SOURCE: Excel Maritime

November 13, 2006 16:05 ET

Excel Maritime Reports Results for the Third Quarter and Nine Month Period Ended September 30, 2006

ATHENS, GREECE -- (MARKET WIRE) -- November 13, 2006 -- Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its financial and operating results for the third quarter and nine month period ended September 30, 2006.

Third Quarter 2006 Results:

Total revenues for the third quarter 2006 amounted to $32.7 million, a decrease of approximately 3% when compared to the $33.7 million earned during the third quarter of 2005. Net income for the third quarter 2006 amounted to $9.9 million versus $30.7 million for the same period in 2005, a decrease of approximately 68%.

Earnings per share basic and diluted for the third quarter 2006, calculated on 19,949,644 shares outstanding, were $0.50 compared to $1.54 in the third quarter of 2005, a decrease of 68%. The average number of shares outstanding in the third quarter of 2005 was 19,929,264. It should be noted that the third quarter 2006 figures include unrealized losses of $0.9 million or $0.04 per share due to an interest rate swap entered during the quarter, while the third quarter 2005 figures include gains from vessel sales of $18.7 million or $0.94 per share.

EBITDA for the third quarter 2006 was $21.4 million compared to $41.1 million during the third quarter 2005. Please refer to a subsequent section of this Press Release for a reconciliation of EBITDA to Net Income.

An average of 17 vessels were operated during the third quarter 2006 earning a blended average time charter equivalent rate of $19,971 per day, compared to an average of 18.1 vessels operated during the third quarter 2005 earning a blended average time charter equivalent rate of $18,620 per day.

Nine Months 2006 Results:

For the nine month period ended September 30, 2006, total revenues were $88.9 million, an increase of approximately 7% when compared to the $82.9 million earned during the same period of 2005. Net income for the nine month period ended September 30, 2006 amounted to $21.8 million versus $54.0 million for the same period in 2005, a decrease of approximately 60%.

Earnings per share basic and diluted for the nine month period ended September 30, 2006, calculated on 19,946,658 shares outstanding, were $1.09 compared to $2.97 during the same period in 2005, a decrease of approximately 63%. The average number of shares outstanding for the nine-month period ended September 30, 2005 was 18,151,877. It should be noted that the nine month 2006 figures include unrealized losses of $0.9 million or $0.04 per share due to an interest rate swap entered during the third quarter, while the nine month 2005 figures include gains from vessel sales of $24.3 million or $1.34 per share.

EBITDA for the nine-month period ended September 30, 2006 was $54.0 million compared to $77.5 million during the same period 2005.

An average of 17 vessels were operated during the nine-month period ended September 30, 2006, earning a blended average time charter equivalent rate of $18,628 per day, compared to an average of 13.3 vessels operated during the nine-month period 2005 earning a blended average time charter equivalent rate of $21,026 per day.

Management Commentary:

CEO Christopher Georgakis commented: "Our strong operational performance during the third quarter 2006 was a function of the continued strength in the dry bulk markets and of our fleet deployment strategy of period and spot charters. In this context, we achieved a 7.3% increase in the blended daily average time charter equivalent rate over the same three-month period in 2005.

"Our aim is to continue securing part of our fleet under profitable long term employment thereby increasing our profitability while enhancing the stability and predictability of our earnings.

"Accordingly, during the third quarter 2006 we have chartered M/V Angela Star for a period of 24 to 26 months at US $26,500 per day and M/V Forteza for a period of 12 to 14 months at US $28,000 per day, both to first class European charterers.

"At present we have fixed 65% of our fleet operating days for the fourth quarter of 2006 and 25% for 2007. Going forward, we intend to capitalize on the prevailing market strength by opportunistically securing period employment for some of our vessels rolling-off their existing charters.

"We intend to continue to maintain low leverage and warehouse liquidity, which we believe gives us the opportunity to take advantage of fleet expansion opportunities as they arise."

Conference Call and Webcast:

As already announced, tomorrow, Tuesday, November 14, 2006 at 10:00 a.m. EST, the company's management will host a conference call to discuss the results.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-866-819-7111 (from the US), 0800-953-0329 (from the UK) or +44 (0) 1452-542-301 (all other callers). Please quote "Excel Maritime."

In case of any problem with the above numbers, please dial 1-866-869-2352 (from the US), 0800-694-1449 (from the UK) or +44 (0) 1452-560-304 (all other callers). Quote "Excel Maritime."

A telephonic replay of the conference call will be available until November 21, 2006 by dialing 1-866-247-4222 (from the US), 0800-953-1533 (from the UK) or +44 (0) 1452-550-000 (all other callers). Access Code: 1838801#

Slides and audio webcast:

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

Updated Fleet List:

The following table represents our fleet as of November 13, 2006:

     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