ATHENS, GREECE--(Marketwire - May 2, 2011) - 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, 2011.
First Quarter Highlights:
Three-Months ended March 31, ------------------------- 2010 2011 ------------------------- (amounts in millions of U.S Dollars, except per share data and daily TCE) ------------------------- Voyage Revenues $ 104.2 $ 97.3 Net Income (Loss) $ 67.3 $ (1.0) Adjusted Net Income $ 8.9 $ 0.5 Earnings (losses) per Share-Diluted $ 0.82 $ (0.01) Adjusted Earnings per Share-Diluted $ 0.11 $ 0.01 Adjusted EBITDA $ 62.0 $ 48.0 Time Charter Equivalent (TCE) per day $ 24,451 $ 19,642
A reconciliation of the non-GAAP measures discussed above is included in a later section of this release.
Management Commentary:
Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, "Against a volatile and events driven environment, Excel reports a cash flow generative quarter. We believe that our disciplined investment approach combined with our competitive cost base managed to contain the impact of the softer market conditions in the dry bulk sector during the 1st quarter of this year. We continue to generate strong operating cash flows which allowed the uninterrupted reduction of our indebtedness. We continuously monitor the dry bulk market and remain optimistic for the medium and long term outlook of the markets in which we operate."
First Quarter 2011 Results:
Excel reported voyage revenues for the first quarter of 2011 amounting to $97.3 million as compared to $104.2 million for the same period in 2010, a decrease of approximately 6.6%.
Adjusted EBITDA for the first quarter of 2011 was $48.0 million compared to $62.0 million for the first quarter of 2010, a decrease of approximately 22.6%.
Net loss for the quarter amounted to $1.0 million or $0.01 per weighted average diluted share compared to a net profit of $67.3 million or $0.82 per weighted average diluted share in the first quarter of 2010.
The first quarter 2011 results include a non-cash unrealized gain on derivative financial instruments of $6.3 million compared to a non-cash unrealized gain on derivative financial instruments of $0.4 million in the corresponding period in 2010.
Included in the above net results is also the amortization of favorable and unfavorable time charters that were recorded upon acquiring Quintana Maritime Limited ("Quintana") on April 15, 2008 amounting to a net loss of $9.0 million ($0.11 per weighted average diluted share) and a net gain of $58.0 million ($0.71 per weighted average diluted share) for the first quarter of 2011 and 2010, respectively.
In addition, the first quarter 2011 results include a non cash gain in connection with the sale of M/V Marybelle amounting to $1.3 million.
Adjusted net income, excluding all the above items, for the first quarter of 2011 would have amounted to $0.5 million or $0.01 per weighted average diluted share compared to an adjusted net income, excluding all the above items, for the first quarter of 2010 of $8.9 million or $0.11 per weighted average diluted share.
Included in the above adjusted net income is also the amortization of stock based compensation expense of $1.3 million ($0.02 per weighted average diluted share) and $0.7 million ($0.01 per weighted average diluted share), for the quarter ended March 31, 2011 and 2010, respectively.
An average of 48.3 and 47.0 vessels were operated during the first quarter of 2011 and 2010, respectively, earning a blended average time charter equivalent rate of $19,642 and $24,451 per day, respectively.
A reconciliation of adjusted EBITDA to Net Income and adjusted net income to net income and a calculation of the TCE is provided in a later section of this press release.
Vessels' Fixtures and Developments
On March 9, 2011, the M/V First Endeavour (69,111 dwt, 1994) was fixed under a time charter for a period of 9 months up to maximum March 31, 2012 at a daily rate of $17,500.
On March 31, 2011, the M/V Iron Bill (82,187 dwt, 2006) was fixed under a time charter for a period of 12-14 months at a daily rate linked to the Baltic Panamax index (BPI) with a guaranteed minimum rate (floor) of $14,500 per day.
On April 23, 2011, the M/V Renuar (70,155 dwt, 1993) which had been hijacked since December 2010, was released. The 24 Filipino crew are in good health and will be reunited with their families as soon as possible.
Time Charter Coverage
As of today, we have secured under contracted employment 92% and 64% of our available days of our Capesize vessels and Kamsarmax/Panamax vessels respectively, for the year ending December 31, 2011 while our secured contracted employment for the whole fleet is 65% for the same period.
