1st May 2008 07:01
Hellenic Carriers Limited01 May 2008 FOR IMMEDIATE RELEASE Fleet Employment Update HELLENIC CARRIERS CHARTERS "M/V ORCHID STAR" FOR 3 YEARS AT US$54,000 PER DAY Press Release 1 May 2008 Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM: HCL), aninternational provider of marine transportation services for dry bulk cargoes,today announced that M/V Orchid Star to be renamed Hellenic Wind, will, subjectto her delivery to Hellenic by May 31st 2008, commence a time charter agreementwith Seoul listed Hanjin Shipping Company Ltd at the gross rate of US$54,000 perday 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 dwtPanamax bulk carrier, built in 1997 at Tsuneishi, Japan, which was acquired bythe Company in December 2007 at a purchase price of US$70 million. Fotini Karamanlis, Chief Executive Officer, commented: "Hellenic has managed tobenefit from the current robust freight environment and achieved a long termfixture at a very strong rate for our sixth ship, M/V Orchid Star to be renamedHellenic Wind, which, is expected to be delivered to us by 31 May 2008. This 3year time charter agreement with a first class charterer further secures visibleand stable cash flows for Hellenic over the longer term. We estimate thatthroughout the minimum period of 36 months, this charter will generateapproximately US$56 million in gross revenue, ensuring a significant return onour investment within a 3 year time frame." "With this fixture we have increased our time charter coverage for the whole of2008 to 78%. We are also building a solid time charter book for 2009 and 2010with 41% and 22% respectively already covered by existing time charteragreements". "This fixture demonstrates the continued positive fundamentals of the dry bulksector, mainly attributed to the strong demand for sea transportation of drybulk commodities to the developing countries in the Far East for the years tocome." For further information please contact: Hellenic Carriers LimitedFotini Karamanlis, Chief Executive OfficerE-mail: [email protected] +30 210 455 8900 Jefferies International LimitedNick Davies +44 20 7029 8000Schuyler Evans Capital Link Inc.Ramnique Grewal +1 212 661 7566 (New York)Vice President +44 20 7614 2950 (London)E-Mail: [email protected] The Fleet Deployment of Hellenic is as follows: Vessel Type Year Yard Carrying Charter T/C Daily Built Capacity Type Expiration Charter (dwt) Date (1) Rate US$ (Gross) M/V Hellenic Panamax 1993 Tsuneishi 69,601 T/C 15/06/2008 64,000 Breeze Shipbuilding, JapanM/V Hellenic Sky Panamax 1994 Sasebo Heavy 68,591 T/C 27/11/2008 23,000 Industries, JapanM/V Hellenic Sea Panamax 1991 Jiangnan 65,434 T/C 30/05/2009 37,500 Shipyard, China M/V Hellenic Handymax 1995 Halla 44,809 T/C 30/06/2008 38,000 Horizon Engineering & Heavy Industries, KoreaM/V Konstantinos Supramax 2000 Mitsui 50,326 T/C 27/05/2010 64,250(2) D Engineering & Shipbuilding, Japan To be delivered Vessel Type Year Yard Carrying Charter T/C Daily Delivery Built Capacity Type Expiration Charter Date (dwt) Date (1) Rate US$ (Gross)M/V Orchid Star, Panamax 1997 Tsuneishi, 74,000 TC N/A 54,000 1 March to be renamed Shipbuidling 2008 Hellenic Wind Japan - 31 May 2008 Total Fleet: 6 Vessels 372,761 (1) The latest charter expiration date represents the last day on which thecharterer may redeliver the vessel to us upon the termination of the charterassuming that all options for additional hire periods under our charter areexercised. (2) For the period from the date of delivery to the 365th day of the charterand thereafter at a rate of US$48,250 per day. Further Information - Notes to Editors Hellenic Carriers Limited owns and operates a fleet of dry bulk vessels thattransport iron ore, coal, grain, steel products, cement, alumina, and other drybulk cargoes worldwide. Its current fleet consists of five vessels, comprisingthree Panamaxes, one Handymax and one Supramax. The Company has also contractedto acquire a Panamax vessel with expected delivery between 1 March and May 312008. Including the new Panamax vessel to be delivered, Hellenic's fleet has anaggregate carrying capacity of 372,761 dwt and an average age of 13 years as at31 March 2008. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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