24th Aug 2012 07:00
Hellenic Carriers Limited
Press Release 24 August 2012
SALE OF VESSEL
Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM: HCL), an international provider of marine transportation services for dry bulk cargoes, is pleased to announce that, in continuation of its fleet renewal program, its wholly owned subsidiary Patmos Shipping Co. Ltd ("Patmos") has completed the sale of the 1991-built at Jiangnan, China 65,434 dwt Panamax dry bulk carrier, M/V Hellenic Sea. M/V Hellenic Sea was sold to nominees of Dianik Bross Shipping Corp., an unaffiliated third party, for a total cash consideration of US$5.3 million. The vessel was delivered to her new owners on 23 August 2012.
The vessel was initially acquired in March 2002 at a price of US$9.6 million. During the past ten years of her operation, the vessel contributed approximately US$40.6 million to the Company's net profit. Taking into account the vessel's net book value and expenses related to the sale, the Company expects to realise a net book loss of approximately US$0.2 million on this sale.
The Company's intention is to use the proceeds from the sale of this vessel towards future acquisition opportunities in the dry bulk sector. In particular, the lender of M/V Hellenic Sea has agreed to transfer the proceeds from the sale as bank financing towards the acquisition of a modern second hand bulk carrier, within a period of 12 months from completion of the sale.
Fleet Profile as of the date of this Press Release:
Vessel | Type | Year Built | Yard | Carrying Capacity (dwt) |
Hellenic Wind | Panamax | 1997 | Tsuneishi Shipbuilding, Japan | 73,981 |
Hellenic Horizon | Handymax | 1995 | Halla Engineering & Heavy Industries, Korea | 44,809 |
Konstantinos D | Supramax | 2000 | Mitsui Engineering & Shipbuilding, Japan | 50,326 |
Hull No. 629 | Kamsarmax | on order | Zhejiang Ouhua Shipbuilding, China | 82,000 |
Hull No. 630 | Kamsarmax | on order | Zhejiang Ouhua Shipbuilding, China | 82,000 |
Aggregate Carrying Capacity: | 333,116 |
For further information please contact:
Hellenic Carriers Limited
Fotini Karamanli, Chief Executive Officer
E-mail: [email protected] +30 210 455 8900
Panmure Gordon (UK) Limited
Andrew Godber +44 (0) 20 7459 3600
Capital Link
Nicolas Bornozis +1 212 661 7566 (New York)
Eleni Theodoropoulou +44 (0) 20 3206 1320 (London)
E-mail: [email protected]
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. Further to the sale of the M/V Hellenic Sea, the fleet consists of three vessels, comprising one Panamax, one Supramax and one Handymax with an aggregate carrying capacity of 169,116 dwt and a weighted average age of 15.1 years and two new building Kamsarmax vessels currently on order, with an aggregate carrying capacity of about 164,000 dwt.
Hellenic Carriers is listed on the AIM of the London Stock Exchange under ticker HCL.
Related Shares:
HCL.L