Hellenic Carriers Limited
Walker House, 28-34 Hill Street, St Helier, JE4 5TF , Jersey
www.hellenic-carriers.com
ANNUAL REPORT 2009 Corporate Statement
Our Company which is incorporated in Jersey, 
owns and operates through its subsidiaries 
a fleet of dry bulk vessels that transport iron 
ore, coal, grain, steel products, alumina and 
other dry bulk cargoes worldwide. The fleet 
currently consists of six vessels, comprising 
four Panamax vessels, one Handymax and one 
Supramax. The fleet has an aggregate carrying 
capacity of 372,742 dwt and an average age of 
14.7 years as at 31 December 2009.
The Company is committed to maintain its 
long standing relationships with its major 
customers and ensure that the vessels are 
maintained to the highest standards of safety 
and quality. The Company’s strategy is to 
grow the fleet in a manner that enhances 
shareholder value. Contents
 Highlights
 Financial and Operational highlights  ....................................................................................... 3
Chairman’s Statement.............................................................................................................. 4
Chief Executive Officer’s statement ......................................................................................... 5
Hellenic Carriers Fleet ............................................................................................................. 6
Board of Directors and senior management team ................................................................... 8
Directors’ Report ...................................................................................................................... 12
Corporate Governance ............................................................................................................ 18
Statement of Directors’ Responsibilities in respect of Financial Statements ............................ 21
Independent Auditor’s Report .................................................................................................. 22
Consolidated Income Statement .............................................................................................. 24
Consolidated Statement of Comprehensive Income ................................................................ 24
Consolidated Statement of Financial Position .......................................................................... 25
Consolidated Statement of Changes in Equity ......................................................................... 26
Consolidated Statement of Cash Flows… ................................................................................ 27
Notes to the Consolidated Financial Statements ...................................................................... 30
Corporate Information .............................................................................................................. 60 Contents
 Highlights
 FINANCIAL AND OPERATIONAL HIGHLIGHTS 
2009 HIGHLIGHTS
FINANCIAL
► U.S.$58 million Revenue (2008: U.S.$85 million)
► U.S.$38.9 million EBITDA
1
 (2008: U.S.$68.2 million)
► U.S.$23.9 million Operating Profit (2008: U.S.$36.5 million)
► U.S.$18.1 million Net Income (2008: U.S.$31.1 million)
► Earnings per share of U.S.$0.40 (2008: U.S.$0.68)
► Payment of final dividend for 2008 of 2.30 pence per share
► Final dividend for 2009 of 2.47 pence per share subject to AGM’s approval 
►
Restructuring of bank debt for 2009 and 2010 in order to preserve 
cash liquidity and reduce break even rates 
►
Significant improvement of Company’s gearing ratio with net debt to total capitalization
2
   
at 39.4% on 31 December 2009 compared to 52.9% on 31 December 2008
►
Reinforcement of cash reserves: As of 31 December 2009, Hellenic Carriers and its subsidiaries 
had a total unencumbered cash liquidity of U.S.$71.2 million compared to U.S.$54 million as of 31 December 2008
OPERATIONAL
► Operation in 2009 of a fleet of 6 vessels compared to an average of 5.4 vessels in 2008
►
Continuation of time charter contracts agreed prior to the market downturn resulting in reduced 
earnings volatility and healthy cash flows
►
Time Charter Equivalent rate of U.S.$25,910 outperforming the average 2009 Panamax 
and Supramax rates (U.S.$19,296 and U.S.$17,337 respectively)
► Reduction in daily average operating expenses from U.S.$4,799 in 2009 to U.S.$4,920 in 2008 
 
(1)
 EBITDA has been calculated as follows: Operating profit + Depreciation + Depreciation of dry-docking costs + 
impairment charges + loss on cancellation of vessel acquisition.
 
(2)
 Net Debt to total capitalization has been calculated as debt, net of deferred financing fees less cash and cash 
equivalents to net debt and stockholders’ equity. CHAIRMAN’S STATEMENT
During the last 12 months the financial markets worldwide and the shipping market in particular, 
had to cope with extremely challenging conditions due to the global economic turmoil.
However I am pleased to report that Hellenic Carriers has succeeded in steering through these 
difficult market conditions by continuing to implement our prudent and proactive business 
strategy.
As a result we are now able to report healthy Final Results for the year ended 31 December 2009 
despite the uncertainty in the markets and the dry bulk shipping sector in particular.  
Our Company's strategy continues to be to focus upon cash flow, strengthen our balance sheet and improve our liquidity. 
Over the last 12 months, we have taken appropriate measures, including the arrangement of time charters for our vessels, 
in order to generate long term visible cash flows and the rescheduling of our bank debt which optimizes the use of our 
cash flow, preserves the Company's liquidity and enables us to look for attractive growth opportunities.
The dry bulk shipping market has seen an improvement during the reporting period and we continue to remain optimistic 
about the long term outlook of the sector. However, in the short term, given the uncertainty on the order book, we believe 
that volatility will remain and this necessitates continued vigilance.
With a modern fleet, visible cash flows, moderate debt, strong liquidity and an experienced management, we believe that 
the Company is well positioned to deal with any further uncertainty, take advantage of attractive acquisition opportunities 
and build long term shareholder value.
Graham Roberts 
Chairman
15 March 2010
Statement
 Statement
 Statement
 Statement
 CHIEF EXECUTIVE OFFICER’S STATEMENT
Hellenic Carriers is pleased to report healthy results for the year ended 31 December 2009 
despite the challenging conditions prevailing in the global economy and the dry bulk shipping 
sector. I am also pleased to announce payment of a final dividend for 2009 of GBP 2.47 pence 
per share or total GBP 1,127 representing about 10% of the Company’s net income.
During the year we continued to implement our strategy to strengthen our balance sheet, 
enhance cash flow visibility and reinforce liquidity. We successfully restructured time charters 
agreed prior to the market downturn in Q4 2008 and as of today 62% of our 2010 fleet operating 
days are secured under time charter employments. We preserved liquidity and reduced our 
breakeven levels by proactively working with our lenders to restructure our bank debt for 2009 
and 2010. As a result, we have reduced our net debt from US$93 million at the end of 2008 to US$66 million by the end 
of 2009, we have built up solid cash reserves while we have no capital commitments and we operate a fleet generating 
strong and stable cash flows.
 
In 2009 the scenario of a sustained market collapse, anticipated by many after October 2008, did not materialise. The 
impact of demand from the developing world, primarily China, can no longer be underestimated and is expected to 
continue to support the market in the longer term. At the same time, however, the increase in the supply of vessels, albeit 
with significant delays and at lower volumes than those recorded in the newbuildings orderbook, remains an issue to be 
monitored.
 
In light of the above, our Company is well positioned to face market challenges for the coming year. With an efficiently 
run fleet, visible and stable cash flows and real liquidity, we are poised to take advantage of acquisition opportunities 
maximizing long term value for our shareholders.
Fotini Karamanlis
Chief Executive Officer
15 March 2010 The fleet consists of six vessels, comprising four 
Panamax vessels, one Handymax and one Supramax. 
The ships have cargo-carrying capacities ranging from 
44,809 to 73,981 dwt. 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 Profile and Deployment:
Taking into consideration the entire fleet of 6 vessels, 
the estimated time charter coverage for 2010 is 
approximately 62% and 7% for 2011. 
The Fleet Deployment of Hellenic is summarized below:
Fleet
 Fleet
 Vessel Type Year Built Yard
Carrying 
Capacity 
(dwt)
Charter 
Type
T/C 
Expiration 
Date
 (1)
Daily Charter 
Rate U.S.$ 
(Gross)
M/V 
Hellenic Breeze 
Panamax 1993
Tsuneishi 
Shipbuilding, 
Japan
69,601 T/C 31/12/2010 24,000
M/V 
Hellenic Sky
Panamax 1994
Sasebo Heavy 
Industries, 
Japan
68,591 T/C 22/07/2010 18,000
M/V 
Hellenic Sea 
Panamax 1991
Jiangnan 
Shipyard, China
65,434
Single T/C 
trip 
05/04/2010
(2)
19,500
M/V 
Hellenic Horizon
Handymax 1995
Halla 
Engineering 
& Heavy 
Industries, 
Korea
44,809
Trading 
spot
- -
M/V 
Konstantinos D
Supramax 2000
Mitsui 
Engineering & 
Shipbuilding, 
Japan
50,326 T/C 25/01/2011 35,000
M/V 
Hellenic Wind
Panamax 1997
Tsuneishi 
Shipbuilding, 
Japan
73,981 T/C 14/05/2011 54,000
(1)
 The earliest charter expiration date which represents the first day on which the charterer may redeliver the vessel to the 
shipowning company.
(2)
 M/V Hellenic Sea has been fixed for a single time charter trip which is expected to be completed by around 05/04/2010.
HELLENIC CARRIERS FLEET  Fleet
 Fleet
 During the year ended 31 December 2009 the Company 
through its respective shipowning subsidiaries 
restructured two of its existing time charters, extending 
their duration and optimising fleet charter coverage, and 
entered into new time charters for three other vessels.
Specifically, in January 2009 its wholly owned subsidiary 
Nestos Shipping Corporation extended the time charter 
for the M/V Hellenic Breeze, which would have expired 
in April 2009, for a minimum period of two years at 
the gross daily rate of U.S.$24,000 commencing as of 
1 January 2009. In February 2009, its wholly owned 
subsidiary Vergina Shipping Ltd extended the time 
charter for the M/V Konstantinos D, which would have 
expired in March 2010, until 25 January 2011 at the gross 
daily rate of U.S.$35,000 commencing as of 5 February 
2009.
In the second quarter of 2009 three of the vessels were 
fixed for medium to longer term periods. In particular, 
the M/V Hellenic Horizon was time chartered on 30 May 
2009 to Oldendorff Carriers Gmbh & Co. KG Lübeck at a 
gross daily rate of U.S.$15,600 for a period of minimum 
six to about eight months. The vessel was redelivered to 
Owners on 20 January 2010 and since completion of her 
scheduled dry-docking on 20 February 2010 has been 
trading spot. 
In June 2009 the M/V Hellenic Sea entered into a time 
charter agreement with SwissMarine Corporation Ltd 
for a period of minimum four to about six months at a 
gross daily rate of U.S.$16,500 which commenced on 
11 June 2009. Due to the damage to the intermediate 
shaft bearing of the vessel on 2 July 2009, the vessel 
remained off-hire for 38 days and the above mentioned 
charter was extended for about 2 months. The vessel 
was redelivered to owners on 20 February 2010 and is 
currently trading spot.
The M/V Hellenic Sky was time chartered on 22 June 
2009 to Cargill International SA for a period of minimum 
thirteen to about sixteen months at a gross daily rate of 
U.S.$18,000 per day. 
In 2009 three vessels namely the M/V Hellenic Sea, 
the M/V Hellenic Wind and the M/V Hellenic Breeze 
performed their Intermediate Surveys, while the M/
V Hellenic Sky underwent its Special Survey. The 
capitalised cost for the above mentioned surveys 
amounted to U.S.$3,431 and off-hire periods due to the 
above surveys add up to a total of 114 days.
In January and February 2010 the M/V Hellenic Horizon 
and the M/V Konstantinos D also underwent their 
scheduled special surveys. No further scheduled surveys 
are planned for 2010 in respect of the existing fleet.  Team
 Team
 Graham Roberts 
(Age 59), 
Chairman 
and non-executive Director
Graham Roberts was appointed 
as our chairman 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 36 years experience in the 
transportation sector.
Mr. Roberts is a non-executive director of the Freight 
Transport Association Limited and Tees Valley 
Regeneration Limited (where he serves as non-executive 
chairman).
Fotini Karamanlis 
(Age 38), 
Chief Executive Officer
Ms. Karamanlis is Chief Executive 
Officer of the Company. She is 
responsible for strategy, vessel 
acquisitions, chartering and 
financing.
Ms. Karamanlis has 15 years shipping experience and 
has been with companies associated with HCL since 
1999. From 1998 to 1999, Ms. Karamanlis worked on 
the sale and purchase desk of Galbraiths Shipbrokers 
in London and before that was a shipping lawyer with 
Norton Rose in London and Greece.
Ms. Karamanlis qualified as a Solicitor of the High 
Court of England and Wales in 1997 and is a member 
of the legal committee of the Association of Greek 
Ship-Owners. Ms. Karamanlis is an independent non-
executive member of the board of directors of Piraeus 
Bank S.A., a company listed on the Athens Stock 
Exchange and a member of the board of directors of the 
Karamanlis Foundation.
Ms. Karamanlis holds a law degree from the University of 
Athens and a Master’s Degree (LLM) from the University 
of Cambridge.
BOARD OF DIRECTORS 
& SENIOR MANAGEMENT TEAM
Our Board of Directors    
The Board currently comprises two executive Directors and three non-executive Directors. 
Details of the Directors, their roles and their backgrounds are as follows: Elpida Kyriakopoulou 
(Age 36), 
Chief Financial Officer
Ms. Kyriakopoulou has been 
acting as Financial Reporting 
Manager of the Company since 
January 2008. In November 
2009 Ms. Kyriakopoulou was appointed Chief Financial 
Officer of the Company. Prior to joining the Company 
Ms. Kyriakopoulou worked as Senior Auditor and then 
as Manager at Ernst & Young Hellas, where she signed 
six years audit experience in the Shipping Sector. For 
the period 1997 to 2001 Ms. Kyriakopoulou worked as an 
accountant at Goldenport Shipmanagement Ltd.               
                                   
