SOURCE: Excel Maritime

Excel Maritime

May 05, 2010 16:05 ET

Excel Maritime Reports Results for the First Quarter Ended March 31, 2010

ATHENS, GREECE--(Marketwire - May 5, 2010) - Excel Maritime Carriers Ltd (NYSE: EXM) ("Excel"), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its operating and financial results for the first quarter ended March 31, 2010.

First Quarter 2010 Highlights:
                                                        Three Months ended
                                                            March 31,
                                                        ------------------
                                                          2009      2010
                                                        --------  ---------

(amounts in millions of U.S. Dollars, except per share
 data and daily TCE)
Voyage Revenues                                         $   92.8  $   104.2
Net Income                                              $  118.0  $    67.3
Adjusted Net Income (Loss)                              $   (8.1) $     8.9
Earnings per Share (Diluted)                            $   2.57  $    0.82
Adjusted Earnings per Share (Diluted)                   $  (0.18) $    0.11
Adjusted EBITDA                                         $   53.3  $    62.0
Time Charter Equivalent (TCE) per day                   $ 21,024  $  24,451

A reconciliation of the non-GAAP measures discussed above is included in a subsequent section of this release.

Management Commentary:

Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, "We are pleased to report yet another profitable quarter with increased cash flow generation. We believe that our balanced fleet deployment strategy has allowed us to take advantage of the improving dry bulk market conditions and has resulted in increased EBITDA and operating cash flow compared to the respective period of last year. This has allowed us to repay bank debt, improve the capital structure of the company and secure the required funding for all our capex commitments for 2010. We believe that the performance of the dry bulk market throughout the past five quarters has justified our cautiously optimistic outlook that we have been communicating to our shareholders."

First Quarter 2010 Corporate Developments

New-building Vessels

On March 8, 2010, Christine Shipco LLC paid an amount of $7.3 million to the shipyard, representing the scheduled installment due on the vessel launching. The M/V Christine is a Capesize vessel with a carrying capacity of 180,000dwt and was delivered from the Imabari Shipyard in Japan on April 30, 2010 as mentioned below.

On March 9, 2010, Hope Shipco LLC paid $15.6 million to the shipyard, representing the second installment due on the steel cutting.

New Loan Agreements and Loan Repayment

On February 11, 2010, Hope Shipco LLC entered into a bank loan agreement for the financing of the vessel M/V Hope (to be named M/V Mairaki upon delivery) in the maximum amount of $42.0 million and in any event not more than 75% of the fair value of the vessel upon delivery. The loan will be drawn down in various installments following the vessel's construction progress through November 2010 and is repayable in twenty quarterly installments and a balloon payment through January 2016. The first installment will be due three months from the vessel delivery. The first drawdown, amounting to $13.9 million, took place on March 9, 2010 to partially finance the second payment installment to the shipyard upon the steel cutting that has taken place, as provided in the relevant shipbuilding contract.

On March 9, 2010, Hope Shipco LLC repaid its then outstanding debt under its previous credit facility amounting to $10.9 million.

Exercise of Warrants

On March 31, 2010, entities affiliated with the family of the Chairman of Excel's Board of Directors exercised 1,428,572 warrants, being part of the 5,500,000 warrants granted to such entities as part of the loan amendments of March 2009, at a price of $3.50 per warrant to purchase 1,428,572 shares of our class A common stock at a price of $3.50 per warrant. The related proceeds amounted to $5.0 million and were used to repay part of the $1.4 billion Nordea loan facility on April 1, 2010.

Based on an amendment to the warrants dated March 26, 2010, Excel granted to the above-mentioned entities a nine month extension until December 31, 2010 in order to exercise the remaining 4,071,428 warrants.

Recent Developments

On April 26, 2010, we entered into a bank loan agreement for the post-delivery financing of the vessel M/V Christine in the amount of the lesser of $42.0 million or 65% of the fair value of the vessel MV Christine upon delivery. The loan was drawn down on April 27, 2010. The loan is repayable in 26 quarterly installments and a balloon payment through December 2016. The first installment will be due three months after the drawdown.

On April 30, 2010, the vessel M/V Christine was delivered from the shipyard at a total cost of approximately $72.5 million. On the same date, Christine Shipco LLC's previous indebtedness in the amount of $25.3 million was fully repaid. The delivery installment and the loan repayment were financed through the loan proceeds of $42.0 million discussed above and contributions made by each partner. The vessel commenced employment as specified below.

