Excel Maritime Fleet Expansion Update

Thursday, January 22, 2009

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator and provider of worldwide seaborne transportation services for dry bulk cargoes, announced the delivery of a newbuild Capesize vessel as well as the cancellation of a vessel purchase agreement.

Excel Maritime has taken delivery of the newbuild Capesize vessel M/V Sandra on December 26, 2008 from the Imabari Shipyard in Japan. The vessel has a carrying capacity of 180,000 dwt and has been deployed under a 5-year time-charter at the gross rate of $ 39,000 per day.

In addition, the company has successfully cancelled its obligation to purchase the 2002 built Supramax vessel M/V Medi Cebu with a carrying capacity of 52,464 dwt. Excel had agreed to acquire this vessel for $72.5m in the event that Oceanaut would not lift the vessel subjects by October 31st, 2008.

As a result of the cancellation the company has agreed to minimize its cash outlay by releasing to the sellers the amount of $7.25m, which is equivalent to the 10% deposit as well as issue 1,100,000 Excel Class A shares to a company nominated by the sellers. Furthermore, the company has entered into an agreement whereby Excel retains an exclusive option to purchase the vessel charter free for the amount of $25.7m until December 31, 2009.

(www.excelmaritime.com)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

OTC Names 2016 Award Winners

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston.   As part of the

ABS' Tikka Elected Foreign Member of NAE

ABS, a provider of classification services to the global marine and offshore industries, announced the election of ABS Europe and Africa Division President Dr.

Ellicott Takes On Rohr-Idreco Line in Latin America

Ellicott Dredges LLC & Rohr-Idreco Dredge Systems, which are owned by Ellicott Dredge Enterprises, LLC, has  announced that Ellicott's Latin American Sales Manager,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0914 sec (11 req/sec)