Excel Maritime Carriers Ltd 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…

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…

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.

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…

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.

06 Aug 2010

Seaspan Financial Results, Three and Six Months

Seaspan Corporation (NYSE:SSW) announced the financial results for the three and six months ended June 30, 2010. Gerry Wang, Chief Executive Officer of Seaspan, stated, "During the second quarter, Seaspan achieved high utilization for its modern fleet and posted strong operating results while further expanding its contracted revenue streams. We took delivery of six newbuildings, four of which were delivered ahead of schedule, highlighting increased demand during the quarter. All six vessels commenced long-term time charters with top liner companies as planned. In addition, we capitalized on an attractive market opportunity by acquiring a 4250 TEU newbuilding, our first acquisition since late 2007.

06 May 2010

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.

31 Mar 2010

Mazarakis COO, Kanellopoulos CFO, Excel Maritime

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.

25 Feb 2010

Excel Maritime Q4 & Year End Results

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the fourth quarter and year ended December 31, 2009. -- Revenue from operations for the quarter amounted to $186.2 million as compared to $189.2 million in the fourth quarter of 2008. -- Net profit for the quarter was $81.8 million or $1.00 per weighted average diluted share compared to a loss of $332.1 million or $7.56 per weighted average diluted share in the fourth quarter of 2008. -- The fourth…

11 Nov 2009

Time Charter for MV Renuar and Elinakos

Excel Maritime Carriers Ltd (NYSE: EXM) announced that it has entered into two new charter agreements for the M/V Renuar and the M/V Elinakos. The M/V Renuar, a 1993 built Panamax bulk carrier with a carrying capacity of 70,128 dwt, has entered into a charter agreement for a minimum period of 12 months to a maximum period of 14 months at the gross daily rate of $22,500. The M/V Elinakos, a 73,751 dwt, 1997-built Panamax bulk carrier, has entered into a short-term charter agreement for a period of a minimum of 4 months to a maximum of 6 months at a gross rate of $25,000 per day.

05 Nov 2009

Excel Maritime Reports Q3 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 third quarter and nine-month period ended September 30, 2009. Revenue from operations for the quarter amounted to $174.4 million as compared to $231.6 million in the third quarter of 2008. Net profit for the quarter was $62.0 million or $0.79 per weighted average diluted share compared to $117.6 million or $2.66 per weighted average diluted share in the third quarter of 2008. The third quarter 2009 results…

01 Jun 2009

Excel Maritime 1Q Results

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the first quarter ended March 31, 2009. •    Net income was $118.0 million or $2.57 per weighted average diluted share compared to $35.1 million or $1.76 per weighted average diluted share in the first quarter of 2008, an increase of approximately 236.2%. The results for the first quarter of 2009 include a non-cash item of $6.7 million relating to the unrealized gain from the valuation of interest rate swaps and $0.1 million gain on sale of a vessel.

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