Hellenic Carriers Limited was incorporated in Jersey in 2007 and
has been trading on AIM of the London Stock Exchange since
30 November 2007. The Company operates and trades through
its subsidiaries a fleet of dry bulk vessels that transport dry bulk
cargoes such as iron ore, coal, grain, steel products, alumina and
other commodities along worldwide shipping routes. 
The fleet currently consists of five vessels, comprising two
Kamsarmax, one Panamax and two Supramax with an aggregate
carrying capacity of 340,055 dwt and average fleet age of 9.6 years.
The Company is committed to growing its activities in the
shipping sector and to providing high quality shipping services
worldwide. The Company will maintain its strategy to grow the
fleet in a manner that enhances shareholder value.
3
Corporate
Statement Financial and Operational highlights 5
Chairman’s Statement 6
Chief Executive Officer’s Statement 7
Hellenic Carriers Fleet 8
Board of Directors 10
Directors’ Report for 2014 12
Corporate Governance 19
Statement of Directors’ Responsibilities 
in respect of Financial Statements 22
Independent Auditors’ Report 26
Consolidated Income Statement 28
Consolidated Statement of 
Other Comprehensive Income 29
Consolidated Statement of 
Financial Position 30
Consolidated Statement of 
Changes in Equity 31
Consolidated Statement of Cash Flows 32
Notes to the Consolidated 
Financial Statements 34
Corporate Information 67
Contents 2014 HIGHLIGHTS
FINANCIAL
• 89% increase in revenue: U.S.$20.6 million (2013: U.S.$10.9 million)
• 233% increase in EBITDA
1
: U.S.$1.0 million (2013: U.S.$0.3 million)
• 2% reduction in operating loss before non-cash impairment charge: U.S.$9.0 million 
(2013: U.S.$9.2 million)
• 10% reduction in net loss before non-cash impairment charge: U.S.$12.8 million 
(2013: U.S.$14.2 million)
• Non-cash impairment charge: U.S.$4.2 million (2013: U.S.$ nil)
• Gearing ratio
2
at 67.1% as at 31 December 2014 (53.4% as at 31 December 2013)
OPERATIONAL
• Increase of the fleet size: operation of 5.9 vessels on average compared to 3.7 vessels in 2013
• Achieving higher time charter rates: Time Charter Equivalent (“TCE”)-Gross rate of U.S.$10,687
(2013: U.S.$8,507) outperforming both the Panamax Average of U.S.$7,718 and Supramax
Average of U.S.$9,818 for 2014
• Daily Operating expenses of U.S.$5,231 (2013: U.S.$5,088)
5
Financial
and
Operational
Highlights During 2014 the performance of the dry bulk market was more disappointing than initially
anticipated. Several factors contribute to this including the continued supply of new tonnage
entering the market, the reduction of coal shipments into China and Europe, the ban on Indonesian
exports of minor metal ores, the disruption in grain shipments out of South America (and
in particular Argentina) and lower port congestion. 
Despite the adversity of the market environment we have been able to improve our revenues
and EBITDA, renew our fleet, contain our costs and achieve high fleet utilization. Our revenues
and EBITDA increased by 89% and 233% respectively in 2014 and we achieved a 25% increase
in our daily rate outperforming the average Panamax and Supramax daily rates. Our fleet
utilization was 96.1% for the year.
In January 2014, we took delivery of the 2004 built vessel M/V PISTIS, the latest addition to
our fleet, following the deliveries of the new Kamsarmaxes in August and September 2013.
This expanded the aggregate carrying capacity of our fleet to 384,864 dwt with a weighted
average age of 10.9 years as of 31 December 2014. 
The dry bulk shipping sector remains challenging in 2015. Spot rates as well as time charter
rates have declined significantly, and asset prices remain under increasing pressure. The
Baltic Dry Index (BDI) reached its lowest point in 30 years in February 2015. 
As the timing of the market recovery is yet unclear, we continue to avoid locking in the vessels
under long term charters and focus on a combination of spot market employment and
short term period fixtures. This enables us to take full advantage of pockets of opportunities
presented due to the freight market volatility.
Despite its volatility and cyclicality, shipping remains a vital link to the global economy
and trade. We are in this business for the long term and we remain alert to take advantage
of opportunities which will enable Hellenic to navigate safely through the current market
environment and grow in a prudent and accretive manner. 
Graham Roberts 
Chairman
03 June 2015
6
Chairman’s
Statement 7
Although the dry bulk market conditions remained challenging during 2014, our operating
results improved significantly for the year as compared to 2013. Our revenues and EBITDA
increased by 89% and 233% respectively and we achieved a 25% increase in our gross daily
time charter rate in 2014 outperforming the average Panamax and Supramax daily rates.
We have been able to continue with our fleet renewal and expansion program by taking delivery
of one Supramax vessel, our flexible chartering strategy has allowed for high fleet utilization
and we have contained our expenses by managing the fleet in a cost effective manner,
whilst maintaining our high standards of quality and safety. 
In the current depressed market environment, with the Baltic Dry Index at its lowest levels
since inception, we can trace some positive signs : the prevailing pessimism has slowed
down new building orders by 98% from its peak levels reached in 2007 and scrapping has
picked up considerably. In the first 4 months of 2015 the number of ships scrapped has almost
equaled the tonnage demolished during full year 2014. 
We all recognize that it is not lack of demand but rather oversupply, resulting from the years
of optimism, that brought the freight market to its current historical lows, therefore the
importance of slow ordering combined with record scrapping should not be
underestimated.  At the same time, we note that demand for dry bulk seaborne commodities
has been steadily increasing, although the emerging economies have been gradually
rationalizing their pace of growth in the last few years. 
In light of the above, whilst the timing of recovery is yet unclear, the lagging effect of very
few orders will at some point catch up with supply and this suggests that the supply and
demand curves are moving in the right direction, hence our optimistic view about the long
term prospects of the dry bulk market.
Going forward, we will continue to take the necessary steps to ensure that the Company
navigates safely through the current storm and is well positioned to capitalize on an improving
dry bulk market in order to maximize shareholder value.
  
Fotini Karamanli
Chief Executive Officer
03 June 2015
Chief 
Executive
Officer’s
Statement As of the date of this report, the Company operates and trades, through its wholly owned
subsidiaries, a fleet of five dry bulk carriers with a weighted average age of 9.6 years and a total
carrying capacity of 340,055 dwt. The fleet includes two Kamsarmax vessels, one Panamax and
two Supramax vessels. The dry bulk carriers transport major bulk cargoes (such as grain, coal
and iron ore) and minor bulk cargoes (such as bauxite, phosphate, steel products and alumina)
along worldwide shipping routes.
Fleet details as of the date of this report:
Fleet Developments
On 26 March 2015, the 1995-built, 44,809 dwt Handymax vessel M/V Hellenic Horizon was sold
to an unaffiliated third party for a total cash consideration of U.S.$3.8 million. As at the delivery
date the vessel had a carrying value of U.S.$6.9 million. The loss resulting from the sale of the
vessel, after deducting all expenses directly related to the sale was U.S.$3.9 million.
8
Hellenic
Carriers
Fleet Fleet Deployment
During 2014 the performance of the dry bulk
freight market was not as strong as initially
anticipated and further deteriorated by the year
end with rates coming under pressure as a
result of factors such as: the reduction of coal
shipments into China and Europe, the ban on
Indonesian exports of minor metal ores, the
disruption in grain shipments out of South
America (and in particular Argentina) and lower
port congestion combined with the continued
supply of new tonnage entering the market.
During this period the Company decided against
locking in the vessels for the long term and
focused on actively trading in the spot market
and under short term period fixtures, thus being
able to take full advantage of pockets of
opportunities presented due to the freight market
volatility. The 2014 Time Charter Equivalent-gross
rate amounting to U.S.$10,687 outperformed the
Panamax Average of 4 T/C Routes (U.S.$7,718)
and the Supramax Average of 6 T/C Routes
(U.S.$9,818) as well as their combined average of
U.S.$8,768 for the same period.  The Board currently comprises two Executive Directors and three Non-executive Directors. Details
of the Directors, their roles and their backgrounds are as follows:
Graham Roberts, 
Chairman and Non-executive Director
Mr. Roberts was appointed as Chairman of the Board of Directors on Admission.
Between 2002 and 2006 Mr. Roberts was chief executive and main board
director of PD Ports Plc. From that position he successfully directed PD
Ports flotation in 2004 on AIM and subsequent sale to Babcock & Brown
Infrastructure Limited in 2005. Prior to that, Mr. Roberts held chief executive
posts at London Luton Airport, MTL (Merseyside Transport Limited) and
Servisair plc. Mr. Roberts was also a senior executive at NFC plc (later renamed Exel plc) for over
25 years, and was a member of its board from 1989 until he left the company in 1997. In total he
has over 43 years of experience in the transportation sector.
Mr. Roberts is a non-executive director of the Freight Transport Association Limited.
Fotini Karamanli, 
Chief Executive Officer
Ms. Karamanli is the Chief Executive Officer of the Company and serves the
Board of Directors since inception. Ms. Karamanli has been involved with
shipping companies associated with Hellenic Carriers Limited since 1999.
From 1998 to 1999, Ms. Karamanli was trained on the sale and purchase
desk of Galbraiths Shipbrokers in London and before that was a shipping
lawyer with Norton Rose in London and Piraeus. 
Ms. Karamanli qualified as an attorney at law in Athens and as a solicitor of the High Court of England
and Wales in 1997. From 2006 until early 2012 Ms. Karamanli served as an independent non-executive
member of the board of directors of Piraeus Bank S.A., a company listed on the Athens Stock Exchange
and is currently a member of the board of directors of the Karamanlis Foundation.
Ms. Karamanli holds a law degree from the University of Athens, and a Master's Degree (LLM)
from the University of Cambridge. 
10
Board of
Directors   Alkis Papadopoulos, 
Chief Financial Officer
Mr. Papadopoulos was appointed Chief
Financial Officer and serves the Board of
Directors since 1 June 2014, following the
resignation of Mrs. Elpida Kyriakopoulou
with effect on 31 May 2014. 
Prior to joining Hellenic Carriers Ltd, Mr. Papadopoulos was
employed with Ernst & Young, Greece, from 2001 and since 2007
held the position of Senior Manager in the Shipping Industry
Group, specialised in the IPO preparation and auditing of shipping
companies listed in the UK and US stock exchanges. For the
period from 1995 to 2001, Mr. Papadopoulos was employed with
KPMG, Cyprus, mainly involved with audits of companies in the
financial services sector. 
Mr. Papadopoulos holds a BSc (hons) degree in Economics &
Accounting from the University of Bristol, UK and is a member of
the Institute of Chartered Accountants in England and Wales
(ICAEW) since 1998.
Charlotte Stratos, 
Non-executive Director
Ms. Stratos is a Senior Advisor to Morgan
Stanley's Investment Banking Division-
Global Transportation team. From 1987 to
2007, Ms. Stratos served as managing
director and head of Global Greek Shipping
for Calyon Corporate and Investment Bank
of the Credit Agricole Group. From 1976 to
1987, Ms. Stratos served in various roles with Bankers Trust
Company including, advisor to the Shipping Department and vice
president of Greek shipping finance.
In addition to serving as a Director for Hellenic Carriers Limited,
Ms. Stratos also currently serves as an independent director for
Costamare Inc., a containership company listed in the NY Stock
Exchange and of Gyroscopic Fund (a fund of hedge funds).
Dimos Kapouniaridis, 
Non-executive Director
Mr. Kapouniaridis is Assistant General
Manager and Head of Investment Banking &
Principal Capital Strategies of Eurobank.
Mr. Kapouniaridis obtained a BA (major in
Economics and minor in Mathematics) from
Hamilton College in Clinton, NY, in 1996. He has approximately
seventeen years of Investment Banking experience in Greece and the
USA. Prior to joining the organization of Eurobank in 2002, he had
worked for the industrial and the M&A groups of Salomon Brothers
and Salomon Smith Barney in New York and Los Angeles as well as
for the M&A group of Dresdner Kleinwort Benson in New York.
11 Principal activity
The principal activity of Hellenic Carriers Limited (the “Company”) during the period in review
was that of an owner, through its wholly owned ship owning subsidiaries, of a fleet of dry bulk
vessels that transport iron ore, coal, grain, steel products, alumina and other dry bulk cargoes
worldwide. The operating fleet at the end of the period under review included two Kamsarmax,
one Panamax vessel, two Supramax and one Handymax vessel. 
The Company, which was incorporated under the laws of Jersey on 26 September 2007, has an
authorised share capital of U.S.$100,000 consisting 100,000,000 ordinary shares of U.S.$0.001
each. Immediately prior to Admission on AIM the Company issued 13,684,970 ordinary shares
with par value U.S.$0.001 (in addition to the 31,931,881 ordinary shares with par value of
U.S.$0.001 issued on 27 November 2007).
On 30 November 2007, the Company commenced trading on AIM at a price of GBP 2.12 per share.
Through the IPO, a total amount of U.S.$58.9 million was raised with the intention to mainly fund
fleet expansion. 
The address of the registered office of the Company is 4th Floor, St Paul’s Gate, 22-24 New Street,
St Helier, Jersey, JE1 4TR.
Outlook/Future prospects
Shipping markets are by nature cyclical and prone to volatility and as a consequence charter
rates, vessel values and in turn operational results are directly affected by the prevailing changes
in the ship demand and supply balance.