She holds a degree in Maritime Studies from the 
University of Piraeus, Greece and is a member of the 
Greek Association of Certified Accountants.
Charlotte Stratos 
(Age 55), 
Non-executive Director
In 1987, Ms. Stratos established 
the Representative Office in 
Greece of Banque Indosuez which 
subsequently became Calyon 
Corporate and Investment Bank. Ms. Stratos was the 
managing director and Head of Global Greek Shipping at 
Calyon Corporate and Investment Bank until September 
2007, a non-executive member of the Board of Directors 
of Emporiki Bank S.A. until November 2008 and a 
member of the board of Gyroscopic Fund Limited (a fund 
of hedge funds).
From 1976 to 1986, Ms. Stratos held various positions 
with Bankers Trust Company (now Deutsche Bank) in 
London and New York.
Ms. Stratos is currently a Senior Advisor to Morgan 
Stanley.
Dimos Kapouniaridis 
(Age 37), 
Non-executive Director
Mr. Kapouniaridis is a director in 
the corporate finance and M&A 
Advisory group of Eurobank EFG 
Telesis Finance S.A. in Athens.
Mr. Kapouniaridis obtained a BA (major in Economics 
and minor in Mathematics) from Hamilton College 
in Clinton, NY, in 1996. He has over twelve years of 
investment banking experience with focus on Mergers 
and Acquisitions in Greece and the USA. Prior to joining 
EFG Eurobank Telesis Finance 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.
Team
10
Team
11 Team
10
Team
11
Anastasios Pantelias 
(Age 40), Commercial Manager
A graduate of Business Economics, 
Mr. Pantelias began his career with 
Galbraith’s Shipbrokers London, 
where he was responsible for 
Tanker Projects, handling sale and purchase and term 
employment contracts. In 1999 he continued his career 
in Singapore, where he set up and managed the Asia 
representative office of a Greek shipping group. In 2005 
he joined Mantinia Shipping in the capacity of commercial 
manager with responsibility for business development as 
well as overseeing the Company’s chartering and sale 
and purchase activities. His employment transferred from 
Mantinia Shipping to Hellenic Shipmanagement in 2007. 
Spyridoula Gavala 
(Age 26), 
Designated Person Ashore
Ms. Gavala operates as the DPA 
(Designated Person Ashore) of 
Hellenic Shipmanagement Corp. 
and is responsible for the implementation, monitoring 
and audit of the safety management procedures for 
each vessel, as well as the ISM (International Safety 
Management) certification. Ms. Gavala is a graduate 
of the Merchant Marine Academy in Greece and holds 
Captain’s Class C Certificate. Before joining Hellenic 
Shipmanagement she worked for a tanker management 
company where she held the position of the deputy DPA 
and Vetting Assistant. 
Anastasia Delidimitriou 
(Age 33), 
Senior Accounting Officer
Before joining Hellenic 
Shipmanagment Corp. on 1 
November 2007, Ms. Delidimitriou 
worked for Mantinia Shipping Co. S.A. as an Accounting 
Officer, since 2006. Ms. Delidimitriou started her career 
in shipping working as an accountant at John Giavridis 
Inc. She holds a degree in Business Administration from 
the University of Piraeus, Greece.
Dimitris Babousis 
(Age 37), 
Senior Accounting Officer
Before joining Hellenic 
Shipmanagement Corp. on 1 
November 2007, Mr. Babousis worked 
for Mantinia Shipping Co. S.A. as a Senior Accounting 
Officer, since 2004. He started his career with Universe 
Maritime in 1998 before joining chartered accountants 
Moore Stephens in 2000.
Helen Walsh 
(Age 32), 
Commercial / Legal 
Department Officer
Prior to joining Hellenic 
Shipmanagement Corp. in January 
2010, Ms. Walsh worked as a claims handler for a ship 
advisory firm in Piraeus, and was appointed Registrar for 
the Barbados Maritime Authority in Greece. Ms. Walsh 
holds a LLM in Maritime & Commercial Law from the 
University of Wales, Swansea. 
Our Management Team Principal activity
The principal activity of Hellenic Carriers Limited (the 
“Company”) during the period in review was that of 
an owner, through its six wholly owned ship owning 
subsidiaries, and operator, through its wholly owned 
manager, Hellenic Shipmanagement Corp., of a fleet of 
dry bulk vessels that transport iron ore, coal, grain, steel 
products, alumina and other dry bulk cargoes worldwide. 
The fleet in the period under review consisted of four 
Panamax vessels, one 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 of 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 started 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 has 
changed to Walker House, 28-34 Hill Street, St. Helier, 
JE4 5TF, Jersey.
Outlook/Future prospects
The Company operates through its subsidiaries in the dry 
bulk market. The shipping markets are cyclical and prone 
to volatility and as a consequence charter rates, vessel 
values and in turn operational results can be affected by 
the changes in the ship demand and supply balance. 
From historically low levels experienced at the beginning 
of 2009, the dry bulk shipping market witnessed a 
significant recovery in the second quarter and remained 
largely stable throughout the balance of the year. This 
was brought about, despite the prevailing recessionary 
conditions in much of the industrialized world, primarily 
through a significant increase in raw material demand by 
the Chinese economy, which was assisted by a smaller 
than anticipated increase of the world dry bulk fleet, 
together with substantial port congestion at strategic 
loading and discharging ports.
Today the global economy is showing the tentative signs 
of a gradual recovery, pulled along by the demand needs 
of the Chinese industrial juggernaut. On the supply side 
we anticipate that the effects of port congestion and the 
influence of slippage and delays on deliveries of dry bulk 
newbuildings are likely to increase further during this year 
and as a result dampen the effect of the sizeable order 
book set for delivery in 2010. 
Report
1 Report
1 DIRECTORS’ REPORT FOR 2009 Going forward we continue to believe that volatility will 
remain a feature of the market and therefore, market 
conditions permitting, we will adapt our chartering 
strategy accordingly.  
Our intention is to continue growing by expanding and 
modernising the fleet through acquisitions which are 
accretive to cash flow. We believe that market conditions 
during the next year will provide favourable conditions 
to implement this strategy. We therefore look forward to 
continue expanding the business prudently by seeking 
out acquisition opportunities and in parallel, forging 
closer ties with existing Charterers as well as developing 
relationships with new counterparties for the continued 
profitable employment of the Company’s fleet.
2009 Operational 
& Financial Review 
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 2009 Results:
Despite the downturn in the shipping market, and the 
volatility of the dry bulk sector during 2009, Hellenic 
is pleased to report healthy financial and operational 
results for the period ended 31 December 2009. Our 
strategy has been to create a solid foundation, which will 
enable us to efficiently manage the market downturn and 
continue growing prudently. In this context, the extension 
of our existing time charter contracts combined with 
the restructuring of our bank debt resulted in a greater 
degree of visibility over future revenues and cash flows.  
Hellenic reported total revenues of U.S.$58 million in 
2009 compared to U.S.$85 million in 2008, a decrease 
of 31.8%. In 2009 the Company, through its subsidiaries, 
owned and operated 6 vessels earning on average 
U.S.$25,910 per day compared to 5.4 vessels and 
average earnings of U.S.$41,532 per day in 2008. 
However, due to the chartering strategy adopted by the 
Company, which has until now secured higher returns 
compared to prevailing market levels, Hellenic still 
outperformed the average 2009 Panamax and Supramax 
rates (U.S.$19,296 and U.S.$17,337 respectively).
Earnings before Interest, Tax, Depreciation and 
Amortisation (EBITDA)
(1)
 for 2009 amounted to U.S.$38.9 
million compared to U.S.$68.2 million for 2008, a 
decrease of 43%. Net income was reported at U.S.$18.1 
million for 2009 compared to U.S.$31.1 million for 2008, a 
decrease of 41.8%.
Report
1 Report
1 Basic and diluted earnings per share calculated on 
45,616,851 weighted average number of shares were 
U.S.$0.40 for the full year ended 31 December 2009 
compared to earnings per share of U.S.$0.68 for the full 
year of 2008.
In 2009 the vessel operating expenses increased by 
U.S.$0.8 million to a total of U.S.$10.5 million since the 
fleet increased from 5.4 vessels in 2008 to 6.0 vessels. 
On a per day basis operating expenses decreased by 
2.5% from U.S.$4,920 in 2008 to U.S.$4,799 in 2009 
indicating the management’s efficient cost control over 
the fleet.
The Company’s general and administrative expenses in 
2009 were approximately U.S.$2 million, in line with the 
expenses in  2008.  
The vessels depreciation charge increased by 
approximately U.S.$1.7 million due to the full year 
depreciation expense of the two dry bulk carriers 
acquired by Hellenic΄s subsidiaries in 2008 (M/V 
Konstantinos D and M/V Hellenic Wind).
The Company and its subsidiaries assess at each 
reporting date whether there is an indication that a 
vessel may be impaired. The vessels were tested for 
impairment as at 31 December 2009 and the impairment 
loss recognised for the year ended 2009 was U.S.$ 
nil compared to U.S.$10.4 million recognised as at 31 
December 2008.
Finance expense increased by U.S.$0.7 million to a 
total of U.S.$6.9 million mainly due to the interest rate 
swaps (designed as hedges of expected future libor 
payments)  which the Company had agreed for 2/3 of its 
debt exposure at levels which were higher compared to 
current interest rates. 
As of 31 December 2009 debt (debt, net of deferred 
financing fees) to total capitalisation (debt and 
stockholders’ equity) was 57.5% compared to 64.1% in 
2008 and net debt (debt less cash and cash equivalents) 
to total capitalisation was 39.4% on 31 December 2009 
compared to 52.9% on 31 December 2008. 
During the first half of 2009 Hellenic and its subsidiaries 
restructured their bank debt by means of reduction 
of principal instalments falling due in 2009 and 2010 
and obtained waivers in respect of the minimum asset 
coverage covenants until 1 January 2011. Cash and cash 
equivalents reported as of 31 December 2009 amounted 
to U.S.$71.2 million compared to U.S.$54 million as of 31 
December 2008.
The Company and its subsidiaries reported an amount 
of U.S.$1,148 as claim receivable as of 31 December 
2009. This amount represents the cost of the repairs and 
related expenses incurred in respect of the damage to 
the intermediate shaft bearing of the M/V Hellenic Sea 
in July 2009 and will be recovered through the vessel’s 
H&M Underwriters. 
Litigation
The Company is not engaged in any litigation or claim 
of material importance, nor, so far as the Directors are 
aware, is any litigation or claim pending or threatened, 
which would have a material adverse effect on the 
Report
1 Report
1 Report
1 Report
1 financial position of the Company, with the exception of 
the repudiation of the time charter contract of the M/V 
Hellenic Horizon. 
Further to the repudiation of a two year time charter 
contract between Arkadia Maritime Corp. (“Arkadia”), the 
vessel owning company of the M/V Hellenic Horizon, and 
Samsun Logix Corporation (“Samsun”) as charterers, 
Arkadia was registered as unsecured creditor in the 
Rehabilitation proceedings that were commenced by 
Samsun in Korea with regard to its claim for unpaid hire 
and damages amounting to U.S.$17.5 million. Following 
a dispute before the Korean Courts between Arkadia 
and Samsun on the damages claim, the competent court 
of Seoul ruled in favour of Arkadia on 14.12.2009. On 
19 January 2010, a settlement agreement was reached 
between Arkadia and Samsun, whereby: a) Samsun 
acknowledged the total amount of the claim and waived 
its right to appeal against the above mentioned decision 
of the Korean Court and b) Arkadia consented to approve 
the Rehabilitation Plan, prepared by Samsun, at the 
meeting of the Samsun creditors fixed for 5 February 
2010. According to the plan, Arkadia may recover the 
acknowledged claim as follows: (i) 34% of the claim in 
cash over 10 years (2010-2019) which will be non-interest 
bearing and, (ii) 66% in Samsun’s shares bearing no 
voting rights, to be issued after the court’s approval. 
The outcome of the implementation of the rehabilitation 
plan is difficult to forecast and, therefore, uncertain. The 
Company will make further assessments during 2010. 
Selected Financial Data:
(U.S.$ in 000’s except per share data) 2009 2008
Revenue 58,038 85,007
EBITDA 
(1)
38,929 68,171
Profit for the year 18,103 31,112
Weighted average shares (basic & diluted) 45,616,851 45,616,851
Earnings per share (basic & diluted) 0.40 0.68
Total assets 249,637 243,150
Long-term debt, net of unamortised arrangement fees 137,623 147,521
Total equity 101,755 82,617
Cash flows provided by operating activities 37,375 68,139
Cash flows used in investing activities (2,411) (127,705)
Cash flows (used in) / provided by financing activities (17,766) 66,303 Report
1 Report
1 Taxation
Under Article 123A of the Income Tax (Jersey) law 1961, 
as amended, the Company has, in the past obtained 
Jersey exempt company status for each year under 
Company's reference CH4311. Therefore the Company 
was exempt from Jersey income tax on non-Jersey 
source income and bank interest (by concession). As 
from 1 January 2009, the exempt company regime in 
Jersey no longer applies, 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.
Fleet Operating Data:
Fleet data: 2009 2008
Average number of vessels 6 5.4
Number of vessels at year end 6 6
Total dwt at year end 372,742 372,742
Ownership days 
(2)
2,190 1,979
Available days 
(3)
2,057 1,953
Operating days 
(4)
1,942 1,917
Fleet utilisation 
(5)
94.4% 98.2%
Average daily results (in U.S.$):
Time Charter Equivalent (TCE) rate 
(6)
$25,910 $41,532
Average daily vessel operating expenses 
(7)
$4,799 $4,920
 
