2007 Highlights:
Hellenic Carriers was incorporated under the laws of Jersey on 26 September 2007. On 30 November 2007, Hellenic Carriers successfully completed an Initial Public Offering (IPO) of 13,684,970 new ordinary shares at a price of GBP 2.12 per share raising net proceeds of US$54.4 million with intention to partially reduce existing indebtedness and fund further fleet expansion. Hellenic increased revenue in 2007, by approximately 117% over 2006. Net Income increased by approximately 260% for 2007 compared to the same period in 2006. Basic and diluted Earnings per Share for 2007 of US$0.42 calculated on 45,616,851 shares.
Hellenic agreed to acquire an additional Panamax vessel (1997 built) increasing the fleet to a total of six
vessels
Management Commentary:
Fotini Karamanlis, Chief Executive Officer, commented: 'Hellenic has made significant achievements during
2007 by becoming a publicly listed company on the AIM market of the London Stock Exchange. We are pleased
report strong earnings during a period when we are expanding our fleet and establishing ourselves in the public markets.
We are also very pleased to announce that we proceed on schedule with payment of our first dividend as a public company. The dividend payment is linked with Hellenic's outstanding performance in 2007. These impressive results confirm Hellenic's long standing track record of efficiency and profitability which further strengthens our growth prospects.
Fleet growth was achieved through the acquisition of two vessels, a Supramax we had agreed to acquire prior to
our IPO and a Panamax we agreed to acquire in December 2007 which in part, were financed with the proceeds of the IPO. The vessels are scheduled for delivery between March and May 2008, thereby expanding our revenue and profit generation capacity.
Our chartering strategy is focused on generating strong, stable and predictable cash flows delivering sustainable and attractive dividends to our shareholders. To achieve this we secure our vessels under medium to long term time charters with first class charterers. We also opportunistically seek shorter term employment options to maximize profits.
To this effect, 63% of our fleet available days in 2008 are already secured under time charters. Three of our six ships will be coming available for rechartering in the second quarter, thus increasing our operating leverage and giving us the opportunity to fix these vessels at stronger rates than current levels. Furthermore, in 2008, we expect to benefit from the revenue and profit generation capacity of our larger fleet of six vessels.
With our moderate leverage, prudent chartering strategy and strong management expertise, we believe that Hellenic Carriers is well positioned to continue to benefit from the positive fundamentals of the dry bulk sector.'