The dry bulk shipping market was considerably weaker than expected in 2014. Despite a positive
start following on from the upturn in rates during Q4 2013, the market weakened and average
earnings were lower in 2014 compared to 2013.
Whilst fleet growth was relatively limited in 2014 at around 4 – 5%, the substantial overcapacity
that exists in the dry bulk market continued to exert downward pressure on the freight market;
12
Directors’
Report 
for 2014 and even though the demand side of the equation was positive
with an increase in the seaborne transport of dry bulk
commodities, the average sailing distance was shorter than in
previous years and therefore contributed to the poor earnings
achieved across all dry bulk shipping sub-sectors. 
As we navigate through 2015, the market remains challenging
with freight rates on the edge of the levels of daily operating
expenses, and asset values coming continuously under
pressure. However, the longer term fundamentals remain
positive; scrapping has picked up considerably and is expected
in 2015 to match the levels achieved in 2012, ordering of new
vessels is subsiding, a number of dry bulk ships ordered over
the last 2 years are either cancelled or converted into different
ship types. At the same time, although the developing countries
are growing at a slower pace, the mature economies have
shifted to positive growth rates and therefore global demand is
also expected to continue expanding. Transportation of goods
is vital in a growing global economy. Ships are and will remain
either the only or the most efficient means of this
transportation. Therefore, with gradually shrinking supply and
steady demand the current negative cycle must be heading
towards its completion in the medium term, and will hopefully
be followed by the initiation of a new benign cycle. Going concern
The Directors believe it is appropriate to adopt the going concern basis in preparing the financial
statements since, after due consideration, the Directors consider that the Company and its
subsidiaries have adequate resources to continue in operational existence for the foreseeable future.
Full year 2014 Results
Operating and Financial highlights
The following tables summarise the operating and financial results for full year 2014.
14
2014
Operational
& Financial
Review  During 2014, the Company, through its subsidiaries, operated 5.9
vessels which earned on average net earnings (TCE-net) of
U.S.$8,130 per day compared to 3.7 vessels and average net earnings
of U.S.$7,614 per day in 2013. Although average gross earnings (TCE-
gross) achieved amounted to U.S.$10,687 per day compared to
U.S.$8,507 per day in 2013, the vessels in 2014 had to perform greater
ballast legs in search for more profitable routes and as a result the
cost of bunkers (included in voyage expenses) increased.
For the year ended 31 December 2014, total revenues were
U.S.$20.6 million (2013: U.S.$10.9 million), a 89% increase from
2013. The higher revenue is attributed to the increase in the number
of vessels operated during the period, in conjunction with higher dry
bulk freight rates achieved during 2014 as compared to 2013. The
fleet utilisation during 2014 was 96.1% compared to 95.6% in 2013.
Voyage expenses increased to U.S.$4.9 million (2013: U.S.$1.1
million). The increase in voyage expenses is mainly attributable to
the increase in the number of vessels operated during 2014 as
compared to 2013 as well as the higher cost of bunkers as a result
of greater ballast legs as outlined above.
Vessel operating expenses increased by U.S.$4.6 million to a total
of U.S.$11.4 million for the year ended 31 December 2014. The
increase is mainly due to the increase in the number of vessels
operated during 2014 as compared to 2013. The daily operating
expenses for the year ended 31 December 2014 were U.S.$5,231
(2013: U.S.$5,088). 
The Company’s general and administrative expenses for the year
ended 31 December 2014 decreased by U.S.$0.6 million to
U.S.$1.0 million (2013: U.S.$1.6 million).
Earnings before Tax, Interest, Depreciation and Amortisation
(EBITDA) was reported at U.S.$1.0 million for the year ended 31
December 2014 (2013: U.S.$0.3 million).
Operating loss amounted to U.S.$13.2 million for the year ended 31
December 2014 (2013: U.S.$9.2 million). For the year ended 31
December 2014, the operating loss figure included a non-cash
impairment charge of U.S.$4.2 million relating to M/V Hellenic Horizon.
15 As a result of the significant drop in asset values by 31 December
2014, an impairment indication was identified and the relevant
tests were performed in order to determine the vessels’ recoverable
amounts. The book value of one vessel was adjusted to her
recoverable amount and an impairment charge was reported for
the year ended 31 December 2014 in the amount of U.S.$4.2 million
(31 December 2013: U.S.$ nil). The impairment charge of U.S.$4.2
million relates only to M/V Hellenic Horizon, built in 1995, with less
than 6 years remaining useful life as of 31 December 2014. 
Excluding the above mentioned non-cash item, Hellenic reported
for the year ended 31 December 2014 an operating loss of
U.S.$9.0 million compared to an operating loss of U.S.$9.2 million
for the year ended 31 December 2013. 
The total finance expense comprising of i) interest payable on
bank debt, ii) amortization of deferred loan fees and iii) other
finance costs, was reported at U.S.$3.9 million for the year ended
31 December 2014, compared to U.S.$5.4 million for the same
period of 2013. Interest payable on bank debt decreased by
U.S.$0.7 million and the amortization of deferred loan fees
decreased by U.S.$0.8 million. The weighted average interest rate
for the year ended 31 December 2014 was 3.56% decreasing
considerably from 4.90% reported in 2013.
Net loss for the year ended 31 December 2014 amounted to
U.S.$17.0 million or U.S.$0.37 basic loss per share calculated on
45,616,851 weighted average number of shares. Net loss for the
year ended 31 December 2013 amounted U.S.$14.2 million or
U.S.$0.31 basic loss per share calculated on 45,616,851 weighted
average number of shares. 
Financial Position and Cash Flow highlights
16 Debt / Financing Activities & Capitalisation 
As at 31 December 2014, total bank debt (divided into three facilities)
was reported at U.S.$96.6 million compared to U.S.$97.3 million at 31
December 2013. The amount of U.S.$2.5 million was drawndown in
January 2014 to partly finance the acquisition of M/V Pistis. Scheduled
principal payments during 2014 amounted to U.S.$3.4 million.
As at 31 December 2014, Hellenic and its subsidiaries are in
compliance with debt covenants.
Cash and cash equivalents including restricted cash (current and
non-current) were reported at U.S.$7.0 million compared to U.S.$27.7
million at 31 December 2013. Restricted cash (current and non-
current) reported at 31 December 2014 amounted to U.S.$0.6 million
compared to U.S.$9.5 million at 31 December 2013. The decrease in
restricted cash represents mainly the utilization of the proceeds from
the sale of M/V Hellenic Sea (U.S.$5.4 million) which were pledged
with the respective lender until January 2014 and were then
transferred as bank debt towards the acquisition of M/V Pistis, as
well as the release of a bank guarantee amounting to U.S.$3.4 million.
As at 31 December 2014, net debt amounted to U.S.$89.6 million
(2013: U.S.$69.6 million). Consequently, the gearing ratio being
defined as net debt (debt less cash and cash equivalents) to total
capitalisation amounted to 67.1% and 53.4% at 31 December 2014
and 31 December 2013, respectively.
In relation to cash flows used in investing activities, the amount
of U.S.$12.3 million consists mainly of the following items: 
• The amount of U.S.$15.1 million paid during the year ended 31 
December 2014 in relation to the acquisition of M/V Pistis
delivered in January 2014.
• Release of the pledged amount U.S.$5.3 million held with one of 
our lenders and used to partly finance the acquisition of M/V Pistis.
• The amount of U.S.$2.2 million represents the total dry-docking 
cost for the M/V Pistis and M/V Konstantinos D. which
performed their special surveys during 2014.
Litigation
The Company is not engaged directly in any litigation of material
importance, nor, so far as the Directors are aware, is any litigation
pending or threatened, which would have a material adverse effect
on the financial position of the Company. In order to avoid
incurring further legal costs from the ongoing arbitration
proceedings with respect to M/V Hellenic Sea’s hull damage in
July 2010, a settlement between Patmos Shipping Co. Ltd., the
vessel owning company of M/V Hellenic Sea (“Owners”), and the
charterers Setsea S.p.A. (“Charterers”) was reached during 2014
against payment of U.S.$150,000 by the Owners to the Charterers.
As a result of the above settlement, the amount of U.S.$3.4 million
retained with a bank against issuance of a bank letter of guarantee
for U.S.$3.1 million was released on 23 December 2014 and
transferred from restricted cash to cash and cash equivalents in
the accompanying consolidated statement of financial position
as at 31 December 2014. 
Taxation
As from 1 January 2009, the exempt company regime in Jersey no
longer applied, and the Company is now subject to a 0% tax in Jersey.
Under the laws of the respective jurisdictions of the consolidated
companies, the Company, and its subsidiaries, currently are not
subject to tax on international shipping income.
17 Dividends
In order to reinforce the Company’s liquidity, the Directors of the
Company recommended that no dividend payment will be made
in respect of the year ended 31 December 2014.
Directors
The Directors of the Company who served during the year were:
Graham Roberts (Chairman and Non-executive Director) 
Fotini Karamanli (Chief Executive Officer)  
Elpida Kyriakopoulou (Chief Financial Officer) - resigned on 31 May 2014
Alkis Papadopoulos (Chief Financial Officer) - appointed on 1 June 2014
Charlotte Stratos (Non-executive Director) 
Dimos Kapouniaridis (Non-executive Director) 
The Directors’ interests in the share capital of the Company at 31
December 2014 (held directly or indirectly by the Director) were:
Fotini Karamanli is deemed to be interested in the Ordinary Shares
held by Faith Holdings Inc., a company owned 100% by her. 
Auditors
PricewaterhouseCoopers CI LLP has been appointed as auditor of
the Company and has expressed willingness to continue in office.
18 The Company is managed by the Board of Directors which has overall responsibility for the
corporate governance of the Company. The directors are committed to ensuring that high
standards of corporate governance are maintained insofar as the Directors believe that such
standards are relevant and appropriate for the Company and notwithstanding the fact that as
an AIM listed company, which is incorporated in Jersey, Hellenic Carriers has no legal obligation
to comply with the Corporate Governance Code, (CGC), (i.e. the Code of Best Practice published
by the Committee on the Financial Aspects of Corporate Governance).
The CGC is the Code on Corporate Governance published by the UK Financial Reporting Council.
The CGC applies only to companies which are admitted to the Official List and it is therefore up
to the Directors of an AIM listed company to decide the extent to which the AIM listed entity
complies with the CGC. From Admission the Company broadly complies with the principal
requirements of the CGC.
The Quoted Companies Alliance (QCA) has also published corporate governance guidelines for
AIM listed companies. The QCA Guidelines recommend that there be a formal schedule of
matters specifically reserved for the Board’s decision and that the Board be supplied with
information in a timely manner so as to enable it to discharge its duties. The Company has
adopted a schedule of matters reserved for the Board in a form similar to that recommended by
the QCA Guidelines. The QCA Guidelines also recommend that the roles of Chairman and chief
executive should not be exercised by the same individual and that a company has at least two
independent non-executive Directors (one of whom should be the chairman). The QCA Guidelines
also recommend the establishment of Audit, Remuneration and Nomination Committees and
that the Audit and Remuneration Committees should comprise of at least two members, all of
whom should be independent non-executive Directors.
Board Effectiveness
The Company is managed by the Board of Directors in accordance with its Memorandum and
Articles of Association. The Board of Directors has five Directors, three of which are independent
non-executives. Executive Directors (CEO and CFO) have responsibility for the day-to-day
management and control of the Company, whereas non-executive Directors are responsible for
the overall promotion and safeguarding of the Company’s interests. The Company’s CEO and
19
Corporate
Governance  CFO along with the Company’s broker and Nominated Advisor
maintain a regular dialogue with institutional shareholders.
Charles Stanley Securities has been acting has as the Company’s
Nominated Advisor and broker since 2 April 2014, replacing
Panmure Gordon & Co. 
Committees
The Company has established an Audit Committee, a
Remuneration Committee and a Nomination Committee.
The Audit Committee is headed by Ms. Ch. Stratos and its members
are our two independent Non-executive Directors and our Non-
executive Chairman. The Committee is responsible for the proper
reporting and monitoring of our financial performance and the
review of the internal control systems and the auditors’ reports
relating to our accounts. The Audit Committee will also recommend
the appointment of the external auditors and will review the audit
fees. The Combined Code recommends that all members of the
Audit Committee be Non-executive Directors, independent in
character and judgment and free from any relationship or
circumstances which may, could, or would be likely to, or which
appear to affect their judgment. The Board considers that the
Company complies with the Combined Code in this respect.
The Remuneration Committee is headed by Mr. D. Kapouniaridis
and its members are our two independent Non-executive Directors
and our Non-executive Chairman. This Committee is responsible
for determining and agreeing with the Board the framework for the
remuneration of the Chief Executive Officer, all other executive
Directors, the Company Secretary and such other members of the
executive management as it is designated to consider.
Furthermore, the Committee is responsible for determining the
total individual remuneration packages of each Director including,
where appropriate, bonuses, incentive payments and share
options. The Remuneration Committee also liaises with the
Nomination Committee to ensure that the remuneration of newly
appointed executives is within the Company’s overall policy.
The Nomination Committee is headed by our Non-executive
Chairman, Mr. Gr. Roberts and comprises one independent Non-
executive Director (Dimos Kapouniaridis), and our Chief Executive
Officer (Fotini Karamanli). This Committee is responsible for
reviewing the structure, size and composition of the Board,
preparing a description of the role and capabilities required for a
particular appointment and identifying and nominating candidates
to fill Board positions as and when they arise.