Vessels New Fixtures

On February 25, 2010, the M/V Linda Leah, a Panamax vessel of 73,317 dwt built in 1997, was fixed under a new time charter for a period of 12-14 months at a daily rate of $24,000.

On February 26, 2010, the M/V Coal Glory, a Panamax vessel of 73,670 dwt built in 1995, was fixed under a new time charter for a period of 13-16 months at a daily rate of $24,000.

On February 26, 2010, the M/V Coal Pride, a Panamax vessel of 72,493 dwt built in 1999, was fixed under a new time charter for a period of 13-16 months at a daily rate of $24,000.

On March 4, 2010, the M/V Grain Harvester, a Panamax vessel of 76,417 dwt built in 2004, was fixed under a new time charter for a period of 13-15 months at a daily rate of $30,000.

On April 8, 2010, the M/V Fortezza, a Panamax vessel of 69,634 dwt built in 1993, was fixed under a new time charter for a period of 13-16 months at a daily rate of $27,000.

On May 1, 2010, following its delivery from the shipyard, the M/V Christine, a Capesize vessel of 180,000 dwt commenced a period charter until February 2016 at a daily rate of $25,000 plus a 50% profit sharing over the base rate based on the monthly average BCI Time Charter Rate, as published daily by the Baltic Exchange in London.

Time Charter Coverage

As of today, we have secured under time charter employment 63.6% of our operating days for 2010 (Q2-Q4) and 17.3% for the year ending December 31, 2011.

First Quarter 2010 Results:

Excel reported net profit for the quarter of $67.3 million or $0.82 per weighted average diluted share compared to a net profit of $118.0 million or $2.57 per weighted average diluted share in the first quarter of 2009.

The first quarter 2010 results include a non-cash unrealized interest-rate swap gain of $0.4 million compared to a non-cash unrealized interest-rate swap gain of $6.7 million in the corresponding period in 2009. The changes in the fair values of interest rate swaps are recorded in income as they do not meet the criteria for hedge accounting. In addition, the first quarter 2009 results include $0.1 million of a non-cash gain on sale of a vessel.

Included in the above net income is also the amortization of favorable and unfavorable time charters that were fair valued upon acquiring Quintana Maritime Limited ("Quintana") on April 15, 2008 amounting to a net income of $58.0 million ($0.71 per weighted average diluted share) and $119.3 million ($2.60 per weighted average diluted share) for the first quarters of 2010 and 2009, respectively.

Adjusted net income, excluding all the above items, for the first quarter of 2010 would have amounted to $8.9 million or $0.11 per weighted average diluted share compared to an adjusted net loss, excluding all the above items, for the first quarter of 2009 of $8.1 million or $0.18 per weighted average diluted share.

A reconciliation of adjusted Net income to Net Income is included in a subsequent section of this release.

Included in the above adjusted net income is also the amortization of stock based compensation expense of $0.7 million ($0.01 per weighted average diluted share) and $2.4 million ($0.05 per weighted average diluted share), for the quarters ended March 31, 2010 and 2009, respectively.

Voyage revenues for the first quarter of 2010 amounted to $104.2 million as compared to $92.8 million for the same period in 2009, an increase of approximately 12.3%.

An average of 47.0 and 47.8 vessels were operated during the first quarters of 2010 and 2009, respectively, earning a blended average time charter equivalent rate of $24,451 and $21,024 per day, respectively. Please refer to a subsequent section of this Press Release for a calculation of the TCE.

Adjusted EBITDA for the first quarter of 2010 was $62.0 million compared to $53.3 million for the first quarter of 2009, an increase of approximately 16.3%. (Please refer to a subsequent section of this Press Release for a reconciliation of adjusted EBITDA to Net Income)

Conference Call Details:

Tomorrow May 6, 2010 at 10:00 A.M. EDT, the Company's management will host a conference call to discuss the results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Excel Maritime" to the operator.

