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Christopher Georgakis News

15 Dec 2004

Excel Maritime Acquires Handymax Dry Bulk Vessel

Excel Maritime Carriers Ltd a shipping company specializing in the seaborne transportation of dry bulk cargoes, announced that it has entered into an agreement to purchase a Handymax dry bulk vessel for delivery during the first quarter of 2005. The vessel, of 42,500 dwt, was built in Japan in 1987, and will be put directly into the spot and short term time charter markets. CEO Christopher Georgakis commented, "The demand for seaborne dry bulk trade has grown tremendously over the last few months and continues to be strong. While no one can predict the future, the Baltic Dry Index of charter rates has risen 35 percent from September 30, 2004 to 5551.

10 Mar 2005

Excel Maritime Agrees to Acquire MV Fiona Bulker

Excel Maritime Carriers Ltd a shipping company specializing in the seaborne transportation of dry bulk cargoes such as iron ore, coal and grains, announced that it agreed in late February 2005 to acquire a Handymax bulk carrier, MV Fiona Bulker, for a purchase price of $25.6 million. MV Fiona Bulker (to be renamed "MV Princess I") is a Handymax bulk carrier of approximately 38,800 dwt, built in 1994 by Ishikawajima-Harima Heavy Industries. The vessel is expected to be delivered by late May 2005. MV Fiona Bulker is the ninth vessel that the Company has agreed to acquire since Christopher Georgakis joined Excel Maritime as CEO in late October 2004.

07 Jun 2005

Excel Maritime Takes Physical Delivery of MV Princess I and MV Angela Star

Korea. MV Angela Star is a Panamax bulk carrier of 73,798 dwt built in 1998. vessels were built in Japan. February 21, 2005 and MV Angela Star on March 23, 2005. delivery of MV Princess I and MV Angela Star.

04 Aug 2005

Excel Reports Earnings

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 its un-audited results for the second quarter 2005 and the first half of 2005 ended June 30th. Total revenues for the second quarter 2005 amounted to $31.9 million, an increase of 138% when compared to the $13.4 million earned during the second quarter of 2004. Net income amounted to $14.6 million versus $8.6 million in the second quarter of 2004, an increase of 70%. Earnings per share for the quarter were $0.73 compared to $0.74 in the second quarter of 2004. For the first half of 2005, total revenues amounted to $49.2 million, an increase of 86% from the $26.5 million earned in the first half of 2004.

04 May 2007

Excel Maritime to Present at Global Transportation Conference in New York

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 that Christopher Georgakis, the company's President and Chief Executive Officer, will be presenting at the Bear Stearns 2007 Global Transportation Conference to be held at the Bear Stearns World Headquarters in New York City on May 9.

22 Nov 2005

Excel Maritime to Sell 26 Year Old Vessel

Excel Maritime Carriers Ltd announced that it agreed to sell Almar I, a Capesize bulk carrier of 107,140 dwt built in 1979. The sale of the vessel is expected to generate a capital gain of approximately $ 2.5 million for the company. Christopher Georgakis, President and CEO commented: "Since last November, we have been committed to a strategy of fleet renewal. The sale of "Almar I", a 26 year old Capesize bulk carrier and the oldest vessel in our fleet took place within the context of this strategy. The average age of our fleet is now further reduced to 12.8 years, well below the industry average of 16 years. Christopher Georgakis commented further: "We now have a fleet of 17 vessels with a total carrying capacity of 1,004,930 dwt.