Excel Maritime Reports Results for the First Quarter ended March 31, 2011
News Release
Excel Maritime Carriers, Ltd.
May 3, 2011
Excel Maritime Reports Results for the First Quarter
ended March 31, 2011
ATHENS, GREECE – 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.’’
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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.
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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 -
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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
EXPEN SES:
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
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EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 2010 AND MARCH 31, 2011 (UNAUDITED)
(In thousands of U.S. Dollars)
ASSETS
December 31,
2010
March 31,
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
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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
SUP PLEM ENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest payments $ 8,366 $ 4,899
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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
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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.
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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.
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
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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
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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.
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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
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Fleet List as of April 29, 2011:
Vessel Name Dwt Year Built Charter Type Daily rate Average Charter
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
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(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.
New-building contracts (A) Type Dwt Original scheduled 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
ended March 31, 2011
ATHENS, GREECE – 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.’’
2
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.
3
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 -
4
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
EXPEN SES:
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
5
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 2010 AND MARCH 31, 2011 (UNAUDITED)
(In thousands of U.S. Dollars)
ASSETS
December 31,
2010
March 31,
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
6
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
SUP PLEM ENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest payments $ 8,366 $ 4,899
7
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
8
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.
9
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.
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
10
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
11
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.
12
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
13
Fleet List as of April 29, 2011:
Vessel Name Dwt Year Built Charter Type Daily rate Average Charter
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
14
(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.
New-building contracts (A) Type Dwt Original scheduled 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