A telephonic replay of the conference call will be available until May 13, 2010 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 1838801#

Slides and Audio Webcast:

There will also be a live, and then archived, webcast of the conference call, available through Excel s' website (www.excelmaritime.com). Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

- Financial Statements and Other Financial Data Follow -


                   EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                   UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
                  FOR THE QUARTER ENDED MARCH 31, 2009 AND 2010
       (In thousands of U.S. Dollars, except for share and per share data)

                                                        First Quarter
                                                       2009        2010
                                                    ----------  ----------
REVENUES:
Voyage revenues                                     $   92,806  $  104,245
Time Charter fair value amortization                   129,137      67,842
Revenue from managing related party vessels                165         105
                                                    ----------  ----------
Revenue from operations                                222,108     172,192
                                                    ----------  ----------

EXPENSES:
     Voyage expenses                                     4,826       6,050
     Charter hire expense                                8,096       8,096
     Charter hire amortization                           9,846       9,849
     Commissions to a related party                        458         734
     Vessel operating expenses                          21,145      21,085
     Depreciation expense                               30,533      30,401
     Dry-docking and special survey cost                 4,106       3,520
     General and administrative expenses                 7,291       6,924
                                                    ----------  ----------
                                                        86,301      86,659
                                                    ----------  ----------

     Gain on sale of vessel                                 61           -

     Income from operations                            135,868      85,533
                                                    ----------  ----------

OTHER INCOME (EXPENSES):
     Interest and finance costs                        (18,023)    (10,770)
     Interest income                                        76         352
     Interest rate swap gain (loss)                        558      (7,321)
     Foreign exchange gains                                 88          79
     Other, net                                           (440)       (304)
                                                    ----------  ----------
     Total other income (expenses), net                (17,741)    (17,964)
                                                    ----------  ----------

Net income before taxes and loss assumed by non
 controlling interests                                 118,127      67,569
                                                    ----------  ----------

US Source Income taxes                                    (176)       (286)

                                                    ----------  ----------
Net income                                             117,951      67,283
                                                    ----------  ----------

Loss assumed by non-controlling interest                    41          13

                                                    ----------  ----------
Net income attributable to Excel Maritime Carriers
 Ltd.                                               $  117,992  $   67,296
                                                    ==========  ==========

Earnings  per common  share, basic                  $     2.57  $     0.85
                                                    ==========  ==========
Weighted average number of shares, basic            45,835,762  78,967,525
                                                    ==========  ==========
Earnings per common   share, diluted                $     2.57  $     0.82
                                                    ==========  ==========
Weighted average number of shares, diluted          45,835,762  81,623,273
                                                    ==========  ==========




               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
            AT DECEMBER 31, 2009 AND MARCH 31, 2010 (UNAUDITED)
                      (In thousands of U.S. Dollars)

                                                  December 31,  March 31,
ASSETS                                                2009        2010
                                                  -----------  -----------
CURRENT ASSETS:
  Cash and cash equivalents                       $   100,098  $   102,568
  Restricted cash                                      34,426       46,193
  Accounts receivable                                   3,784        3,401
  Other current assets                                  9,792        7,494
                                                  -----------  -----------
  Total current assets                                148,100      159,656
                                                  -----------  -----------

FIXED ASSETS:
  Vessels, net                                      2,660,163    2,629,871
  Advances for vessels under construction              71,184       94,067
  Office furniture and equipment, net                   1,450        1,375
                                                  -----------  -----------
  Total fixed assets, net                           2,732,797    2,725,313
                                                  -----------  -----------

OTHER NON CURRENT ASSETS:
  Time charters acquired, net                         224,311      214,462
  Restricted cash                                      24,974       24,981

                                                  -----------  -----------
        Total assets                              $ 3,130,182  $ 3,124,412
                                                  ===========  ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Current portion of long-term debt, net of
   deferred financing fees                        $   134,681  $   130,174
  Accounts payable                                      5,349        8,513
  Other current liabilities                            47,801       46,271
  Current portion of financial instruments             29,343       21,025
                                                  -----------  -----------
   Total current liabilities                          217,174      205,983
                                                  -----------  -----------

Long-term debt, net of current portion and net of
 deferred financing fees                            1,121,765    1,112,925
Time charters acquired, net                           280,413      212,571
Financial instruments                                  24,558       32,514

                                                  -----------  -----------
     Total liabilities                              1,643,910    1,563,993
                                                  -----------  -----------

Commitments and contingencies                               -            -
                                                  -----------  -----------

STOCKHOLDERS' EQUITY:
  Preferred stock                                           -            -
  Common stock                                            799          813
  Additional paid-in capital                        1,046,606    1,052,317
  Other Comprehensive Loss                                (85)         (85)
  Retained earnings                                   433,845      501,141
  Less: Treasury stock                                   (189)        (189)
                                                  -----------  -----------
  Excel Maritime Carriers Ltd. Stockholders'
   equity                                           1,480,976    1,553,997
                                                  -----------  -----------
  Non-controlling interests                             5,296        6,422
                                                  -----------  -----------
  Total Stockholders' Equity                        1,486,272    1,560,419