20 Below is a summary of our committees’ structure as at 31 December 2014:
Meetings
The number of the regular meetings by the Board, the Audit, Remuneration and Nomination Committees and individual attendance by 
members within 2014 is shown below:
Fotini Karamanli Graham Roberts
Chief Executive Officer Chairman
21 The directors are responsible for preparing
the consolidated financial statements of the
Company and its subsidiaries in accordance
with applicable law and International
Financial Reporting Standards (“IFRS”).
Companies (Jersey) Law 1991 requires
the directors to prepare financial statements
for each financial year, which give a true and
fair view of the state of affairs of the Company
and the profit and loss for that year.
In preparing those financial statements
the directors should:
• select suitable accounting policies and 
then apply them consistently;
• make judgements and estimates that 
are reasonable and prudent;
• prepare the financial statements on the 
going concern basis unless it is
inappropriate to presume that the
company will continue the business; and
• state whether applicable accounting
standards have been followed, subject to
any material departures disclosed and
explained in the financial statements.
The directors confirm they have complied
with all the above requirements in
preparing the financial statements.
The directors are responsible for keeping
proper accounting records, which disclose
with reasonable accuracy at any time the
financial position of the company and to
enable them to ensure that the financial
statements comply with the Companies
(Jersey) Law 1991. They have general
responsibility for taking such steps as are
reasonably open to them to safeguard the
assets of the company and to prevent and
detect fraud and other irregularities.
So far as the Directors are aware, there is no
relevant audit information of which the
Company's auditors are unaware, and each
Director has taken all the steps that he or
she ought to have taken as a director in
order to make himself or herself aware of
any relevant audit information and to
establish that the Company's auditors are
aware of that information.
Approved by the Board of Directors and
signed on its behalf on 03 June 2015.
22
Statement 
of Directors’
Responsibilities
Fotini Karamanli Graham Roberts
Chief Executive Officer Chairman    Report on the financial
statements
We have audited the accompanying
consolidated financial statements (“the
financial statements”) of Hellenic Carriers
Limited (“the Group”) which comprise the
consolidated statement of financial
position as of 31 December 2014 and the
consolidated statement of comprehensive
income, the consolidated statements of
changes in equity and the consolidated
statement of cash flows for the year then
ended and a summary of significant
accounting policies and other explanatory
information.
Directors’ responsibility for
the financial statements
The directors are responsible for the
preparation of financial statements that
give a true and fair view in accordance
with International Financial Reporting
Standards and with the requirements of
Jersey law. The directors are also
responsible for such internal control as
they determine is necessary to enable the
preparation of financial statements that
are free from material misstatement,
whether due to fraud or error. 
Auditors’ responsibility
Our responsibility is to express an opinion
on these financial statements based on our
audit. We conducted our audit in
accordance with International Standards on
Auditing. Those Standards require that we
comply with ethical requirements and plan
and perform the audit to obtain reasonable
assurance whether the financial statements
are free from material misstatement. 
An audit involves performing procedures to
obtain audit evidence about the amounts
and disclosures in the financial
statements. The procedures selected
depend on the auditors’ judgement,
including the assessment of the risks of
material misstatement of the financial
statements, whether due to fraud or error.
In making those risk assessments, the
auditor considers internal control relevant
to the entity’s preparation and fair
presentation of the financial statements in
order to design audit procedures that are
appropriate in the circumstances, but not
for the purpose of expressing an opinion
on the effectiveness of the entity’s internal
control. An audit also includes evaluating
the appropriateness of accounting policies
used and the reasonableness of
accounting estimates made by the
directors, as well as evaluating the overall
presentation of the financial statements.
26
Independent
Auditors’
Report to 
the Members 
of Hellenic
Carriers 
Limited We believe that the audit evidence we have
obtained is sufficient and appropriate to
provide a basis for our audit opinion. 
Opinion
In our opinion, the financial statements
give a true and fair view of the financial
position of the Group as of 31 December
2014, and of its financial performance and
cash flows of the Group for the year then
ended in accordance with International
Financial Reporting Standards and have
been properly prepared in accordance with
the requirements of the Companies
(Jersey) Law 1991.
Report on other legal and
regulatory requirements
We read the other information contained in
the Annual Report and consider the
implications for our report if we become
aware of any apparent misstatements or
material inconsistencies with the financial
statements. The other information
comprises only the directors’ report. 
In our opinion the information given in the
directors’ report is consistent with the
financial statements.
This report, including the opinion, has been
prepared for and only for the Company’s
members as a body in accordance with
Article 113A of the Companies (Jersey)
Law 1991 and for no other purpose.  We do
not, in giving this opinion, accept or
assume responsibility for any other
purpose or to any other person to whom
this report is shown or into whose hands it
may come save where expressly agreed by
our prior consent in writing.
James de Veulle
For and on behalf of 
PricewaterhouseCoopers CI LLP
Chartered Accountants
Jersey, Channel Islands
04 June 2015 
Notes
a. The maintenance and integrity of the Hellenic
Carriers Limited website is the responsibility of
the directors; the work carried out by the
auditors does not involve consideration of these
matters and, accordingly, the auditors accept no
responsibility for any changes that may have
occurred to the financial statements since they
were initially presented on the website.
b. Legislation in Jersey governing the preparation
and dissemination of financial statements may
differ from legislation in other jurisdictions.
27 28
CONSOLIDATED 
INCOME STATEMENT
Revenue
Expenses and other income
Voyage expenses
Voyage expenses - related parties
Vessel operating expenses
Management fees - related parties
Depreciation
Depreciation of dry-docking costs 
Impairment loss
General and administrative expenses
Other operating income/(expenses), net
Operating loss
Finance expense
Finance income
Foreign currency gain/(loss), net
Loss for the year 
Loss per share (U.S.$):
Basic and diluted LPS for the year
Weighted average number of shares 
3
3,10
3
10
7
7
7
4
15
5
8
6
U.S.$’000
20,595
(4,722)
(206)
(11,425)
(2,184)
(9,721)
(1,592)
(4,185)
(1,028)
1,278
(13,190)
(3,884)
12
82
(3,790)
(16,980)
(0.37)
45,616,851
U.S.$’000
10,923
(1,087)
(60)
(6,793)
(1,153)
(7,516)
(1,917)
-
(1,558)
-
(9,161)
(5,413)
403
(26)
(5,036)
(14,197)
(0.31)
45,616,851
Notes 2014 2013
For the year ended 31 December 2014
The accompanying notes 1 to 18 are an integral part of these consolidated financial statements. 29
Loss for the year
Other comprehensive income
Other comprehensive income to be reclassified to profit and loss
in subsequent periods: 
Reclassification during the year to profit or loss 
Net other comprehensive income reclassified to profit and loss
Total comprehensive loss for the year
11
U.S.$’000
(16,980)
-
-
(16,980)
U.S.$’000
(14,197)
1,158
1,158
(13,039)
The accompanying notes 1 to 18 are an integral part of these consolidated financial statements.
CONSOLIDATED 
STATEMENT OF OTHER
COMPREHENSIVE 
INCOME
For the year ended 31 December 2014
Notes 2014 2013 30
CONSOLIDATED 
STATEMENT OF 
FINANCIAL POSITION 
ASSETS
Non-current assets
Vessels, net
Advances for vessel acquisition
Office furniture and equipment
Restricted cash
Current assets
Inventories
Trade receivables, net
Claims receivable
Available for sale equity investments, net of impairment
Due from related parties
Prepaid expenses and other assets
Restricted cash
Cash and cash equivalents
TOTAL ASSETS
EQUITY AND LIABILITIES
Shareholders’ equity
Issued share capital
Share premium
Capital contributions
Accumulated deficit
Total equity
Non-current liabilities
Long-term debt
Current liabilities
Trade payables 
Current portion of long-term debt
Accrued liabilities and other payables
Deferred revenue
Total Liabilities
TOTAL EQUITY AND LIABILITIES 
7
7
9
15
10
9
8
12
12
11
11
13
U.S.$’000
128,469
-
-
200
128,669
770
2,831
643
-
3,618
348
431
6,391
15,032
143,701
46
54,355
10,826
(21,330)
43,897
93,325
93,325
1,713
3,259
1,397
110
6,479
99,804
143,701
U.S.$’000
124,701
1,616
1
200
126,518
458
1,701
238
-
3,845
852
9,325
18,179
34,598
161,116
46
54,355
10,826
(4,350)
60,877
94,081
94,081
1,320
3,245
1,325
268
6,158
100,239
161,116
As at 31 December 2014
Notes 2014 2013
The financial statements on pages 28 to 66 were approved by the Board of Directors on 03 June 2015 and were signed on its behalf by: 
Fotini Karamanli
Chief Executive Officer
Alkis Papadopoulos
Chief Financial Officer
The accompanying notes 1 to 18 are an integral part of these consolidated financial statements. 31
CONSOLIDATED 
STATEMENT OF 
CHANGES IN EQUITY
As at 1 January 2013
Loss for the year
Other comprehensive income
Total comprehensive loss
As at  31 December 2013
Loss for the year 
Other comprehensive income
Total comprehensive loss
As at 31 December 2014
Issued
share capital
U.S.$'000
(Note 12)
46
-
-
-
46
-
-
-
46
Share
premium
U.S.$'000
(Note 12)
54,355
-
-
-
54,355
-
-
-
54,355
Capital
Contributions
U.S.$'000
10,826
-
-
-
10,826
-
-
-
10,826
Cash flow
hedging
reserves
U.S.$'000
(1,158)
-
1,158
1,158
-
-
-
-
-
(Accumulated
deficit)/
Retained
earnings
U.S.$'000
9,847
(14,197)
-
(14,197)
(4,350)
(16,980)
-
(16,980)
(21,330)
Total equity
U.S.$'000
73,916
(14,197)
1,158
(13,039)
60,877
(16,980)
-
(16,980)
43,897
Number of
shares
45,616,851 
-
-
-
45,616,851
-
-
-
45,616,851
Par value
U.S.$
0.001
-
-
-
0.001
-
-
-
0.001
For the year ended 31 December 2014
The accompanying notes 1 to 18 are an integral part of these consolidated financial statements. 32
CONSOLIDATED 
STATEMENT OF 
CASH FLOWS
Operating activities
Loss for the year
Adjustments to reconcile loss to net cash flows:
Depreciation
Depreciation of dry-docking costs
Impairment loss
Finance expense
Finance income
Increase in inventories
Increase in trade receivables, claims receivable, prepaid expenses and other assets
Decrease/ (Increase) in due from related parties
Restricted cash
Increase in trade payables, accrued liabilities and other payables
(Decrease)/ Increase in deferred revenue
Net cash flows provided by/ (used in) operating activities 
Investing activities
Acquisition/ improvement of vessels
Advance payments for vessels under construction
Advance payments  for vessel acquisition
Dry-docking costs
Restricted cash
Interest received
Net cash flows used in investing activities 
Financing activities
Proceeds from issue of long-term debt
Repayment of long-term debt
Restricted cash
Finance expenses paid
Net cash flows (used in)/ provided by financing activities 
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
7
7
7
5
8
9
7
7
7
7
9
11
11
9
11
8
8
U.S.$’000
(16,980)
9,721
1,592
4,185
3,884
(12)
2,390
(312)
(1,032)
227
3,400
626
(158)
5,141
(15,461)
-
-
(2,188)
5,346
13
(12,290)
2,500
(3,440)
148
(3,847)
(4,639)
(11,788)
18,179
6,391
U.S.$’000
(14,197)
7,516
1,917
-
5,413
(403)
246
(194)
(1,367)
(134)
-
564
268
(617)
(103)
(26,798)
(1,616)
(1,673)
-
463
(29,727)
19,300
(3,885)
9,707
(5,067)
20,055
(10,289)
28,468
18,179
Notes 2014 2013
The accompanying notes 1 to 18 are an integral part of these consolidated financial statements.
For the year ended 31 December 2014  1. Formation, Basis of Presentation and General Information
Hellenic Carriers Limited (“HCL ”, “Hellenic” or the “Company”) was incorporated under the laws
of Jersey on 26 September 2007. On 30 November 2007, Hellenic Carriers Limited was admitted
and started trading on AIM at a price of GBP 2.12 per share. In total, the Company received from
its listing on AIM an amount of U.S.$58.9 million to fund further fleet expansion.
The principal business of the Company is the operation, through its subsidiaries, of a fleet of dry
bulk carriers providing maritime services in relation to the transportation of dry cargo products
on a worldwide basis. The address of the registered office of the Company is 4th Floor, St Paul’s
Gate, 22-24 New Street, St Helier, Jersey, JE1 4TR.
Hellenic Shipmanagement Corp. (“HSC”) served as Manager of the fleet for the period from
September 2007 until August 2013 (note 10). Since August 2013, the fleet has been managed
by Hellenic Carriers Corporation S.A. (“HC Corp”), a related party company ultimately controlled
by the controlling shareholders of HCL. HC Corp was incorporated under the laws of Liberia on
22 April 2003 and has established a branch in Greece at 51 Akti Miaouli, Piraeus, Greece.
The annual consolidated financial statements for the year ended 31 December 2014 include the
financial statements of HCL and the financial statements of its wholly owned subsidiaries listed below.
34
Notes to the
Consolidated
Financial
Statements The annual consolidated financial statements were authorised for
issue in accordance with a resolution of the Board of Directors on
03 June 2015 and are recommended to be approved at the next
Annual General Meeting of the shareholders.
