Dry CargoEurope

Hellenic Carriers scraps bulker to save on repair costs

Hellenic Carriers has sold its panamax bulk carrier Hellenic Wind (74,000 dwt, built 1997) to scrap buyers for $2.88m, which the company said will result in a $7.9m loss on the ship’s book value.

“The company decided to proceed with the sale of Hellenic Wind, the oldest vessel operated by the company, since her dry dock, during which extended and costly repairs would have to be undertaken, was due to take place by no later than September 2016,” the company said today.

Hellenic will use $1.6m of the sale’s proceeds to repay a loan known in its annual financial statements as Loan B, under which some of its vessels are mortgaged. The company has pledged $1.1m to its bank to pay for these vessels’ intermediate or special surveys and to pay interest on the loan.

The Athens-based shipping company said it has restructured Loan B with its bank so that the loan will now mature in November 2024, rather than May 2020 as scheduled previously.

The sale of the Japan-built vessel leaves Hellenic with an owned fleet comprised of two panamax and two supramax bulk carriers.


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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