                                                  -----------  -----------
        Total liabilities and stockholders'
         equity                                   $ 3,130,182  $ 3,124,412
                                                  ===========  ===========




               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
              CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS
              FOR THE QUARTER ENDED MARCH 31, 2009 AND 2010
                      (In thousands of U.S. Dollars)

                                                        First Quarter
                                                      2009         2010
                                                  -----------  -----------
Cash Flows from Operating Activities:
   Net income                                     $   117,951  $    67,283
   Adjustments to reconcile net income to net
    cash provided by operating activities             (90,626)     (24,719)
   Changes in operating assets and liabilities:
        Operating assets                                6,927        2,681
        Operating liabilities                           5,982        1,634
                                                  -----------  -----------
Net Cash provided by Operating Activities         $    40,234  $    46,879
                                                  -----------  -----------

Cash Flows from Investing Activities:
        Advances for vessels under construction          (668)     (22,883)
        Additions to vessel cost                          (78)           -
        Additions to office furniture and equipment       (28)         (34)
        Proceeds from sale of vessel                    3,735            -
                                                  -----------  -----------
Net cash provided by (used in) Investing
 Activities                                       $     2,961  $   (22,917)
                                                  -----------  -----------

Cash Flows from Financing Activities:
        Increase in restricted cash                         -      (11,774)
        Proceeds from long-term debt                        -       18,967
        Repayment of long-term debt                   (68,157)     (34,484)
        Payment of financing costs                          -         (340)
        Issuance of common stock                       45,000        5,000
        Capital contributions from
         non-controlling interest owners                  419        1,139
                                                  -----------  ----------- 
Net cash used in Financing Activities             $   (22,738) $   (21,492)
                                                  -----------  -----------

Net increase in cash and cash equivalents              20,457        2,470
Cash and cash equivalents at beginning of period      109,792      100,098
                                                  -----------  -----------
Cash and cash equivalents at end of the period    $   130,249  $   102,568
                                                  ===========  ===========

SUPPLEMENTAL CASH FLOW INFORMATION:
   Cash paid during the period for:
        Interest payments                         $    18,025  $     8,366




                      Adjusted EBITDA Reconciliation
                (all amounts in thousands of U.S. Dollars)

                                                        First Quarter
                                                       2009        2010
                                                    ----------  ----------
Net income                                             117,992      67,296
Interest and finance costs, net (1)                     24,133      18,101
Depreciation                                            30,533      30,401
Dry-dock and special survey cost                         4,106       3,520
Unrealized swap gain                                    (6,744)       (362)
Amortization of T/C fair values (2)                   (119,291)    (57,993)
Stock based compensation                                 2,411         725
Gain on sale of vessel                                     (61)          -
Taxes                                                      176         286
                                                    ----------  ----------
Adjusted EBITDA                                         53,255      61,974
                                                    ==========  ==========



(1) Includes swap interest paid and received
(2) Analysis:                                           First Quarter
                                                       2009        2010
                                                    ----------  ----------
Non-cash amortization of unfavorable time charters
 in revenue                                            (77,663)    (67,842)
Non-cash accelerated amortization of M/V Sandra and
 M/V Coal Pride time charter fair value due to
 charter termination                                   (51,474)          -
Non-cash amortization of favorable time charters in
 charter hire expense                                    9,846       9,849
                                                    ----------  ----------
                                                      (119,291)    (57,993)
                                                    ==========  ==========


        Reconciliation of Net Income to Adjusted Net Income (loss)
                (all amounts in thousands of U.S. Dollars)

                                                        First Quarter
                                                       2009        2010
                                                    ----------  ----------
Net income                                             117,992      67,296
Unrealized swap gains                                   (6,744)       (362)
Gain on sale of vessel                                     (61)          -
Amortization of T/C fair values                       (119,291)    (57,993)
                                                    ----------  ----------
Adjusted net income (loss)                              (8,104)      8,941
                                                    ==========  ==========


     Reconciliation of Earnings per Share (Diluted) to Adjusted Earnings
                       (losses) per Share (Diluted)
                      (all amounts in  U.S. Dollars)