2.  Summary of significant accounting policies
(a) Basis of Preparation: 
The financial statements of the Company and its subsidiaries
have been prepared on a historical cost basis, except for
available for sale equity investments that are measured at fair
value. The consolidated financial statements are presented in
U.S. dollars and all financial values are rounded to the nearest
thousand ($000) except the per share information.
(b) Statement of Compliance: 
The consolidated financial statements as at 31 December 2014
have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union
and IFRS Interpretations Committee (IFRS IC) interpretations.
(c) Basis of Consolidation: 
The consolidated financial statements comprise the financial
statements of the Company and its subsidiaries as listed in note
1. Subsidiaries are all entities over which the Group has control.
The Group controls an entity when the Group is exposed to or
has rights to variable returns from its involvement with the entity
and has the ability to affect those returns through its power over
the entity. The financial statements of the subsidiaries are
prepared for the same reporting date as the Company, using
consistent accounting policies. All inter-company balances and
transactions are eliminated upon consolidation. Subsidiaries are
consolidated from the date on which control is transferred to the
Group and cease to be consolidated from the date on which
control is transferred out of the Group.
(d) Fair value measurement: 
The Company and its subsidiaries measure financial
instruments, such as, derivatives, and available for sale
investments at fair value at each reporting date. Fair value is
the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value
measurement is based on the presumption that the transaction
to sell the asset or transfer the liability takes place either: 
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most advantageous
market for the asset or liability.
The principal or the most advantageous market must be
accessible to the Company and its subsidiaries. The fair value
of an asset or a liability is measured using the assumptions
that market participants would use when pricing the asset or
liability, assuming that market participants act in their
economic best interest. The Company and its subsidiaries use
valuation techniques that are appropriate in the circumstances
and for which sufficient data are available to measure fair
value, maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or
disclosed in the financial statements are categorised within
the fair value hierarchy, described as follows, based on the
lowest level input that is significant to the fair value
measurement as a whole: 
35 Level 1 - Quoted (unadjusted) market prices in active markets
for identical assets or liabilities,
Level 2 - Valuation techniques for which the lowest level input
that is significant to the fair value measurement is directly or
indirectly observable,
Level 3 - Valuation techniques for which the lowest level input
that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial
statements on a recurring basis, the Company and its
subsidiaries determine whether transfers have occurred between
Levels in the hierarchy by re-assessing categorisation (based on
the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
External valuers may be involved for valuation of significant
assets, such as financial assets, and significant liabilities, such
as contingent obligations. Involvement of external valuers is
decided by management on a case by case basis. Selection
criteria include market knowledge, reputation, independence
and whether professional standards are maintained.
At each reporting date, management analyses the movements
in the values of assets and liabilities which are required to be
re-measured or re-assessed as per the Company’s and its
subsidiaries accounting policies. For this analysis,
management verifies the major inputs applied in the latest
valuation by agreeing the information in the valuation
computation to contracts and other relevant documents.
Management, in conjunction with the input of external valuers,
compares the changes in the fair value of each asset and
liability with relevant external sources to determine whether
the change is reasonable.
For the purpose of fair value disclosures, the Company and its
subsidiaries have determined classes of assets and liabilities on
the basis of the nature, characteristics and risks of the asset or
liability and the level of the fair value hierarchy as explained above.
(e) Significant accounting judgements, estimates and assumptions: 
The preparation of consolidated financial statements requires
management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets
and liabilities and disclosure of contingent liabilities at the
reporting date. However, uncertainty about these assumptions
and estimates could result in outcomes that require a material
adjustment to the carrying amount of the asset or liability affected
in the future. In the process of applying the Company’s and its
subsidiaries accounting policies, management has not made any
judgement with significant effect on the amounts recognised in
the consolidated financial statements, except for judgements and
estimates made in connection to impairment assessment.
The key assumptions concerning the future and other key
sources of estimation uncertainty at the financial position date
that have a significant risk of causing a significant adjustment
to the carrying amount of assets and liabilities within the next
financial year are the following:
Vessels: Management makes estimates in relation to useful
lives of vessels and their residual value considering industry
practices. (Vessels have a carrying amount of U.S.$128,469 and
U.S.$124,701 as at 31 December 2014 and 2013, respectively).
36 The key estimates and assumptions (related to the vessel’s
useful life and scrap value rates) relating to the carrying values
and impairment of vessels are discussed in paragraphs (m)
and (n), respectively.
Available for sale equity investments: The shares classified as
“available for sale” relate to non-voting shares received by
Arkadia Maritime Corp. in respect of the claim against Samsum
(note 15) and are carried at fair value. As there is no trading of
these non-voting shares and as the outcome of Samnun’s
rehabilitation plan remains difficult to forecast (note 15), the
management has assigned U.S.$ nil value to them as of 31
December 2014 and 2013. 
Provisions for doubtful trade receivables: Provision for doubtful
trade receivables are recorded based on management’s
expected future collectability of the receivables. (Trade
receivables, have a carrying amount of U.S.$2,831 and
U.S.$1,701 as at 31 December 2014 and 2013, respectively). 
Insurance Claims: Amounts for insurance claims are provided
when amounts are virtually certain to be received, based on the
Company’s judgement and estimates of independent adjusters
as to the amount of the claims. (Insurance claims have a
carrying amount of U.S.$643 and U.S.$238 as at 31 December
2014 and 2013, respectively).
Provisions: Contingent liabilities are provided when amounts
are probable to be paid, based on the Company’s judgement
and the opinion of legal advisors. 
(f) Revenues and Related Expenses: 
The Company through its subsidiaries generates revenues from
the charter hires and/or freights earned by the vessels. Vessels
are chartered using either time charters, when a contract is
entered into for the use of a vessel for a specific period of time
and a specified daily charter hire rate; or voyage charters, when
a contract is made in the spot market for the use of a vessel for
a specific voyage against a specified freight calculated on the
basis of the quantity of cargo carried on board.
If a time charter agreement exists and collection of the related
revenue is reasonably assured, revenue is recognised on a
straight line basis over the period of the time charter. Such
revenues are treated in accordance with IAS 17 as lease
income as explained in paragraph (u) below.
Associated voyage expenses, which primarily consist of
charterers’ address commissions and brokers’ commissions,
are recognised on a pro-rata basis over the duration of the
period of the time-charter contract. If a voyage charter exists,
the voyage is deemed to commence upon the completion of
discharge of the vessel's previous cargo and is deemed to end
upon the completion of discharge of the cargo carried under
the specific voyage charter. If the related revenue is reasonably
assured, it is recognised on a prorate basis based on total
revenue that is expected to be incurred over the duration of the
voyage. Vessel voyage expenses primarily consisting of port,
canal and bunker expenses that are unique to a particular
charter are paid for by the charterer under time charter
arrangements or by the vessel owning companies under
voyage charter arrangements. The vessel owning companies
defer bunker expenses under voyage charter agreements and
37 charge them to the consolidated income statement over the
related voyage charter period to the extent revenue is
recognised. Port and canal costs are accounted for on an
actual basis. Operating expenses are accounted for on an
accrual basis.
Deferred revenue represents cash received prior to the financial
position date which relates to revenue earned after such date.
When a vessel is time chartered, the charterer as per industry
practice pays the revenue related to the specific agreement in
advance (usually 15 days in advance). Therefore, as of financial
position date, the amount of revenue relating to the next
financial year that was paid by the charterer is presented in
deferred revenue.
(g) Foreign Currency Translation: 
The functional and presentation currency of the Company and
its subsidiaries is the U.S. dollar because the vessels operate
in international shipping markets which utilise the U.S. dollar
as the functional currency. Transactions involving other
currencies during the year are converted into U.S. dollars using
the exchange rates in effect at the time of the transactions. At
the financial position dates, monetary assets and liabilities,
which are denominated in currencies other than the U.S. dollar,
are translated into the functional currency using the year-end
exchange rate. Gains or losses resulting from foreign currency
transactions are included in foreign currency gain or loss in the
consolidated income statement.
(h) Cash and Cash Equivalents: 
The Company and its subsidiaries consider highly liquid
investments such as time deposits and certificates of deposit
with an original maturity of three months or less to be cash
equivalents. For the purpose of the consolidated statement of
cash flows, cash and cash equivalents consist of cash and
short-term deposits as defined above.
(i) Restricted Cash: 
Certain of the Company’s and its subsidiaries’ loan agreements
require them to deposit funds into a loan retention account in
the name of the borrower, maintain minimum cash liquidity
and/or to establish earnings recapture accounts. The amount
deposited in retention accounts is equivalent to the monthly
portion of the next capital and interest payment. The amounts
deposited in earnings recapture account represents part of the
excess earnings derived from the operation of the vessels. At
31 December 2013, restricted cash also included cash
deposited to a bank as security for the provision of a bank
guarantee related to litigation and cash deposited in pledged
accounts with the lenders for the purpose of being transferred
as bank financing towards new acquisitions, both released
during 2014 (note 9).
(j) Inventories: 
Inventories consist of lubricants, victualling and bunkers, the
latter for vessels that are not trading under time charter
agreements on the cut-off date. Inventories are stated at the
lower of cost or net realisable value and cost is determined by
the first-in first-out method.
(k) Trade receivables and other receivables:  
Receivables are included in current assets, except for maturities
greater than 12 months after the end of the reporting period.
The amount shown as trade receivables at each financial
38 position date includes estimated recoveries from charterers for
hire, freight and demurrage billings, net of an allowance for
impairment. Initially, trade receivables are recognised at fair
value. Subsequent to initial recognition, trade receivables are
recognised and carried at the lower of their original invoiced value
and recoverable amount. At each financial position date, all
potentially uncollectible accounts are assessed individually for
the purpose of determining the appropriate allowance for
impairment. Impaired debts are derecognized when they are
assessed as uncollectible. Allowance for doubtful receivables
amounted to U.S.$ nil at 31 December 2014 and 2013. There were
no past due trade receivables at 31 December 2014 and 2013.
Other receivables are recognised initially at fair value and then
carried at the lower of the amount recognised initially and their
recoverable amount.
The Company assesses at the end of each reporting period
whether there is objective evidence that a financial asset is
impaired. A financial asset is impaired and impairment losses
are incurred only if there is objective evidence of impairment
as a result of one or more events that occurred after the initial
recognition of the asset (a ‘loss event’) and that loss event (or
events) has an impact on the estimated future cash flows of
the financial asset that can be reliably estimated.
(l) Claims Receivable: 
The Company and its subsidiaries recognise insurance claim
recoveries for damages to vessels in relation to insured risks.
Insurance claim recoveries are recorded net of any deductible
amounts, at the time the vessels suffer such damages. They
include the recoveries from the insurance companies for the
claims, provided it is virtually certain that these amounts will
be recovered. Claims are submitted to the insurance company,
which may alter the recovery amount. Such adjustments are
recorded in the year they become known. Insurance claims
receivable amounted to U.S.$643 and U.S.$238 at 31
December 2014 and 2013, respectively.
(m) Vessels, net: 
The vessels (including dry-docking costs and initial dry-docking
component attributable to favourable or unfavourable lease
terms relative to market terms) are stated at cost, net of
accumulated depreciation and any accumulated impairment
loss. Vessel cost consists of the contract price for the vessel,
the related construction cost, borrowings cost and any material
direct costs incurred upon acquisition of the vessel (initial
repairs, improvements, delivery costs and other expenditures)
to prepare the vessel for its initial voyage. Subsequent
expenditures for major improvements are also capitalised when
it is probable that future economic benefits associated with the
improvement will flow to the entity and the cost of the
improvement can be measured reliably. When the Company and
its subsidiaries acquire a vessel subject to an operating lease,
the amount reflected in the cost that is attributable to
favourable or unfavourable lease terms relative to market terms,
is amortised over the remaining term of the lease. The Company
and its subsidiaries determine the fair value of any component
related to time charters assumed, by reference to the market
value of the time charters at the time the vessel is acquired. 
The cost of each vessel is depreciated beginning when the
vessel is ready for its intended use, on a straight-line basis
over the vessels' remaining economic useful life, after
39 considering the estimated residual value based on the
assumed scrap value of steel. The assumed scrap price used
in the depreciation calculation is U.S.$350 per lightweight ton
effective since 1 July 2012. 
Management estimates the useful life of the vessels at 25 years,
which is consistent with industry practice. Acquired second-
hand vessels are depreciated from the date of their acquisition
over their remaining estimated useful life. The remaining useful
lives of the vessels are between 6 and 24 years. The useful lives
and residual values are re-assessed at least on annual basis. A
vessel is derecognised upon disposal or when no future
economic benefits are expected from its use. Any gain or loss
arising on de-recognition of the vessel (calculated as the
difference between the net disposal proceeds and the carrying
amount of the vessel including any unamortised portion of dry-
docking) is included in the consolidated income statement in
the year the vessel is derecognised. 
From time to time the vessels are required to be dry-docked for
inspection and re-licensing at which time major repairs and
maintenance that cannot be performed while the vessels are in
operation are generally performed. The costs associated with dry-
docking are capitalised and added to the cost of vessel as
incurred. They are amortised on a straight-line basis over the year
until the next scheduled dry-docking, generally 2.5 years. In cases
where, the dry-docking takes place earlier than 2.5 years since
the previous one, the carrying amount of the previous dry-docking
is fully amortised. In the event of a vessel sale, the respective
carrying values of dry-docking costs are derecognised together
with the vessel’s carrying amount at the time of sale. 
At the date of acquisition of a vessel or upon completion of
construction of a new built vessel, management estimates the
component of the cost that corresponds to the economic benefit
to be derived until the next scheduled dry-docking of the vessel
and this component is depreciated on a straight-line basis over
the remaining period until the next estimated dry-docking date.
