Hellenic Carriers Limited, an international provider of marine transportation services for dry bulk cargoes, announces that, in continuation of its fleet renewal program, its wholly owned subsidiary Patmos Shipping Co. Ltd has completed the sale of the 1991-built at Jiangnan, China 65,434 dwt Panamax dry bulk carrier, M/V Hellenic Sea.
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.
About Hellenic Carriers Limited
Hellenic Carriers Limited manages through Hellenic Shipmanagement Corp. a fleet of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes worldwide.
Further to the sale of the M/V Hellenic Sea, the fleet consists of three vessels, comprising one Panamax, one Supramax and one Handymax with an aggregate carrying capacity of 169,116 dwt and a weighted average age of 15.1 years and two new building Kamsarmax vessels currently on order, with an aggregate carrying capacity of about 164,000 dwt.
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Source: hellenic-carriers, August 24, 2012