Hellenic carriers acquires panamax bulk carrier expanding fleet to 6 vessels

Hellenic Carriers Limited, an international provider of marine transportation services for dry bulk cargoes, today announces that it has entered into an agreement with an unaffiliated third party to acquire the 1997-built 74,000 dwt Panamax bulk carrier built in Tsuneishi, Japan, M/V Orchid Star, charter free, for a purchase price of US$70.0 million. In addition, the Company expects to invest up to a total of US$0.5 million to upgrade certain aspects of the vessel in advance of its next scheduled intermediate survey, which is expected to occur by mid-2010. The vessel is expected to be delivered between March and May 2008.