Conference Call Details:
Tomorrow May 3, 2011 at 10:30 A.M. EDT, the Company's management will host a conference call to discuss these 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 11, 2011 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 CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 2010 AND 2011 (In thousands of U.S. Dollars, except for share and per share data) First Quarter 2010 2011 ------------ ------------ REVENUES: Voyage revenues $ 104,245 $ 97,278 Time Charter fair value amortization 67,842 836 Revenue from managing related party vessels 105 17 ------------ ------------ Revenue from operations 172,192 98,131 ------------ ------------ EXPENSES: Voyage expenses 6,050 13,120 Charter hire expense 8,096 8,096 Charter hire amortization 9,849 9,849 Commissions to related parties 734 1,073 Vessel operating expenses 21,085 21,029 Depreciation expense 30,401 31,714 Dry-docking and special survey cost 3,520 1,146 General and administrative expenses 6,924 6,419 ------------ ------------ 86,659 92,446 ------------ ------------ Gain on sale of vessel - 1,274 Income from operations 85,533 6,959 ------------ ------------ OTHER INCOME (EXPENSES): Interest and finance costs (10,770) (7,587) Interest income 352 421 Gains (losses) on derivative financial instruments (7,321) 277 Foreign exchange gains (losses) 79 (159) Other, net (304) (410) ------------ ------------ Total other income (expenses), net (17,964) (7,458) ------------ ------------ Net income (loss) before taxes and loss assumed (income earned) by non controlling interest 67,569 (499) ------------ ------------ US Source Income taxes (286) (252) ------------ ------------ Net income (loss) 67,283 (751) ------------ ------------ Loss assumed (income earned) by non-controlling interest 13 (273) ------------ ------------ Net income (loss) attributable to Excel Maritime Carriers Ltd. $ 67,296 $ (1,024) ============ ============ Earnings (losses) per common share, basic $ 0.85 $ (0.01) ============ ============ Weighted average number of shares, basic 78,967,525 83,641,408 ============ ============ Earnings (losses) per common share, diluted $ 0.82 $ (0.01) ============ ============ Weighted average number of shares, diluted 81,623,273 83,641,408 ============ ============ EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AT DECEMBER 31, 2010 AND MARCH 31, 2011 (UNAUDITED) (In thousands of U.S. Dollars) December 31, March 31, ASSETS 2010 2011 ------------ ------------ CURRENT ASSETS: Cash and cash equivalents $ 65,917 $ 79,456 Restricted cash 6,721 7,712 Accounts receivable 7,961 4,473 Other current assets 16,602 16,054 ------------ ------------ Total current assets 97,201 107,695 ------------ ------------ FIXED ASSETS: Vessels, net 2,622,631 2,677,265 Advances for vessels under construction 76,585 - Office furniture and equipment, net 1,147 1,100 ------------ ------------ Total fixed assets, net 2,700,363 2,678,365 ------------ ------------ OTHER NON CURRENT ASSETS: Time charters acquired, net 184,366 174,517 Derivative financial instruments 923 1,377 Restricted cash 48,967 50,953 ------------ ------------ Total assets $ 3,031,820 $ 3,012,907 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt, net of deferred financing fees $ 107,369 $ 117,385 Accounts payable 11,101 18,845 Other current liabilities 32,322 27,273 Derivative financial instruments 21,945 22,312 ------------ ------------ Total current liabilities 172,737 185,815 ------------ ------------ Long-term debt, net of current portion and net of deferred financing fees 1,046,672 1,020,497 Time charters acquired, net 18,108 17,272 Derivative financial instruments 30,155 24,124 ------------ ------------ Total liabilities 1,267,672 1,247,708 ------------ ------------ Commitments and contingencies - - ------------ ------------ STOCKHOLDERS' EQUITY: Preferred stock - - Common stock 851 851 Additional paid-in capital 1,061,134 1,062,447 Other Comprehensive Income 211 700 Retained earnings 691,674 690,650 Less: Treasury stock (189) (189) ------------ ------------ Excel Maritime Carriers Ltd. Stockholders' equity 1,753,681 1,754,459 ------------ ------------ Non-controlling interests 10,467 10,740 ------------ ------------ Total Stockholders' Equity 1,764,148 1,765,199 ------------ ------------ Total liabilities and stockholders' equity $ 3,031,820 $ 3,012,907 ============ ============ EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS FOR THE QUARTER ENDED MARCH 31, 2010 AND 2011 (In thousands of U.S. Dollars) First Quarter 2010 2011 ------------ ------------ Cash Flows from Operating Activities: Net income (loss) $ 