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. Our vessels remain 90% covered for 2012 and 25% for 2013 and we continue to effectively manage our fleet through the broad industry downturn with competitive operations. All these actions should position the Company well for when the shipping market eventually recovers.”

Excel owns a fleet of 40 vessels, one of which, a Capesize vessel, is owned by a joint venture in which Excel holds a 71.4% interest, and, together with seven Panamax vessels under bareboat charters, operates 47 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and three Handymax vessels) with a total carrying capacity of approximately 4.1 million DWT.