Sample of Competitive Strengths

Hellenic Carriers believe they possess a number of strengths that give them a competitive advantage in the shipping industry:
· Long-standing experience in the shipping market. The founders of Hellenic Carriers and their family and affiliates have been involved in shipping since the early 1950's with a history of profitability generated through various shipping cycles from efficient operations and well timed acquisitions.
· Established group with long-term, high-quality customer relationships. Hellenic Carriers has developed an extensive network of long-term business relationships with large, established charterers of dry bulk carriers, such as Bunge S.A., Baumarine AS, Mitsui O.S.K. Lines Limited, Oldendorff Carriers GmbH & Co. KG, Armada Bulk Carriers Ltd, Dampskibsselskabet Norden A/S, Swissmarine Services S.A., China National Chartering Corporation, Cosco Bulk Carrier Co. Ltd, Hanjin Shipping Company, Korea Line Corporation and Cargill International SA.
· A modern, high quality fleet of dry bulk vessels.The weighted average age of the operating fleet on 31 December 2010 is 15.2 years. Following the delivery of the two Kamsarmax newbuilding vessels, currently on order, the fleet will comprise of seven dry bulk carriers, namely two Kamsarmaxes, three Panamaxes, one Supramax, and one Handymax with an aggregate carrying capacity of about 467,141dwt and a weighted average age of 12.5 years (as of 31 March 2013). All ships are built to high specifications in established leading shipyards, and are subject to high standards of maintenance.
· High standards of operation. Hellenic Shipmanagement Corp along with Mantinia Shipping Co S.A., to whom technical and operational management is sub-contracted, operate the fleet under a stringent safety management system and have an excellent operating track record.
· Balanced Employment Strategy.The Company implements a balanced chartering strategy fixing the majority of the vessels in medium to long term time charters aiming to secure visible and stable cash flows. By maintaining close ties with market sources, the Company continuously monitors developments in the market with the aim of highlighting and exploiting opportunities.
· An experienced management team with a proven track record. The executive management team of Hellenic Carriers is led by the Chief Executive Officer Fotini Karamanlis, who has over 16 years experience in the shipping industry. Hellenic Carriers believes that the members of its management team are skilled at recognising opportunities for the purchase and sale of vessels and that Hellenic Shipmanagement Corp. along with Mantinia Shipping Co S.A. have the technical, financial and managerial expertise to safely and efficiently manage a big bulk carrier fleet.