(n) Impairment of Vessels: 
The vessels are reviewed for impairment in accordance with IAS
36, "Impairment of Assets. " Under IAS 36, the Company and its
subsidiaries assess at each reporting date whether there is an
indication that a vessel may be impaired. If such an indication
exists, the Company and its subsidiaries make an estimate of the
vessel’s recoverable amount. Any impairment loss of the vessel is
assessed by comparison between the carrying amount of the asset
and its recoverable amount. Recoverable amount is the higher of
the vessel’s fair value less costs to sell and its value in use.
If the recoverable amount is less than the carrying amount of
the vessel, the asset is considered impaired and an expense is
recognised equal to the amount required to reduce the carrying
amount of the vessel to its then recoverable amount. Fair value
of vessels is determined by independent marine appraisers. If
the valuation from the appraiser indicates possible impairment,
the Company and its subsidiaries proceed to calculate the
vessel’s value in use.
The calculation of value in use is made at the individual vessel
level since separately identifiable cash flow information is
available for each vessel. In developing estimates of future cash
flows, the relevant vessel owning companies make assumptions
about future charter rates, vessel operating expenses and the
estimated remaining useful lives of the vessels.
40 The projected net operating cash flows are determined by
considering:
• i) for the fiscal year 2015, time charter rates achievable for 
vessels of similar type and age in the current freight market;
ii) for the period 2016 onwards, the average rate for 1 year
timer charter period of the previous decade, applying thereon
a revenue growth rate of 3.5%. 
• the cash outflows which comprise of operating expenses on 
which an inflation rate of 3.0% is applied and future dry-
docking costs for which budgeted amounts are used.
• the estimated remaining useful lives of the vessels is in line 
with the assumptions used for the depreciation calculation of
the vessels. 
The net operating cash flows are discounted to their present
value as at the date of the financial statements using the
weighted average cost of capital as adjusted to reflect the risks
specific to the assets’ cash flows. The discount rate
calculation is based on the specific circumstances of the
Company and its subsidiaries and derived from its weighted
average cost of capital (WACC). Management performs
sensitivity analysis with respect to the discount rate applied
on the net operating cash flows.
The Company’s exercises resulted in an impairment loss of
U.S.$4,185 for the year ended 31 December 2014. Regarding
the other vessels for which no impairment was recognised, if
the estimated cost of capital (WACC) used in the vessel
valuation model had been 0.5% higher, ceteris paribus, than
management’s estimate above, the Company would not have
recognised any additional impairment loss for the year ended
31 December 2014. No impairment loss was recognised for the
year ended 31 December 2013 (note 7).
(o) Vessels under construction: 
The vessels under construction are recognised at cost which
includes the progress payments made to the shipyards and any
costs (interest, commitment fees (note 2p) and on-site
supervision costs incurred during the construction periods)
directly attributable to bringing the vessels to the location and
condition necessary for operation in the intended manner.
Vessels under construction remain at cost until they become
operative upon delivery.
(p) Borrowing costs: 
Borrowing costs directly attributable to the acquisition or
construction of an asset that necessarily takes a substantial
period of time to get ready for its intended use are capitalised as
part of the cost of the respective assets. All other borrowing
costs are expensed in the period they occur. Borrowing costs
consist of interest and other costs incurred in connection with
the borrowing of funds.
(q) Long-Term Debt: 
Long-term debt is initially recognised at the fair value of the
consideration received net of issue costs directly attributable
to the borrowing. After initial recognition, long-term debt is
subsequently measured at amortised cost using the effective
interest rate method. Amortised cost is calculated by taking
into account any issue costs and any discount or premium on
settlement.
41 A financial liability is derecognised when the obligation under
the liability is discharged, cancelled or expired.
The Company and its subsidiaries capitalise borrowing costs
that are directly attributable to acquisition or construction of
the asset. Please refer to paragraph (p).
(r) Derivative Financial Instruments and Hedging: 
The Company and its subsidiaries use derivative financial
instruments such as interest rate swaps to hedge risks
associated with interest rate fluctuations. Such derivative
financial instruments are initially recognised at fair value on
the date on which a derivative contract is entered into and are
subsequently re-measured at fair value using bid-market prices
on each reporting date. Derivatives are carried as assets when
the fair value is positive and as liabilities when the fair value is
negative.
Any gains or losses arising from changes in fair value on
derivatives during the year that do not qualify for hedge
accounting are taken directly to profit or loss.
For the purpose of hedge accounting, hedges are classified as: 
• Fair value hedges when hedging the exposure to changes in 
the fair value of a recognised asset or liability or an unrecognised
firm commitment (except for foreign currency risk); or
• Cash flow hedges when hedging exposure to variability in 
cash flows that is either attributable to a particular risk
associated with a recognised asset or liability or a highly
probable forecast transaction or the foreign currency risk in
an unrecognised firm commitment; or
• Hedges of a net investment in a foreign operation.
When hedge accounting is applied, at the inception of a hedge
relationship, the Company and its subsidiaries formally
designate and document the hedge relationship to which they
wish to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge. The
documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how the entity will assess the hedging
instrument’s effectiveness in offsetting the exposure to
changes in the hedged item’s fair value or cash flows
attributable to hedged risk. 
Such hedges are expected to be highly effective in achieving
offsetting changes in fair value or cash flows and are assessed
on an on-going basis to determine that they actually have been
highly effective throughout the financial reporting periods for
which they were designated. 
In a cash flow hedge, the effective portion of the gain or loss
on the hedging instrument is recognised directly in equity, while
any ineffective portion is recognised immediately in the
consolidated income statement. Amounts taken to equity are
transferred to the consolidated income statement when the
hedged transaction affects profit or loss, such as when the
hedged financial income or financial expense is recognised or
when a forecast sale occurs. Where the hedged item is the cost
of a non-financial asset or non-financial liability, the amounts
taken to equity are transferred to the initial carrying amount of
the non-financial asset or liability.
42 If the forecast transaction or firm commitment is no longer
expected to occur, amounts previously recognised in equity are
transferred to the consolidated income statement. If the hedging
instrument expires or is sold, terminated or exercised without
replacement or rollover, or if its designation as a hedge is
revoked, amounts previously recognised in equity remain in
equity until the forecast transaction or firm commitment occurs.
(s) Segment Reporting: 
The Company and its subsidiaries report financial information
and evaluate their operations by charter revenues and not, for
example, by (i) the length of ship employment for their
customers, i.e. spot or time charters; or (ii) type of vessel.
Management reviews operating results solely by revenue per
day and operating results of the fleet and thus the Company
and its subsidiaries have determined that they operate in one
reportable segment. Furthermore, when the vessel owning
companies charter out a vessel to a charterer, the charterer is
free to trade the vessel worldwide and, as a result, the
disclosure of geographic information is impracticable.
(t) Available for sale equity investments: 
Equity investments classified as available for sale (AFS) are
those that are neither classified as held for trading nor
designated at fair value through profit or loss and are initially
recognised at fair value. After initial measurement, available
for sale equity investments are subsequently measured at fair
value with unrealised gains or losses recognised in Other
Comprehensive Income and credited in the AFS reserve until
the investment is derecognised, at which time the cumulative
gain or loss is recognised in other gains and losses, or the
investment is determined to be impaired, when the cumulative
loss is reclassified from the AFS reserve to the statement of
profit or loss in other gains and losses. 
(u) Leases: 
Leases of vessels where the vessel owning companies do not
transfer substantially all the risks and benefits of ownership of
the vessel are accounted for as operating leases. Lease income
on operating leases is recognised on a straight line basis over
the lease term. Contingent rents are recognised as revenue in
the period in which they are earned.
(v) Share Capital: 
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of new shares are recognised
in equity as a deduction from the proceeds.
(w) Provisions and Contingencies: 
Provisions are recognised when the Company and its
subsidiaries have a present legal or constructive obligation as a
result of past events, it is probable that an outflow of resources
embodying economic resources will be required to settle the
obligation and a reliable estimate of the amount of the obligation
can be made. Provisions are reviewed at each financial position
date and adjusted to reflect the present value of the expenditure
expected to be required to settle the obligation.
Contingent liabilities are not recognised in the financial
statements but are disclosed unless the possibility of an
outflow of resources embodying economic benefits is remote.
Contingent assets are not recognised in the financial
statements but are disclosed when an inflow of economic
benefits is probable.
43 (x) Offsetting of Financial Assets and Liabilities: 
Financial assets and liabilities are offset and the net amount
is presented in the consolidated statement of financial position
only when the Company and/or its subsidiaries have a legally
enforceable right to set off the recognised amounts and intend
either to settle such asset and liability on a net basis or to
realise the asset and settle the liability simultaneously. 
Under the loan agreements (note 11), the lenders may set-off
any matured obligation due from the borrowers against any
matured obligation (such as current deposit accounts) owed
by the lenders to the borrowers, regardless of the place of
payment, booking branch or currency of either obligation. As
of 31 December 2014, there were no matured obligations due
to the lenders, while the total amount of current deposit
accounts held with the lenders amounted to U.S.$1,030.
(y) De-recognition of Financial Assets and Liabilities:
(i) Financial assets
A financial asset (or, where applicable a part of a financial asset
or part of similar financial assets) is derecognised where:
• the rights to receive cash flows from the asset have expired;
• the Company and/or its subsidiaries retain the right to receive 
cash flows from the asset, but have assumed an obligation
to pay them in full without material delay to a third party under
a “pass-through” arrangement; or
• the Company and/or its subsidiaries have transferred their 
rights to receive cash flows from the asset and either (a) have
transferred substantially all the risks and rewards of the
assets, or (b) have neither transferred nor retained
substantially all the risks and rewards of the asset, but have
transferred control of the asset.
Where the Company and/or its subsidiaries have transferred
their rights to receive cash flows from an asset and have
neither transferred nor retained substantially all the risks and
rewards of the asset nor transferred control of the asset, the
asset is recognised to the extent of the Company and/or its
subsidiaries continuing involvement in the asset. Continuing
involvement that takes the form of a guarantee over the
transferred asset is measured at the lower of the original
carrying amount of the asset and the maximum amount of
consideration that the Company and/or its subsidiaries could
be required to repay.   
(ii) Financial liabilities
A financial liability is derecognised when the obligation under
the liability is discharged or cancelled or expires. Where an
existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange
or modification is treated as a de-recognition of the original
liability and the recognition of a new liability and the difference
in the respective carrying amounts is recognised in the
consolidated income statement.
(z) The accounting policies adopted are consistent with those of 
the previous financial year except for the following amended
IFRSs which have been adopted by the Company and its
subsidiaries as of 1 January 2014: 
44 IAS 32 (Amendment) “Financial Instruments: Presentation”
This amendment to the application guidance in IAS 32 clarifies
some of the requirements for offsetting financial assets and
financial liabilities on the statement of financial position.
Group of standards on consolidation and joint arrangements
The International Accounting Standards Board (“IASB”) has
published five new standards on consolidation and joint
arrangements: IFRS 10, IFRS 11, IFRS 12, IAS 27 (amendment)
and IAS 28 (amendment), the application of which did not have
a significant impact on the consolidated financial statements
of the Group. The main provisions are as follows:
IFRS 10 “Consolidated Financial Statements”
IFRS 10 replaces all of the guidance on control and consolidation
in IAS 27 and SIC 12.  The new standard changes the definition
of control for the purpose of determining which entities should
be consolidated. This definition is supported by extensive
application guidance that addresses the different ways in which
a reporting entity (investor) might control another entity
(investee). The revised definition of control focuses on the need
to have both power (the current ability to direct the activities that
significantly influence returns) and variable returns (can be
positive, negative or both) before control is present. The new
standard also includes guidance on participating and protective
rights, as well as on agency/ principal relationships.
IFRS 11 “Joint Arrangements”
IFRS 11 provides for a more realistic reflection of joint
arrangements by focusing on the rights and obligations of the
arrangement, rather than its legal form. The types of joint
arrangements are reduced to two: joint operations and joint
ventures. Proportional consolidation of joint ventures is no longer
allowed. Equity accounting is mandatory for participants in joint
ventures. Entities that participate in joint operations will follow
accounting much like that for joint assets or joint operations
today. The standard also provides guidance for parties that
participate in joint arrangements but do not have joint control.
IFRS 12 “Disclosure of Interests in Other Entities”
IFRS 12 requires entities to disclose information, including
significant judgments and assumptions, which enable users of
financial statements to evaluate the nature, risks and financial
effects associated with the entity’s interests in subsidiaries,
associates, joint arrangements and unconsolidated structured
entities.  An entity can provide any or all of the above
disclosures without having to apply IFRS 12 in its entirety, or
IFRS 10 or 11, or the amended IAS 27 or 28.
IAS 27 (Amendment) “Separate Financial Statements”
This Standard is issued concurrently with IFRS 10 and together,
the two IFRSs supersede IAS 27 “Consolidated and Separate
Financial Statements”. The amended IAS 27 prescribes the
accounting and disclosure requirements for investment in
subsidiaries, joint ventures and associates when an entity
prepares separate financial statements. At the same time, the
Board relocated to IAS 27 requirements from IAS 28
“Investments in Associates” and IAS 31 “Interests in Joint
Ventures” regarding separate financial statements.