(1)
 EBITDA has been calculated as follows: Operating profit + Depreciation + Depreciation of dry-docking costs + 
impairment charges + loss on cancellation of vessel acquisition.
(2)
 Ownership days are the cumulative days in a period during which each vessel is owned by the respective vessel 
owning company.
(3)
 Available days are ownership days less the days that the vessels are at scheduled off-hire for maintenance or vessel 
repositioning.
(4)
 Operating days are the available days less all unforeseen off-hires.
(5)
 Fleet utilisation is measured by dividing the vessels’ operating days by the vessels’ available days.
(6)
 TCE is defined as vessels’ total revenues less voyage expenses divided by the number of the available days for the 
period.
(7)
 Average daily vessel operating expenses is defined as vessel operating expenses divided by ownership days. Report
1 Report
1 Dividends
The Company’s Annual General Meeting took place on 
20 May 2009 approving a final dividend for 2008 of 2.30 
pence per share or total GBP 1,049.  The dividend was 
paid on 22 May 2009 to shareholders on record as of 24 
April 2009. 
The Company did not pay an interim dividend during 
2009. 
The Company’s Board of Directors recommended a final 
dividend for 2009 of GBP 2.47 pence per share or total 
GBP 1,127 subject to shareholders’ approval at the AGM 
to be held in Athens on 12 May 2010. The final dividend 
will be payable to shareholders on record as of 30 April 
2010, with the ex-dividend date being 28 April 2010.
Directors
The Directors of the Company who served during the 
year were:
Graham Roberts 
(Chairman and non-executive Director) 
Fotini Karamanlis (Chief Executive Officer)  
Dimitris Sfakianakis (Chief Financial Officer) 
Elpida Kyriakopoulou (Chief Financial Officer) 
Charlotte Stratos (Non-Executive Director) 
Dimos Kapouniaridis (Non-Executive Director) 
Mr. Dimitris Sfakianakis resigned from the post of Chief 
Financial Officer and stepped down as a Director of the 
Company on 31 October 2009. Mrs. Elpida Kyriakopoulou 
was appointed as new Chief Financial Officer and joined 
the Board of Directors with effect from 1 November 2009. 
The Directors’ interests in the share capital of the 
Company at 31 December 2009 (held directly or 
indirectly by the Director) were:
Number 
of Ordinary 
Shares
Percentage 
held
Graham Roberts 70,755 0.16%
Fotini Karamanlis 21,287,921 46.66%
Elpida Kyriakopoulou 2,000 0.004%
Fotini Karamanlis is deemed to be interested in all the 
Ordinary Shares held by: (a) Faith Holdings Inc., a 
company owned 100% by her and (b) Bedat Holding 
Limited, a company owned 50% by her. 
Auditors
Ernst & Young LLP has been appointed as auditor of the 
Company and has expressed willingness to continue in 
office. The Company is managed by the Board of Directors 
which has overall responsibility for the corporate 
governance of the Company. 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 “Combined Code” (i.e. the Code of Best Practice 
published by the Committee on the Financial Aspects of 
Corporate Governance).
The “Combined Code” is the Combined Code on 
Corporate Governance published by the UK Financial 
Reporting Council. The Combined Code 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 “Combined Code". From Admission 
the Company broadly complies with the principal 
requirements of the Combined Code.
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 consists of 
five Directors, three of which are independent non-
executives.  Executive directors 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 Chairman, CEO and CFO 
along with the Company’s broker and Nominated Advisor 
(Jefferies International) maintain a regular dialogue with 
institutional shareholders. Furthermore, Board members 
will be available to respond to shareholders’ questions at 
the Annual General Meeting. 
Committees
The Company has established an Audit Committee, a 
Remuneration Committee and a Nomination Committee.
The Audit Committee is headed by Mrs. Ch. Stratos 
and its memebers are our two independent non-
Corporate Governance
1 Corporate Governance
1 CORPORATE GOVERNANCE Corporate Governance
1 Corporate Governance
1 executive Directors and our non-executive Chairman. 
The Committee is responsible for the proper reporting 
and monitorting 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 and will review 
the fees of the external auditors.  The Combined Code 
recommends that all members of the Audit Committee 
be non-executive directors, independent in character 
and judgement 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 Mr. Gr. 
Roberts and comprises of one independent non-
executive Director (Dimos Kapouniaridis), our non-
executive Chairman (Graham Roberts) and our Chief 
Executive Officer (Fotini Karamanlis).  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. Below is a summary of our committees’ structure as at 31 December 2009
Board of Directors Audit Committee
Remuneration 
Committee
Nomination 
Committee
Non-Executive Directors
Graham Roberts  Chairman   Chairman
Charlotte Stratos  Chairman  -
Dimos Kapouniaridis   Chairman 
Executive Directors
Fotini Karamanlis  - - 
Elpida Kyriakopoulou  - - -
Meetings
The number of the regular meetings by the Board, the Audit, Remuneration and Nomination Committees and individual 
attendance by members within 2009 is shown below:
Board of Directors
Audit 
Committee
Remuneration 
Committee
Nomination 
Committee
Total number of meetings 4 2 1 1
Non-Executive Directors
Graham Roberts  – Chairman of the Board 4 2 1 1
Charlotte Stratos 4 2 1 -
Dimos Kapouniaridis 4 2 1 1
Executive Directors
Fotini Karamanlis 4 - - 1
Dimitris Sfakianakis 3 - - -
Elpida Kyriakopoulou 1 - - -
Corporate Governance
0
Statement
1
Fotini Karamanlis
Chief Executive Officer
Graham Roberts
Chairman Corporate Governance
0
Statement
1
The Directors are responsible for preparing the 
consolidated financial statements of the Company and 
its subsidiaries in accordance with applicable law and 
regulations.
Jersey Company law requires the Directors to 
prepare financial statements for each financial period 
in accordance with generally accepted accounting 
principles. The financial statements are required by law 
to give a true and fair view of the state of affairs of the 
company and of the profit or loss of the company for 
that period. In preparing these financial statements, the 
Directors should:
• select suitable accounting policies and then apply them 
consistently;
• make judgments and estimates that are reasonable 
and prudent; and
• specify which generally accepted accounting principles 
have been adopted in their preparation 
The Directors are responsible for keeping accounting 
records which are sufficient to show and explain the 
transactions of the Company and its subsidiaries and 
are such as to disclose with reasonable accuracy, at 
any time, the financial position of the Company and its 
subsidiaries and enable them to ensure that the financial 
statements prepared by the Company comply with the 
requirements of the Companies (Jersey) Law 1991. 
They are also responsible for safeguarding the assets of 
the Company and its subsidiaries and hence for taking 
reasonable steps for the prevention and detection of 
fraud and other irregularities.
The Directors are responsible for the maintenance 
and integrity of the corporate and financial information 
included on the Company’s website. Legislation in 
Jersey governing the preparation and dissemination of 
financial statements may differ from legislation in other 
jurisdictions.
Approved by the Board of Directors and signed on its 
behalf on 15 March 2010.
Fotini Karamanlis
Chief Executive Officer
Graham Roberts
Chairman
STATEMENT OF DIRECTORS’ RESPONSIBILITIES We have audited the group’s financial statements for 
the year ended 31 December 2009 which comprise 
the Consolidated Income Statement, the Consolidated 
Statement of Comprehensive Income, the Consolidated 
Statement of Financial Position, the Consolidated 
Statement of Changes in Equity, the Consolidated 
Statement of Cash Flows and the related notes 1 to 21.  
These financial statements have been prepared under 
the accounting policies set out therein.
This report is made solely to the company's members, as 
a body, in accordance with Article 110 of the Companies 
(Jersey) Law 1991.  Our audit work has been undertaken 
so that we might state to the company's members 
those matters we are required to state to them in an 
auditors' report and for no other purpose.  To the fullest 
extent permitted by law, we do not accept or assume 
responsibility to anyone other than the company and the 
company's members as a body, for our audit work, for 
this report, or for the opinions we have formed.
Respective responsibilities 
of directors and auditors
The directors are responsible for the preparation of 
the financial statements in accordance with applicable 
Jersey law as set out in the Statement of Directors' 
Responsibilities.
Our responsibility is to audit the financial statements 
in accordance with relevant legal and regulatory 
requirements and International Standards on Auditing.
We report to you our opinion as to whether the financial 
statements give a true and fair view and are properly 
prepared in accordance with the Companies (Jersey) 
Law 1991.  We also report to you if, in our opinion, the 
company has not kept proper accounting records or if we 
have not received all the information and explanations we 
require for our audit.
We read the Financial and operational highlights, 
Chairman’s statement, Chief Executive Officer’s 
statement, the Hellenic Carriers Fleet, the Board of 
Directors and senior management team, the Directors’ 
Report, the Corporate Governance, the Statement 
of Directors’ Responsibilities in respect of Financial 
Statements, Corporate Information and consider the 
implications for our report if we become aware of any 
apparent misstatement within them.
Report
 Report
 INDEPENDENT AUDITOR’S REPORT TO THE 
MEMBERS OF HELLENIC CARRIERS LIMITED Report
 Report
 Basis of audit opinion
We conducted our audit in accordance with International 
Standards on Auditing issued by the International 
Auditing and Assurance Standards Board.  An audit 
includes examination, on a test basis, of evidence 
relevant to the amounts and disclosures in the financial 
statements.  It also includes an assessment of the 
significant estimates and judgments made by the 
directors in the preparation of the financial statements, 
and of whether the accounting policies are appropriate to 
the company's circumstances, consistently applied and 
adequately disclosed.
We planned and performed our audit so as to obtain all 
the information and explanations which we considered 
necessary in order to provide us with sufficient evidence 
to give reasonable assurance that the financial 
statements are free from material misstatement, whether 
caused by fraud or other irregularity or error.  In forming 
our opinion we also evaluated the overall adequacy of the 
presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and 
fair view, in accordance with International Financial 
Reporting Standards as adopted by the European Union, 
of the state of the group’s affairs as at 31 December 2009 
and of its results for the year then ended and have been 
properly prepared in accordance with the Companies 
(Jersey) Law 1991.
Ernst & Young LLP
Jersey, Channel Islands
22 March 2010 Coprorate Governance
 Coprorate Governance
 CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2009
31 December
2009 2008
Notes U.S.$’000 U.S.$’000
Revenue 58,038 85,007
Expenses and other income
Voyage expenses 3 (4,741) (3,885)
Vessel operating expenses 3 (10,511) (9,736)
Management fees – related party 12 (1,433) (1,242)
Depreciation 8 (13,473) (11,769)
Depreciation of dry-docking costs 8 (1,566) (984)
Loss on termination of purchase agreement 8 - (8,553)
Impairment loss 8 - (10,377)
General and administrative expenses 4 (1,978) (1,973)
Allowance for doubtful debt 2k (446) -
Operating profit  23,890 36,488
Finance expense 5 (6,888) (6,154)
Finance income 10 1,060 1,406
Foreign currency gain / (loss), net 41 (628)
(5,787) (5,376)
Profit for the year 18,103 31,112
Earnings per share (U.S.$):
Basic and diluted EPS for the year 6 0.40 0.68
Weighted average number of shares 45,616,851 45,616,851
The accompanying notes 1 to 21 are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2009
 
