Hellenic Carriers Sells 21-Year Old Bulk Carrier to Dianik Bross for $5.3 Million

hellenic sea bulk carrier
Hellenic Sea via Fleetmon/JZiegler

Hellenic Carriers Limited (AIM: HCL), an international provider of marine transportation services for dry bulk cargoes, announced today that, in continuation of its fleet renewal program, its wholly owned subsidiary Patmos Shipping Co. Ltd has completed the sale of the 65,434 dwt Panamax dry bulk carrier M/V Hellenic Sea.  She was built in 1991 Jiangnan, China.

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 Hellenic Carrier’s net profit. Taking into account the vessel’s net book value and expenses related to the sale, Hellenic expects to realise a net book loss of approximately US$0.2 million on this sale.

Hellenic’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.