOS II is currently employed under a time
charter agreement with Swissmarine Services S.A. Geneva for a
period of about 6 to 8 months at a daily floating hire rate linked
to the Average of the 4 routes of the Baltic Exchange Panamax Index
(BPI) plus a 12% premium and with a guaranteed minimum floor rate
of US$ 9,000 gross. The charter commenced on 19 November 2013, with
the earliest expiration date on 4 May 2014 and the latest on 3
August 2014. The average gross daily rate from 19 November 2013
until 18 January 2014 was US$ 15,290.
Prior to this fixture the vessel performed one time charter trip
at a gross daily rate of US$ 15,250 for a period of 47 days.
(4) M/V ODYSSEAS is currently performing a time charter trip
with an estimated duration of approximately 80 days at a gross
daily rate of US$ 13,900. This trip commenced on 11 December 2013
and is expected to expire at the earliest on 1 March 2014.
Prior to her current employment the vessel performed a time
charter trip at a gross daily rate of US$ 9,450 for a period of 109
days.
(5) M/V HELLENIC WIND is currently performing a time charter
trip with an estimated duration of 50 days at a gross daily rate of
US$ 11,100. The trip commenced on 19 December and is expected to
expire at the earliest on 7 February 2014.
Prior to her current employment the vessel performed a time
charter trip at a gross daily rate of US$ 13,600 for a period of 75
days.
(6) M/V KONSTANTINOS D was time chartered for a repositioning
trip from the Pacific to the Atlantic at a gross daily rate of US$
5,700 for the first 65 days commencing 1 September 2013 and US$
8,000 thereafter. Freight rates achieved by vessels positioned in
the Atlantic basin have been and continue to be stronger compared
to the freight rates agreed for similar vessels in the Pacific
basin, hence repositioning time charter trips from the Pacific to
the Atlantic tend to bear a discount. The vessel's current
employment commenced on 1 September 2013 and is expected to expire
by end January 2014.
(7) M/V HELLENIC HORIZON is currently performing a time charter
trip with an estimated duration of 30 days at a gross daily rate of
US$ 9,300. This charter commenced on 17 December 2013 and is
expected to expire on about 15 January 2014.
Prior to her current employment the vessel performed a similar
time charter trip at a gross daily rate of US$ 9,400 for a period
of 28 days.
As of the date of this announcement the vessels' (with the
exclusion of M/V PISTIS) estimated average daily gross earnings
amount to US$ 11,518.
Debt / Financing Activities
In 2012 two of the older vessels of the fleet, the HELLENIC SKY
and the HELLENIC SEA, were sold in light of the expected
depreciation of asset values and the tightening of credit
availability. It was agreed with their respective Lenders to
transfer the proceeds of these sales as bank financing towards the
acquisition of modern vessels. The sale proceeds amounted to US$
10.1 million and US$ 5.3 million respectively and were pledged
until the replacement of the sold ships. Earnings recapture clauses
were also agreed with these lenders, providing that part of the
excess earnings (meaning part of EBITDA after payment of interest
and debt) generated by the vessels incorporated in the respective
loan facilities, will be paid to the Banks.
Following the renegotiation of the new-building contacts which
resulted in the reduction of the contract price of each hull to
US$26.28 million from US$34.2 million, the Kamsarmax M/V
KONSTANTINOS II was incorporated into the first loan facility
replacing the sold M/V HELLENIC SKY. Consequently the sale proceeds
of M/V HELLENIC SKY plus interest accrued thereon amounting in
total to US$10.4 million, coupled with US$2.2 million of additional
debt was used to finance the acquisition of M/V KONSTANTINOS II.
This loan facility (incorporating M/V KONSTANTINOS II and M/V
HELLENIC HORIZON) has now been extended to May 2023 (from an
initial maturity in May 2015) and the repayment schedule has been
adjusted accordingly.
The other Kamsarmax vessel, M/V ODYSSEAS, was financed by a new
Lender with a debt of US$17.1 million.
Furthermore, the proceeds from the sale of M/V HELLENIC SEA and
interest accrued thereon (in total amounting to US$5.3 million)
together with new debt of US$2.5 million have been used towards the
financing of M/V PISTIS. Following the incorporation of the M/V
PISTIS into the respective loan facility (together with M/V
HELLENIC WIND and M/V KONSTANTINOS D) the maturity has been
extended to May 2020 (from an initial maturity in May 2016) and the
repayment schedule has been adjusted accordingly.
Following delivery of M/V PISTIS, the total gross outstanding
debt is US$100.8 million. The gross debt repayment schedule,
without taking into account any payments under the earning
recapture clauses, for the next three years is US$3.4 million per
year for 2014 and 2015 and US$5.5 million for 2016.
For further information please contact:
Hellenic Carriers Limited
Fotini Karamanli, Chief Executive Officer
Elpida Kyriakopoulou, Chief Financial Officer
E-mail: info@hellenic-carriers.com +30 210 455 8900
Panmure Gordon (UK) Limited
Andrew Godber +44 (0) 20 7886 2500
Capital Link
Nicolas Bornozis +1 212 661 7566 (New York)
Christina Daouti +44 (0) 20 3206 1320 (London)
E-mail: helleniccarriers@capitallink.com
Further Information - Notes to Editors
About Hellenic Carriers Limited
Hellenic Carriers Limited owns and trades through its
subsidiaries a fleet of dry bulk vessels that transport iron ore,
coal, grain, steel products, cement, alumina, and other dry bulk
cargoes worldwide. The fleet consists of six vessels, comprising
one Panamax, two Supramax, one Handymax and two Kamsarmax vessels
with an aggregate carrying capacity of 384,864 dwt and a weighted
average age of 9.9 years.
Hellenic Carriers is listed on the AIM of the London Stock
Exchange under ticker HCL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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