PRELIMINARY RESULTS THE YEAR ENDED 31 DEC.2014

2014 Financial Results

Press Release 8 April 2015

HELLENIC CARRIERS REPORTS PRELIMINARY RESULTS FOR THE

YEAR ENDED 31 DECEMBER 2014

Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM: HCL), through its subsidiaries operates a fleet of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes worldwide. The Company is pleased to report today its Preliminary Results for the year ended 31 December 2014.

2014 HIGHLIGHTS

FINANCIAL

Þ 89% increase in revenue: US$ 20.6 million (2013: US$ 10.9 million)

Þ 233% increase in EBITDA1 : US$ 1.0 million (2013: US$ 0.3 million)

Þ 2% reduction in operating lossbefore non-cash impairment charge: US$ 9.0 million (2013: US$ 9.2 million)

Þ 10% reduction in net lossbefore non-cash impairment charge: US$ 12.8 million (2013: US$ 14.2 million)

Þ Non-cash impairment charge: US$ 4.2 million (2013: US$ nil)

Þ Gearing ratio2  at 67.1% as at 31 December 2014 (53.4% as at 31 December 2013)

1 EBITDA has been calculated as follows: Operating loss + Depreciation + Depreciation of dry-docking costs + Impairment charge - Gain/(loss) on sale of vessels - Other operating income

2 Gearing ratio is defined as Net Debt to total capitalisation (debt, net of deferred financing fees less cash and cash equivalents including restricted cash to net debt and stockholders' equity)

OPERATIONAL

Þ Increase of the fleet size: operation of 5.9 vessels on average compared to 3.7 vessels in 2013

Þ Achieving higher time charter rates: Time Charter Equivalent ("TCE")-Gross rate of US$ 10,687 (2013: US$ 8,507) outperforming both the Panamax Average of US$ 7,718 and Supramax Average of US$ 9,818 for 2014

Þ Daily Operating expenses of US$ 5,231 (2013: US$ 5,088)

Management Commentary

Fotini Karamanli, Chief Executive Officer of Hellenic Carriers Limited, stated:

Despite the dry bulk market conditions remaining challenging during 2014, our operating results improved significantly for the year as compared to 2013. Our revenues and EBITDA increased by 89% and 233% respectively and we achieved a 25% increase in our gross daily rate in 2014 outperforming the average Panamax and Supramax daily rates. In the current market environment, we have been able to renew our fleet, contain our costs and achieve high fleet utilization.

While the timing of the market recovery is yet unclear, we note that the pace of ordering new vessels has slowed down, scrapping has picked up and therefore, the supply side is expected to improve from 2016 onwards. Given that we do not anticipate a slowdown in the world economy, we remain cautiously optimistic in respect of the longer term prospects of the market.

Fleet Developments

For the year ended 31 December 2014, the Company operated through its subsidiaries a fleet of 5.9 vessels on average compared to 3.7 vessels for the year ended 31 December 2013. Following the addition of two newbuilding Kamsarmax vessels (M/V Odysseas and M/V Konstantinos II) in the second half of 2013 and one second-hand Supramax vessel (M/V Pistis) in January 2014, the operating fleet in 2014 included 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 10.9 years as of 31 December 2014.

On 26 March 2015, the 1995-built, 44,809 dwt Handymax vessel M/V Hellenic Horizon was sold to an unaffiliated third party for a total cash consideration of US$ 3.8 million. As at the delivery date the vessel had a carrying value of US$ 6.9 million. The loss resulting from the sale of the vessel, after deducting all expenses directly related to the sale was US$ 3.9 million.

Fleet Deployment

During 2014 the performance of the dry bulk freight market was not as strong as initially anticipated and further deteriorated by the year end with rates coming under pressure as a result of factors such as: the reduction of coal shipments into China and Europe, the ban on Indonesian exports of minor metal ores, the disruption in grain shipments out of South America (and in particular Argentina) and lower port congestion combined with the continued supply of new tonnage entering the market.

