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16 May 2008 07:00
FOR IMMEDIATE RELEASE
Fleet Employment Update
HELLENIC CARRIERS CHARTERS ONE OF ITS PANAMAX VESSELS FOR 11/13 MONTHS AT US$71,000 PER DAY
Press Release 16 May 2008
Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM: HCL), an international provider of marine transportation services for dry bulk cargoes, today announces that it has entered into a time charter agreement with Rizzo Bottiglieri-De Carlini Armatori SpA for the M/V Hellenic Breeze for a minimum period of 11 months to 13 months at the gross rate of US$71,000 per day. The charter is due to commence by 25 June 2008 with delivery of the vessel in the Middle East.
The M/V Hellenic Breeze is a 69,601 dwt Panamax built in 1993 at Tsuneishi Shipbuilding Yard in Japan.
Fotini Karamanlis, Chief Executive Officer, commented: "Hellenic has achieved an impressive fixture at a gross rate of US$71,000 per day, which exemplifies our strategy of opportunistically seeking medium term coverage in conjunction with long term employment providing visibility of cash flows. This fixture with an established charterer is at a much higher rate than the vessel's previous short term employment at a gross rate of US$64,000 per day. We estimate that this charter will generate about US$23 million within the 11 month time frame. With this fixture we have increased our time charter coverage for the whole of 2008 to 88% and are continuing to build a solid time charter base for 2009 with 48% already covered by existing charters.
For further information please contact:
Hellenic Carriers Limited
Fotini Karamanlis, Chief Executive Officer
E-mail: info@hellenic-carriers.com +30 210 455 8900
Jefferies International Limited
Nick Davies +44 20 7029 8000
Schuyler Evans
Capital Link - New York
Capital Link - London + 44 20 7614 2950
Ramnique Grewal +1 212 6617 7566
E-Mail: helleniccarriers@capitallink.com
The Fleet Deployment of Hellenic is as follows:
|
Vessel |
Type |
Year Built |
Yard |
Carrying Capacity (dwt) |
Charter Type |
T/C Expiration Date (1) |
Daily Charter Rate US$ (Gross) |
|
M/V Hellenic Breeze (3) |
Panamax |
1993 |
Tsuneishi Shipbuilding, Japan |
69,601 |
T/C |
25/07/2009 |
71,000 |
|
M/V Hellenic Sky |
Panamax |
1994 |
Sasebo Heavy Industries, Japan |
68,591 |
T/C |
27/11/2008 |
23,000 |
|
M/V Hellenic Sea |
Panamax |
1991 |
Jiangnan Shipyard, China |
65,434 |
T/C |
30/05/2009 |
37,500 |
|
M/V Hellenic Horizon |
Handymax |
1995 |
Halla Engineering & Heavy Industries, Korea |
44,809 |
T/C |
30/06/2008 |
38,000 |
|
M/V Konstantinos D |
Supramax |
2000 |
Mitsui Engineering & Shipbuilding, Japan |
50,326 |
T/C |
26/05/2010 |
64,250(2) |
|
M/V Hellenic Wind |
Panamax |
1997 |
Tsuneishi, Shipbuidling, Japan |
74,000 |
T/C |
14/07/2011 |
54,000 |
|
Total Fleet: 6 Vessels |
372,761 |
||||||
The latest charter expiration date represents the last day on which the charterer may redeliver the vessel to us upon the termination of the charter assuming that all options for additional hire periods under our charter are exercised.
For the period from the date of delivery to the 365th day of the charter and thereafter at a rate of US$48,250 per day.
The M/V Hellenic Breeze is presently under a T/C at $64,000 per day gross with latest redelivery date by 15/6/2008.
Further Information - Notes to Editors
About Hellenic Carriers Limited
Hellenic Carriers Limited owns and operates a fleet of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes worldwide. Its current fleet consists of six vessels, comprising four Panamaxes, one Supramax and one Handymax with an aggregate carrying capacity of 372,761 dwt and an average age of 13.1 years as at 30 April 2008.
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