New One-year Time Charters for Two Excel Maritime Bulkers

Press Release
Tuesday, May 22, 2012

New one-year time charters for two dry bulk carriers of Excel Maritime Carriers Ltd.

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announce that it entered into new period charter agreements for yet another two of its vessels, as follows:

Kamsarmax M/V Iron Vassilis (82,257 dwt; built in 2006) and Panamax M/V Grain Express (76,466 dwt; built in 2004) have been fixed for a period of 10 -13 months at a gross daily rate of $11,000.

Following these fixtures, the Company’s charter coverage for the full year 2012 is: 72% for the entire fleet; 100% for the Capesize fleet. 

Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products.

The company owns a fleet of 40 vessels, one of which, a Capesize vessel, is owned by a joint venture in which Excel holds a 71.4% interest, and, together with seven Panamax vessels under bareboat charters, operates 47 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and three Handymax vessels) with a total carrying capacity of approximately 4.1 million DWT.

 

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