Excel Maritime to Sell Bulk Carrier

Friday, May 11, 2007
Excel Maritime Carriers Ltd , an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has agreed to sell the M/V Goldmar, a Handymax dry bulk carrier of 39,697 dwt, built in 1984 in Japan, to an affiliated company for $15.85 million net of commissions. The sale has been approved by the company’s Board of Directors and the vessel was delivered to the buyer the week commencing May 7, 2007. Excel Maritime expects to realize a book gain of approximately $6.2 million from this sale. Maryville Maritime, Inc., a wholly owned subsidiary of Excel Maritime, will continue as the technical manager of M/V Goldmar, thus generating a revenue stream for Excel of about $ 17,000 per month or about $ 200,000 annually.
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