Excel Maritime Reports Grounding and Re-floating

Friday, July 25, 2008

Excel Maritime Carriers reported that the vessel M/V Angela Star, has run aground while entering the of , . At the time of the grounding, the vessel was under towage and had two pilots on board.
The vessel has been re-floated without outside assistance and has been safely moored at a discharge berth. No engine or steering gear failure, injuries or pollution have been reported.
Following discharging, the vessel will sail to a yard for permanent repairs. The vessel is currently estimated to remain off hire for approximately 45 days with an estimated total cost from the incident to the Company, including loss of hire, expected to be $1.4 million or $0.03 per share, which will be realized in the third quarter of this year.
The M/V Angela Star is a 73,798 dwt bulk carrier built in 1998 in . At the time of the incident the vessel was carrying a load of coal and was serving under a time charter at $26,500 per day for a period of 24-26 months, commencing on October 2006.

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