Name Type Dwt Year Built
--------------------------------------------------------------
Panamax
-------
Isminaki Panamax 74,577 1998
Angela Star Panamax 73,798 1998
Elinakos Panamax 73,751 1997
Happy Day Panamax 71,694 1997
Powerful Panamax 70,083 1994
First Endeavour Panamax 69,111 1994
Rodon Panamax 73,670 1993
Birthday Panamax 71,504 1993
Renuar Panamax 70,128 1993
Forteza Panamax 69,634 1993
--------------------------------------------------------------
Total Panamax 10 717,950
--------------------------------------------------------------
Handymax
--------
Emerald Handymax 45,572 1998
Princess I Handymax 38,858 1994
Marybelle Handymax 42,552 1987
Attractive Handymax 41,524 1985
Lady Handymax 41,090 1985
Goldmar Handymax 39,697 1984
Swift Handymax 37,687 1984
--------------------------------------------------------------
Total Handymax 7 286,980
--------------------------------------------------------------
Grand Total 17 1,004,930 13.8
--------------------------------------------------------------
Summary Fleet Data
Third Quarter Third Quarter
2006 2005
----------- -----------
FLEET DATA
Average number of vessels (1) 17 18.1
Available days for fleet (2) 1,528 1,628
Calendar days for fleet (3) 1,564 1,667
Fleet utilization (4) 98% 98%
AVERAGE DAILY RESULTS
Time charter equivalent (5) 19,971 18,620
Vessel operating expenses (6) 4,742 4,055
General and administrative expenses (7) 1,239 783
Total vessel operating expenses (8) 5,981 4,838
----------- -----------
Nine Month Nine Month
Period Ended Period Ended
September September
30, 2006 30, 2005
----------- -----------
FLEET DATA
Average number of vessels (1) 17 13.3
Available days for fleet (2) 4,414 3,496
Calendar days for fleet (3) 4,641 3,639
Fleet utilization (4) 95% 96%
AVERAGE DAILY RESULTS
Time charter equivalent (5) 18,628 21,026
Vessel operating expenses (6) 4,867 4,582
General and administrative expenses (7) 1,278 1,114
Total vessel operating expenses (8) 6,145 5,696
----------- -----------
(1) Average number of vessels 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.
(2) Available days for fleet are the total calendar days the vessels were
in our possession for the relevant period after subtracting for off hire
days associated with major repairs, drydocks or special or intermediate
surveys.
(3) Calendar days are the total days we possessed the vessels in our fleet
for the relevant period including off hire days associated with major
repairs, drydockings or special or intermediate surveys.
(4) Fleet utilization is the percentage of time that our vessels were
available for revenue generating available days, and is determined by
dividing available days by fleet calendar days for the relevant period.
(5) Time charter equivalent, or TCE, 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. 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.
(6) Daily vessel operating expenses, which includes crew costs, provisions,
deck and engine stores, lubricating oil, insurance, maintenance and repairs
is calculated by dividing vessel operating expenses by fleet calendar days
for the relevant time period.
(7) Daily general and administrative expense is calculated by dividing
general and administrative expense by fleet calendar days for the relevant
time period.
(8) Total vessel operating expenses, or TVOE, is a measurement of our total
expenses associated with operating our vessels. TVOE is the sum of vessel
operating expenses and general and administrative expenses. Daily TVOE is
calculated by dividing TVOE by fleet calendar days for the relevant time
period.
Time Charter Equivalent (TCE) Results by Type of Vessel & Employment
Third Third
Quarter Quarter
2006 2005
Capesize spot TCE ($) N/A 9,738
Number of available days N/A 109
Panamax spot TCE ($) 18,635 14,944
Number of available days 91 515
Panamax period TCE ($) 23,138 26,605
Number of available days 829 359
Handymax spot TCE ($) 18,465 15,472
Number of available days 356 276
Handymax period TCE ($) 12,149 20,981
Number of available days 252 368
Total fleet spot TCE ($) 18,500 14,474
Number of available days 447 900
Total fleet period TCE ($) 20,579 23,758
Number of available days 1,081 727
Nine Month Nine Month
Period Ended Period Ended
Sept. 30, Sept. 30,
2006 2005
Capesize spot TCE ($) N/A 29,099
Number of available days N/A 471
Panamax spot TCE ($) 17,142 15,563
Number of available days 625 754
Panamax period TCE ($) 22,907 26,727
Number of available days 2,031 686
Handymax spot TCE ($) 14,254 16,882
Number of available days 1,228 722
Handymax period TCE ($) 14,122 20,326
Number of available days 531 863
Total fleet spot TCE ($) 15,228 19,329
Number of available days 1,853 1,947
Total fleet period TCE ($) 21,088 23,159
Number of available days 2,561 1,549
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
Condensed Statement of Cash Flows
(In thousands of Dollars)
For the For the
Nine Month Nine Month
Period Ended Period Ended
Sept. 30, Sept. 30,
2006 2005
(Unaudited) (Unaudited)
------------- -------------
Cash and cash equivalents, beginning of year 58,492 64,903
Provided by (Used in):
Operating Activities 41,589 54,320