IAS 28 (Amendment) “Investments in Associates and Joint Ventures”
IAS 28 “Investments in Associates and Joint Ventures”
replaces IAS 28 “Investments in Associates”. The objective of
this Standard is to prescribe the accounting for investments in
45 associates and to set out the requirements for the application
of the equity method when accounting for investments in
associates and joint ventures, following the issue of IFRS 11.
IFRS 10, IFRS 11 and IFRS 12 (Amendment) “Consolidated ﬁnancial
statements, joint arrangements and disclosure of interests in other
entities: Transition guidance”
The amendment to the transition requirements in IFRSs 10, 11
and 12 clarifies the transition guidance in IFRS 10 and limits
the requirements to provide comparative information for IFRS
12 disclosures only to the period that immediately precedes
the first annual period of IFRS 12 application. Comparative
disclosures are not required for interests in unconsolidated
structured entities.
IFRS 10, IFRS 12 and IAS 27 (Amendment) “Investment entities”
The amendment to IFRS 10 defines an investment entity and
introduces an exception from consolidation. Many funds and
similar entities that qualify as investment entities will be
exempt from consolidating most of their subsidiaries, which
will be accounted for at fair value through profit or loss,
although controlled. The amendments to IFRS 12 introduce
disclosures that an investment entity needs to make.
IAS 36 (Amendment) “Recoverable amount disclosures for non-
ﬁnancial assets”
This amendment requires: a) disclosure of the recoverable
amount of an asset or cash generating unit (CGU) when an
impairment loss has been recognised or reversed and b)
detailed disclosure of how the fair value less costs of disposal
has been measured when an impairment loss has been
recognised or reversed. Also, it removes the requirement to
disclose recoverable amount when a CGU contains goodwill or
indefinite lived intangible assets but there has been no
impairment.
IAS 39 (Amendment) “Financial Instruments: Recognition and
Measurement”
This amendment will allow hedge accounting to continue in a
situation where a derivative, which has been designated as a
hedging instrument, is novated to effect clearing with a central
counterparty as a result of laws or regulations, if specific
conditions are met.
(aa) Standards and Interpretations effective for subsequent periods:
IFRS 9 “Financial Instruments” and subsequent amendments to
IFRS 9 and IFRS 7 (effective for annual periods beginning on or
after 1 January 2018)
IFRS 9 replaces the guidance in IAS 39 which deals with the
classification and measurement of financial assets and
financial liabilities and it also includes an expected credit
losses model that replaces the incurred loss impairment model
used today. IFRS 9 Hedge Accounting establishes a more
principles-based approach to hedge accounting and addresses
inconsistencies and weaknesses in the current model in IAS
39. The Group is currently investigating the impact of IFRS 9
on its financial statements. The standard has not yet been
endorsed by the EU.
IFRS 15 “Revenue from Contracts with Customers” (effective for
annual periods beginning on or after 1 January 2017)
IFRS 15 has been issued in May 2014. The objective of the
standard is to provide a single, comprehensive revenue
46 recognition model for all contracts with customers to improve
comparability within industries, across industries, and across
capital markets. It contains principles that an entity will apply
to determine the measurement of revenue and timing of when
it is recognised. 
The underlying principle is that an entity will recognise revenue
to depict the transfer of goods or services to customers at an
amount that the entity expects to be entitled to in exchange for
those goods or services. The Group is currently investigating
the impact of IFRS 15 on its financial statements. The standard
has not yet been endorsed by the EU.
IFRIC 21 “Levies” (effective for annual periods beginning on or after
17 June 2014)
This interpretation sets out the accounting for an obligation to
pay a levy imposed by government that is not income tax. The
interpretation clarifies that the obligating event that gives rise
to a liability to pay a levy (one of the criteria for the recognition
of a liability according to IAS 37) is the activity described in the
relevant legislation that triggers the payment of the levy. The
interpretation could result in recognition of a liability later than
today, particularly in connection with levies that are triggered
by circumstances on a specific date.
IFRS 11 (Amendment) “Joint Arrangements” (effective for annual
periods beginning on or after 1 January 2016)
This amendment requires an investor to apply the principles of
business combination accounting when it acquires an interest
in a joint operation that constitutes a ‘business’. This
amendment has not yet been endorsed by the EU.
IAS 16 and IAS 38 (Amendments) “Clariﬁcation of Acceptable
Methods of Depreciation and Amortisation (effective for annual
periods beginning on or after 1 January 2016)
This amendment clarifies that the use of revenue-based
methods to calculate the depreciation of an asset is not
appropriate and it also clarifies that revenue is generally
presumed to be an inappropriate basis for measuring the
consumption of the economic benefits embodied in an
intangible asset. These amendments have not yet been
endorsed by the EU.
IAS 27 (Amendment) “Separate ﬁnancial statements” (effective for
annual periods beginning on or after 1 January 2016)
This amendment allows entities to use the equity method to
account for investments in subsidiaries, joint ventures and
associates in their separate financial statements and clarifies
the definition of separate financial statements. This
amendment has not yet been endorsed by the EU.
IFRS 10 and IAS 28 (Amendments) “Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture” (effective
for annual periods beginning on or after 1 January 2016)
These amendments address an inconsistency between the
requirements in IFRS 10 and those in IAS 28 in dealing with the
sale or contribution of assets between an investor and its
associate or joint venture. The main consequence of the
amendments is that a full gain or loss is recognised when a
transaction involves a business (whether it is housed in a
subsidiary or not). A partial gain or loss is recognised when a
transaction involves assets that do not constitute a business,
even if these assets are housed in a subsidiary. The
amendments have not yet been endorsed by the EU.
47 IAS 1 (Amendments) “Disclosure initiative” (effective for annual
periods beginning on or after 1 January 2016)
These amendments clarify guidance in IAS 1 on materiality and
aggregation, the presentation of subtotals, the structure of
financial statements and the disclosure of accounting policies.
The amendments have not yet been endorsed by the EU.
Annual Improvements to IFRSs 2012 (effective for annual periods
beginning on or after 1 February 2015)
The amendments set out below describe the key changes to seven
IFRSs following the publication of the results of the IASB’s 2010-
12 cycle of the annual improvements project: 
• IFRS 2 “Share-based payment”: 
The amendment clarifies the definition of a ‘vesting condition’
and separately defines ‘performance condition’ and ‘service
condition’.
• IFRS 3 “Business combinations”: 
The amendment clarifies that an obligation to pay contingent
consideration which meets the definition of a financial
instrument is classified as a financial liability or as equity, on the
basis of the definitions in IAS 32 “Financial instruments:
Presentation”. It also clarifies that all non-equity contingent
consideration, both financial and non-financial, is measured at
fair value through profit or loss.
• IFRS 8 “Operating segments”: 
The amendment requires disclosure of the judgements made by
management in aggregating operating segments.
• IFRS 13 “Fair value measurement”: 
The amendment clarifies that the standard does not remove the
ability to measure short-term receivables and payables at invoice
amounts in cases where the impact of not discounting is
immaterial.
• IAS 16 “Property, plant and equipment” and IAS 38 “Intangible assets”:
Both standards are amended to clarify how the gross carrying
amount and the accumulated depreciation are treated where an
entity uses the revaluation model.
• IAS 24 “Related party disclosures”:
The standard is amended to include, as a related party, an entity
that provides key management personnel services to the
reporting entity or to the parent of the reporting entity.
Annual Improvements to IFRSs 2013 (effective for annual periods
beginning on or after 1 January 2015)
The amendments set out below describe the key changes to three
IFRSs following the publication of the results of the IASB’s 2011-
13 cycle of the annual improvements project:
• IFRS 3 “Business combinations”: 
This amendment clarifies that IFRS 3 does not apply to the
accounting for the formation of any joint arrangement under IFRS
11 in the financial statements of the joint arrangement itself.
• IFRS 13 “Fair value measurement”: 
The amendment clarifies that the portfolio exception in IFRS 13
applies to all contracts (including non-financial contracts) within
the scope of IAS 39/IFRS 9.
48 • IAS 40 “Investment property”: 
The standard is amended to clarify that IAS 40 and IFRS 3 are
not mutually exclusive.
Annual Improvements to IFRSs 2014 (effective for annual periods
beginning on or after 1 January 2016)
The amendments set out below describe the key changes to four
IFRSs. The improvements have not yet been endorsed by the EU:
• IFRS 5 “Non-current assets held for sale and discontinued operations”: 
The amendment clarifies that, when an asset (or disposal group)
is reclassified from ‘held for sale’ to ‘held for distribution’, or vice
versa, this does not constitute a change to a plan of sale or
distribution, and does not have to be accounted for as such.
• IFRS 7 “Financial instruments: Disclosures”: 
The amendment adds specific guidance to help management
determine whether the terms of an arrangement to service a
financial asset which has been transferred constitute continuing
involvement and clarifies that the additional disclosure required
by the amendments to IFRS 7, ‘Disclosure – Offsetting financial
assets and financial liabilities’ is not specifically required for all
interim periods, unless required by IAS 34.
• IAS 34 “Interim ﬁnancial reporting”: 
The amendment clarifies what is meant by the reference in the
standard to ‘information disclosed elsewhere in the interim
financial report’.
3. Voyage & Vessel Operating Expenses
The amounts in the accompanying consolidated income
statement are analysed as follows:
49 4. General and Administrative Expenses
The amounts in the accompanying consolidated income
statement are analysed as follows:
There are no non-audit fees included in the general and
administrative expenses for the years ended 31 December 2014
and 2013.
5. Finance Expense
The amounts in the accompanying consolidated income
statement are analysed as follows:
6. Loss per Share 
Basic loss per share ("LPS") is calculated by dividing loss for the
year attributable to shareholders of Hellenic Carriers Limited of
U.S.$16,980 and U.S.$14,197 for the years ended 31 December
2014 and 2013, respectively, by the weighted average number of
shares outstanding 45,616,851 for the years ended 31 December
2014 and 2013. Diluted LPS reflects the potential dilution that
could occur if share options or other contracts to issue shares were
exercised or converted into shares. Since no such options or
contracts existed as at 31 December 2014 and 2013, the
numerators and denominators used to calculate diluted LPS are
the same as those used to calculate basic LPS as disclosed above.
50 7.Vessels, net
Vessels consisted of the following at 31 December:
The Company’s long-term loans are secured by a first preferred
mortgage on the respective vessels, as well as general
assignment of the earnings, insurances and requisition
compensation of the respective vessel.
Depreciation charge for the year in the accompanying
consolidated income statement includes U.S.$1 depreciation on
office furniture and equipment for the year ended 31 December
2014 (31 December 2013: U.S.$2).
Additions
On 7 January 2014, Replica Enterprises Corp., one of the
Company's subsidiaries, took delivery of M/V Pistis, a geared
52,388 dwt Supramax vessel, built in 2004 at Tsuneishi
Shipbuilding Corporation in Japan, for U.S.$16,160. As of 31
December 2013, a 10% advance (amounting to U.S.$1,616)  was
paid for the acquisition of the aforementioned vessel.
On 12 August 2013, “Ithaca Maritime Ltd” (“Ithaca”) took delivery
of M/V Odysseas, a 81,662 dwt Kamsarmax new building.
Additionally, on 25 September 2013, “Symi Shipping Corp” (“Symi”),
took delivery of M/V Konstantinos II, a 81,698 dwt Kamsarmax new
building. Both vessels were built at Zhejiang Ouhua Shipbuilding
Co. Ltd. (“the yard”) under the terms of the shipbuilding contracts
entered into in June 2010 for a total consideration of U.S.$34,200
per vessel and expected delivery in the first quarter in 2013. The
contract price of the vessels was renegotiated and reduced to
U.S.$26,280 per vessel or U.S.$52,560 in aggregate and their
delivery dates were extended. An amount of U.S.$13,600 per
contract or U.S.$27,200 in aggregate was remitted to the yard in
2010 as advance payment and the remaining balance due to the
yard was covered by bank financing upon delivery (note 11).
51 The dry-docking component of the new building vessels was
estimated at U.S.$200 per vessel or U.S.$400 in aggregate and
was transferred to dry-docking cost upon vessels’ delivery equally
reducing the vessel cost. 
The capitalised expenses from the date of contract signing until
vessels’ delivery amounted to U.S.$2,437 and consisted of: a)
supervision cost and services provided in relation to the
placement of the orders of U.S.$1,784 of which, U.S.$1,599 was
charged by Mantinia Shipping Co S.A. (note 10), b) capitalised
borrowing costs of U.S.$462, c) legal expenses of U.S.$136 and,
d) Freight Demurrage Defence Insurance of U.S.$55. In addition,
the total direct costs incurred upon vessels’ delivery (initial
supplies of consumables necessary for trading) amounted to
U.S.$731 in aggregate. 
The total transfer from vessels under construction to vessel cost
for the year ended 31 December 2013, amounted to U.S.$55,328.
During 2014, additions in the amount of U.S.$415 (2013: U.S.$103)
to the equipment of M/V Konstantinos D, M/V Hellenic Horizon
and M/V Hellenic Wind were effected, improving the vessels
operation and trading capacity. 
Dry-docking
In 2014, the vessels M/V Pistis and M/V Konstantinos D
performed their special surveys. The capitalised dry docking cost
for the above surveys amounted to U.S.$2,188 in aggregate and
is included in the vessels cost as at 31 December 2014. 
The deferred dry-docking cost capitalised during the year ended
31 December 2013 amounted to U.S.$1,673.
Impairment
As a result of the significant drop in dry-bulk charter rates and
vessel values by 31 December 2014 and the receipt of fair market
valuations of the vessels issued by independent marine
appraisers, an indication of impairment was identified and vessels’
value in use was calculated at the individual vessel level, through
assessment of each vessel’s future cash flows.