During this period the Company decided against locking in the vessels for the long term and focused on actively trading in the spot market and under short term period fixtures, thus being able to take full advantage of pockets of opportunities presented due to the freight market volatility. The 2014 Time Charter Equivalent-gross rate amounting to US$ 10,687 outperformed the Panamax Average of 4 T/C Routes (US$ 7,718) and the Supramax Average of 6 T/C Routes (US$ 9,818) as well as their combined average of US$ 8,768 for the same period.

Full year 2014 Results

Operating and Financial highlights

The following tables summarise the operating and financial results for full year 2014.

(1) Ownership days are the cumulative days in a period during which each vessel is owned by the respective vessel owning company.

(2) Available days are ownership days less the days that the vessels are at scheduled off-hire for maintenance or vessel repositioning.

(3) Operating days are the available days less all unforeseen off-hires.

(4) Fleet utilisation is measured by dividing the vessels' operating days by the vessels' available days.

(5) TCE-Gross is defined as vessels' total revenues divided by the number of the available days for the period.

(6) TCE-Net is defined as vessels' total revenues less voyage expenses divided by the number of the available days for the period.

(7) Average daily vessel operating expenses is defined as vessel operating expenses divided by ownership days.

(1) EBITDA has been calculated as follows: Operating loss + Depreciation + Depreciation of dry-docking costs + Impairment charge - Gain/(loss) on sale of vessels - Other operating income

During 2014, the Company, through its subsidiaries, operated 5.9 vessels which earned on average net earnings (TCE-net) of US$ 8,130 per day compared to 3.7 vessels and average net earnings of US$ 7,614 per day in 2013, an increase of 6.8%. Although average gross earnings (TCE-gross) achieved amounted to US$ 10,687 per day compared to US$ 8,507 per day in 2013, the vessels in 2014 had to perform greater ballast legs in search for more profitable routes and as a result, the cost of bunkers (included in voyage expenses) increased.

For the year ended 31 December 2014, total revenues were US$ 20.6 million (2013: US$ 10.9 million), an increase of US$ 9.7 million. The increase in revenues is attributed to the increase in the number of vessels operated during the period, in conjunction with higher dry bulk freight rates achieved during 2014 as compared to 2013. The fleet utilisation during 2014 was 96.1% compared to 95.6% in 2013.

Voyage expenses increased to US$ 4.9 million (2013: US$ 1.1 million). The increase in voyage expenses is mainly attributable to the increase in the number of vessels operated during 2014 as compared to 2013 as well as the higher cost of bunkers as a result of greater ballast legs as outlined above.

Vessel operating expenses increased by US$ 4.6 million to a total of US$ 11.4 million for the year ended 31 December 2014. The increase is mainly due to the increase in the number of vessels operated during 2014 as compared to 2013. The daily operating expenses for the year ended 31 December 2014 were US$ 5,231 (2013: US$ 5,088).

The Company's general and administrative expenses for the year ended 31 December 2014 decreased by US$ 0.6 million to US$ 1.0 million (2013: US$ 1.6 million) .

Earnings before Tax, Interest, Depreciation and Amortisation (EBITDA) was reported at US$ 1.0 million for the year ended 31 December 2014 (2013: US$ 0.3 million).

Operating loss amounted to US$ 13.2 million for the year ended 31 December 2014 (2013: US$ 9.2 million). For the year ended 31 December 2014, the operating loss figure included a non-cash impairment charge of US$ 4.2 million relating to M/V Hellenic Horizon.

As a result of the significant drop in asset values by 31 December 2014, an impairment indication was identified and the relevant tests were performed in order to determine the vessels' recoverable amounts. The book value of one vessel was adjusted to her recoverable amount and an impairment charge was reported for the year ended 31 December 2014 in the amount of US$ 4.2 million (31 December 2013: US$ nil). The impairment charge of US$ 4.2 million relates only to M/V Hellenic Horizon, built in 1995, with less than 6 years remaining useful life as of 31 December 2014. Excluding the above mentioned non-cash item, Hellenic reported for the year ended 31 December 2014 an operating loss of US$ 9.0 million compared to an operating loss of US$ 9.2 million for the year ended 31 December 2013.

