HCL.L Regulatory News (HCL)

19 Feb 2008 07:00

Hellenic Carriers Limited19 February 2008 FOR IMMEDIATE RELEASE Fleet Employment Update HELLENIC CARRIERS CHARTERS ONE OF ITS PANAMAX VESSELS FOR US$64,000 PER DAY Press Release 19 February 2008 Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM: HCL), aninternational provider of marine transportation services for dry bulk cargoes,today announced that it has entered into a time charter agreement with Oslolisted Golden Ocean Group for the M/V Hellenic Breeze for a minimum period of 2months with the maximum time charter expiry on 15 June 2008, at the gross rateof US$64,000 per day. The charter is expected to commence on or about 1 March2008. The M/V Hellenic Breeze is a 69,601 dwt Panamax built in 1993 at TsuneishiShipbuilding Yard in Japan. Fotini Karamanlis, Chief Executive Officer, commented: "Hellenic has achieved animpressive fixture at a gross rate of US$64,000 per day, which exemplifies ourstrategy of opportunistically seeking shorter term coverage in conjunction withlong term employment providing visibility of cash flows. This short term charteris at a significantly higher rate than the vessel's previous employment at agross rate of US$45,000 per day and we expect to reap the benefits of a robustfreight environment in the second quarter of 2008 upon vessel's redelivery. Withthis fixture, our time charter coverage for 2008 increases to 63%." For further information please contact: Hellenic Carriers LimitedFotini Karamanlis, Chief Executive OfficerE-mail: info@hellenic-carriers.com +30 210 455 8900 Jefferies International LimitedNick Davies +44 20 7029 8000Schuyler Evans Capital Link - LondonNatassa Markopoulou +44 20 7614 2950E-Mail: helleniccarriers@capitallink.com Capital Link - New YorkRamnique Grewal +1 212 661 7566E-Mail: helleniccarriers@capitallink.com The Fleet Deployment of Hellenic is as follows: Vessel Type Year Yard Carrying Charter T/C Daily Built Capacity Type Expiration Charter Date (1) Rate US$ (dwt) (Gross) M/V Hellenic Panamax 1993 Tsuneishi 69,601 T/C 15/06/2008 64,000 Breeze (3) 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 20/04/2008 25,750 Horizon Engineering & Heavy Industries, Korea To be delivered Vessel Type Year Yard Carrying Charter T/C Daily Delivery Built Cappacity Type Expiration Charter Date Date (1) Rate US$ (dwt) (Gross)M/V Aegean Hawk, Supramax 2000 Mitsui 50,326 T/C 30/06/2010 64,250(2) 1 March to be Engineering & 2008 Shipbuilding, renamed M/V Japan - Konstantinos D 30 April 2008M/V Orchid Star, Panamax 1997 Tsuneishi, 74,000 N/A N/A N/A 1 March to be renamed Shipbuidling, 2008 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. (3) The vessel is currently earning US$45,000 per day on its current charteruntil about 1 March 2008, thereafter, it will be employed under its new chartermentioned above. Further Information - Notes to Editors About Hellenic Carriers Limited 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 four vessels, comprisingthree Panamaxes and one Handymax. The Company has also contracted to acquire aSupramax vessel with expected delivery between 1 March and 30 April 2008 and aPanamax vessel with expected delivery between 1 March and May 31 2008. Includingthe new Supramax and Panamax vessels to be delivered, Hellenic's fleet has anaggregate carrying capacity of 372,761 dwt and an average age of 12.8 years asat 31 January 2008. This information is provided by RNS The company news service from the London Stock Exchange