The impairment test and sensitivity analysis performed resulted
in an adjustment of the book values for one of the vessels, M/V
Hellenic Horizon, to her fair market value as of 31 December 2014
less costs to sell amounting to US$7,125. The vessel’s fair market
value was obtained by an independent marine appraiser based on
market data and represents a level 2 fair value hierarchy. The
resulting impairment loss was U.S.$4,185 for the year ended 31
December 2014. No impairment loss was recognised for the year
ended 31 December 2013.
8. Cash and Cash Equivalents
The amounts in the accompanying consolidated statement of
financial position are analysed as follows:
Cash at banks earns interest at floating rates based on daily bank
deposit rates. Short-term deposits are made for varying periods
52 of between one day and three months, depending on the
immediate cash requirements of the Company and its subsidiaries
and earn interest at the respective short-term deposit rates.
Interest earned during the years ended 31 December 2014 and
2013, amounted to U.S.$12 and U.S.$403, respectively and is
included in the accompanying consolidated income statement.
9.  Restricted Cash
The amounts in the accompanying consolidated statement of
financial position are analysed as follows:
Reconciliation with the consolidated statement of financial position:
Restricted cash reported at 31 December 2014 amounted to
U.S.$631, consisting of a) U.S.$200 minimum cash requirement
under one of the loan facilities and (b) U.S.$431 cash held in bank
accounts of the vessel owning companies that are retained for the
payment of future instalments. As at 31 December 2013, restricted
cash amounted to U.S.$9,525, consisting of  (a) U.S.$200
minimum cash requirement under one of the loan facilities and (b)
U.S.$579 cash held in bank accounts of the vessel owning
companies that are retained for the payment of future instalments,
(c) U.S.$5,346 aggregate proceeds from the sale of the vessel
Hellenic Sea which were held pledged with the vessel’s lender for
the purpose described in note 11 and (d) U.S.$3,400 cash retained
with a bank against issuance of a bank guarantee for the purpose
described in note 15 and was released during 2014.
10. Related parties transactions
Transactions with related parties consisted of the following for
the year ended 31 December:
53 Balances due from related parties as at 31 December comprise
the following:
Until August 2013, the vessel-owning companies of the operating
vessels included in the consolidated financial statements had
management agreements with HSC to provide, in the normal
course of business, a wide range of shipping managerial and
administrative services, such as commercial operations,
chartering, technical support and maintenance, engagement and
provision of crew, financial and accounting services and cash
handling in exchange for a monthly management fee of U.S.$34.1
per vessel. These transactions are eliminated in the consolidation. 
Additionally, HSC had subcontracted to Mantinia Shipping Company
S.A. (“Mantinia”), a related party, under common control, the
technical management of the vessels. Out of the monthly fee of
U.S.$34.1 payable to HSC, the amount of U.S.$22.0 per vessel was
payable to Mantinia on a monthly basis for the services provided
for the period up to August 2013. For the year ended 31 December
2014 and for the period from 1 January 2013 till August 2013, sub-
management fees charged by Mantinia amounted to U.S.$ nil and
U.S.$475, respectively and were included in Management fees –
related parties in the consolidated statement of income.
In August 2013, the vessel-owning companies of the operating
vessels included in the consolidated financial statements entered
into management agreements with HC Corp, a related party under
common control, to provide in the normal course of business full
managerial and administrative services, such as commercial
management services, supervision of the sale and purchase of
vessels, chartering, technical support and maintenance,
implementation, monitoring and audit of safety management
system in connection with the ISM certification, engagement and
provision of crew, financial and accounting services  for a daily
management fee of U.S.$1.0 per vessel for fiscal years 2014 and
2013 as well as 1% brokerage commission on revenue earned and
1% on each Sale and Purchase transaction concluded. 
For the year ended 31 December 2014 and for the period from
August until 31 December 2013, management fees charged by HC
Corp amounted to U.S.$2,184 and U.S.$678, respectively and were
included in Management fees – related parties in the consolidated
statement of income. Additionally, chartering commission charged
for the years ended 31 December 2014 and 2013 by HC Corp
amounted to U.S.$206 and U.S.$60, respectively and were
included in Voyage expenses – related parties in the consolidated
statement of income.
Furthermore Mantinia provided supervision services to Ithaca and
to Symi in relation to the shipbuilding contracts for M/V Odysseas
and M/V Konstantinos II until their delivery in August and
September 2013, respectively. The fees for the above services
capitalised to vessels under construction amounted to U.S.$1,599
(note 7).
54 Directors’ remuneration for the year ended 31 December is
analysed as follows: 
The fixed Directors’ remuneration amounts for the year ended 31
December 2014 remain unchanged. Remuneration amounts are
agreed in currencies other than the U.S. dollar (namely GBP and
Euro), therefore, the remaining variation between the fixed
amounts of 2014 and 2013 reflect foreign exchange differences.
No pension contributions were made during the years ended 31
December 2014 and 2013. 11. Long-Term Debt
The amounts in the accompanying consolidated statement of
financial position are analysed as follows:
Loan a: On 6 November 2007, two vessel-owning subsidiaries of
HCL entered into a loan facility agreement for U.S.$57,850. The
loan facility was made available for the purposes of (i) refinancing
in full the existing indebtness of M/V Hellenic Sky, (ii) financing
part of the acquisition of M/V Hellenic Horizon and, (iii) providing
corporate liquidity. An amount of U.S.$6,200 was repaid
immediately after the Company’s Admission on AIM. 
Further to the sale of the vessel M/V Hellenic Sky in May 2012 and
the latest supplemental agreement dated 19 September 2013, the
proceeds from the sale of the vessel in the amount of U.S.$10,340
were transferred as bank financing towards the acquisition cost of
the Kamsarmax M/V Konstantinos II coupled with new debt in the
amount of U.S.$2,220. The amount was drawn upon vessel’s
delivery. The loan tenor was extended and the new maturity date
56 is 8 May 2023. The outstanding balance as of 31 December 2014,
amounting to U.S.$30,905, is repayable in four quarterly
instalments of U.S.$215 each, followed by thirty quarterly
instalments of U.S.$430, the last one being payable on maturity 8
May 2023, along with a balloon payment of U.S.$12,340. An interim
balloon in the amount of U.S.$4,805 is payable in February 2018.
Loan b: On 17 March 2008, the Company entered into a loan facility
agreement for up to U.S.$190,000 (including the undrawn amount
of US$80,000 which the lender cancelled after the Company’s
request in December 2008). The loan facility was made available
for the purposes of (i) refinancing in full the existing indebtness,
(ii) financing part of the acquisition cost of M/V Konstantinos D.
and M/V Hellenic Wind, (iv) providing working capital and, (v)
providing financing for future dry-bulk vessel acquisition(s). Further
to the sale of the vessel M/V Hellenic Sea in August 2012 and the
option provided to the borrowers to transfer the proceeds from the
sale of the vessel in the amount of U.S.$5,346 (note 9) as bank
financing towards the acquisition of a younger vessel, a new facility
agreement was entered into with the lender on 7 August 2013 for
the purpose of refinancing in full the existing indebtness and
providing additional debt in the amount of U.S.$2,500 for the
purpose of financing part of the acquisition cost of M/V Pistis
which was delivered on 7 January 2014 (note 7). 
The maturity date of the loan is 7 May 2020. The outstanding
balance as of 31 December 2014 amounting to U.S.$50,325, is
repayable in four quarterly instalments of U.S.$415 each, followed
by four quarterly instalments of U.S.$700 each, four quarterly
instalments of U.S.$750 each, an interim balloon of U.S.$1,400
payable in November 2017, four quarterly instalments of U.S.$1,120
each, a second interim balloon of U.S.$1,250 payable in November
2018, four quarterly instalments of U.S.$1,120 each, a third interim
balloon of U.S.$1,250 payable in November 2019, and two quarterly
instalments of U.S.$2,000, the last one being payable on maturity 7
May 2020 along with a balloon payment of U.S.$26,005.
Loan c: On 30 March 2011, Ithaca Maritime Ltd, the owning
company of the Kamsarmax vessel under construction M/V
Odysseas, entered into a term-loan facility for the financing of up
to 65% of the vessel’s market value upon delivery. Further to the
reduction in the vessel’s contract price (note 7), and following a
supplemental loan agreement dated 6 August 2013, the amount of
U.S.$17,080 was drawn down upon vessel’s delivery in August 2013.
The loan outstanding balance as of 31 December 2014, amounting
to U.S.$16,160 is repayable in ten semi-annual instalments of
U.S.$460 each, the last one being payable on maturity 9 August
2019, along with a balloon payment of U.S.$11,560. 
On 30 March 2011, Symi Shipping Corp, the owning company of M/V
Konstantinos II, entered into a similar term-loan facility as the one
described above (loan c) for the financing of the vessel upon delivery.
In 2013, following the reduction in the vessel’s contract price, a
decision was made to cancel this undrawn commitment and
incorporate M/V Konstantinos II into loan a. Consequently the
borrowing costs (U.S.$358) for the initial financing arrangement
along with the commitment fees (U.S.$484) paid on the undrawn
loan in respect of M/V Konstantinos II, which were initially
capitalised under vessels under construction, were written off and
were included in finance expense in the accompanying consolidated
income statement.
Part of the annual excess earnings generated by the vessels financed
under loans a and b after payment of their debt service (principal and
57 interest) will be paid to the lending banks. The payment due under
this clause for the fiscal year 2014 is U.S.$ nil (2013: U.S.$ nil).
The bank loans denominated in U.S. dollars bear interest at LIBOR
plus the applicable margin per loan agreement. 
The contractual annual loan principal payments per bank loan to
be made subsequent to 31December 2014, are as follows:
As at 31 December 2014 the fair value of long term debt amounts
to U.S.$95,855 (31 December 2013: U.S.$99,400). The fair value is
based on cash flows discounted based on the borrowing rate of
each loan and is within level 2 of the fair value hierarchy.
The loans are secured by first preferred mortgages on the respective
vessels as well as general assignment of the earnings, insurances
and requisition compensation of the vessels. The loan agreements
contain covenants including restrictions as to changes in
management and ownership of the vessels, additional indebtedness
and mortgaging of vessels without the bank's prior consent as well
as minimum requirements regarding hull cover ratio and security
amount. Necessary waivers have been provided for loans a, b and c
in respect of specific covenants waived until 1 January 2016 for
loans a and b and until 1 January 2017 for loan c. Corporate
guarantees in favour of the lenders are provided as further security.
The Company and its subsidiaries are obliged under certain loan
agreements to hold free cash liquidity of U.S.$400 per vessel on a
consolidated basis. As at 31 December 2014 and 2013, restricted
cash relating to financing arrangements of the Company and its
subsidiaries amounted to U.S.$431 and U.S.$579, respectively
(note 9).
As of 31 December 2014, Hellenic and its subsidiaries are in
compliance with their debt covenants.
The weighted average interest rate for the year ended 31 December
2014 and 2013 was 3.56% and 4.90%, respectively, the reduction
being due to the maturity of the two interest rate swaps in August
2013 (refer to the following paragraph). Total interest paid was
U.S.$3,847 and U.S.$5,067 for the years ended 31 December 2014
and 2013, respectively.
The Company had two interest rate swaps which, until their maturity
in August 2013, were designated as hedges of expected future Libor
payments in connection with the loans described above. The critical
terms of the interest rate swaps were negotiated upon designation
to match the terms of the respective loans. Under both contracts, the
Company exchanged variable to fixed interest rates at 3.99%. As of
the maturity of the two interest rate swaps in August 2013, a net
unrealised gain on cash flow hedges amounting to U.S.$1,158 has
been credited to the consolidated statement of other comprehensive
income for the year ended 31 December 2013, while an equal amount
has been included in interest payable on long-term borrowings under
finance expense (note 5) in the consolidated income statement.
58 12. Share Capital and Share Premium
Share capital consisted of the following at 31 December:
The Company was incorporated under the laws of Jersey on 26
September 2007, with an authorised share capital of GBP 10 divided
into 10,000 ordinary shares of GBP 1.00 each. By a special resolution
dated 20 November 2007, the Company converted its authorised
share capital from pounds sterling to U.S. dollars at an exchange rate
of GBP 1=U.S.$2.070 so that the existing share capital was converted
to U.S.$20.7 divided into 10,000 ordinary shares of U.S.$2.070 each.
By a special resolution also dated 20 November 2007, the authorised
share capital of U.S.$20.7 was subdivided into 20,700,000 ordinary
shares of U.S.$0.001 each. By a special resolution also dated 20
November 2007, the Company increased its authorised share capital
by the creation of an additional 79,300,000 ordinary shares in the
share capital of the Company, following which, the Company’s
authorised share capital was U.S.$100 divided into 100,000,000
ordinary shares of U.S.$0.001 each.  
On 30 November 2007, the Company was admitted to the AIM,
issuing 13,684,970 ordinary shares with par value U.S.$0.001 (in
addition to the 31,931,881 Ordinary Shares with par value of
U.S.$0.001 issued on 27 November 2007) at a premium of
U.S.$4.30 per ordinary share thereby increasing the share capital
by U.S.$0.046 million and increasing share premium by U.S.$58.9
million. Issuance costs directly attributable to the listing on AIM
amounted to U.S.$4.5 million.
