Excel Maritime News

01 Jan 2018

Pankaj Khanna Appointed As CEO of Ocean Rig

Image: Ocean Rig UDW

Pankaj Khanna has been appointed as President and Chief Executive Officer of Ocean Rig UDW, a global provider of offshore deepwater drilling services,  effective January 1, 2018. Khanna is 47 years old with 29 years of varied experience in the maritime & offshore industry. He last served as Chief Executive Officer of Pioneer Marine Inc, a drybulk company that he founded in 2013. Prior to his position at Pioneer Marine Inc Khanna served as Chief Marketing Officer at Ocean Rig UDW Inc. from January 1, 2012 to October 2, 2012. Mr. Khanna served as the Chief Operating Officer of DryShips, Inc.

19 Apr 2015

Star Bulk Adds Jennifer

Pic: Star Bulk Carriers Corp

Star Bulk Carriers Corp has added M/V Star Jennifer (ex "Ore Hansa), a 82,290 dwt Kamsarmax bulk carrier, built in 2006, to its fleet. The Company completed the acquisition of 34 vessels from Excel Maritime Carriers Ltd under an "en bloc" transaction announced on August 19, 2014. Pursuant to the completion of the Excel Vessel Fleet acquisition, the Company has currently 162,684,541 shares of common stock outstanding. Star Bulk currently owns seventy dry bulk vessels on the water…

03 Mar 2015

Shipping Industry Faces Shake Up

Photo: Aurelie Moulin

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry. Private equity invested tens of billions in global shipping after the 2008 financial crisis, but weaker Chinese demand and an oversupply of ships has driven down freight rates and caused firms to idle vessels and in some cases file for bankruptcy. At least five private-equity backed shipping firms are seeking share listings…

02 Feb 2015

Star Bulk Sells Panamax Bulker for Demolition

Star Bulk Carriers Corp. has entered into an agreement to sell for demolition the M/V Star Tatianna (ex Fortezza), a 69,600 dwt Panamax vessel built in 1993, to an unaffiliated third party. Star Bulk expects to deliver the vessel to the buyers by early February 2015. The vessel was acquired from Excel Maritime Carriers Ltd under an en bloc transaction of 34 vessels on August 19, 2014. Inclusive of Star Tatianna, the company has successfully disposed three of those vessels since the end of December 2014…

23 Sep 2014

Star Bulk Takes Delivery of M/V Leviathan

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, has announced that on September 19, 2014 it has taken delivery of M/V Leviathan, a 182,000 dwt Capesize built by Japan Marine United (JMU). The vessel is a sistership to M/V Peloreus already delivered to the company and is the second of six similar vessels ordered at JMU with expected deliveries until the third quarter of 2015. The JMU Capesize vessels are all built with modern…

19 Aug 2014

Star Bulk to Acquire 34 Drybulk Vessels

Photo: Star Bulk

Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million shares of common stock of Star Bulk and $288.39 million in cash. Star Bulk Carriers Corp. announced today that it has entered into definitive agreements with Excel Maritime Carriers Ltd. pursuant to which the company will acquire 34 secondhand operating drybulk carriers, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels…

06 Aug 2014

Eagle Bulk Shipping Files for Bankruptcy

Photo courtesy of Eagle Bulk Shipping

Eagle Bulk Shipping filed for bankruptcy on Wednesday, the latest in a string of shipping companies to make a Chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million. The U.S. company said in a statement that creditors who hold more than 85 percent of its loans have voted in favor of a proposed reorganization plan. Getting creditor support for a "prepackaged" plan before filing for Chapter 11 can dramatically cut the time a company spends in bankruptcy. Eagle Bulk filed in Manhattan's U.S. Bankruptcy Court.

