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Hellenic Carriers looks to cancel listing on AIM

Losses posted by Hellenic Carriers in its 2015 results have led the company to propose cancelling its listing on the London Stock Exchange’s AIM market and go private.

“Having taken into account the company’s financial results for the year ended December 31, 2015, the company’s low market capitalization, the ongoing costs associated with the company’s AIM listing, the low volumes of liquidity in the trading of the ordinary shares of the company, as well as the company’s future prospects should prevailing market conditions persist, the board of directors has decided to seek shareholder approval for the cancellation of the shares to trading on AIM,” Hellenic Carriers said in a release today.

The company needs approval from over 75% of votes cast by shareholders at an upcoming general meeting in order to make the cancellation.

Hellenic’s controlling shareholders have indicated they may make an offer to acquire shares from minority shareholders after the cancellation becomes effective, which would take the company into private ownership.

The company posted a $34m loss in its fiscal year 2015, compared to a $17m loss in 2014.

Hellenic suffered a $4.1m book loss on the sale of its handymax bulk carrier Hellenic Horizon (44,809 dwt, built 1995). It also suffered a $13.6m book loss on impairment of vessels, an increase compared to the $4.2m in impairments recorded in 2014.

The company operates a fleet comprising one panamax bulk carrier, two supramaxes and two kamsarmaxes, which operated in the spot market during 2015 in order to “take full advantage of pockets of opportunities presented due to the freight market volatility”.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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