31 December
2009 2008
Notes U.S.$’000 U.S.$’000
Profit for the year 18,103 31,112
Net gain / (loss)  on cash flow hedges 14 2,488 (6,596)
Total comprehensive income for the year 20,591 24,516
The accompanying notes 1 to 21 are an integral part of these consolidated financial statements.
Financial Statement
 Financial Statement
 Coprorate Governance
 Coprorate Governance
 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
As at 31 December 2009
 
31 December
2009 2008
Notes U.S.$’000 U.S.$’000
ASSETS
Non-current assets
Vessels 8 173,459 185,063
Office furniture and equipment 11 15
 173,470 185,078
Current assets
Inventories 449 492
Trade receivables 236 312
Claim receivable 17 1,148 -
Due from related parties 12 2,493 2,215
Prepaid expenses and other assets 9 401 433
Restricted cash 11 260 638
Cash and cash equivalents 10 71,180 53,982
 76,167 58,072
Total Assets 249,637 243,150
EQUITY AND LIABILITIES
Equity attributable to shareholders of Hellenic Carriers Limited
Issued share capital 15 46 46
Share premium 15 54,355 54,355
Capital contributions 10,826 10,826
Other reserves 14 (4,108) (6,596)
Retained earnings 40,636 23,986
Total equity 101,755 82,617
Non-current liabilities
Long-term debt 13 125,796 126,562
Other non-current liabilities 14 4,108 6,596
 129,904 133,158
Current liabilities
Trade payables 1,775 1,427
Current portion of long-term debt 13 11,827 20,959
Accrued liabilities and other payables 16 1,928 1,559
Deferred revenue 2,448 3,430
 17,978 27,375
Total Liabilities 147,882 160,533
Total Equity & Liabilities 249,637 243,150
The financial statements on pages 24 to 59 were approved by the Board of Directors 
on 15 March 2010 and were signed on its behalf by: 
The accompanying notes 1 to 21 are an integral part of these consolidated financial statements.
Financial Statement
 Financial Statement
 Fotini Karamanlis
Chief Executive Officer
Elpida Kyriakopoulou
 Chief Financial Officer Financial Statement
 Financial Statement
 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2009
Number 
of shares
Par 
value 
U.S.$
Issued 
share 
capital 
U.S.$'000
Share 
premium 
U.S.$'000
Capital 
Contributions 
U.S.$'000
Other 
reserves 
U.S.$'000
Retained 
earnings 
U.S.$'000
Total 
equity 
U.S.$'000
At 1 January 2008 45,616,851 0.001 46 54,355 10,826 - 1,985 67,212
Profit for the year - - - - - - 31,112 31,112
Other comprehensive 
income
- - - - - (6,596) - (6,596)
Total 
comprehensive 
income
- - - - - (6,596) 31,112 24,516
Dividends to equity 
shareholders (note 7)
- - - - - - (9,111) (9,111)
At  31 December 
2008
45,616,851 0.001 46 54,355 10,826 (6,596) 23,986 82,617
Profit for the year - - - - - - 18,103 18,103
Other comprehensive 
income
- - - - - 2,488 - 2,488
Total 
comprehensive 
income
- - - - - 2,488 18,103 20,591
Dividends to equity 
shareholders (note 7)
- - - - - - (1,453) (1,453)
At 31 December 
2009
45,616,851 0.001 46 54,355 10,826 (4,108) 40,636 101,755
The accompanying notes 1 to 21 are an integral part of these consolidated financial statements Financial Statement
 Financial Statement
 CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2009
 31 December
2009 2008
Notes U.S.$’000 U.S.$’000
Operating activities
Profit for the year 18,103 31,112
Adjustments to reconcile profit to net cash flows:
Depreciation 8 13,473 11,769
Depreciation of dry-docking costs 8 1,566 984
Amortisation of deferred income - (406)
Impairment loss 8 - 10,377
Loss on termination of purchase agreement 8 - 8,553
Allowance for doubtful debt 2k 446 -
Finance expense 5 6,888 6,154
Finance income 10 (1,060) (1,406)
 39,416 67,137
Decrease / (Increase) in inventories 43 (178)
Increase in trade receivables, prepaid expenses and other assets (1,446) (302)
Increase in due from related parties (278) (285)
Increase in trade payables, accrued liabilities and other payables 622 663
(Decrease) / Increase in deferred revenue (982) 1,707
Decrease in due to related parties - (603)
Net cash flows provided by operating activities 37,375 68,139
Investing activities
Acquisition/ improvement of vessels 8 - (118,937)
Dry-docking costs 8 (3,431) (1,638)
Payment for termination of purchase agreement 8 - (8,553)
Purchase of fixed assets - (17)
Interest received 10 1,020 1,440
Net cash flows used in investing activities (2,411) (127,705)
 
Financing activities
Proceeds from issue of long -term debt 13 - 109,391
Repayment of long-term debt 13 (9,800) (28,600)
Restricted cash 11 378 394
Interest paid 13 (6,891) (5,771)
Dividends paid 7 (1,453) (9,111)
Net cash flows (used in) / provided by financing activities (17,766) 66,303
Net increase in cash and cash equivalents 17,198 6,737
Cash and cash equivalents at 1 January 53,982 47,245
Cash and cash equivalents at 31 December 10 71,180 53,982
The accompanying notes 1 to 21 are an integral part of these consolidated financial statements. Financial Statement
 Financial Statement
 M/V HELLENIC HORIZON Financial Statement
 Financial Statement
 M/V HELLENIC BREEZE
M/V HELLENIC SEA
M/V HELLENIC SKY Financial Statement
0
Financial Statement
1
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
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 with the 
intention to fund further fleet expansion.
The principal business of the Company is the ownership and operation of a fleet of dry bulk carriers through its 
subsidiaries. The address of the registered office of the Company has changed to Walker House, 28-34 Hill Street, St. 
Helier, JE4 5TF, Jersey. 
The fleet is managed by Hellenic Shipmanagement Corp. (“HSC”), a wholly-owned subsidiary incorporated under the laws 
of Marshall Islands on 17 September 2007 with a branch in Greece. The address of the management company’s branch is 
51 Akti Miaouli, Piraeus, Greece.
The annual consolidated financial statements for the year ended 31 December 2009 include the financial statements of 
HCL and HSC as well as the financial statements of the vessel-owning subsidiaries listed below. These vessel-owning 
subsidiaries operate dry bulk carriers providing maritime services for the transportation of dry cargo products on a 
worldwide basis.
Company Country of Incorporation Vessel Delivery Date Vessel Owned
Patmos Shipping Co. Ltd Malta 27 March 2002 Hellenic Sea
Thasos Shipping Co. Ltd Malta 14 July 2003 Hellenic Sky
Nestos Shipping Corp. Marshall Islands 25 May 2006 Hellenic Breeze
Arkadia Maritime Corp. Marshall Islands 8 November 2007 Hellenic Horizon
Vergina Shipping Ltd Marshall Islands 26 March 2008 Konstantinos D
Lakonia Shipping Ltd Marshall Islands 12 May 2008 Hellenic Wind
The annual consolidated financial statements also include the financial statements of Guide Enterprises Company and 
Replica Enterprises Corp. which are wholly owned subsidiaries of HCL, incorporated in the Marshall Islands during 2008 
for the purpose of conducting cash management services. Axios Maritime Corp., a wholly owned subsidiary which was 
incorporated during 2008 in Marshall Islands was dissolved in November 2009 and its financial statements are included in 
the annual consolidated financial statements until the date of its dissolution.   Financial Statement
0
Financial Statement
1
(a) Basis of Preparation: The financial statements 
of the Company and its subsidiaries have been 
prepared on a historical cost basis, except for 
derivative financial instruments that are measured at 
fair value. The consolidated financial statements are 
presented in US 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 2009 have 
been prepared in accordance with International 
Financial Reporting Standards (IFRS) as adopted by 
the European Union.
(c) Basis of Consolidation: The consolidated financial 
statements comprise the financial statements of 
the Company and its subsidiaries. The financial 
statements of the subsidiaries are prepared for 
the same reporting date as the Company, using 
consistent accounting policies. All material inter-
company balances and transactions have been 
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) Reclassification: Where necessary, comparative 
figures have been adjusted to conform to changes in 
presentation of the current year.
(e) Use of Estimates: The preparation of consolidated 
financial statements requires management to make 
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. The estimates 
and assumptions that have the most significant 
effect on the amounts recognised in the consolidated 
financial statements, are the following: 
 Vessels: Management makes estimates in relation 
to useful lives of vessels considering industry 
practices as discussed in note 2(m). Estimates and 
assumptions relating to the impairment of vessels are 
discussed in Impairment of Vessels in note 2(n) and 
note 8.
 Provisions for doubtful trade receivables: 
Provision for doubtful trade receivables are 
recorded based on management’s expected future 
collectability of the receivables. 
The annual consolidated financial statements were authorised for issue in accordance with a resolution of the Board 
of Directors on 15 March 2010 and is expected to be approved by the Annual General Meeting of the shareholders. It 
includes the financial statements of the Company and its wholly owned subsidiaries.
2. Summary of significant accounting policies  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. 
(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, 
where 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, where 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 note 2(w) 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.
 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.
 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 charge them 
to the 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 balance sheet 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 balance sheet date, the amount of revenue 
relating to the next financial year that was paid by the 
charterer is presented in deferred revenue. Deferred 
revenue also includes the value ascribed to time 
charter agreements assumed upon the purchase of 
a vessel, if any. This ascribed amount is amortised 
over the remaining term of the time charter and 
the amortised portion for the period is included in 
revenue for the period.
(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 
Financial Statement
 Financial Statement
 Financial Statement
 Financial Statement
 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.
(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. The amount deposited is 
equivalent to the monthly portion of the next capital 
and interest payment. The amount is not freely 
available and used for repaying interest and principal 
on the loan.  
(j) Inventories: Inventories consist of lubricants and 
victualling and are stated at the lower of cost or net 
realisable value. Cost is determined by the first-in 
first-out method. Since all vessels were under time-
charter agreements no inventory of bunkers is shown 
as of 31 December 2009 and 2008. 
(k) Trade Receivables: The amount shown as trade 
receivables at each balance sheet date includes 
estimated recoveries from charterers for hire, freight 
and demurrage billings, net of an allowance for 
impairment. 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. Allowance for doubtful receivables 
amounted to U.S.$446 and U.S.$ nil at 31 December 
2009 and 2008 respectively.
 
