Excel Maritime Q1 Results
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 its operating and financial results for the first quarter ended March 31, 2010. A reconciliation of the non-GAAP measures discussed above is included in a subsequent section of this release. Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, “We are pleased to report yet another profitable quarter with increased cash flow generation. We believe that our balanced fleet deployment strategy has allowed us to take advantage of the improving dry bulk market conditions and has resulted in increased EBITDA and operating cash flow compared to the respective period of last year.
Quintana Maritime Announces Sale and Lease-back of Panamax Vessels
Quintana Maritime Limited has agreed to a transaction with Glitnir Finance AS, subject to negotiation of final documentation and satisfaction of closing conditions, involving the sale and lease-back of seven of its oldest Panamax ships: Coal Glory, built in 1995, and Iron Man, Linda Leah, Barbara, Coal Age, Fearless I, and King Coal, all built in 1997. The sale and lease-back transaction is expected to produce net proceeds of approximately $250 million, and the Company expects to operate the ships for eight years, paying an average daily bareboat charter rate of approximately $12,700 for each vessel. The transaction is expected to close before the end of July 2007.
