Bulk Ship Owner Follows Trend, Reports 2012 Profit Plunge

Press Release
Friday, March 29, 2013
Excel's Bulk Carrier 'Mairaki': Photo courtesy of Excel Maritime

Greece-based shipowners Excel Maritime reports results for the second half and year-ended December 31, 2012, re-n

For the year ended December 31, 2012, Excel reported voyage revenues of $242.0 million compared to voyage revenues of $353.4 million for the year ended December 31, 2011.

Corporate highlights
The Company is currently in advanced restructuring discussions with its lenders under its syndicated credit facility, dated as of April 14, 2008 (the “Syndicate Lenders”), which include amended amortization schedules and extension of the facility’s maturity.

While such discussions continue, the Syndicate Lenders have agreed to forbear from exercising their rights in connection with the principal installments that have become due in the current fiscal year, through April 30, 2013.

The Company’s access to the escrowed funds to fund its equity raising commitment has been similarly extended to April 30, 2013. The Company is in similar discussions with its lenders under its bilateral credit facilities. To date, the Company has not obtained a forbearance from its lenders with respect to other, non- payment related, defaults under its syndicated and bilateral credit facilities.

There can be no assurance that the Company will be able to reach an agreement with its lenders and other creditors on such restructuring. Also, the ultimate accounting impact of the restructuring is unknown and will be determined once an agreement on the final terms of such restructuring has been reached.

In addition, three of the vessels that were employed on bareboat charter have been redelivered to their respective owners for an amount of up to $6.0 million payable in cash or in stock up to December 2017, in the latter case at the market price on the date of the stock’s issuance in 2017. The remaining four vessels that were employed on bareboat charter have been redelivered to their respective owners, with the claims of the parties being the subject of arbitration.


Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Shipowner Creates Fund for Families of Missing El Faro Crew

The owners of the cargo ship El Faro that sank after it was trapped in the path of Hurricane Joaquin off the Bahamas last week announced the creation of a family

Coast Guard Foundation Raises $250,000 for Scholarships

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Newport News Shipbuilding Converts to Natural Gas

Huntington Ingalls Industries (HII) announced today that its Newport News Shipbuilding division has converted its steam-generation plant from heavy fuel oil, also known as Bunker C,

Bulk Carrier Trends

Commodity Surge Boosts World Equities; Dollar Falls

Major world stock markets were poised for their biggest weekly advance since 2011 on Friday, as greater investor appetite for riskier assets propelled gains in

Commodities See Biggest Price Jump in 3 Years

Commodities jumped on Friday, headed for their largest weekly gain in more than three years as base metals roared higher after Glencore pledged to slash zinc output

Dry Bulk Shipping Turmoil Set to Extend into 2016

Dry bulk shipping faces more earnings pain as a slowdown in commodities demand and a glut of ships are expected to pile on the pressure well into 2016, ship industry players said on Wednesday.

Maritime Contracts Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.2696 sec (4 req/sec)