The total finance expense comprising of i) interest payable on bank debt, ii) amortization of deferred loan fees and iii) other finance costs, was reported at US$ 3.9 million for the year ended 31 December 2014, compared to US$ 5.4 million for the same period of 2013. Interest payable on bank debt decreased by US$ 0.7 million and the amortization of deferred loan fees decreased by US$ 0.8 million. The weighted average interest rate for the year ended 31 December 2014 was 3.56% decreasing considerably from 4.90% reported in 2013.

Net loss for the year ended 31 December 2014 amounted to US$ 17.0 million or US$ 0.37 basic loss per share calculated on 45,616,851 weighted average number of shares. Net loss for the year ended 31 December 2013 amounted US$ 14.2 million or US$ 0.31 basic loss per share calculated on 45,616,851 weighted average number of shares.

Financial Position and Cash Flow highlights

(1) Net Debt has been calculated as follows: Total Bank Debt - Cash and Cash equivalents

including restricted cash

Debt / Financing Activities & Capitalisation

As at 31 December 2014, total bank debt (divided into three facilities) was reported at US$ 96.6 million compared to US$ 97.3 million at 31 December 2013. The amount of US$ 2.5 million was drawndown in January 2014 to partly finance the acquisition of M/V Pistis. Scheduled principal payments during 2014 amounted to US$ 3.4 million.

As at 31 December 2014, Hellenic and its subsidiaries are in compliance with debt covenants.

Cash and cash equivalents including restricted cash (current and non-current) were reported at US$ 7.0 million compared to US$ 27.7 million at 31 December 2013. Restricted cash (current and non-current) reported at 31 December 2014 amounted to US$ 0.6 million compared to US$ 9.5 million at 31 December 2013. The decrease in restricted cash represents mainly the utilization of the proceeds from the sale of M/V Hellenic Sea (US$ 5.4 million) which were pledged with the respective lender until January 2014 and were then transferred as bank debt towards the acquisition of M/V Pistis, as well as the release of a bank guarantee amounting to US$ 3.4 million.

As at 31 December 2014, net debt amounted to US$ 89.6 million (2013: US$ 69.6 million). Consequently, the gearing ratio being defined as net debt (debt less cash and cash equivalents) to total capitalisation amounted to 67.1% and 53.4% at 31 December 2014 and 31 December 2013, respectively.

In relation to cash flows used in investing activities, the amount of US$ 12.3 million consists mainly of the following items:

· The amount of US$ 15.1 million paid during the year ended 31 December 2014 in relation to the acquisition of M/V Pistis delivered in January 2014.

· Release of the pledged amount US$ 5.3 million held with one of our lenders and used to partly finance the acquisition of M/V Pistis.

· The amount of US$ 2.2 million represents the total dry-docking cost for the M/V Pistis and M/V Konstantinos D. which performed their special surveys during 2014.

Dividend

In order to reinforce the Company's liquidity, the Directors of the Company recommended that no dividend payment will be made in respect of the year ended 31 December 2014.

For further information please contact:

Hellenic Carriers Limited

Fotini Karamanli, Chief Executive Officer

Alkis Papadopoulos, Chief Financial Officer

E-mail: info@hellenic-carriers.com +30 210 455 8900

Charles Stanley Securities

Nominated Adviser & Broker

Mark Taylor +44 (0) 207 149 6000

Carl Holmes +44 (0) 207 149 6000

Capital Link 

Nicolas Bornozis +1 212 661 7566 (New York)

Maria Chercheletzi +44 (0) 20 3206 1322 (London)

E-mail: helleniccarriers@capitallink.com

Further Information - Notes to Editors

About Hellenic Carriers Limited

Hellenic Carriers Limited operates 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 five vessels, including one Panamax, two Supramax and two Kamsarmax vessels with an aggregate carrying capacity of 340,055 dwt and a weighted average age of 9.4 years.

Hellenic Carriers is listed on the AIM of the London Stock Exchange under ticker HCL.

CONSOLIDATED INCOME STATEMENT

For the year ended 31 December 2014

(Amounts expressed in thousands of U.S. Dollars, except share and per share data)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFor the year ended 31 December 2014

(Amounts expressed in thousands of U.S. Dollars)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2014

(Amounts expressed in thousands of U.S. Dollars)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2014

(Amounts expressed in thousands of U.S. Dollars, except share and per share data)

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 December 2014

(Amounts expressed in thousands of U.S. Dollars)