                                                      First Quarter
                                                    2009         2010
                                                  -------      -------
Earnings per Share (Diluted)                      $  2.57      $  0.82
Unrealized swap gain                              $ (0.15)           - (*)
Gain on sale of vessel                                  - (*)        -
Amortization of T/C fair values                   $ (2.60)     $ (0.71)
                                                  -------      -------
Adjusted Earnings (losses) per Share (Diluted)    $ (0.18)     $  0.11
                                                  =======      =======
 (*) Effect insignificant

Disclosure of Non-GAAP Financial Measures

Adjusted EBITDA represents net income plus net interest expense, depreciation, amortization, and taxes eliminating the effect of deferred stock-based compensation, gains or losses on the sale of vessels, amortization of deferred time charter assets and liabilities and unrealized gains or losses on swaps, which are significant non-cash items. Following Excel' s change in the method of accounting for dry docking and special survey costs, such costs are also included in the adjustments to EBITDA for comparability purposes. Excel's management uses adjusted EBITDA as a performance measure. Excel believes that adjusted EBITDA is useful to investors, because the shipping industry is capital intensive and may involve significant financing costs. Adjusted EBITDA is not a measure recognized by GAAP and should not be considered as an alternative to net income, operating income or any other indicator of a Company's operating performance required by GAAP. Excel's definition of adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.

Adjusted Net Income represents net income plus unrealized gains or losses from our swap transactions and any gains or losses on sale of vessels, both of which are significant non-cash items and eliminating the effect of deferred time charter assets and liabilities. Adjusted Earnings per Share (diluted) represents Adjusted Net Income divided by the weighted average shares outstanding (diluted).

These measures are "non-GAAP financial measures" and should not be considered substitutes for net income or earnings per share (diluted), respectively, as reported under GAAP. Excel has included an adjusted net income and adjusted earnings per share (diluted) calculation in this period in order to facilitate comparability between Excel's performance in the reported periods and its performance in prior periods.

About Excel Maritime Carriers Ltd

Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel owns a fleet of 40 vessels and, together with seven Panamax vessels under bareboat charters and one Capesize vessel that operates through a joint venture in which it participates by 71.4%, operates 48 vessels (six Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and five Handymax vessels) with a total carrying capacity of approximately 4.0 million DWT. Excel's Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. For more information about Excel, please go to our corporate website www.excelmaritime.com.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Excel's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters.

Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements.

Although Excel believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Excel. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to the ability to changes in the demand for dry bulk vessels, competitive factors in the market in which Excel operates; risks associated with operations outside the United States; and other factors listed from time to time in Excel's filings with the Securities and Exchange Commission. Excel expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Excel's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

APPENDIX

The following key indicators highlight Excel's financial and operating performance for the three months ended March 31, 2010 compared to the corresponding period in the prior year. In the table below, the Panamax fleet includes both Kamsarmax and Panamax vessels and the Handymax fleet includes both Supramax and Handymax vessels:

                                Vessel Employment

                 (In U.S. Dollars per day, unless otherwise stated)
            CAPESIZE FLEET  PANAMAX FLEET   HANDYMAX FLEET    TOTAL FLEET
                                Quarter ended March 31,
             2009    2010    2009    2010    2009    2010    2009    2010
            ------  ------  ------  ------  ------  ------  ------  ------

Total
 calendar
 days          450     450   3,150   3,150     704     630   4,304   4,230
Available
 days under
 period
 charter       450     432   2,352   1,978     140      35   2,942   2,445
Available
 days under
 spot/short
 duration
 charter         -       -     766     964     455     577   1,221   1,541
Utilization  100.0%   96.0%   99.0%   93.4%   84.5%   97.1%   96.7%   94.2%
Time
 charter
 equivalent
 per ship
 per day-
 period     42,460  37,983  24,244  21,965  16,747  10,601  26,673  24,634
Time
 charter
 equivalent
 per ship
 per day-
 spot            -       -   8,493  26,443   5,605  20,335   7,416  24,155
Time
 charter
 equivalent
 per ship
 per day-
 weighted
 average    42,460  37,983  20,375  23,432   8,230  19,785  21,024  24,451
Net daily
 revenue
 per ship
 per day    42,460  36,456  20,164  21,890   6,955  19,211  20,335  23,041
Vessel
 operating
 expenses
 per ship
 per day    (5,157) (5,077) (4,810) (4,985) (5,216) (4,881) (4,913) (4,985)
Net
 Operating
 cash flows
 per ship
 per day
 before G&A
 expenses   37,303  31,379  15,354  16,905   1,739  14,330  15,422  18,056
            ------  ------  ------  ------  ------  ------  ------  ------

Glossary of Terms

Average number of vessels This is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

Total calendar days We define these as the total days we owned the vessels in our fleet for the relevant period including off hire days associated with major repairs, dry dockings or special or intermediate surveys. Calendar days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of expenses that are recorded during a period.

