Marine Link
Saturday, December 10, 2016

Excel Maritime to Sell 26 Year Old Vessel

November 22, 2005

Excel Maritime Carriers Ltd announced that it agreed to sell Almar I, a Capesize bulk carrier of 107,140 dwt built in 1979. The sale of the vessel is expected to generate a capital gain of approximately $ 2.5 million for the company. Christopher Georgakis, President and CEO commented: "Since last November, we have been committed to a strategy of fleet renewal. The sale of "Almar I", a 26 year old Capesize bulk carrier and the oldest vessel in our fleet took place within the context of this strategy. The average age of our fleet is now further reduced to 12.8 years, well below the industry average of 16 years. We are pleased both with the timing and the price of the sale." Christopher Georgakis commented further: "We now have a fleet of 17 vessels with a total carrying capacity of 1,004,930 dwt. With 9 vessels already deployed in the period market and 8 vessels operating in the spot market, we believe we are well positioned to take advantage of the improved freight rate environment, while at the same time we have greater visibility of earnings."


 
Maritime Reporter Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News