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 Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Top Ships Enters 3 New Charters

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced

There’s Still Time for SHIPPINGInsight Award Entries

Entry submissions for the first SHIPPINGInsight Award are due Friday, Aug. 1, but organizers said they will continue to accept nominations through following week to provide some extra time.

Rio Tinto Pulls Plug on Mozambique Coal Venture

Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1305 sec (8 req/sec)