Available days These are the calendar days less the aggregate number of off-hire days associated with major repairs, dry docks or special or intermediate surveys and the aggregate amount of time spent positioning vessels and any unforeseen off-hire. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenue.

Available days under spot / short duration charter This is defined as available days under spot charters and / or time charters of duration of less than six months.

Fleet utilization This is the percentage of time that our vessels were available for revenue generating days, and is determined by dividing available days by calendar days for the relevant period.

Time charter equivalent per ship per day ("TCE"): This is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from voyage charters net of voyage expenses by available days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. Time charter equivalent revenue and TCE rate are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of other companies. However, TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods.

                    Time Charter Equivalent Calculation
 (all amounts in thousands of U.S. Dollars, except for Daily Time Charter
                      Equivalent and available days)

                                                            First Quarter
                                                          ----------------
                                                            2009     2010
                                                          -------  -------
Voyage revenues                                            92,806  104,245
Voyage expenses                                            (5,284)  (6,784)
                                                          -------  -------
Total revenue, net of voyage expenses                      87,522   97,461
                                                          =======  =======
Total available days                                        4,163    3,986
Daily Time charter equivalent                              21,024   24,451

Net daily revenue We define this as the daily TCE rate including idle time.

Daily vessel operating expenses This includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and is calculated by dividing vessel operating expenses by total calendar days for the relevant time period.

Daily general and administrative expense This is calculated by dividing general and administrative expense by total calendar days for the relevant time period.

Expected Amortization Schedule for Fair Valued Time Charters for Next Year

(in USD millions)                        2Q'10  3Q'10  4Q'10  1Q'11  Total

Amortization of unfavorable time
 charters (1)                             91.0   52.3   51.0    0.9  195.2
Amortization of favorable time
 charters (2)                            (10.1) (10.1) (10.1)  (9.9) (40.2)

   (1) Adjustment to Revenue from operations i.e. increases revenues
   (2) Adjustment to Charter hire expenses i.e. increases charter hire
       expense


Fleet List as of May 3, 2010:

                                                                  Average
                                              Charter             Charter
Vessel Name                Dwt     Year Built  Type   Daily rate Expiration

Iron Miner                 177,931    2007    Period  $  41,355    Feb 2012
Kirmar                     164,218    2001    Period  $  49,000    May 2013
                                                          (net)
Iron Beauty                164,218    2001     Spot
Lowlands Beilun (1)        170,162    1999     Spot
Sandra (2)                 180,274    2008    Period  $  32,000    Sep 2010
Christine (3,4)            180,000    2010    Period  $  25,000    Feb 2016
Total Capesize           1,036,803
Iron Manolis                82,269    2007    Period  $  22,000    Dec 2010
Iron Brooke                 82,594    2007    Period  $  21,000    Dec 2010
Iron Lindrew                82,598    2007    Period  $  21,000    Dec 2010
Coal Hunter                 82,298    2006    Period  $  22,000    Dec 2010
Pascha                      82,574    2006    Period  $  21,000    Dec 2010
Coal Gypsy                  82,221    2006    Period  $  22,000    Dec 2010
Iron Anne                   82,220    2006    Period  $  22,000    Dec 2010
Iron Vassilis               82,257    2006    Period  $  22,000    Dec 2010
Iron Bill                   82,187    2006    Period  $  22,000    Dec 2010
Santa Barbara               82,266    2006    Period  $  22,000    Dec 2010
Ore Hansa                   82,209    2006    Period  $  22,000    Dec 2010
Iron Kalypso                82,224    2006    Period  $  22,000    Dec 2010
Iron Fuzeyya                82,209    2006    Period  $  22,000    Dec 2010
Iron Bradyn                 82,769    2005    Period  $  22,000    Dec 2010
Total Kamsarmax          1,152,895
Grain Harvester             76,417    2004    Period  $  30,000    May 2011
Grain Express               76,466    2004    Period  $  22,000    Dec 2010
Iron Knight                 76,429    2004    Period  $  22,000    Dec 2010
Coal Pride                  72,493    1999    Period  $  24,000    May 2011
Isminaki                    74,577    1998     Spot
Angela Star                 73,798    1998     Spot
Elinakos                    73,751    1997     Spot
Happy Day                   71,694    1997     Spot
Iron Man (A)                72,861    1997    Period  $  18,500 August 2010
Coal Age (A)                72,824    1997    Period  $  21,250    Oct 2010
Fearless I (A)              73,427    1997     Spot
Barbara (A)                 73,307    1997    Period  $  23,000    Jul 2010
Linda Leah (A)              73,317    1997    Period  $  24,000    Apr 2011
King Coal (A)               72,873    1997    Period  $  56,000    Jun 2011
Coal Glory (A)              73,670    1995    Period  $  24,000    May 2011
Powerful                    70,083    1994     Spot
First Endeavour             69,111    1994     Spot
Rodon                       73,656    1993     Spot
Birthday                    71,504    1993    Period  $  16,500    Jul 2010
Renuar                      70,155    1993    Period  $  22,500    Dec 2010
Fortezza                    69,634    1993    Period  $  27,000    Jul 2011
Total Panamax            1,532,047
July M                      55,567    2005     Spot
Mairouli                    53,206    2005     Spot
Total Supramax             108,773
Emerald                     45,588    1998     Spot
Princess I                  38,858    1994     Spot
Marybelle                   42,552    1987     Spot
Attractive                  41,524    1985     Spot
Lady                        41,090    1985     Spot
Total Handymax             209,612
Total Fleet              4,040,130
Average age                          9.7 Yrs
                         --------- ---------- ------- ---------- ----------




