Hellenic Carriers divi payments resume

16th Mar 2010 13:22

After passing on its final dividend dry bulk vessel fleet operator Hellenic Carriers felt confident enough in its 'healthy results' to bump up its final dividend to 2.47p from 2.30p the year before. Total dividend payments for 2009 were 2.47p, down from 11.9p in 2008.Earnings before interest, tax, depreciation and amortisation in 2009 fell 43% to $38.9m from $68.2m the year before on revenue that tumbled to $58m from $85m.Taking heart from the fact that the 'sustained market collapse' forecast by many pundits did not materialise in 2009, Fotini Karamanlis, chief executive officer of Hellenic, said '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 new buildings order book, remains an issue to be monitored,' he cautioned.