(l) Insurance Claims: 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 the 
amounts are virtually certain to be received. Claims 
are submitted to the insurance company, which 
may increase or decrease the claim amount. Such 
adjustments are recorded in the year they become 
known. Insurance claims receivable amounted to 
U.S. $1,148 and U.S.$ nil at 31 December 2009 and 
2008 respectively (refer to note 17) .  
(m) Vessels: The vessels are stated at cost, net of 
accumulated depreciation and any accumulated 
impairment loss. Vessel cost consists of the 
contract price for the vessel 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.
 For vessels acquired in the second-hand market 
and where the Company identifies any intangible 
assets or liabilities associated with the acquisition of 
a vessel, the Company allocates the purchase price 
between the vessel and any identified intangible 
assets or liabilities based on their relative fair values. 
 Fair value is determined by reference to market 
data. The Company determines the fair value of any 
intangible asset or liability related to time charters 
assumed, by reference to the market value of the 
time charters at the time the vessel is acquired. The 
amount to be recorded as an asset or liability at the 
date of vessel delivery is based on the difference 
between the current fair market value of the charter 
and the net present value of future contractual cash 
flows. When the present value of cash flows of the 
time charter assumed is greater than the current 
fair market value of such charter, the difference is 
recorded as prepaid charter revenue (an asset). 
When the opposite situation occurs, the difference 
is recorded as deferred revenue (a liability). Such 
assets and liabilities, respectively, are amortised as 
a reduction of, or an increase in, revenue over the 
period of the time charter assumed. 
 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 considering the estimated 
residual value. 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 7 and 15 
years. A vessel is derecognised upon disposal or 
when no future economic benefits are expected from 
its use. Any gain or loss arising on derecognition 
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 occurred. 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 derecognised. 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 second-hand 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.
Financial Statement
 Financial Statement
 Financial Statement
 Financial Statement
 (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. These assumptions 
are based on historical trends as well as future 
expectations. The impairment loss recognised by 
the Company and its subsidiaries was U.S.$ nil and 
U.S.$10,377 for the years ended 31 December 2009 
and 2008 respectively (refer to note 8).
(o) 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. 
 A financial liability is derecognised when the 
obligation under the liability is discharged or 
cancelled or expired.
 The Company and its subsidiaries capitalise 
borrowing costs that are directly attributable to 
acquisition or construction of the asset. 
(p) 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.
 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 ongoing 
basis to determine that they actually have been 
highly effective throughout the financial reporting 
periods for which they were designated.
 Hedges which meet the strict criteria for hedge 
accounting are accounted for as follows: 
 Cash Flow Hedges 
 
