Forthnet News

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced that Charalampos Mazarakis has been appointed as the Company's Chief Operating Officer. Mazarakis will assume his position in mid May 2010. The company also announced that Pavlos Kanellopoulos has been appointed as the company's Chief Financial Officer. Kanellopoulos will assume his position in early April 2010. Mazarakis has 20 years of experience in finance and operations positions, mostly at a senior level. Mazarakis started his career in 1991 at Procter & Gamble in Greece.

Greek ferry operator Minoan Lines plans a capital increase to partly finance its fleet renewal program but may opt to sell non-core holdings if stock market conditions do not improve, it said in a statement. Minoan has already taken delivery of three new ferries and expects five additional vessels. Its investment program is financed by bank loans, 70 percent, and own equity. The company said that should it decide to dispose of its 24 percent stake in Internet service provider Forthnet, this will not be liquidated in the market. Minoan will seek to sell the stake to a strategic investor accepted by Forthnet management, it said.

Schroders Securities said in a research report that it rates shares of Greek shipping company Minoan Lines perform in line with the market, although anticipated industry activity may drive the shares to new highs. Analysts said shares were fairly valued on current fundamentals. On the issue of market consolidation, Schroders expects Minoan to continue its prudent acquisitions and not rush into consolidation The merger of Attica Enterprises and Strintzis Shipping Lines could have a direct short-term operating impact on Minoan's north Adriatic routes but should lead to a better long-term pricing environment. Future share price drivers are likely to come from corporate activity within the sector and the forthcoming float of Forthnet and Minoan Flying Dolphins, Schroders said.

Minoan Lines expects its group 1999 profit to grow 58 percent to $49.4 million. Company officials said that revenues from its Greece to Italy routes in the first 10 months of the year were up 15.1 percent to $71.9 million. Total revenues in the same period from its international routes were up 9.5 percent to $90.9 billion. "Based on the 10-month results, Minoan Lines managed to achieve significant revenue growth despite the Kosovo crisis which affected the first half results," company officials said. Revenues from domestic routes in the first 10 months of the year were maintained at last year's levels and reached $34.1 million. Minoan Lines has ordered seven newbuildings at a cost of $660 million.