Hellenic Carriers receives bulker for charter to Hanjin

Hellenic Carriers receives bulker for charter to Hanjin Athens, Greece-based dry bulk shipowner Hellenic Carriers Ltd. on May 12 took delivery of the 74,000 deadweight ton Hellenic Wind.
   The Liberian-flagged, 1997-built Panamax vessel was previously known as Orchid Star. Hellenic Carriers agreed to acquire the vessel in December at a purchase price of $70 million funded by the use of $7 million from the net proceeds of the IPO and the remainder through a debt facility from Piraeus Bank.
   The vessel has now entered into a time charter with Korea’s Hanjin Shipping, which agreed in April for a minimum period of 36 months and a maximum of 38 months at a gross rate of $54,000 per day.
   “We estimate that this charter will generate about $57 million in gross revenue, thereby ensuring a significant return on our investment within a three-year time frame,” said Fotini Karamanlis, chief executive officer of Hellenic Carriers.
   “With this fixture we have increased our time charter coverage for the whole of 2008 to 78 percent. We are also building a solid time charter base for 2009 and 2010 with 41 percent and 22 percent respectively already covered by existing time charter agreements.”
   Following delivery of Hellenic Wind the Greek company’s fleet consists of four Panamaxes, one handymax and one supramax with a total carrying capacity of 372,761 dwt.