 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.
 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. 
 The Company and its subsidiaries use interest rate 
swaps as hedges of their exposure to hedge risks 
associated with interest rate fluctuations (refer to 
note 14 for more details).
(q) Segment Reporting: The Company and its 
subsidiaries report financial information and evaluate 
their operations by charter revenues and not, for 
Financial Statement
 Financial Statement
 Financial Statement
 Financial Statement
 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 under one 
reportable segment. Furthermore, when the vessel 
owning companies charter 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. 
(r) Finance Income: Finance income is earned from the 
Company’s and its subsidiaries’ short-term deposits 
and is recognised on the accrual basis.
(s) 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.
(t) 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.
(u) Derecognition 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 derecognition 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.
(v) Leases – where the Company and/or its 
subsidiaries are the lessee: Leases where a 
significant portion of the risks and rewards of 
ownership are retained by the lessor are classified as 
operating leases. Payments made under operating 
leases are charged to the consolidated income 
statement on a straight-line basis over the period of 
the lease.
(w) Leases – where the Company and/or its 
subsidiaries entity are the lessor: Leases of 
vessels where the vessel owning companies do not 
transfer substantially all the risks and benefits of 
ownership of the vessel are classified 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.
(x) 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.  
(y) IFRS and IFRIC Interpretations that became 
effective in the year ended 31 December 2009: 
The following Standards and Interpretations became 
effective within the year ended 31 December 2009. 
None of the Standards and Interpretations had an 
impact in the consolidated financial statements of the 
Company and its subsidiaries. 
► IFRS 8, “Operating Segments” This standard 
requires disclosure of information about the Group’s 
operating segments and replaces the requirement 
to determine primary and secondary reporting 
segments of the Group. The Company has previously 
determined that it operates under one reportable 
segment and, accordingly, this standard had an 
impact only on the disclosures accompanying 
the financial statements of the company and its 
subsidiaries.
► IAS 1, “Presentation of Financial Statements” 
(Revised). The main requirements are: that the 
Financial Statement
 Financial Statement
 Financial Statement
 Financial Statement
 statement of changes in equity includes only 
transactions with shareholders; the introduction 
of a new statement of comprehensive income 
that combines all items of income and expense 
recognised in profit or loss together with “other 
comprehensive income” either in one single 
statement or in two linked statements. The Company 
has elected to present two statements.
► IAS 23, “Borrowing Costs” (Revised), effective for 
annual periods beginning on or after 1 January 
2009. The benchmark treatment in the existing 
standard of expensing all borrowing costs to the 
income statement is eliminated in the case of 
qualifying assets. All borrowing costs that are directly 
attributable to the acquisition or construction of a 
qualifying asset must be capitalised. A qualifying 
asset is an asset that necessarily takes a substantial 
period of time to get ready for its intended use or 
sale. Borrowing costs will be capitalised on qualifying 
assets with a commencement date after 1 January 
2009. No changes were made for borrowing costs 
incurred to this date that have been expensed. No 
interest was capitalised in 2009 as there were no 
qualifying assets.
► IFRIC 13, “Customer Loyalty Programs”. 
► IFRIC 15, “Agreements for the Construction of Real 
Estate”. 
► IFRIC 16, “Hedges of a net investment in a foreign 
operation”.
► IFRIC 9, “Remeasurement of Embedded Derivatives” 
(Amended) and IAS 39, “Financial Instruments: 
Recognition and Measurement” (Amended).
► IFRS 2, “Share-based Payments” vesting conditions 
and cancellations (Amended). 
► IAS 32, “Financial instruments: Presentation” 
(Amended) and IAS 1, “Puttable Financial 
Instruments and obligations arising on liquidation” 
(Amended). 
► IFRS 7, “Financial Instruments: Disclosures” 
(Amended). 
► IFRS 1, “First time adoption of International Financial 
Reporting Standards” (Amended) and IAS 27, 
“Consolidated and Separate Financial Statements” 
(Amended) 
► IFRIC 18, “Transfers of Assets from Customers”
► Improvements to IFRS: In May 2008 the IASB issued 
its first omnibus of amendments to its standards, 
primarily with a view to remove inconsistencies and 
clarifying wording. 
 • IFRS 5 Non-current Assets Held for Sale and 
Discontinued Operations
 • IFRS 7 Financial Instruments: Disclosures
 • IAS 1 Presentation of Financial Statements
 • IAS 8 Accounting Policies, Changes in Accounting 
Estimates and Errors
 • IAS 10 Events after the Reporting Period
 • IAS 16 Property, Plant and Equipment
 • IAS 18 Revenue
 • IAS 19 Employee Benefits             
 • IAS 20 Accounting for Government Grants and  
Disclosure of Government Assistance
 • IAS 23 Borrowing Costs
 • IAS 27 Consolidated and Separate Financial 
Statements
 • IAS 28 Investment in Associates 
 • IAS 29 Financial Reporting in Hyperinflationary 
Economies
 • IAS 31 Interest in Joint ventures
 • IAS 34 Interim Financial Reporting
 • IAS 36 Impairment of assets  • IAS 38 Intangible Assets
 • IAS 39 Financial instruments recognition and 
measurement 
 • IAS 40 Investment property 
 • IAS 41 Agriculture
(z) IFRS and IFRIC Interpretations not yet effective: 
The Company and its subsidiaries have not applied 
the following IFRS and IFRIC Interpretations that 
have been issued but are not yet effective:
► IFRIC 17, “Distributions of Non-cash Assets to 
Owners”. This interpretation is effective for annual 
periods beginning on or after 1 July 2009 with 
early application permitted. The interpretation 
provides guidance on how to account for non-cash 
distributions to owners. The interpretation clarifies 
when to recognise a liability, how to measure it and 
the associated assets and when to derecognise the 
asset and liability. The Company and its subsidiaries 
do not expect IFRIC 17 to have an impact on the 
consolidated financial statements as they have not 
made any non-cash distributions to shareholders in 
the past.
► IFRIC 19, “Extinguishing Financial Liabilities with 
Equity Instruments”. The interpretation is effective 
for annual periods beginning on or after 1 July 
2010. This interpretation addresses the accounting 
treatment when there is a renegotiation between 
the entity and the creditor regarding the terms of a 
financial liability and the creditor agrees to accept 
the entity’s equity instruments to settle the financial 
liability fully or partially. IFRIC 19 clarifies such equity 
instruments are “consideration paid” in accordance 
with paragraph 41 of IAS 39. As a result, the financial 
liability is derecognised and the equity instruments 
issued are treated as consideration paid to extinguish 
that financial liability.  This interpretation has not 
yet been endorsed by the EU. The Company and 
its subsidiaries do not expect that the amendment 
will have impact on their financial position or 
performance. 
► IFRIC 14, “Prepayments of a Minimum Funding 
Requirement” (Amended). The amendment is 
effective for annual periods beginning on or after 
1 January 2011. The purpose of this amendment 
was to permit entities to recognise as an asset 
some voluntary prepayments for minimum funding 
contributions. Earlier application permitted and must 
be applied retrospectively. This amendment has not 
yet been endorsed by the EU. The Company and 
its subsidiaries do not expect that the amendment 
will have impact on their financial position or 
performance. 
► IFRS 3, “Business Combinations” (Revised) and 
IAS 27, “Consolidated and Separate Financial 
Statements” (Amended). The revision and 
amendment is effective for annual periods beginning 
on or after 1 July 2009. The revised IFRS 3 
introduces a number of changes in the accounting for 
business combinations which will impact the amount 
of goodwill recognised, the reported results in the 
period that an acquisition occurs, and future reported 
results. Such changes include the expensing of 
acquisition-related costs and recognising subsequent 
changes in fair value of contingent consideration 
in the income statement (rather than by adjusting 
goodwill). The amended IAS 27 requires that a 
change in ownership interest of a subsidiary is 
accounted for as an equity transaction. Therefore, 
such a change will have no impact on goodwill, 
Financial Statement
0
Financial Statement
1 Financial Statement
0
Financial Statement
1
nor will it give raise to a gain or loss. Furthermore, 
the amended standard changes the accounting for 
losses incurred by the subsidiary as well as the loss 
of control of a subsidiary. The changes introduced 
by IFRS 3 (Revised) and IAS 27 (Amendment) 
must be applied prospectively and will affect future 
acquisitions and transactions with minority interests.
► IAS 39, “Financial Instruments: Recognition and 
Measurement” (Amended) – eligible hedged items. 
The amendment is effective for annual periods 
beginning on or after 1 July 2009. The amendment 
clarifies that an entity is permitted to designate 
a portion of the fair value changes or cash flow 
variability of a financial instrument as hedged item. 
This also covers the designation of inflation as a 
hedged risk or portion in particular situations. The 
Company and its subsidiaries do not expect that the 
amendment will have any impact on their financial 
position or performance. 
► IFRS 9, “Financial Instruments” – Phase 1 financial 
assets, classification and measurement. The new 
standard is effective for annual periods beginning 
on or after 1 January 2013. Phase 1 of this new 
IFRS introduces new requirements for classifying 
and measuring financial assets. Early adoption is 
permitted. This standard has not yet been endorsed 
by the EU. The Company is in the process of 
assessing the impact of the new standard on its 
financial position or performance.
► IFRS 2, “Group Cash-settled Share-based Payment 
Transactions” (Amended). The amendment is 
effective for annual periods beginning on or after 
1 January 2010. This amendment clarifies the 
accounting for group cash-settled share-based 
payment transactions and how such transactions 
should be arranged in the individual financial 
statements of the subsidiary. This interpretation has 
not yet been endorsed by the EU. The Company and 
its subsidiaries do not expect that the amendment 
will have any impact on their financial position or 
performance. 
► IAS 32, “Classification on Rights Issues” (Amended). 
The amendment is effective for annual periods 
beginning on or after 1 February 2010. This 
amendment relates to the rights issues offered for a 
fixed amount of foreign currency which were treated 
as derivative liabilities by the existing standard. The 
amendment states that if certain criteria are met, 
these should be classified as equity regardless of the 
currency in which the exercise price is denominated. 
The amendment is to be applied retrospectively. The 
Company and its subsidiaries do not expect that this 
amendment will have an impact on their financial 
position or performance.
► IAS 24, “Related Party Disclosures” (Revised). The 
revision is effective for annual periods beginning on 
or after 1 January 2011. This revision relates to the 
judgment which is required so as to assess whether 
a government and entities known to the reporting 
entity to be under the control of that government 
are considered a single customer. In assessing 
this, the reporting entity shall consider the extent 
of economic integration between those entities. 
Early application is permitted and adoption shall be 
applied retrospectively. This interpretation has not 
yet been endorsed by the EU. The Company and 
its subsidiaries do not expect that this amendment 
will have an impact on their financial position or 
performance.
► IFRS 1, “Additional Exemptions for First-time  Adopters (Amended)”. The amendment is effective 
for annual periods beginning on or after 1 January 
2010. This interpretation has not yet been endorsed 
by the EU. The Company and its subsidiaries do not 
expect that this amendment will have an impact on 
their financial position or performance.
► IFRS 1, “Limited Exemption from Comparative”, IFRS 
7, “Disclosures for first time adopters” (Amended). 
The amendment is effective for annual periods 
beginning on or after 1 July 2010. This interpretation 
has not yet been endorsed by the EU.
► In April 2009 the IASB issued its second omnibus of 
amendments to its standards, primarily with a view 
to removing inconsistencies and clarifying wording.  
The effective dates of the improvements are various 
and the earliest is for the financial year beginning 1 
July 2009. This annual improvements project has not 
yet been endorsed by the EU.
● IFRS 2 Share-based Payment, effective for 
annual periods beginning on or after 1 July 2009.  
This amendment clarifies that the contribution 
of a business on formation of a joint venture and 
combinations under common control are not within 
the scope of IFRS 2 even though they are out of 
scope of IFRS 3 (revised). If an entity applies IFRS 3 
(revised) for an earlier period, the amendment shall 
also be applied for that earlier period.
● IFRS 5 Non-current Assets Held for Sale and 
Discontinued Operations, effective for annual 
periods beginning on or after 1 January 2010. This 
amendment clarifies that the disclosures required in 
respect of non-current assets and disposal groups 
classified as held for sale or discontinued operations 
are only those set out in IFRS 5. The disclosure 
requirements of other IFRSs only apply if specifically 
required for such non-current assets or discontinued 
operations. 
● IFRS 8 Operating Segment Information, effective 
for annual periods beginning on or after 1 January 
2010. This amendment clarifies that segment assets 
and liabilities need only be reported when those 
assets and liabilities are included in measures that 
are used by the chief operating decision maker. 
● IAS 1 Presentation of Financial Statements, 
effective for annual periods beginning on or 
after 1 January 2010. The terms of a liability that 
could result, at any time, in its settlement by the 
issuance of equity instruments at the option of the 
counterparty do not affect its classification.
● IAS 7 Statement of Cash Flows, effective for 
annual periods beginning on or after 1 January 
2010. Explicitly states that only expenditure that 
results in recognising an asset can be classified as a 
cash flow from investing activities. This amendment 
will impact the presentation in the statement of 
cash flows of the contingent consideration on the 
business combination completed in 2009 upon cash 
settlement. 
● IAS 17 Leases, effective for annual periods 
beginning on or after 1 January 2010. The 
amendment removes the specific guidance on 
classifying land as a lease so that only the general 
guidance remains. 
● IAS 18 Revenue, The Board has added guidance 
(which accompanies the standard) to determine 
whether an entity is acting as a principal or as an 
agent. The features to consider are whether the 
entity:
 ♦ Has primary responsibility for providing the goods 
or service
 ♦ Has inventory risk
Financial Statement
 Financial Statement
 Financial Statement
 Financial Statement
 ♦ Has discretion in establishing prices
 ♦ Bears the credit risk 
● IAS 36 Impairment of Assets, effective for annual 
periods beginning on or after 1 January 2010. The 
amendment clarified that the largest unit permitted 
for allocating goodwill, acquired in a business 
combination, is the operating segment as defined in 
IFRS 8 before aggregation for reporting purposes.
● IAS 38 Intangible Assets, effective for annual 
periods beginning on or after 1 July 2009.  This 
amendment clarifies that if an intangible asset 
acquired in business combination is identifiable 
only with another intangible asset, the acquirer 
may recognise the group of intangible assets as 
a single asset provided the individual assets have 
similar useful lives. It also clarifies that the valuation 
techniques presented for determining the fair 
value of intangible assets acquired in a business 
combination that are not traded in active markets are 
only examples and are not restrictive on the methods 
that can be used. If an entity applies IFRS 3 (revised) 
for an earlier period, the amendment shall also be 
applied for that earlier period.
● IAS 39 Financial Instruments: Recognition 
and Measurement, effective for annual periods 
beginning on or after 1 January 2010.  The 
amendment clarifies that:
 ♦ A prepayment option is considered closely related 
to the host contract when the exercise price of a 
prepayment option reimburses the lender up to the 
approximate present value of lost interest for the 
remaining term of the host contract.
 ♦ The scope exemption for contracts between an 
acquirer and a vendor in a business combination 
to buy or sell an acquiree at a future date, 
applies only to binding forward contracts, and 
not derivative contracts where further actions by 
either party are still to be taken (Applicable to all 
unexpired contracts for annual periods beginning 
on or after 1 January 2010)
 ♦ Gains and losses on cash flow hedges of a 
forecast transaction that subsequently results in 
the recognition of a financial instrument or on cash 
flow hedges of recognised financial instruments 
should be reclassified in the period that the hedged 
forecast cash flows affect profit or loss (Applicable 
to all unexpired contracts for annual periods 
beginning on or after 1 January 2010)
● IFRIC 9 Reassessment of Embedded Derivatives, 
effective for annual periods beginning on or after 
1 July 2009. The Board amended the scope  
paragraph of IFRIC 9 to clarify that it does not apply 
to possible reassessment, at the date of acquisition, 
to embedded derivatives in contracts acquired in 
a combination between entities or business under 
common control or the formation of a joint venture. 
If an entity applies IFRS 3 (revised) for an earlier 
period, the amendment shall also be applied for that 
earlier period.
● IFRIC 16 Hedges of a Net Investment in a Foreign 
Operation, effective for annual periods beginning on 
or after 1 July 2009. The amendment states that, in 
a hedge of a net investment in a foreign operation, 
qualifying hedging instruments may be held by 
any entity or entities within the group, including the 
foreign operation itself, as long as the designation, 
documentation and effectiveness requirements of 
IAS 39 that relate to a net investment hedge are 
satisfied. Financial Statement
 Financial Statement
 M/V KONSTANTINOS D Financial Statement
 Financial Statement
 3. Voyage & Vessel Operating Expenses
The amounts in the accompanying consolidated income statement are analysed as follows:
Voyage Expenses
2009 2008
U.S.$'000 U.S.$'000
Port charges 954 469
Bunkers (fuel costs) 923 (935)
Commissions 2,864 4,351
Total voyage expenses 4,741 3,885
Vessel Operating Expenses
2009 2008
U.S.$'000 U.S.$'000
Crew wages and related costs 4,819 4,232
Other crew expenses 669 547
Deck stores 621 648
Crew victualling 346 337
Repairs & maintenance 715 656
Spares 707 733
Engine stores 101 127
Lubricants 1,193 1,031
Insurance 1,325 1,355
Other operating expenses 15 70
Total Vessel Operating  Expenses 10,511 9,736 4. General and Administrative 
Expenses
The amounts in the accompanying consolidated income 
statement are analysed as follows:
2009 2008
U.S.$'000 U.S.$'000
Directors  remuneration 779 768
Personnel cost 403 357
Office rent 83 44
Office rent – related parties 
(note 12)
- 18
Audit fees 114 117
Investors relations 246 414
Office expenses 151 49
Other 202 206
Total 1,978 1,973
5. Finance Expense
The amounts in the accompanying consolidated income 
statement are analysed as follows: 
2009 2008
U.S.$'000 U.S.$'000
Interest payable on long-term 
borrowings
6,692 5,632
Commitment fees payable on 
long-term borrowings
- 281
Amortization of debt discount 153 163
Loan expenses and bank 
charges
43 78
Total 6,888 6,154
6. Earnings per Share 
Basic earnings per share ("EPS") are calculated by 
dividing the profit for the year attributable to shareholders 
of Hellenic Carriers Limited (U.S.$18,103 and U.S.$31,112 
for the years ended 31 December 2009 and 2008 
respectively) by the weighted average number of 
shares outstanding (45,616,851 for the years ended 31 
December 2009 and 2008). 
Diluted EPS 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 2009 
and 2008, the numerators and denominators used to 
calculate diluted EPS are the same with those used to 
calculate basic EPS, as disclosed above.
7. 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 transfer funds in and out of Jersey. 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.
The Board of Directors of the Company proposed and the 
AGM approved a final dividend for 2008 of GBP 1,049 
(2.30 pence per share) or U.S.$1,453. The payment of 
dividend was made on 22 May 2009 to shareholders on 
record as of 24 April 2009.
Financial Statement
 Financial Statement
 Financial Statement
 Financial Statement
 The dividends approved and paid during 2008 amounted 
to U.S.$9,111 comprising of an interim dividend for 2008 
of GBP 4,379 (9.6 pence per share) or U.S.$8,100 and a 
final dividend for 2007 of GBP 502 (1.10 pence per share) 
or U.S.$1,011. 
No interim dividends were declared for 2009 and 
information on proposed dividends is included in note 21.
8. Vessels
Vessels consisted of the following at 31 December:
2009 2008
U.S.$’000 U.S.$’000
Vessel Cost
At 1 January 214,914 82,777
Additions - 132,137
At 31 December 214,914 214,914
Accumulated Depreciation
At 1 January (20,502) (8,735)
Depreciation charge for the year (13,469) (11,767)
Accumulated depreciation (33,971) (20,502)
Impairment loss
At 1 January (10,377) -
Impairment charge for the year - (10,377)
At 31 December (10,377) (10,377)
Net carrying amount of vessels 170,566 184,035
Dry-docking cost
At 1 January 4,735 3,097
Additions 3,431 1,638
At 31 December 8,166 4,735
Accumulated Depreciation
At 1 January (3,707) (2,723)
Depreciation charge for the year (1,566) (984)
Accumulated depreciation (5,273) (3,707)
Net carrying amount of deferred dry-docking costs 2,893 1,028
Net carrying amount of vessels at 31 December 173,459 185,063 Financial Statement
 Financial Statement
 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.
Acquisitions: As at 31 December 2008, additions 
represented the acquisition cost of the bulk carriers 
Konstantinos D and Hellenic Wind purchased during the 
year (net of unamortized dry-docking component). 
Dry-docking cost: During the year 2009, three vessels 
namely the M/V Hellenic Sea, the M/V Hellenic Wind and 
the M/V Hellenic Breeze performed their Intermediate 
Surveys, while the M/V Hellenic Sky underwent its 
Special Survey. The capitalised cost for the above 
mentioned surveys amounted to U.S.$3,431 and was 
included in the vessels cost as at 31 December 2009. 
The deferred dry-docking cost additions for the year 
ended 31 December 2008 amounted to U.S.$1,638.
Loss on Termination of Purchase Agreement: During 
the year 2008, a loss was recognised in relation to the 
cancellation of a purchase agreement for the acquisition 
of a bulk carrier by a wholly owned subsidiary of HCL. 
The cancellation cost was assessed at the amount of 
U.S.$8,553 and was included in the consolidated income 
statement for the year ended 31 December 2008.
Impairment: Fair valuations for the fleet have been 
obtained as of 31 December 2009 and the fair market 
values of certain vessels are below the carrying values. 
Consequently, vessels’ value in use has been calculated 
at the individual vessel level, through assessment of each 
vessel’s future cash flows. In developing estimates of 
future cash flows, the Company and its subsidiaries make 
assumptions about future charter rates using the time 
charter rate determined by the charter party agreement 
currently effective and/or the average rate of the previous 
decade for 1 year time charter period on which a revenue 
growth rate of 1.34% is applied. The cash outflows 
comprise of operating expenses on which an inflation 
rate of 3% is applied and future dry-docking costs for 
which budgeted amounts are used. The estimated 
remaining useful lives of the vessels are in line with the 
assumptions used for the depreciation calculation of the 
vessels. In order to discount the future cash flows the 
Company uses as discount rate the weighted average 
cost of capital as adjusted to reflect the risks specific to 
the assets’ cash flows. 
Having performed the impairment test, the Company 
and its subsidiaries recognised no impairmant change 
for the year ended 31 December 2009. Furthermore, no 
indicators were identified that indicated that previously 
recognised impairment loss should be reversed. For 
the year ended 31 December 2008 the impairment loss 
recognised amounted to U.S.$10,377.
9. Prepaid Expenses 
and Other Assets
The amounts in the accompanying consolidated 
statement of financial position are analysed as follows:
2009 2008
U.S.$'000 U.S.$'000
Crew Claims 24 27
Accrued interest 121 81
Insurances 72 65
Other prepayments 184 260
Total 401 433 Financial Statement
 Financial Statement
 10. Cash and Cash Equivalents
The amounts in the accompanying consolidated 
statement of financial position are analysed as follows: 
2009 2008
U.S.$'000 U.S.$'000
Cash at bank 6,938 9,137
Short- term deposits 64,242 44,845
Total 71,180 53,982
Cash at banks earns interest at floating rates based 
on daily bank deposit rates. Short-term deposits are 
made for varying periods 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 2009 and 2008, 
amounted to U.S.$1,060 and U.S.$1,406 and is included 
in the accompanying consolidated income statement.
11. Restricted Cash
The restricted cash concerns the amounts held in bank 
accounts of the vessel owning companies that were 
retained for the payment of future instalment of the 
Company’s and its subsidiaries’ loans. Restricted cash at 
31 December 2009 and 2008, amounted to U.S.$260 and 
U.S.$638, respectively.
12. Related party transactions
Transactions with related parties consisted of the 
following for the year ended 31 December:
2009 2008
U.S.$’000 U.S.$’000
Management fees – related 
party 
Mantinia Shipping Co. S.A. 1,433 1,242
1,433 1,242
Office rent- related party
Varkiza Maritime Co. - 18
- 18
Total related party 
transactions
1,433 1,260
Balances due from/ to related parties as at 31 December 
comprise the following:
2009 2008
U.S.$’000 U.S.$’000
Due from related parties 
Mantinia Shipping Co. S.A. 608 330
Hellenic Carriers 
Corporation S.A.
1,885 1,885
Total 2,493 2,215
All vessel-owning companies included in the 
consolidated financial statements have entered into 
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 management fee of U.S.$29.83 per 
vessel per month. The management fee was amended 
in March 2009 to U.S.$31.08. These transactions are 
eliminated in the consolidation. Additionally, HSC has subcontracted to Mantinia 
Shipping Company S.A. (“Mantinia”), a related party, 
under common control, the technical management of 
the vessels for a monthly fee of U.S.$19.17 per month 
per vessel. The sub- management fee was amended 
in March 2009 to U.S.$20.04. For the year ended 
31 December 2009 and 2008, sub-management 
fees charged by Mantinia amounted U.S.$1,433 
and U.S.$1,242, respectively and were included in 
Management fees – related party.
Compensation to the Company’s executive directors is 
analysed as follows: 
2009 2008
U.S.$’000 U.S.$’000
Executive director’s 
remuneration and employer’s 
contributions
552 520
Other benefits 6 4
Total 558 524
Financial Statement
0
Financial Statement
1
13. Long-Term Debt
The amounts in the accompanying consolidated statement of financial position are analysed as follows:
31 December 2009 31 December 2008
Bank Loan      Vessel(s)
Amount
U.S.$’000
Year-end 
interest 
rate %
Amount
U.S.$’000
Year-end 
interest 
rate %
a. Issued 6 November 2007, maturing 
8 May 2015
Hellenic Sky & 
Hellenic Horizon
43,400 5.67%* 45,650 4.88%*
b. Issued 17 March 2008, maturing
9 May 2016
Hellenic Sea
Hellenic Breeze
Konstantinos D 
& Hellenic Wind
94,900 3.98%* 102,450 3.98%*
Total 138,300 148,100
Less: debt discount (677) (579)
Less: current portion net of debt 
discount
(11,827) (20,959)
Long-term portion 125,796 126,562
* Includes the effects of related interest rate swaps as discussed in note 14.
The upcoming repayment terms of loans are 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  Financial Statement
0
Financial Statement
1
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.  
In June 2009, a supplemental agreement was signed, 
under which the repayment schedule of the loan facility 
has been amended effective May 2009. The outstanding 
balance as of 31 December 2009 is repayable in four 
quarterly instalments of U.S.$500 each, seventeen 
quarterly instalments of U.S.$1,450 each and one 
quarterly instalment of U.S.$1,255. The first instalment 
was due on 8 February 2010 and the final instalment 
is due on 8 May 2015, along with a balloon payment of 
U.S.$15,495, being due on 8 May 2015. Additionally, 
in March 2010, the borrowers are required to deposit 
in an earnings recapture pledge account held with the 
Lender an amount of U.S.$459 calculated on the excess 
earnings of the borrowers as at 31 December 2009. 
Loan b: On 17 March 2008, the Company entered into a 
loan facility agreement for up to U.S.$190,000. The new 
loan facility was made available for the purposes of (i) 
refinancing in full the existing indebtness of M/V Hellenic 
Sea and M/V Hellenic Breeze, (ii) financing part of the 
acquisition cost of M/V Konstantinos D, (iii) financing part 
of the acquisition cost of M/V Hellenic Wind, (iv) providing 
working capital and (v) providing financing for future dry-
bulk vessel acquisition(s). The amount of U.S.$110,000 
was drawn during 2008. The Company has agreed with 
the Lender full cancellation of the undrawn amount of 
U.S.$80,000. In March 2009, the Company entered in 
a supplemental agreement under which the repayment 
schedule of the loan facility has been amended effective 
May 2009. The outstanding balance as of 31 December 
2009 is repayable in four quarterly instalments of 
U.S.$1,887.50 each and twenty two quarterly instalments 
of U.S.$2,200 each. The first instalment was due on 8 
February 2010 and the final instalment is due on 9 May 
2016, along with a balloon payment of U.S.$38,950, 
being due on 9 May 2016. Additionally, on 8 February 
2010, the borrowers prepaid to the Lender an amount 
of U.S.$2,450, calculated on the excess earnings of the 
borrowers as at 31 December 2009. This amount has 
been included in the current portion of the long-term debt 
in the accompanying consolidated statement of financial 
position.
 
