Hellenic Carriers: Sale of vessel

Hellenic Carriers Limited, 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.
Source: Hellenic Carriers Ltd.