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.

Second quarter highlights include the following:
- Operating profitable quarter with Adjusted EBITDA at $44.0 million and operating free cash flow at $27.6 million;
- Comprehensive financial covenant relaxation agreement in place with lenders under our credit facilities through December 2012, including the relaxation of vessel value covenant;
- Further increase in charter coverage to 84% of available vessel days for 2011 and 54% for the next 12 months to June 2012, including entering into eight additional period charters of more than 1 year;
- Disposal of 1985 Handymax MV Lady on advantageous terms.

To read the rest of the report, visit http://www.excelmaritime.com/uploads/exmpr072811.pdf.