The bank loans denominated in U.S. dollars bear interest 
at LIBOR plus a margin payable quarterly. 
All loans are secured by a first preferred mortgage on 
the respective vessel as well as general assignment of 
the earnings, insurances and requisition compensation 
of the respective vessel. 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. The 
restricted net assets of the vessel-owning subsidiary 
companies at 31 December 2009 and 2008 consisted 
of restricted cash U.S.$260 and U.S.$638 respectively. 
Furthermore, 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.
HCL has issued a corporate guarantee in favour of the 
bank, in respect of loan a, as a further security for the 
aforementioned loan.
The weighted average interest rate for the year ended 
31 December 2009 and 2008 was 4.89% and 4.75%  respectively. Total interest paid was U.S.$6,891 and 
U.S.$5,771 for the years ended 31 December 2009 and 
2008 respectively.
14. Other non-current liabilities
The amounts in the accompanying consolidated 
statement of financial position are analysed as follows:
2009 2008
U.S.$'000 U.S.$'000
Derivatives in effective 
hedges
4,108 6,596
Total 4,108 6,596
On 31 December 2009, the Company had two interest 
rate swaps designated as hedges of expected future libor 
payments in connection to the loans described under 
note 13. The critical terms of the interest rate swaps have 
been negotiated to match the terms of the respective 
loans.
Under both contracts, the Company exchanges variable 
to fixed interest rates at 3.99%. On 31 December 2009, 
the notional amounts of the swaps were U.S.$39,650 
and U.S.$43,675 representing 91.4% and 46% of the 
outstanding balance of loans a and b respectively (see 
note 13).
The cash flow hedges of the expected future libor 
payments were assessed to be highly effective 
throughout the financial period, therefore, a net 
unrealised gain on cash flow hedges amounting to 
U.S.$2,488 has been credited to equity for the year 
ended 31 December 2009. For the year ended 31 
December 2008, the Company recognised a net 
unrealised loss of U.S.$6,596 which was charged to 
equity. 
The fair value of the derivative financial instruments at 31 
December 2009 and 2008, was a liability of U.S.$4,108 
and U.S.$6,595 respectively, which was included in other 
non-current liabilities in the accompanying  consolidated 
statement of financial position.
15. Share capital and share 
premium
Share capital consisted of the following at 31 December:
2009 2008
U.S.$'000 U.S.$'000
Authorized
Shares of $ 0.001 each 100 100
Issued and paid
Shares of $ 0.001 each 46 46
Total issued share 
capital
46 46
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 
Financial Statement
 Financial Statement
 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 Placing 
amounted to U.S.$4.5 million.
The analysis of the share premium is as follows:
U.S.$'000
Proceeds from Initial Public 
Offering, gross
58,943
Issuance costs (4,542)
Proceeds from Initial Public 
Offering, net
54,401
Share capital nominal value (46)
Share premium 54,355
16. Accrued Liabilities 
and Other Payables
The amounts in the accompanying statement of financial 
position  at 31 December are analysed as follows:
2009 2008
U.S.$'000 U.S.$'000
Accrued interest 902 807
Accrual for supplementary 
calls 
43 34
Other payables 983 718
Total 1,928 1,559
17. Claim receivable 
In July 2009 damage was sustained to the intermediate 
shaft bearing of the M/V Hellenic Sea. The vessel 
was towed in laden condition to Vancouver in order to 
undergo necessary repairs. Repairs were completed 
and the vessel was redelivered to her Charterers 
in accordance with the then effective time charter 
agreement. The vessel-owning company submitted to 
the vessel’s insurers a general average claim and the 
amount (net of the applicable deductible) which will 
be reimbursed is U.S.$1,148. This amount has been 
presented as claim receivable in the consolidated 
statement of financial position as at 31 December 2009. 
Claim receivables as at 31 December 2008 amounted to 
U.S.$ nil. 
Financial Statement
 Financial Statement
 18. Commitments and 
contingencies
Further to the repudiation of a two year time charter 
contract between Arkadia Maritime Corp. (“Arkadia”), the 
vessel owning company of the M/V Hellenic Horizon, and 
Samsun Logix Corporation (“Samsun”) as charterers, 
Arkadia was registered as unsecured creditor in the 
Rehabilitation proceedings that were commenced by 
Samsun in Korea with respect to its claim for unpaid hire 
and damages amounting to U.S.$17.5 million. Following 
a dispute before the Korean Courts between Arkadia and 
Samsun on the damages claim, the competent courts of 
Seoul ruled in favour of Arkadia on 14.12.2009. 
 
