Capital Link 4th Annual International

Shipping & Marine Services Forum

London, 6th October 2011

Disclaimer

Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements reflect the current views of Hellenic Carriers Limited ("the Company") with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in the Company's operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. The Company does not assume, and expressly disclaims, any obligation to update these forward-looking statements.

This presentation release is not an offer of securities for sale in the United States. The Company's securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. person absent registration pursuant to, or an applicable exemption from, the registration requirements under U.S. securities laws.

Company Profile

Hellenic Carriers Limited

Hellenic Carriers Limited is a dry bulk shipping

company incorporated in Jersey with shipping

management functions based in Greece

The Company listed on AIM in November 2007

The current fleet includes 3 Panamaxes and 2

Supramax vessels trading along worldwide routes and

transporting coal, iron ore, grains, steel products and

other dry bulk cargoes

3

Hellenic’s Profile

4

Diversified Fleet Composition

Operating in the Panamax and Supramax shipping sectors

Reduced volatility and greater flexibility in cargoes and trading routes

5 vessel fleet and 2 Kamsarmax newbuildings on order

Experienced Management

Founders’ family involvement in shipping dates back to the early 1950s

Company adopts high standards of fleet operations, quality and safety

Environmental protection is a key policy: Company is ISO 14001 certified

Pro-active Chartering Strategy

Taking advantage of the market cycles and volatility – securing long term charters at favourable rates prior to the market downturn in Q4 2008

Avoiding long term period commitment at depressed freight rates

Securing high fleet utilisation, healthy cash flows and profitability

Minimising counterparty risk by entering into contracts with well-established and reputable Charterers with whom repeat business is often secured

Solid Financial Performance

Strong balance sheet, moderate leverage, healthy cash generation from operating activities

Well-positioned to take advantage of market acquisition opportunities as they arise

Strategic Fleet Renewal & Expansion

Fleet renewal through combination of timely disposals of older units and investments in modern tonnage

Maintaining a modern and versatile fleet – newbuilding orders for delivery Q1 2013 with secured financing and no further financial commitments until delivery

Hellenic’s Fleet

Operating Fleet

Vessel Type Dwt Built Shipyard Flag

M/V Hellenic Wind Panamax 73,981 1997 Tsuneishi, Japan Liberia

M/V Hellenic Sky Panamax 68,591 1994 Sasebo Heavy Industries, Japan Malta

M/V Hellenic Sea Panamax 65,434 1991 Jiangnan, China Malta

M/V Konstantinos D Supramax 50,326 2000 Mitsui, Japan Liberia

M/V Hellenic Horizon Handymax 44,809 1995 Halla Engineering, Korea Greece

Vessels on Order

Vessel Type Dwt Scheduled Delivery(1) Shipyard

TBN Kamsarmax 82,000 January 2013 Zhejiang Ouhua Shipbuilding Co. Ltd, China

TBN Kamsarmax 82,000 March 2013 Zhejiang Ouhua Shipbuilding Co. Ltd, China

(1) As per shipbuilding contract.

5

Income Statement Highlights

Operational Information 1H 2011 1H 2010 1H 2011

vs. 1H 2010

Average number of operating vessels in fleet 5.0 6.0 - 16.7%

Total fleet ownership days(3) 905 1,086 - 16.7%

Total fleet available days(4) 874 1,026 - 14.8%

Total fleet operating days(5) 867 1,016 - 14.7%

Fleet Utilisation (6) 99.2% 99.0% 0%

Average TCE (US$’000)(7) 21,397 26,589 - 19.5%

Income Statement 1H 2011 1H 2010 1H 2011

vs. 1H 2010

Key Financials US$ million

Revenues 20.8 30.6 - 31.9%

EBITDA(8) 12.2 20.2 - 39.5%

Net Income 3.1 10.0 - 69.3%

EPS (basic and diluted) (US$) 0.07 0.22 - 68.2%

(1) Net debt is defined as total interest bearing bank debt (net of unamortised arrangement fees) less cash and cash equivalents less

restricted cash.

