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11 Mar 2009 15:32
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FOR IMMEDIATE RELEASE
Hellenic Carriers LimitedΒ
FleetΒ DeploymentΒ Update
Press ReleaseΒ 11 MarchΒ 2009
TERMINATION OF M/V HELLENIC HORIZON TIME CHARTER
Hellenic Carriers Limited,Β ("Hellenic" or the "Company") (AIM: HCL), an international provider of marine transportation services for dry bulkΒ cargoes, announces today that in May 2008 Arkadia Maritime Corp ('Arkadia'), owners of M/V HELLENIC HORIZON, entered into a time charter contract with Samsun Logix Corp. of South Korea ('Samsun') for a period of minimum 24 to maximum 26 months.
The time charter commenced on 19 July 2008 with the earliest expiry date set on 19 July 2010.Β SamsunΒ are currently under rehabilitation proceedings inΒ South Korea. Hire under the M/V HELLENIC HORIZON time charter has been paid in full until 30 January 2009, however Samsun have since failed to pay hire due to Arkadia.
In February 2009 Arkadia managed to collect part of the unpaid hire from the sub-charterers of M/V HELLENIC HORIZON. As a result of the repudiation of the time charter contract by Samsun, Arkadia on 5 March 2009 withdrew the vessel from Samsun's service. ArkadiaΒ has initiated arbitration proceedings in London against Samsun for unpaid hire and damages and is exploring further options to collect amounts due from theΒ charterers.
END
For further information please contact:Β
Hellenic Carriers LimitedΒ
Fotini Karamanlis, Chief Executive OfficerΒ
E-mail:Β info@hellenic-carriers.comΒ +30 210 455 8900Β
Jefferies International LimitedΒ
Anne DovigenΒ +44 20 7029 8000Β
Schuyler EvansΒ
Capital LinkΒ
Ramnique Grewal +1 212 661 7566 (New York)Β
Annie Evangeli +44 20 3206 1320 (London)Β
E-mail:Β helleniccarriers@capitallink.com
Further Information - Notes to EditorsΒ
About Hellenic Carriers LimitedΒ
Hellenic Carriers Limited manages through Hellenic ShipmanagementΒ Corp.Β 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 372,761Β dwt.Β
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