Hellenic Carriers has sold its panamax bulk carrier Hellenic Wind (74,000 dwt, built 1997) for scrap buyer for US$2.88m, which the company said will result in a US$7.9m loss on the ship's book value.

"The company decided to proceed with the sale of Hellenic Wind, the oldest vessel operated by the company, since her dry dock, during which extended and costly repairs would have to be undertaken, was due to take place by no later than September 2016," said the company.

Hellenic will use US$1.6m of the sale's proceeds to repay a loan known in its annual financial statements as Loan B, under which some of its vessels are mortgaged. The company has pledged US$1.1m to its bank to pay for these vessels' intermediate or special surveys and to pay interest on the loan.

The Athens-based shipping company said it has restructured Loan B with its bank so that the loan will now mature in November 2024, rather than May 2020 as scheduled previously.