(2) Net debt / book capitalisation is defined as net debt divided by the sum of net debt and total equity.

(3) Ownership days are cumulative days in a period during which each vessel is owned by the respective vessel owning company.

(4) Available days are ownership days less the days that the vessels are at scheduled off-hire for maintenance or vessel repositioning.

(5) Operating days are available days less all unforeseen off-hires.

(6) Fleet utilisation is measured by dividing the vessels’ operating days by the vessels’ available days.

(7) TCE is defined as vessels’ total revenues less voyage expenses divided by the number of available days during the period.

(8) EBITDA is calculated as revenue plus other income less commissions, operating expenses, management fees and general and

administrative expenses.

Period Ended 30/06/2011 31/12/2010

Key Financials US$ million

Vessels 139.7 146.5

Vessels under construction 28.2 27.4

Total Assets 226.8 241.7

Interest bearing bank debt (net of unamortised arrangement fees)

94.5 105.3

Net debt(1) 45.4 45.3

Total equity 125.2 125.6

Total bank debt / Total assets (Book value) 41.6% 43.6%

Net debt / Book capitalisation(2) 26.6% 26.5%

6

7

The Dry Bulk Market Outlook

Dry Bulk Market Outlook

Baltic Indices

0

5,000

10,000

15,000

20,000

02/0

1/07

02/0

5/07

02/0

9/07

02/0

1/08

02/0

5/08

02/0

9/08

02/0

1/09

02/0

5/09

02/0

9/09

02/0

1/10

02/0

5/10

02/0

9/10

02/0

1/11

02/0

5/11

02/0

9/11

BCI BPI

BSI BHSI

Baltic Dry Index

0

2,000

4,000

6,000

8,000

10,000

12,000

02/0

1/2

007

02/0

4/2

007

02/0

7/2

007

02/1

0/2

007

02/0

1/2

008

02/0

4/2

008

02/0

7/2

008

02/1

0/2

008

02/0

1/2

009

02/0

4/2

009

02/0

7/2

009

02/1

0/2

009

02/0

1/2

010

02/0

4/2

010

02/0

7/2

010

02/1

0/2

010

02/0

1/2

011

02/0

4/2

011

02/0

7/2

011

Snapshot of freight market

BDI averaged 1,409 points from 04.01.2011 to 21.09.2011 – a decrease of around

50% year-on-year

High of 1,927 on 14.09.2011 (4,209 on 26.05.2010)

Low of 1,043 on 04.02.2011 (1,700 on 15.07.2010)

In comparison, Hellenic in H1 2011 outperformed the BDI - Average TCE decreased

from US$ 26,589 in H1 2010 to US$ 21,397 in H1 2011 (19.5% decrease)

H1 2011 Panamax and Handymax earnings decreased approximately 50% and 41% (to average TCE rates of US$14,255 and US$ 14,258

respectively) whereas the Capesize sector dropped by 79% (to an average of US$ 7,730)

H2 2011 has shown a rebound in the Cape market with average TC earnings rising to US$16,635, currently outperforming the Panamax

and Handymax sectors

Source: Clarksons Research Services

8

9

About 62.5mdwt new tonnage delivered during first 8

months of 2011 (2010 – 8months: 50.5mdwt)

2.6mdwt conversions during first 8 months of 2011

(2010 – 8 months: 2.7mdwt)

16.9mdwt scrapped during first 8 months of 2011

(2010 – 8 months: 4.2mdwt)

12 – 13% estimated net fleet growth for full year 2011

taking into account expected slippage of new building

deliveries (2010: 16% net fleet growth)

Dry Bulk Fleet Deliveries & Deletions

0

10

20

30

40

50

60

70

80

Handysize Handymax Panamax Capesize Total

(md

wt)

