Excel Maritime Reports Results for the Second Half and Year Ended December 31, 2012

ATHENS, GREECE--(Marketwire - Mar 28, 2013) - 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 preliminary unaudited financial highlights for the second half and year ended December 31, 2012. 

Financial highlights

		Second half						Year ended December 31,
		2011			2012			2011			2012
		(amounts in millions of U.S Dollars, except per share data and daily TCE)
Voyage Revenues		$	164.2		$	114.8		$	353.4		$	242.0
Adjusted EBITDA		$	70.8		$	28.4		$	162.8		$	68.4
Time Charter Equivalent (TCE) per day		$	16,670		$	12,038		$	17,984		$	12,743

Second Half 2012

For the second half of 2012, Excel reported voyage revenues of $114.8 million compared to voyage revenues of $164.2 million for the same period in 2011.

Adjusted EBITDA for the second half of 2012 was $28.4 million compared to $70.8 million for the second half of 2011, a decrease of approximately 59.9%.

An average of 46.0 and 47.2 vessels were operated during the second half of 2012 and 2011, respectively, earning a blended average time charter equivalent rate of $12,038 and $16,670 per day, respectively. 

Year Ended December 31, 2012

For the year ended December 31, 2012, Excel reported voyage revenues of $242.0 million compared to voyage revenues of $353.4 million for the year ended December 31, 2011.

Adjusted EBITDA for the year ended December 31, 2012 was $68.4 million compared to $162.8 million for the respective year of 2011, a decrease of approximately 58%.

An average of 46.5 and 47.7 vessels were operated during the year ended December 31, 2012 and 2011, respectively, earning a blended average time charter equivalent rate of $12,743 and $17,984 per day, respectively. 

Corporate highlights

The Company is currently in advanced restructuring discussions with its lenders under its syndicated credit facility, dated as of April 14, 2008 (the "Syndicate Lenders"), which include amended amortization schedules and extension of the facility's maturity. While such discussions continue, the Syndicate Lenders have agreed to forbear from exercising their rights in connection with the principal installments that have become due in the current fiscal year, through April 30, 2013. The Company's access to the escrowed funds to fund its equity raising commitment has been similarly extended to April 30, 2013. The Company is in similar discussions with its lenders under its bilateral credit facilities. To date, the Company has not obtained a forbearance from its lenders with respect to other, non-payment related, defaults under its syndicated and bilateral credit facilities. There can be no assurance that the Company will be able to reach an agreement with its lenders and other creditors on such restructuring. Also, the ultimate accounting impact of the restructuring is unknown and will be determined once an agreement on the final terms of such restructuring has been reached.

In addition, three of the vessels that were employed on bareboat charter have been redelivered to their respective owners for an amount of up to $6.0 million payable in cash or in stock up to December 2017, in the latter case at the market price on the date of the stock's issuance in 2017. The remaining four vessels that were employed on bareboat charter have been redelivered to their respective owners, with the claims of the parties being the subject of arbitration.

Fleet Coverage

Fleet Coverage, as of March 22, 2013		Full Year '13
Capesize Fleet		69%
Kamsarmax / Panamax Fleet		56%
Fleet - Fixed Charters		57%

As of March 22, 2013, we have secured contract coverage for 69% of the available days of our Capesize vessels and 56% of the available days of our Kamsarmax/Panamax vessels for the year ending December 31, 2013. With respect to the entire fleet, 57% of the available days of 2013 have been fixed.

FINANCIAL DATA AND OTHER OPERATING INFORMATION
(In thousands of U.S. Dollars, except for share, per share data and daily results)
		Second Half								Year Ended December 31,
		2011				2012				2011				2012
CASH FLOW DATA:
Net cash provided by (used in) operating activities		$	32,977			$	(284	)		$	104,350			$	3,913
Net cash provided by (used in) investing activities		$	7,107			$	2,652			$	(1,520	)		$	2,591
Net cash used in financing activities		$	(46,061	)		$	(7,675	)		$	(114,998	)		$	(38,325	)
Total cash at the end of the year			-				-			$	117,199			$	77,844
ADJUSTED EBITDA:		$	70,797			$	28,410			$	162,833			$	68,351
FLEET DATA:
Average number of vessels			47.2				46.0				47.7				46.5
Available days for fleet			8,469				8,129				17,058				16,280
Calendar days for fleet			8,688				8,473				17,407				17,027
Fleet utilization			97.5	%			95.9	%			98.0	%			95.6	%
AVERAGE DAILY RESULTS:
Time charter equivalent rate		$	16,670			$	12,038			$	17,984			$	12,743
Vessel operating expenses		$	4,857			$	4,677			$	4,887			$	4,685

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 formed part of our fleet during that period divided by the number of calendar days in that period.