24 Jun 2014

Container Shipper Nautilus Files for Bankruptcy

Nautilus Holdings Ltd, a Bermuda-chartered company that leases containerships, has filed for Chapter 11 bankruptcy protection in New York, becoming the latest victim of a depressed shipping industry. The company has about $770 million in debt, according to papers filed late Monday with the U.S. Bankruptcy Court in Manhattan. International shipping rates have fallen in recent years as large new vessels entered service at the same time that a sluggish global economy was curbing trade. Nautilus said it had some profitable charter contracts and believed it was well-positioned to restructure its obligations, but it filed for bankruptcy protection to bring creditors into a single forum for negotiations.

27 Jan 2014

Excel Reduces Debt by $600 Million

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers, today announced that the United States Bankruptcy Court for the Southern District of New York confirmed the Amended Joint Chapter 11 Plan of Reorganization, which has the support of the company's senior secured lenders and unsecured creditors. The plan was unanimously accepted by Excel's two voting classes, with 100% of the class of secured lenders and approximately 92% of the class of impaired Excel general unsecured creditors, by value, voting in favor. Excel expects to emerge from Chapter 11 in mid-February 2014. Upon completion of the restructuring process, the company's total prepetition debt of $920 million will be reduced to approximately $300 million.

28 Nov 2013

Excel Maritime Agree Chapter 11 Way Out Re-structuring

Image courtesy of Excel Maritime

Excel Maritime Carriers Ltd. say they have reached an agreement on the terms of a modified plan of reorganization with its senior secured lenders and the Official Committee of Unsecured Creditors, which was filed with United States Bankruptcy Court for the Southern District of New York. "We are pleased to have reached this agreement with our lenders and bondholders, which positions Excel Maritime for future growth and success," said Gabriel Panayotides, Chairman of the Board.

02 Jul 2013

Bulk Carrier Owner Excel Files Chapter 11 Bankruptcy

Bulker MV Christine: Photo courtesy of Excel Maritime Carriers

Excel Maritime Carriers has entered into an agreement with its senior lenders on the terms of a financial restructuring, having now necessarily filed Chapter 11 petitions for relief in the United States Bankruptcy Court for the Southern District of New York. The agreement, which has the support of Excel Maritime's senior secured lenders, is substantially similar to the previously announced agreement in principle the Company reached with the steering committee of its senior lenders and provides the Company with up to $80 million of additional liquidity…

12 Jun 2013

M.V. New Direction Completed and Delivered

The 56,000 DWT Type Bulk Carrier with Huge Cargo Hold Capacity (over 70,000 m3) 157th Ship of Mitsui’s 56 Series Delivered M.V. New Direction. Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 56,000 dwt type bulk carrier M.V. New Direction (MES Hull No. 1844) at its Tamano Works on June 12, 2013 to New Excel Maritime S.A., Panama. This vessel is a handy-max type bulk carrier of 56,000 dwt with a large cargo hold capacity over 70,000 m3 and marks the 157th ship of its series.

12 Jun 2013

Excel Maritime Files Chapter 11, Plans Financial Re-structuring

Excel Capesize Vessel: Photo courtesy of Excel Maritime

Excel Maritime Carriers, owners & operators of a large fleet of dry bulk carriers, become the latest casualty of the downturn in the shipping industry, but sets financial plans for recovery. The company says t has reached an agreement in principle with a steering committee of its senior lenders on the terms of a financial restructuring to strengthen its balance sheet. Up to $50 million infusion of capital as a result of an agreement between the senior lenders and an entity affiliated with the family of Gabriel Panayotides, Excel Maritime's Chairman of the Board of Directors.