NB Deliveries 2011 Deletions 2011

NB Deliveries 2010 Deletions 2010

Dry Bulk Supply

Dry Bulk Fleet Outlook

Source: SSY

Dry bulk fleet net growth of almost 9% for the fist 8 months of 2011 (2010 – 8 months 10.7%)

Dry Bulk Fleet Outlook

Orderbook (as per end August 2011)

0

20

40

60

80

100

120

2011 2012 2013 2014 2015+

(md

wt)

Handysize Handymax

Panamax Capesize

The Orderbook

As at end August 2011 the orderbook stood at a total of

215mdwt, representing about 37% of the current fleet,

scheduled for delivery until 2015

About 18% (104mdwt) of the current fleet is above 20 years

old

59.2mdwt scheduled for delivery during rest of 2011 (about

62.5mdwt already delivered in 2011)

Actual deliveries will continue to be distorted by the effects of

slippage, anticipated at 35% for full year 2011 (2010: about

32%)

2012 will also be a “heavy” year from the supply side point of

view - 114.9mdwt scheduled for delivery 2012

Deliveries start easing off significantly from 2013 – that is when

we are expecting delivery of the two newbuilding

Kamsarmaxes

33mdwt scheduled for delivery 2013 and 7.6mdwt for 2014

0.4mdwt scheduled for 2015 onwards

10

Source: SSY, Clarksons Research Services

Dry Bulk Fleet Age Profile

10 - 14 years

13%5 - 9 years

16%

0 - 4 years

40%

20+ years

18% 15 - 19 years

12%

Dry Bulk Demand Overview

Source: Clarkson Research Services, September 2011

11

Demand Remains Robust

Dry Bulk Trade

0

200

400

600

800

1000

1200

Iron Ore Thermal Coal Coking Coal Grains Steel Products Other Minor Bulks

Millio

n T

on

nes

2008 2009

2010 2011F

Seaborne trade is expected to grow by about 4% to reach 3.6 billion tonnes in 2011 compared to a 12% growth in 2010

We note that the 2010 growth followed a contraction of 3% in 2009 resulting from the financial meltdown in Q4 2008

Iron ore trade expected to grow by 6% to 1,056 million tonnes (2010: 995 million tonnes)

Steel products trade expected to grow by 5% to 276 million tonnes (2010: 261 million tonnes)

Thermal coal trade expected to grow by 4% to 686 million tonnes (2010: 662 million tonnes)

Coking coal trade expected to remain stable at 236 million tonnes (2010: 237 million tonnes)

Grain trade expected to grow by 1% to 344 million tonnes (2010: 341 million tonnes)

Other minor bulk trade expected to grow by 4% to 908 million tonnes (2010: 870 million tonnes)

Demand Considerations

-5.00

-3.00

-1.00

1.00

3.00

5.00

7.00

9.00

11.00

(%)

P.R. China India Indonesia USA UK France Germany

GDP2008

2009

2010E

2011F

2012F

Developing countries are showing resilience and continuing to grow at impressive rates

Dry bulk shipping is driven by demand for raw materials, therefore the continuing crisis in the Western world has not to date had an

impact on dry bulk demand, since raw materials continue to be imported into the developing countries

By the end of 2010 China had a total urban population of about 666 million or 50% of the total population. Per capita steel consumption

in China is expected to grow another 27% over the next decade amid continuing urbanization

Demand Considerations

Sources: Clarkson Research Services, Kitco, RS Platou

12

China steel production up 11% y-o-y China iron ore imports up 10% y-o-y Indonesia thermal coal exports up 7% y-o-y

S. Korea steel production up 20% y-o-y S. Korea iron ore imports up 20% y-o-y S. Korea coking coal imports up 26% y-o-y

India steel production up 9% y-o-y India Iron ore imports up 9% y-o-y India thermal coal imports up 20% y-o-y

Market Considerations

The main problem in dry bulk shipping today is oversupply and the significant orderbook until 2013. However, we must not

forget that 18% of the dry bulk fleet is over 20 years of age (in comparison only 5% of total tanker fleet and 6% of the

container fleet are over 20 years of age)