Investing Activities (488) (420,815)
Financing Activities (18,442) 375,127
------------- -------------
Net increase (decrease) in cash and cash
equivalents 22,659 8,632
------------- -------------
Cash and cash equivalents, end of period 81,151 73,535
------------- -------------
EBITDA Reconciliation (1)
(In thousands of Dollars)
Third Quarter Third Quarter
2006 2005
------------- -------------
Net Income 9,898 30,705
------------- -------------
plus Net Interest Expense 4,074 3,079
------------- -------------
Plus Depreciation 7,062 7,115
------------- -------------
Plus Amortization 288 140
------------- -------------
Plus Taxes 35 86
------------- -------------
EBITDA 21,357 41,125
------------- -------------
Nine Month Nine Month
Period Ended Period Ended
Sept. 30, Sept. 30,
2006 2005
------------- -------------
Net Income 21,765 53,959
------------- -------------
plus Net Interest Expense 10,164 4,649
------------- -------------
Plus Depreciation 21,187 13,008
------------- -------------
Plus Amortization 552 511
------------- -------------
Plus Contract Termination Expense - 5,186
------------- -------------
Plus Taxes 313 219
------------- -------------
EBITDA 53,981 77,532
------------- -------------
(1) Excel Maritime considers EBITDA to represent net income plus net
interest expense and depreciation and amortization. The Company's
Management uses EBITDA as a performance measure. The Company believes that
EBITDA is useful to investors, because the shipping industry is capital
intensive and may involve significant financing costs. EBITDA is not an
item 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. The Company's definition of EBITDA
may not be the same as that used by other companies in the shipping or
other industries.
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2006 AND SEPTEMBER 30, 2005
(In thousands of Dollars, except per share data)
Third Quarter Third Quarter
2006 2005
Unaudited Unaudited
-------------- --------------
REVENUES
Voyage Revenues 32,541 33,575
Revenue from managing vessels 139 130
-------------- --------------
Revenue from Operations 32,680 33,705
-------------- --------------
EXPENSES
Voyage expenses 1,621 2,847
Commission from a Relating party 404 418
Vessel operating expenses 7,417 6,760
Vessels Depreciation 7,062 7,115
Amortization for drydocking and special
survey 288 140
Gain on Vessel's sale - (18,734)
General and administrative expenses 1,938 1,305
-------------- --------------
18,730 (149)
-------------- --------------
-------------- --------------
Income from operations 13,950 33,854
-------------- --------------
OTHER INCOME (EXPENSES):
Interest and finance (5,045) (3,591)
Interest Income 971 512
Foreign currency expense/income (14) 26
Other, net 65 (10)
-------------- --------------
Total other income (expenses), net (4,023) (3,063)
-------------- --------------
============== ==============
Net Income from Operations 9,927 30,791
-------------- --------------
US Source Income Taxes 35 86
-------------- --------------
Net Income, after taxes and before
minority interest 9,892 30,705
Minority interest 6 -
-------------- --------------
Net income 9,898 30,705
-------------- --------------
Earnings per common share,
basic & diluted 0.50 1.54
Weighted average number of common
shares, basic and diluted 19,949,644 19,929,264
-------------- --------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND SEPTEMBER 30, 2005
(In thousands of Dollars, except per share data)
Nine Months Nine Months
Ended 2006 Ended 2005
Unaudited Unaudited
-------------- --------------
REVENUES
Voyage Revenues 88,469 82,513
Revenue from managing vessels 419 391
-------------- --------------
Revenue from Operations 88,888 82,904
-------------- --------------
EXPENSES
Voyage expenses 5,147 8,036
Commission from a Relating party 1,096 969
Vessel operating expenses 22,588 16,676
Vessels Depreciation 21,187 13,008
Amortization of drydocking and special
survey 552 511
Gain on Vessel's sale - (24,319)
Contract termination expenses - 5,186
General and administrative expenses 5,930 4,052
-------------- --------------
56,500 24,119
-------------- --------------
-------------- --------------
Income from operations 32,387 58,785
-------------- --------------
OTHER INCOME (EXPENSES):
Interest and finance (12,985) (6,254)
Interest Income 2,821 1,605
Foreign currency expense/income (155) 54
Other, net - (12)
-------------- --------------
Total other income (expenses), net (10,319) (4,607)
-------------- --------------
============== ==============
Net Income from Operations 22,068 54,178
-------------- --------------
-------------- --------------
Income Taxes 313 219
-------------- --------------
-------------- --------------
Net Income, after taxes and before
minority interest 21,755 53,959
Minority interest 10 -
Net income 21,765 53,959
Earnings per common share,
basic & diluted 1.09 2.97
Weighted average number of common
shares, basic and diluted 19,946,658 18,151,877
-------------- --------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT SEPTEMBER 30, 2006 (UNAUDITED) AND DECEMBER 31, 2005 (AUDITED)