67,283 $ (751) Adjustments to reconcile net income (loss) to net cash provided by operating activities (24,719) 37,141 Changes in operating assets and liabilities: Operating assets 2,681 4,661 Operating liabilities 1,634 2,695 ------------ ------------ Net Cash provided by Operating Activities $ 46,879 $ 43,746 ------------ ------------ Cash Flows from Investing Activities: Advances for vessels under construction (22,883) (18,267) Additions to office furniture and equipment (34) (55) Proceeds from sale of vessel - 9,880 ------------ ------------ Net cash used in Investing Activities $ (22,917) $ (8,442) ------------ ------------ Cash Flows from Financing Activities: Increase in restricted cash (11,774) (2,977) Proceeds from long-term debt 18,967 16,100 Repayment of long-term debt (34,484) (34,879) Payment of financing costs (340) (9) Issuance of common stock-related party 5,000 - Capital contributions from non-controlling interest owners 1,139 - ------------ ------------ Net cash used in Financing Activities $ (21,492) $ (21,765) ------------ ------------ Net increase in cash and cash equivalents 2,470 13,539 Cash and cash equivalents at beginning of period 100,098 65,917 ------------ ------------ Cash and cash equivalents at end of the period $ 102,568 $ 79,456 ============ ============ SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid during the period for: Interest payments $ 8,366 $ 4,899 Adjusted EBITDA Reconciliation (all amounts in thousands of U.S. Dollars) First Quarter 2010 2011 ------------ ------------ Net income (loss) $ 67,296 $ (1,024) Interest and finance costs, net (1) 18,101 13,143 Depreciation 30,401 31,714 Dry-dock and special survey cost 3,520 1,146 Unrealized gain on derivative financial instruments (362) (6,254) Amortization of T/C fair values (2) (57,993) 9,013 Stock based compensation 725 1,313 Gain on sale of vessel - (1,274) Taxes 286 252 ------------ ------------ Adjusted EBITDA $ 61,974 $ 48,029 ============ ============ (1) Includes derivative financial instruments paid and received (2) Analysis: First Quarter 2010 2011 ------------ ------------ Non-cash amortization of unfavorable time charters in revenue $ (67,842) $ (836) Non-cash amortization of favorable time charters in charter hire expense 9,849 9,849 ------------ ------------ $ (57,993) $ 9,013 ============ ============ Reconciliation of Net Income (loss) to Adjusted Net Income (all amounts in thousands of U.S. Dollars) First Quarter 2010 2011 ------------ ------------ Net income (loss) $ 67,296 $ (1,024) Unrealized gain on derivative financial instruments (362) (6,254) Gain on sale of vessel - (1,274) Amortization of T/C fair values (57,993) 9,013 ------------ ------------ Adjusted net income $ 8,941 $ 461 ============ ============ Reconciliation of Earnings (losses) per Share (Diluted) to Adjusted Earnings per Share (Diluted) (all amounts in U.S. Dollars) First Quarter 2010 2011 ------------ ------------ Earnings (losses) per Share (Diluted) $ 0.82 $ (0.01) Unrealized gain on derivative financial instruments - (*) $ (0.07) Gain on sale of vessel - $ (0.02) Amortization of T/C fair values $ (0.71) $ 0.11 ------------ ------------ Adjusted Earnings per Share (Diluted) $ 0.11 $ 0.01 ============ ============ (*) Effect not significant
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 derivatives, 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 derivative 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 (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and four Handymax vessels) with a total carrying capacity of over 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 "will" "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 the Company's financial and operating performance for the quarter ended March 31, 2011 compared to the corresponding period in the prior year.
Vessel Employment (In U.S. Dollars per day, unless otherwise stated) First Quarter 2010 2011 --------- --------- Total calendar days 4,230 4,351 Available days under period charter 2,445 2,343 Available days under spot/short duration charter 1,541 1,887 Utilization 94.2% 97.2% Time charter equivalent per ship per day-period 24,634 24,806 Time charter equivalent per ship per day-spot 24,155 13,226 Time charter equivalent per ship per day-weighted average 24,451 19,642 Net daily revenue per ship per day 23,041 19,095 Vessel operating expenses per ship per day (4,985) (4,833) Net Operating cash flows per ship per day before G&A expenses 18,056 14,262
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. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenue.