Strong demand is what differentiates dry bulk market from the tanker and the container shipping sectors - these markets

continue to depend primarily on consumption in the mature economies - this is why they have remained subdued (with the

exception of brief interruptions) since 2008

If the freight market continues to remain depressed and scrap prices maintain their strength, we anticipate increased

scrapping going forward and softening of the effects of supply after 2013

Assuming demand remains robust, scrapping continues at an increased pace and not many new orders are placed due to

poor sentiment and lack of finance - there is light at the end of the tunnel

Current valuations of dry bulk shipping stocks are very low and are not factoring in prospects of revival – this may be a

good time to step in and acquire cheap stocks

Market Considerations

13

Conclusion

Strategy going forward

Dry Bulk Sector:

Challenges and Opportunities

Current market environment remains depressed, despite recent upward trend, due to the problem of oversupply

Demand is consistently strong, irrespective of seasonal volatility, led by growth in emerging nations

Long-term outlook is positive but near-term the market will continue to experience the effects of oversupply

Strategy and Goals

In this challenging market we aim to:

Continue servicing our clients efficiently and secure uninterrupted trading for our vessels

Maintain high standards of operations giving us a competitive advantage within our peer group

Utilise our strong balance sheet and cash reserves in order to navigate through continued challenging market conditions

Take advantage of price correction in order to modernise and expand the fleet

14

15

Thank you

Organizational Chart

16

Audit Committee Charlotte Stratos – Chairman

Graham Roberts

Dimos Kapouniaridis

Board of Directors Graham Roberts – Non-executive Chairman

Fotini Karamanli – Chief Executive Officer

Elpida Kyriakopoulou – Chief Financial Officer

Charlotte Stratos – Non-executive Director

Dimos Kapouniaridis – Non-executive Director

Remuneration Committee Dimos Kapouniaridis – Chairman

Graham Roberts

Charlotte Stratos

Nomination Committee Graham Roberts – Chairman

Fotini Karamanli

Dimos Kapouniaridis

17

Non-executive Directors

Name Age Position Experience

Graham Roberts 60 Chairman and

Non-executive Director

Previously Chief Executive Officer of PD Ports plc (2002 – 2006), where he directed its flotation on AIM in

2004 and subsequent sale to Babcock & Brown Infrastructure Ltd in 2005

Previously Chief Executive Officer of London Luton Airport, MTL Ltd and Servisair plc

Held Senior Executive positions at NFC plc (later renamed Exel plc) and was a member of the Board of

Directors from 1989 to 1997

Currently Non-executive Director of Freight Transport Association Limited

Charlotte Stratos 56 Non-executive Director

Managing Director and Head of Global Greek Shipping of the representative office of CALYON Corporate

and Investment Bank in Greece (1987 - 2007)

Established the Representative Office in Greece of Banque Indosuez (1987)

From 1976 until 1986, she held various positions in London and New York with Bankers Trust Company

(now Deutsche Bank)

Member of the Board of Gyroscopic Fund, a fund of hedge funds

Currently a Senior Advisor to Morgan Stanley’s investment Banking Division – Global Transportation

Team

Dimos Kapouniaridis 38 Non-executive Director

Currently a Director and Co-Head of M&A at Eurobank EFG Equities in Athens

Previously held positions at Dresdner Kleinwort Benson and Salomon Smith Barney

BA in Economics from Hamilton College, New York

18

Contacts

Company

Hellenic Carriers Limited

Tel : +30 210 455 8900 Fax: +30 210 455 8829 info@hellenic-carriers.com

Management

Fotini Karamanli

Chief Executive Officer fotini.karamanli@hellenic-carriers.com

Elpida Kyriakopoulou

Chief Financial Officer finance@hellenic-carriers.com

Investor Relations

Capital Link

Annie Evangeli – London, Tel: +44 (0) 20 3206 1322 Nicolas Bornozis – New York, Tel: +1 212 661 7566 helleniccarriers@capitallink.com