Given Samsun's right to appeal against the above 
judgement as well as the uncertainty of the outcome of 
the implementation of the rehabilitation proceedings, 
the Company provided, on 31 December 2009, for the 
outstanding hire from Samsun and did not recognise any 
amount for damages that were being claimed.
 
On 19 January 2010, a settlement agreement was 
reached between Arkadia and Samsun, whereby: a) 
Samsun acknowledged the total amount of the claim and 
waived its rights to appeal against the above mentioned 
decision of the Korean Court and b) Arkadia consented to 
approve the Rehabilitation Plan, prepared by Samsun, at 
the meeting of the Samsun creditors fixed for 5 February 
2010. According to the plan, Arkadia may recover the 
acknowledged claim 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, to be issued after the court’s approval. 
The outcome of the implementation of the rehabilitation 
plan is difficult to forecast and, therefore, uncertain. The 
Company will make further assessments during 2010. 
Operating lease commitments – vessel owning 
companies as lessor:
Some of the vessel owning companies have entered into 
time charter arrangements for their respective vessels. 
These arrangements have remaining terms between 1 to 
17 months as of 31 December 2009 and 1 to 30 months 
as of 31 December 2008.  
Future minimum gross charter revenues receivable upon 
time charter arrangements as at 31 December 2009 and 
2008, are as follows: 
2009 2008
U.S.$'000 U.S.$'000
Within one year 45,921 46,937
After one year but not more 
than five years
8,111 49,356
Total 54,032 96,293
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 off-hires and dry-docking days 
that could occur but are not currently known are not 
taken into consideration.
19. Income taxes
Under Article 123A of the Income Tax (Jersey) law 
1961, as amended, the Company obtained Jersey 
Financial Statement
 Financial Statement
 exempt company status in the past for each year under 
Company's reference CH4311. Therefore the Company 
was exempt from Jersey income tax on non-Jersey 
source income and bank interest (by concession). As 
from 1 January 2009, the exempt company regime in 
Jersey no longer applies, and the Company is now 
subject to a 0% tax in Jersey.
Under the laws of the respective jurisdictions of the 
consolidated companies, 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. 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.
20. Financial Risk management 
objectives and policies
The Company’s and its subsidiaries’ principal financial 
liabilities, other than derivatives, are bank loans. The 
main purpose of these financial liabilities is to finance 
Financial Statement
 Financial Statement
 the operations of the Company and its subsidiaries. 
The Company and its subsidiaries have various other 
financial instruments such as cash and cash equivalents, 
restricted cash, trade receivables and trade payables, 
which arise directly from their operations. The Company 
also enters into derivative transactions, primarily interest 
rate swaps, the purpose of which is to manage the 
interest rate risk arising from the Company’s  and its 
subsidiaries’ sources of finance.
The main risks arising from the Company’s and its 
subsidiaries’ financial instruments are interest rate risk 
and credit risk.
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. The Company’s 
policy is to keep between 40% and 70% of its borrowings 
at fixed rates of interest. 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 designated to hedge underlying debt 
obligations. At 31 December 2009, after taking into 
account the effect of interest rate swaps, 60% of the 
Company’s and its subsidiaries’ long-term borrowings are 
at fixed rate of interest (2008: 65%). 
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: 
Increase/
Decrease (%)
Increase/ 
(Decrease) 
in profit 
Increase/ 
(Decrease) 
in equity 
2009
+0.40% (210) 750
-0.10% 52 (188)
2008
+0.40% (318) 990
-0.10% 32 (295)
Foreign currency risk 
The majority of the Company’s and its subsidiaries’ 
transactions are denominated in U.S. dollars. The 
Company has transactional currency exposure in GBP 
currency. Such exposure arises from cash outflows 
representing the payment of interim and annual 
dividends. The Company mitigates its foreign exchange 
risk related to dividends by converting the U.S. dollar 
amount in the respective amount of GBP at the date of 
dividends declaration by the Board of Directors rather 
than the actual date of payment.
Furthermore, part of the operating expenses of the 
vessels and the administrative costs are denominated 
in Euro currency. The vessel owning companies and the 
management company 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 part of their operating and administrative 
foreseeable expenses payable in Euro. For the years 
ended 31 December 2009 and 2008, there is no 
significant balance or transaction in foreign currency.  
Financial Statement
 Financial Statement
 Financial Statement
 Financial Statement
 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 2009, in 
relation to each class of recognised financial assets, 
other than derivatives, is the carrying amount of those 
assets as indicated in the 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 ongoing 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 Company and its subsidiaries intend to operate with 
third parties, with which they have either co-operated 
in the past to its full satisfaction, or which have been 
introduced through established independent third party 
broking channels.
Concentration of credit risk table
The following table provides information with respect to 
charterers who individually, accounted for more than 10% 
of the Group’s revenue for the year ended 31 December:
2009 2008
Charterer A - 13,226
Charterer B 8,332 14,296
Charterer C 14,271 15,702
Charterer D 16,621 12,514
Other Charterers 18,814 29,269
Total 58,038 85,007
Fair Values
Derivatives are recorded at fair value, while all other 
financial assets and financial liabilities are recorded 
at amortised cost which approximates fair value at 31 
December 2009.
Fair value hierarchy
As at 31 December 2009, the Group held the following 
financial instruments measured at fair value:
The Group uses 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.
Level 3: techniques which use inputs which have a 
significant effect on the recorded fair value that are not 
based on observable market data. Liabilities at 
fair value
31 December  
2009
Level 
1
Level 
2
Level 
3
Interest rate 
swaps 
4,108 - 4,108 -
Total 4,108 - 4,108 -
Liabilities at fair 
value
31 December 
2008
Level 
1
Level 
2
Level 
3
Interest rate 
swaps 
6,596 - 6,596 -
Total 6,596 - 6,596 -
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. The policy in new 
investments for second-hand vessels is that not more 
than 65% of the value of each investment will be funded 
through borrowings. 
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 2009 and 2008, 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 2009 and 2008):
Financial Statement
 Financial Statement
 31 December 2009
<3 months 3- 12 months 1- 2 years 2- 5 years >5 years Total
$000 $000 $000 $000 $000 $000
Interest bearing loans 5,633 9,424 17,380 50,147 69,628 152,212
Trade payables 1,775 - - - - 1,775
Accrued liabilities & other payables 1,928 - - - - 1,928
Interest rate swap 771 1,960 1,422 533 - 4,686
10,107 11,384 18,802 50,680 69,628 160,601
31 December 2008
<3 months 3- 12 months 1- 2 years 2- 5 years >5 years Total
$000 $000 $000 $000 $000 $000
Interest bearing loans 6,400 19,204 21,882 47,481 74,846 169,813
Trade payables 1,427 - - - - 1,427
Accrued liabilities & other payables 1,559 - - - - 1,559
Interest rate swap 394 1,853 1,896 2,666 - 6,809
9,780 21,057 23,778 50,147 74,846 179,608 Financial Statement
 Financial Statement
 Capital Management
The primary objective of the Company’s capital 
management is to ensure that it maintains a strong 
financial position and healthy capital ratios in order to 
support its business and maximise shareholder value.
The Company manages its capital structure and makes 
adjustments to it, in light of changes in economic 
conditions. To maintain or adjust the capital structure, the 
Company may adjust or suspend the dividend payment 
to shareholders, return capital to shareholders, or issue 
new shares. 
In this context and in order to more accurately reflect the 
gearing ratio and monitoring of capital management, the 
Company defines leverage as the ratio of the net debt 
(net of deferred financing fees) to book capitalization. 
Book capitalization is defined as total equity plus net 
debt. The Company’s policy is keeping gearing ratio 
below 80% on average. Total equity includes issued 
share capital, share premium, capital contributions, 
retained earnings and other reserves.
2009 2008
U.S.$’000 U.S.$’000
Interest bearing loans 137,623 147,521
Less: cash and restricted cash (71,440) (54,620)
Net debt 66,183 92,901
Total equity 101,755 82,617
Book capitalization 167,938 175,518
Gearing ratio 39.4% 52.9%
21. Events after 
the balance sheet date
Dividends proposed
The Board of Directors of the Company will propose to 
the AGM for approval, a final dividend for 2009 of GBP 
1,127  (2.47 pence per share). The dividend proposed by 
the Board of Directors, is expected to be approved by the 
AGM to be held on 12 May 2010. 
Samsun claim
Please refer to note 18 for details.  Directors
Graham Roberts, Non-Executive Chairman
Fotini Karamanlis, Chief Executive Officer
Elpida Kyriakopoulou, Chief Financial Officer
Charlotte Stratos, Non-Executive Director
Dimos Kapouniaridis, Non-Executive Director
Secretary
TMF Channel Islands Limited 
Walker House
28-34 Hill Street
St. Helier
Jersey JE4 5TF
Auditors
Ernst & Young LLP,
Liberation House, 
Castle Street, St. Helier, 
Jersey JE1 1EY
Bankers
National Bank of Greece SA
Piraeus Bank
EFG Eurobank
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
Rea Mitropoulou
53-55 Akti Miaouli
185 36 Pireaus
Greece
Registrars
Capita Registrars (Jersey) Limited
PO Box 532
St. Helier
Jersey JE4 5UW
Registered Office
Walker House
PO Box 498
28-34 Hill Street
St. Helier
Jersey JE4 5TF
Corporate Information
0 Hellenic Carriers Limited
Walker House, 28-34 Hill Street, St Helier, JE4 5TF , Jersey
www.hellenic-carriers.com
ANNUAL REPORT 2009