Hellenic Repositions For The Future

摘要

The London-listed dry bulk operator, Hellenic Carriers, has posted strong 2008 results and expects to remain in profit for 2009. Company chief executive Fotini Karamanlis says that the company has responded to changing market conditions in two ways. By renegotiating charter agreements to reflect market realities, Ms Karamanlis says that the company's exposure to charterer default will be reduced. To this end, time-charters on two of its vessels, Hellenic Breeze and Konstantinos D, were extended at adjusted rates to the end of 2010 (from April 2009) and January 2011 (from March 2010) respectively. At the same time, the company has renegotiated bank debt. Debt repayments, which were 'front-loaded', have, under the new arrangement, been reduced for both this year and next. And while the company expects market volatility to continue, it is upbeat over the future. "Provided things go as expected, we expect to deliver a bottom line net profit for 2009," says chief financial officer Dimitris Sfakianakis. For 2008, Hellenic Carriers recorded impressive numbers.