HCL.L Regulatory News (HCL)

1 Apr 2008 07:01

Hellenic Carriers Limited01 April 2008 FOR IMMEDIATE RELEASE Fleet Update HELLENIC CARRIERS TAKES DELIVERY OF SUPRAMAX WHICH COMMENCES 2 YEAR TIME CHARTERWITH KOREA LINE CORPORATION Press Release - Athens, Greece, 1 April 2008 Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM: HCL), aninternational provider of marine transportation services for dry bulk cargoes,today announces that on 26 March, 2008 it took delivery of the M/V KonstantinosD, previously known as the M/V Aegean Hawk, a 2000 built geared Supramax with acarrying capacity of 50,326 dwt flying the Liberian flag. The Company agreed toacquire this vessel in October 2007 at a purchase price of US$62 million. Thisacquisition was funded by the use of US$30 million from the net proceeds of theIPO and the remaining US$ 32 million through a debt facility from Piraeus Bank. On 28 March 2008 the M/V Konstantinos D entered into a time charter with KoreaLine Corporation which had been agreed in November 2007 for a period of minimum24 months maximum 26 months, at a gross rate of US$64,245 per day for the firstyear and thereafter at a gross rate of US$48,250 per day. Following delivery of M/V KONSTANTINOS D Hellenic Carriers' fleet consists of 3Panamaxes, 1 Handymax and 1 Supramax with a total carrying capacity of 298,761dwt. Furthermore, the Company expects to take delivery of a Panamax vessel, theM/V Orchid Star (to be renamed) by the end of May 2008. Fotini Karamanlis, Chief Executive Officer, commented: "We are very pleased tohave taken timely delivery of a modern Supramax, M/V Konstantinos D, therebyincreasing our operational fleet to 5 vessels. In conformity with our strategyto profitably employ our ships and to secure stable and predictable cash flows ,the M/V Konstantinos D has already entered into a two year time charter with afirst class charterer at a very strong average gross daily rate of US$ 56,250.We estimate that this charter will generate about US$41million in grossrevenue, thereby ensuring a significant return on our investment within a 2-yeartime frame. As of today, 64% of the available days of 2008 and 24% of theavailable days of 2009 have already been covered by time charter contracts inplace." For further information please contact: Hellenic Carriers LimitedFotini Karamanlis, Chief Executive OfficerE-mail: info@hellenic-carriers.com +30 210 455 8900 Jefferies International LimitedNick Davies +44 20 7029 8000Schuyler Evans Capital Link Inc.Ramnique Grewal+1 212 661 7566 (New York)Vice President +44 20 7614 2950 (London)E-Mail: helleniccarriers@capitallink.com The Fleet Deployment of Hellenic is as follows: Vessel Type Year Yard Carrying Charter T/C Daily Built Capacity Type Expiration Charter Date (1) Rate US$ (dwt) (Gross) M/V Hellenic Panamax 1993 Tsuneishi 69,601 T/C 15/06/2008 64,000 Breeze Shipbuilding, Japan M/V Hellenic Sky Panamax 1994 Sasebo Heavy 68,591 T/C 27/11/2008 23,000 Industries, Japan M/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 M/V Konstantinos Supramax 2000 Mitsui 50,326 T/C 30/06/2010 64,250(2) D Engineering & Shipbuilding, Japan 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 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 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. (2) 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. 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 five vessels, comprisingthree Panamaxes, one Handymax and one Supramax. The Company has also contractedto acquire a Panamax vessel with expected delivery between 1 March and May 312008. Including the new Panamax vessel to be delivered, Hellenic's fleet has anaggregate carrying capacity of 372,761 dwt and an average age of 13 years as at31 March 2008. This information is provided by RNS The company news service from the London Stock Exchange