(In thousands of U.S. Dollars, except per share data)
September 30, December 31,
2006 2005
Unaudited Audited
-------------- --------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 81,151 58,492
Restricted cash 5,997 7,988
Accounts receivable: 1,717 2,239
Other current assets 2,523 1,827
Total Current Assets 91,387 70,547
-------------- --------------
FIXED ASSETS:
Vessels' cost 486,397 486,397
Accumulated depreciation (41,916) (20,729)
Office furniture & equipments 1,012 524
-------------- --------------
Total fixed assets 445,493 466,192
-------------- --------------
OTHER NON CURRENT ASSETS:
Restricted cash 6,578 22,282
Other non current assets 4,528 2,004
-------------- --------------
Total Assets 547,985 561,025
-------------- --------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long term debt, net of
deferred financing fees 31,767 41,230
Accounts payable 3,713 3,307
Other current liabilities 6,765 6,913
-------------- --------------
Total Current Liabilities 42,245 51,450
-------------- --------------
LONG-TERM DEBT, net of current portion and
net of deferred financing fees 195,075 221,586
-------------- --------------
Minority interest (4) -
STOCKHOLDERS' EQUITY:
Preferred Stock, none issued
Common Stock: 19,595,153 A Class shares
issued and outstanding at December 31,
2005 and September 30, 2006, 114,946 B
Class shares, issued and outstanding at
December 31, 2005 and 135,326 B Class
shares at September 30, 2006 197 197
Additional paid-in capital 182,180 181,265
Shares to be issued (298,403 A Class
shares) 6,853 6,853
Due from related party (2,024) (2,024)
Retained earnings 123,651 101,887
310,858 288,178
Less: Treasury stock (78,650 A Class
shares and 588 B Class shares) at
December 31, 2005 and June 30, 2006 (189) (189)
-------------- --------------
Total stockholders' equity 310,669 287,989
-------------- --------------
Total Liabilities & Stockholders' Equity 547,985 561,025
-------------- --------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2005 AND
SEPTEMBER 30, 2006 (UNAUDITED)
(In thousands of Dollars)
September 30, September 30,
2006 2005
Unaudited Unaudited
-------------- --------------
CASH FLOWS FROM (USED IN) OPERATING
ACTIVITIES
Net income for the period 21,765 53,959
Adjustments to reconcile net income to net
cash provided by operating activities
Depreciation & Amortization 22,125 11,523
Gain on sale of vessels 0 (24,319)
Other non cash expenses 690 5,897
Increase/Decrease in:
Current Assets (174) 353
Increase/Decrease in:
Current Liabilities 258 7,968
Payments for dry docking & special survey (3,075) (1,061)
a. Net cash from Operating Activities 41,589 54,320
-------------- --------------
CASH FLOWS FROM (USED IN) INVESTING
ACTIVITIES
Advances for vessel acquisition 0 0
Vessel acquisitions and/or improvements 0 (454,246)
Proceeds from sale of vessels 0 33,676
Office furniture & equipments (488) (245)
-------------- --------------
b. Net cash from (used in) Investing
Activities (488) (420,815)
-------------- --------------
CASH FLOWS FROM (USED IN) FINANCING
ACTIVITIES
Proceeds from long-term debt 0 282,415
Payment principal of loan (36,360) (18,805)
Issuance of common stock, net related
issuance costs 225 116,504
Other 17,693 (4,987)
-------------- --------------
c. Net cash from (used in) Financing
Activities (18,442) 375,127
-------------- --------------
-------------- --------------
Net increase (decrease) in cash & cash
equivalents 22,659 8,632
Cash & cash equivalents at beginning of
period 58,492 64,903
Cash & cash equivalents at end of the
period 81,151 73,535
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest payments 11,599 5,272
About Excel Maritime Carriers Ltd
The Company 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. The company's current fleet consists of 17 vessels (ten Panamax
and seven Handymax vessels) with a total carrying capacity of 1,004,930
dwt. The Company was incorporated in 1988 and its common stock had been
listed on the American Stock Exchange (AMEX) since 1998. As of September
15, 2005 Excel Maritime is listed on the New York Stock Exchange (NYSE),
trading under the symbol EXM. For more information about the Company,
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 the Company'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 the Company 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 the Company. 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 changes in the demand for
dry bulk vessels, competitive factors in the market in which the Company
operates; risks associated with operations outside the United States; and
other factors listed from time to time in the Company's filings with the
Securities and Exchange Commission. The Company 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
the Company's expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Contact Information: Contact: 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: nbornozis@capitallink.com www.capitallink.com Company: Christopher Georgakis Chief Executive 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: info@excelmaritime.com http://www.excelmaritime.com