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 rate ("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 -------------------- 2010 2011 --------- --------- Voyage revenues $ 104,245 $ 97,278 Voyage expenses and commissions to related parties (6,784) (14,193) --------- --------- Total revenue, net of voyage expenses $ 97,461 $ 83,085 ========= ========= Total available days 3,986 4,230 Daily Time charter equivalent $ 24,451 $ 19,642
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'11 3Q'11 4Q'11 1Q'12 Total Amortization of unfavorable time charters (1) $ 0.8 $ 0.9 $ 0.9 $ 0.8 $ 3.4 Amortization of favorable time charters (2) $ (10.1) $ (10.1) $ (10.1) $ (10.0) $ (40.3) (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 April 29, 2011: Average Year Charter Charter Vessel Name Dwt Built Type Daily rate Expiration Mairaki(1) 181,000 2011 Period $28,000 Feb 2016 Christine(1)(2) 180,000 2010 Period $25,000 Aug 2015 Sandra(1) 180,274 2008 Period $26,500 Feb 2016 Iron Miner 177,931 2007 Period $41,355 Feb 2012 Kirmar 164,218 2001 Period $49,000 (net) May 2013 Iron Beauty 164,218 2001 Spot Lowlands Beilun(3) 170,162 1999 Period $28,000 Sept 2015 Total Capesize 1,217,803 Iron Manolis(4) 82,269 2007 Period $14,500 (floor) Dec 2011 Iron Brooke(4) 82,594 2007 Period $14,500 (floor) Dec 2011 Iron Lindrew(4) 82,598 2007 Period $14,500 (floor) Dec 2011 Coal Hunter 82,298 2006 Spot Pascha 82,574 2006 Period $24,000 Nov 2011 Coal Gypsy 82,221 2006 Period $24,000 Nov 2011 Iron Anne(4) 82,220 2006 Period $14,500 (floor) Dec 2011 Iron Vassilis 82,257 2006 Spot Iron Bill(4) 82,187 2006 Period $14,500 (floor) Jun 2012 Santa Barbara 82,266 2006 Spot Ore Hansa(4) 82,209 2006 Period $15,000 (floor) Feb 2012 Iron Kalypso(4) 82,224 2006 Period $15,000 (floor) Feb 2012 Iron Fuzeyya(4) 82,209 2006 Period $15,000 (floor) Jan 2012 Iron Bradyn 82,769 2005 Spot Total Kamsarmax 1,152,895 Grain Harvester 76,417 2004 Spot Grain Express 76,466 2004 Period $24,000 Dec 2011 Iron Knight 76,429 2004 Spot Coal Pride 72,493 1999 Period $16,750 Apr 2012 Isminaki 74,577 1998 Spot Angela Star 73,798 1998 Spot Elinakos 73,751 1997 Spot Happy Day 71,694 1997 Spot Iron Man(5) 72,861 1997 Spot Coal Age(5) 72,824 1997 Spot Fearless I(5) 73,427 1997 Period $24,650 Oct 2011 Barbara(5) 73,307 1997 Spot Linda Leah(5) 73,317 1997 Spot King Coal(5) 72,873 1997 Period $56,000 Jul 2011 Coal Glory(5) 73,670 1995 Period $16,750 Apr 2012 Powerful 70,083 1994 Period $25,000 Aug 2011 First Endeavour 69,111 1994 Period $17,500 Mar 2012 Rodon 73,656 1993 Spot Birthday 71,504 1993 Spot Renuar 70,155 1993 Period $22,500 May 2011 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 Attractive 41,524 1985 Spot Lady 41,090 1985 Spot Total Handymax 167,060 Total Fleet 4,178,578 Average age 10.2 Yrs (1) The charter has a 50% profit sharing over the indicated base daily time charter rate 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. (2) The Company holds a 71.4% ownership interest in the joint venture that owns the vessel. (3) The charter has 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. (4) Charter rate based on the average of the AV4 BPI rates, as published by the Baltic Exchange for the preceding 15 days prior to hire payment with a guaranteed minimum rate (floor) ranging from $14,500 to $15,000 per day. (5) These vessels were sold in 2007 and leased back on a bareboat charter through July 2015. Original scheduled New-building contracts (A) Type Dwt delivery -------------------------- ------------- ------------- ------------- Fritz (B) Capesize 180,000 May 2010 Benthe (B) Capesize 180,000 June 2010 Gayle Frances (B) Capesize 180,000 July 2010 Iron Lena (B) Capesize 180,000 August 2010 (A) No refund guarantee has been received for these newbuildings and Excel does not believe that the respective new building contracts will materialize. As of April 29, 2011, all the vessels are delayed in delivery and they may never be delivered at all. (B) 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: +30-210-62-09-520 Fax: +30-210-62-09-528 E-Mail: ir@excelmaritime.com www.excelmaritime.com