The analysis of the share premium is as follows:
13.  Accrued Liabilities and Other Payables
The amounts in the accompanying statement of financial position
at 31 December are as follows:
59 14. Dividends Declared
Dividend rights: Under the Company’s Articles of Incorporation
each ordinary share is entitled to dividends, if and when dividends
are declared by the Board of Directors. There are no restrictions
on the Company’s ability to approve dividends, provided that the
Directors are able to sign a statement of solvency. The payment
of final dividends is subject to the approval of the Annual General
Meeting of Shareholders (“AGM”), while the payment of interim
dividends is subject to the approval of the Board of Directors.
In order to reinforce the Company’s liquidity and optimize the use
of cash when market opportunities arise, the Directors of the
Company recommended that dividend payment for the year 2014
be suspended (2013: U.S.$ nil). 
15. Commitments and contingencies
Further to Samsun’s Rehabilitation Plan and the settlement
agreement dated 19 January 2010 between Arkadia and Samsun,
the acknowledged claim amount is recoverable as follows: (i) 34%
of the claim in cash over 10 years (2010-2019) which will be non-
interest bearing and (ii) 66% in Samsun’s shares bearing no voting
rights. The outstanding balance of the acknowledged claim under
(i) above amounted to U.S.$4,542 as of 31 December 2013. 
In relation to (i) above, Arkadia received to date the amount of
U.S.$1,695, representing the 2010, 2011 and 2012 instalments due
as provided in the rehabilitation plan. Out of the U.S.$1,695,
U.S.$300 representing 50% of the 2012 instalment due plus
interest was received in September 2014. Due to Samsun’s long
delay to effect the 2012 instalment and failure to effect the
payment of the 2013 instalment, Arkadia assigned the balance of
the claim under (i) above in respect of the period 2013 – 2019 to
an unaffiliated third party for a consideration of U.S.$1,100 in cash
received in February 2014.
The amount of U.S.$1,400 received in 2014 (U.S.$1,100 mentioned
in the previous paragraph and U.S.$300 representing 50% of the
2012 instalment due plus interest received in September 2014)
was credited to other operating income in the accompanying 2014
consolidated income statement.  
In relation to (ii) above in July 2010 Arkadia received 212,018
Samsun shares in respect of the remaining portion (66%) of the
claim. These shares have been classified as “available for sale”.
As there seems to be no trading of these non-voting shares and
the outcome of the rehabilitation plan remains difficult to forecast,
the Company has assigned U.S.$ nil value to the shares as of 31
December 2014 and 2013. The Company will make further
assessments in 2015.
Further to the hull damage of M/V Hellenic Sea during her passage
through the Amazon River in July 2010, arbitration proceedings
commenced in London in August 2011 between Patmos Shipping
Co. Ltd., the vessel owning company of M/V Hellenic Sea
(“Owners”) and the charterers Setsea S.p.A. (“Charterers”). In order
to avoid incurring further legal costs from the ongoing arbitration
proceedings, a settlement between the Owners and the Charterers
has been reached during 2014 against payment of U.S.$150 by
the Owners to the Charterers, which is deducted from other
income in the accompanying consolidated income statement for
the year ended 31 December 2014.  
60 As a result of the above settlement, the amount of U.S.$3,400
retained with a bank against issuance of a bank letter of guarantee
for U.S.$3,100 (note 9),  which had been provided as security for
Charterers’ claim against the Owners for alleged loss of profit
during the vessel’s off hire, was released on 23 December 2014
and transferred from restricted cash to cash and cash equivalents
in the accompanying consolidated statement of financial position
as at 31 December 2014. 
Operating lease commitments - vessel owning companies as lessor:
Some of the vessels owning companies have entered into time
charter arrangements for their respective vessels. These
arrangements have remaining terms between 1 to 3 months as of 31
December 2014 and 1 to 4 months as of 31 December 2013. Future
minimum gross charter revenues receivable upon time charter
arrangements as at 31 December 2014 and 2013, are as follows: 
It is noted that minimum gross charter revenues are calculated up
to the earliest charter expiration date which represents the first
date on which the charterer may redeliver the vessel to the
shipowning company. Additionally, the vessel’s off-hire and dry-
docking days that could occur but are not currently known are not
taken into consideration.
16. Income taxes
The Company is subject to a 0% tax in Jersey.
Under the laws of the respective jurisdictions of the Company’s
subsidiaries, such companies are not subject to tax on international
shipping income; however, the consolidated companies are subject
to registration and tonnage taxes, which have been included in
vessel operating expenses in the accompanying consolidated
income statement. Pursuant to the United States Internal Revenue
Code of 1986, as amended (the ''Code''), U.S. source income derived
by a foreign corporation from the international operation of ships
generally is exempt from U.S. tax if the company operating the ships
meets both of the following requirements: (a) the company is
organised in a foreign country that grants an equivalent exemption
to corporations organised in the United States and (b) either (i) more
than 50% of the value of the company's shares is owned, directly or
indirectly, by individuals who are ''residents'' of the company's
country of organisation or of another foreign country that grants an
''equivalent exemption'' to corporations organised in the United
States (50% Ownership Test) or (ii) the company's shares  are
''primarily and regularly traded on an established securities market''
in its country of organisation, in another country that grants an
''equivalent exemption'' to United States corporations, or in the
United States (Publicly-Traded Test). Under the regulations,
company's shares will be considered to be ''regularly traded'' on an
established securities market if (i) one or more classes of its shares
representing more than 50% of its outstanding shares, by voting
power and value, are listed on the market and traded on the market,
other than in minimal quantities, on at least 60 days during the
taxable year; and (ii) the aggregate number of shares traded during
the taxable year is at least 10% of the average number of shares
outstanding during the taxable year.
61 Notwithstanding the foregoing, the regulations provide, in
pertinent part, that each class of the company's shares will not be
considered to be ''regularly traded'' on an established securities
market for any taxable year in which 50% or more of the vote and
value of the outstanding shares of such class are owned, actually
or constructively under specified stock attribution rules, on more
than half the days during the taxable year by persons who each
own 5% or more of the value of such class of the company's
outstanding shares, (''5 Percent Override Rule''). Management
believes that the Company and its subsidiaries currently comply
with the above mentioned criteria; however, in the future, the
Company and its subsidiaries may not continue to satisfy certain
criteria in the U.S. tax laws and as such, may become subject to
the U.S. federal income tax on U.S. source shipping income.
17. Financial Risk management objectives 
and policies
The Company’s activities expose it to a variety of financial risks:
market (including interest rate risk and foreign currency risk),
credit risk and liquidity risk. The Company’s overall risk
management programme focuses on minimising the potential
adverse effects on the group’s financial performance. 
Interest rate risk
The Company’s exposure to the risk of changes in market interest
rates relates primarily to the Company’s and its subsidiaries’ long-
term debt obligations at floating interest rates. The Company’s policy
is to manage its interest cost using a mix of fixed and variable rate
debts. To manage this, the Company enters into interest rate swaps,
in which the Company agrees to exchange variable to fixed interest
rate. These swaps are designed to hedge underlying debt obligations.
Considering the prevailing uncertainty with regard to the global
macro-economics and their effect on interest rates and in view of
the increase of the fleet and the amendments made to the
financing profile of the Company and its subsidiaries it was
decided not to proceed with swap arrangements in 2014 and to
re-evaluate the hedging profile in 2015. At 31 December 2014 and
2013, following the maturity of the swap agreements stated in
note 11, none of the Company’s and its subsidiaries’ long-term
borrowings bear interest at fixed rate. 
The table below demonstrates the sensitivity of the profit or loss
(through the impact on floating rate borrowings) and of equity
(through the valuation of the interest rate swap), to a reasonably
possible change in interest rates (Libor), with all other variables
held constant:
Foreign currency risk 
The majority of the Company’s and its subsidiaries’ transactions
are denominated in U.S. dollars. Part of the vessels’ operating
expenses and administrative costs are denominated in Euro
currency. The vessel owning companies mitigate their exposure to
Euro currency by converting U.S. dollars amounts into Euro within
the year at rates that are deemed as reasonable, in order to cover
62 part of their operating and administrative foreseeable expenses
payable in Euro. For the years ended 31 December 2014 and 2013,
there is no significant balance or transaction in foreign currency.
Credit risk
The Company’s and its subsidiaries’ maximum exposure to credit
risk in the event the counterparties fail to perform their obligations
as of 31 December 2014, in relation to each class of recognised
financial assets, other than derivatives and investments, is the
carrying amount of those assets as indicated in the consolidated
statement of financial position.
Financial instruments, which potentially subject the Company and
its subsidiaries to significant concentrations of credit risk, consist
principally of cash and cash equivalents and trade accounts
receivable. The Company and its subsidiaries place their cash and
cash equivalents, consisting mostly of deposits, with reputable
financial institutions.
Credit risk with respect to trade accounts receivable is generally
monitored on an on-going basis with the result that the exposure
to impairment on trade receivables is insignificant. Moreover, the
vessels are normally chartered under time charter agreements
where, as per the industry practice, the charterer pays for the
transportation service in advance, supporting the management of
trade receivables. The vessel owning companies intend to operate
with third parties, with which they have either co-operated in the
past to their full satisfaction, or which have been introduced
through established independent third party broking channels.
Concentration of credit risk 
The following table provides information with respect to charterers
who individually, accounted for more than 10% of the Company’s
and its subsidiaries’ revenue for the year ended 31 December:
Fair Values
All short term receivables and payables are recorded at amortised
cost, which for short-term receivables and payables, approximates
their fair value at 31 December 2014 and 2013 (note 11).
Fair value hierarchy
The Company and its subsidiaries use the following hierarchy for
determining and disclosing the fair value of financial instruments
by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical
assets or liabilities.
Level 2: other techniques for which all inputs which have a
significant effect on the recorded fair value are observable, either
directly or indirectly.
63 Level 3: techniques which use inputs which have a significant
effect on the recorded fair value that are not based on observable
market data.
As at 31 December 2014 and 2013, the Company and its
subsidiaries held available for sale equity instruments measured
at fair value amounting to U.S.$ nil in the consolidated statement
of financial position at 31 December 2014 and 2013 (note 15).
Liquidity risk
The Company aims to mitigate liquidity risk by managing cash
generation by operations, applying cash collection targets
throughout its subsidiaries. The vessels are normally chartered
under time charter agreements where, as per the industry practice,
the charterer pays for the transportation service in advance,
supporting the management of cash generation. Investment is
carefully controlled, with authorisation limits operating up to board
level and cash payback periods applied as part of the investment
appraisal process. In its funding strategy, the Company’s objective
is to maintain a balance between continuity of funding and
flexibility through the use of bank loans. Excess cash used in
managing liquidity is mainly invested in financial instruments
exposed to insignificant risk of changes in market value, being
placed on interest-bearing deposit with maturities fixed at no more
than 3 months. 
The table below summarises the maturity profile of the financial
liabilities at 31 December 2014 and 2013, based on contractual
undiscounted payments (including interest to be paid, which is
calculated using the last applicable rate for each loan, as of 31
December 2014 and 2013): Capital Management
The primary objective of the Company’s capital management is to
ensure that it maintains a strong financial position and healthy
capital ratios in order to support its business and maximise
shareholder value.
The Company manages its capital structure and makes
adjustments to it, in light of changes in economic conditions. To
maintain or adjust the capital structure, the Company may adjust
or suspend the dividend payment to shareholders, return capital
to shareholders, or issue new shares. 
  
In this context and in order to more accurately reflect the gearing
ratio and monitoring of capital management, the Company defines
leverage as the ratio of the net debt (net of deferred financing fees)
to book capitalisation. Book capitalisation is defined as total
equity plus net debt. 
The Company’s policy is to keep its gearing ratio below 80% on
average. Total equity includes issued share capital, share
premium, capital contributions, retained earnings and cash flow
hedging reserves.
65 18. Subsequent Events
On 26 March 2015, Arkadia Maritime Corp. , owner of the 1995-
built, 44,809 dwt Handymax vessel Hellenic Horizon, completed
the sale of the vessel to an unaffiliated third party for a total cash
consideration of U.S.$3.8 million. As of the delivery date the vessel
had a carrying value of U.S.$6.9 million inclusive of the
unamortised balance of her latest dry-docking. The loss resulting
from the sale of the vessel, after deducting all expenses directly
related to the sale was approximately U.S.$3.9 million.
66 Directors
Graham Roberts, 
Non-Executive Chairman
Fotini Karamanli, 
Chief Executive Officer
Alkis Papadopoulos, 
Chief Financial Officer
Charlotte Stratos, 
Non-Executive Director
Dimos Kapouniaridis, 
Non-Executive Director
Secretary
Kalliroi Mitropoulou
Independent Auditors
PricewaterhouseCoopers CI LLP
37 Esplanade, St Helier, 
Jersey, Channel Islands 
JE1 4XA
Bankers
National Bank of Greece S.A.
Piraeus Bank S.A.
Credit Agricole Corporate &
Investment Bank
 Solicitors 
Norton Rose
1 Posidonos Avenue & 3 Moraitini
175 64 P . Faliro
Greece
Norton Rose LLP
3 More London Riverside 
London SE1 2AQ
United Kingdom
Holman Fenwick Willan
International
83 Akti Miaouli
185 38 Piraeus
Greece
Kalliroi Mitropoulou
53-55 Akti Miaouli
185 36 Pireaus
Greece
Registrars
Capita Registrars (Jersey) Limited
PO Box 532
St. Helier
Jersey JE4 5UW
Registered Office
4th Floor, St Paul’s Gate, 
22-24 New Street, St Helier, 
Jersey, JE1 4TR 
Corporate
Information