Total calendar days: We define these as the total days we possessed 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 specific period of time and affect both the amount of revenues and the amount of expenses that are recorded during that period.

Available days: These are the calendar days less the aggregate number of off-hire days associated with major repairs, dry dockings 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.

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 financial performance used by 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)
		Second Half								Year ended  December 31,
		2011				2012				2011				2012
Voyage revenues		$	164,157			$	114,754			$	353,397			$	241,973
Voyage expenses and commissions to related parties			(22,983	)			(16,894	)			(46,632	)			(34,513	)
Total revenue, net of voyage expenses		$	141,174			$	97,860			$	306,765			$	207,460
Total available days			8,469				8,129				17,058				16,280
Daily Time charter equivalent		$	16,670			$	12,038			$	17,984			$	12,743

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.

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.

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 39 vessels (seven Capesize, 14 Kamsarmax, 14 Panamax, two Supramax and two Handymax vessels) with a total carrying capacity of approximately 3.6 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.

Fleet List as of March 22, 2013:

		Vessel Name		Dwt		Year Built		Charter Type		Daily rate			Average Charter Expiration
1		Mairaki (1)		181,000		2011		Period		$28,000			Apr 2016
2		Christine (1) (2)		180,000		2010		Period		$25,000			Jan 2016
3		Sandra (1)		180,274		2008		Period		$26,500			Nov 2015
4		Iron Miner		177,931		2007		Spot
5		Kirmar		164,218		2001		Spot
6		Iron Beauty		164,218		2001		Period		$8,000			Mar 2013
7		Lowlands Beilun (1)		170,162		1999		Period		$28,000			Nov 2015
		Total Capesize (7)		1,217,803
8		Iron Manolis		82,269		2007		Period		$8,500			Jul 2013
9		Iron Brooke		82,594		2007		Period		$8,250			Aug 2013
10		Iron Lindrew		82,598		2007		Period		$12,000			Jan 2014
11		Pascha		82,574		2006		Period		$10,500			Sept 2013
12		Coal Gypsy		82,221		2006		Period		$11,250			May 2013
13		Iron Anne		82,220		2006		Period		$9,000			Oct 2013
14		Iron Vassilis		82,257		2006		Period		$11,000			Jul 2013
15		Iron Bill		82,187		2006		Period		$8,250			Oct 2013
16		Ore Hansa		82,209		2006		Period		$11,250			May 2013
17		Iron Kalypso		82,224		2006		Period		$8,250			Sept 2013
18		Iron Fuzeyya		82,209		2006		Period		$11,750			Nov 2013
19		Santa Barbara		82,266		2006		Period		$14,000	(floor)		Jun 2013
20		Coal Hunter		82,298		2006		Period		$14,000	(floor)		Jun 2013
21		Iron Bradyn		82,769		2005		Period		$8,000			Dec 2013
		Total Kamsarmax (14)		1,152,895
22		Grain Harvester		76,417		2004		Period		$8,700			Oct 2013
23		Grain Express		76,466		2004		Period		$9,000			Sept 2013
24		Iron Knight		76,429		2004		Period		$8,250			Nov 2013
25		Coal Pride		72,493		1999		Period		$8,000			Aug 2013
26		Isminaki		74,577		1998		Spot
27		Angela Star		73,798		1998		Period		$7,500			Jun 2013
28		Elinakos		73,751		1997		Period		$7,500			Sept 2013
29		Happy Day		71,694		1997		Period		$7,000			May 2013
30		Powerful		70,083		1994		Spot
31		First Endeavour		69,111		1994		Spot
32		Rodon		73,656		1993		Spot
33		Birthday		71,504		1993		Spot
34		Renuar		70,155		1993		Spot
35		Fortezza		69,634		1993		Spot
		Total Panamax (14)		1,019,768
36		July M		55,567		2005		Spot
37		Mairouli		53,206		2005		Period		$8,500			May 2013
		Total Supramax (2)		108,773
38		Emerald		45,588		1998		Spot
39		Princess I		38,858		1994		Spot
		Total Handymax (2)		84,446
		Total Fleet (39)		3,583,685
		Average age				10.6 Yrs

⁽¹⁾ The charter includes a 50% profit-sharing arrangement 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.