11 Jun 2013

Excel Agreements Strengthen Financial Foundation

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, has announced that it has reached an agreement in principle with a steering committee of its senior lenders on the terms of a financial restructuring to strengthen its balance sheet. Through this agreement, Excel Maritime expects to reduce its funded indebtedness and enhance its liquidity profile with the support of its senior lenders as it continues to provide first class service as a premier provider of dry bulk transportation services. Under the terms of the agreement…

29 Mar 2013

Bulk Ship Owner Follows Trend, Reports 2012 Profit Plunge

Excel's Bulk Carrier 'Mairaki': Photo courtesy of Excel Maritime

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. 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…

02 Oct 2012

Banks Agree to Exend Excel's Equity Raising Period

Troubled Greece-based Excel Maritime Carriers has agreed with its lenders to effectively extend its equity raising commitment through December 31, 2012. Excel Maritime Carriers has agreed with its lenders under its $1.4bn syndicated credit facility to effectively extend, subject to certain conditions, its equity raising commitment through December 31, 2012 and waived certain covenants. In addition, on October 1, 2012, Excel exercised its option to defer the instalment of $24.3mn due on that date. Pavlos Kanellopoulos, Chief Financial Officer, commented: “The Company has a supportive banking group with which we will continue to work cooperatively over the next months.

22 May 2012

New One-year Time Charters for Two Excel Maritime Bulkers

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

22 Feb 2012

Excel Maritime Signs New Bulk Charters

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, entered into new period charter agreements for yet another two of its vessels. • Panamax M/V Grain Harvester (76,417 dwt; built in 2004) has been fixed for a period of 10-13 months at a gross daily rate of $11,250. As a result of these additional charters, the company has 100% coverage of its Capesize vessels; 60% coverage of the entire fleet.

13 Feb 2012

Excel Announces Bulk Carrier Contracts

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, has entered into four new period charter agreements  for four of its Kamsarmax vessels. - Each of the Kamsarmax M/V Ore Hansa (82,209 dwt; built in 2006), M/V Coal Gypsy (82,221 dwt; built in 2006) and M/V Iron Brooke (82,594 dwt; built in 2007) has been fixed for a period of 10 – 13 months at a gross daily rate of $11,250. - 53% coverage of the entire fleet at an average TCE rate of $16,114.

02 Aug 2011

Excel Reports Strong 2Q

Excel Maritime Carriers Ltd, an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, has announced its operating and financial results for the second quarter and six month period ended June 30, 2011. - Disposal of 1985 Handymax MV Lady on advantageous terms. To read the rest of the report, visit http://www.excelmaritime.com/uploads/exmpr072811.pdf.

13 Jul 2011

Excel Cancels Four Shipbuilding Contracts

Excel Maritime Carriers Ltd, an owner and operator of dry bulk carriers and provider of transportation services for dry bulk cargoes, announced the cancellation of four shipbuilding contracts for the construction of four bulk carrier vessels of 180,000 dwt each. The company had entered into the aforementioned contracts in December 2006 with Korea Shipyard Co. Ltd. Excel cancelled the contracts on the basis of delay by the shipyard, without any penalties. The cancellation has no impact on the company’s financial position and will not affect its financial statements.

15 Jun 2011

Excel Maritime Enters Time Charters

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and provider of seaborne transportation services for dry bulk cargoes, announced today that it has entered into two two-year time charters for its Kamsarmax vessels M/V Coal Hunter and M/V Santa Barbara. M/V Coal Hunter and M/V Santa Barbara are both 2006-built Kamsarmax bulk carriers with carrying capacity of 82,298 and 82,266 dwt respectively. The vessels have been fixed under separate time charters with European charterers for a period of two years at a gross daily charter rate of $15,000 for the first year. The daily rate for the second year will be linked to the Baltic Panamax Index (BPI) with guaranteed minimum rate (floor) at $14,000 per day and a profit sharing arrangement.

17 Mar 2011

Excel Maritime Enters into a Year TC for the Panamax Bulk Carrier M/V First Endeavour

ATHENS, GREECE – March 16, 2011 –  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 today that it has entered into a one year time charter agreement for M/V First Endeavour, a 1994 built Panamax bulk carrier with 69,111 dwt carrying capacity, at a gross daily rate of $17,500 with a reputable charterer.

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