Hellenic's earnings sink as over-supply hits bulk freight market

Hellenic Carriers, an international provider of marine transportation services, has suspended dividend payments as it seeks to conserve cash to meet loan repayment obligations.

Hellenic Carriers, an international provider of marine transportation services, has suspended dividend payments as it seeks to conserve cash to meet loan repayment obligations.

The group saw revenue slump in 2011 to $33.2m from $57.5m the year before, as freight rates took a dive, although the reduction in the fleet size also had an impact. On average, the group operated a fleet of 5 vessels in 2011 versus 5.6 vessels in 2010.

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