Fleet to be delivered            Type         Dwt    Estimated delivery (B)
                               --------   -------   -----------------------
Hope (tbn-Mairaki) (D)         Capesize   181,000   November 2010





Fleet to be delivered (C)        Type         Dwt    Estimated delivery (B)
                               --------   -------   -----------------------
Fritz (E)                      Capesize   180,000   May 2010
Benthe (E)                     Capesize   180,000   June 2010
Gayle Frances (E)              Capesize   180,000   July 2010
Iron Lena (E)                  Capesize   180,000   August 2010

(1) A second charter on the vessel has been fixed commencing upon
    Completion of her current charter and through September 2015 at
    a daily base rate of $28,000, with 50% profit sharing based on the
    monthly average BCI Time Charter Rate, as published daily by the
    Baltic Exchange in London.

(2) A second charter on the vessel has been fixed commencing upon
    completion of her current charter and through February 2016 at a daily
    base rate of $25,000, with 50% profit sharing based on the monthly AV4
    BCI Time Charter Rate, which is the Baltic Capesize Index Average of
    four specific time charter routes as published daily by the Baltic
    Exchange in London.

(3) The charter has a 50% profit sharing over the base rate on the monthly
    average BCI Time Charter Rate, as defined above.

(4) Excel holds a 71.4% interest in the joint venture that owns the vessel.

(A)  These vessels were sold in 2007 and leased back on a bareboat charter
    through July 2015.

(B) The delivery dates shown in this column are estimates based on the
    delivery dates set forth in the relevant shipbuilding contracts or
    resale agreements.

(C) No refund guarantee has been received for these newbuildings and Excel
    does not believe that the respective new building contracts will
    materialize. There can be no assurance that the vessels will be
    delivered timely or at all.

(D) Excel holds a 100% interest in the company that will own the vessel.

(E) Excel holds a 50% interest in the joint ventures that will own these
    vessels.

For further details on the fleet and their employment please refer to our website at www.excelmaritime.com

Contact Information

  • Contacts:
    Investor Relations / Financial Media:
    Nicolas Bornozis
    President
    Capital Link, Inc.
    230 Park Avenue - Suite 1536
    New York, NY 10160, USA
    Tel: (212) 661-7566
    Fax: (212) 661-7526
    E-Mail: excelmaritime@capitallink.com
    www.capitallink.com

    Company:
    Pavlos Kanellopoulos
    Chief Financial Officer
    Excel Maritime Carriers Ltd.
    17th Km National Road Athens-Lamia & Finikos Street
    145 64 Nea Kifisia
    Athens, Greece
    Tel: 011-30-210-62-09-520
    Fax: 011-30-210-62-09-528
    E-Mail: ir@excelmaritime.com
    www.excelmaritime.com