News

Hellenic Carriers on crest of a wave

01 September 2008 14:36:00

An increase in the size of its fleet sent revenue and profits soaring at marine transport company Hellenic Carriers.

Total revenues in the first half of 2008 soared to $34.1m from $12.8m in the first half of last year.

During the period the company had, on average, 4.8 owned vessels in its fleet versus a fleet of 3 carriers a year earlier, and also pursued a policy of chartering vessels to "take full advantage of market strength, while also locking in strong cash flows for the remainder of 2008, 2009 and part of 2010".

The increased fleet size enabled the company to record an average daily "time charter equivalent" (TCE) rate of $38,799, versus a TCE rate of $22,374 achieved with three vessels in the first half of 2007.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose even faster than revenues, jumping 185% to $26.8m from $9.4m.

"Strong cash flow generation, moderate leverage and access to bank financing coupled with a modern fleet and expert management well positions the company to capitalise on opportunities to further expand its fleet and revenue base, thus enhancing value for its shareholders," said Fotini Karamanlis, chief executive officer.

An interim dividend of 9.6p per share has been proposed.

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