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Excel Maritime Reports Results for the First Quarter Ended March 31, 2012

ATHENS, GREECE -- (Marketwire) -- 05/03/12 -- Excel Maritime Carriers Ltd (NYSE: EXM) ("Excel"), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its operating and financial results for the first quarter ended March 31, 2012.

Financial highlights


                                                      Three-Months ended
                                                           March 31,
                                                       2011         2012
                                                    (amounts in millions of
                                                    U.S Dollars, except per
                                                     share data and daily
                                                             TCE)
Voyage Revenues                                    $      97.3  $      64.1
Net Loss                                           $      (1.0) $     (36.6)
Adjusted Net Income (Loss)                         $       0.5  $     (35.6)
Losses per Share-Diluted                           $     (0.01) $     (0.42)
Adjusted Earnings (Losses) per Share-Diluted       $      0.01  $     (0.41)
Adjusted EBITDA                                    $      48.0  $      22.2
Time Charter Equivalent (TCE) per day              $    19,642  $    14,048


A reconciliation of the non-GAAP measures discussed above is included in a later section of this release.

Corporate highlights and Recent developments

Loan amendments: In March 2012, we amended the loan repayment schedule of our $1.4 billion credit facility and were granted the option to defer the repayment of principal amount of up to $100.0 million, originally scheduled for 2012 and 2013, to the balloon payment at the end of the facility's term in 2016. In addition, we amended the collateral value clause and a number of financial covenants of certain credit facilities for the period through December 31, 2013, in order to respond to the weak charter conditions currently prevailing in the market and the associated volatility in the vessels' market values. (Please refer to the recent developments in our earnings release issued on March 16, 2012 for a detailed discussion of the foregoing amendments.)

Deferral Notice: Following the amendment of our $1.4 billion credit facility, we exercised our option to defer the entire loan installment of $24.3 million, originally due on April 2, 2012, to the balloon payment of the facility in April 2016.

Fleet Coverage


Fleet Coverage, as of April 30, 2012                 Full Year '12
Capesize Fleet                                           100%
Kamsarmax / Panamax Fleet                                 65%
Entire Fleet - Fixed Charters                             67%
% of Fixed Charters with upside participation             25%


As of April 30, 2012, we have secured contract coverage for 100% and 65%, respectively, of the available days of our Capesize vessels and Kamsarmax/Panamax vessels for the year ending December 31, 2012. With respect to the entire fleet, 67% of the available days of 2012 have been fixed, 25% of which under contracts which offer an upside potential through profit sharing arrangements or index-linked structures and hedge against downside price risk through floor protection.

Management Commentary:

Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, "Against challenging market conditions, Excel delivered an operating cash flow positive quarter, as we continued to capture the benefits of disciplined cost management and prudent chartering strategy. The successful completion of the waiver agreement with our lenders is a great achievement and will help us weather through the near term challenges stemming from the structural imbalances in our markets. Despite current uncertainty persisting in the global economy, the longer term outlook for Excel's diversified fleet remains strong. We expect robust demand for commodities in the emerging economies, notably in China and India, which will eventually lead to a sustained recovery in freight rates when the excess tonnage is absorbed."

First Quarter 2012 Results:

Excel reported voyage revenues for the first quarter of 2012 amounting to $64.1 million compared to $97.3 million for the same period in 2011, a decrease of approximately 34.1%.

Adjusted EBITDA for the first quarter of 2012 was $22.2 million compared to $48.0 million for the first quarter of 2011, a decrease of approximately 53.8%.

Net loss for the quarter amounted to $36.6 million or $0.42 per weighted average diluted share compared to a net loss of $1.0 million or $0.01 per weighted average diluted share in the first quarter of 2011.

The first quarter 2012 results include a non-cash unrealized gain on derivative financial instruments of $3.5 million compared to a non-cash unrealized gain on derivative financial instruments of $6.3 million in the corresponding period in 2011. In addition, the first quarter 2012 results include a non-cash charge of $5.4 million relating to the valuation of the warrants and the put option on the preferred shares under the back stop agreement ("Back stop agreement Valuation") entered into as part of the $1.4 billion credit facility amendment.

Included in the above net results is also the amortization of unfavorable time charters that were recorded upon acquiring Quintana Maritime Limited ("Quintana") on April 15, 2008 amounting to an income of $1.0 million and $0.8 million for the first quarter of 2012 and 2011, respectively.

In addition, the first quarter 2011 results include a non-cash loss of $9.8 million relating to the amortization of favorable time charters that were recorded upon acquiring Quintana and a gain in connection with the sale of M/V Marybelle amounting to $1.3 million.

Adjusted net loss, excluding all the above items, for the first quarter of 2012 amounted to $35.6 million or $0.41 per weighted average diluted share compared to an adjusted net income, excluding all the above items, for the first quarter of 2011 of $0.5 million or $0.01 per weighted average diluted share.

Included in the above adjusted net loss is also the amortization of stock-based compensation expense of $0.6 million and $1.3 million for the quarters ended March 31, 2012 and 2011, respectively.

An average of 47.0 and 48.3 vessels were operated during the first quarter of 2012 and 2011, respectively, earning a blended average time charter equivalent rate of $14,048 and $19,642 per day, respectively.

A reconciliation of adjusted EBITDA to net income (loss), adjusted net income (loss) to net income (loss), and Adjusted Earnings (losses) per Share (Diluted) to Earnings (losses) per Share (Diluted), as well as a calculation of the TCE, is provided in a later section of this press release.

Conference Call Details:

Tomorrow May 4, 2012 at 8:30 A.M. EDT, the Company's management will host a conference call to discuss these results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Excel Maritime" to the operator.

A telephonic replay of the conference call will be available until May 11, 2012 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 1838801#

Slides and Audio Webcast:

There will also be a live, and then archived, webcast of the conference call, available through Excel s' website (www.excelmaritime.com). Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

- Financial Statements and Other Financial Data Follow -


                EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
              CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS
               FOR THE QUARTER ENDED MARCH 31, 2011 AND 2012
    (In thousands of U.S. Dollars, except for share and per share data)

                                                      First Quarter
                                                  2011            2012
                                             --------------  --------------
REVENUES:
Voyage revenues                              $       97,278  $       64,076
Time Charter fair value amortization                    836             963
Revenue from managing related party vessels              17               -
                                             --------------  --------------
Total Revenues                                       98,131          65,039
                                             --------------  --------------

EXPENSES:
  Voyage expenses                                    13,120           7,379
  Charter hire expense                                8,096           8,185
  Charter hire amortization                           9,849               -
  Commissions to related parties                      1,073             717
  Vessel operating expenses                          21,029          19,528
  Depreciation expense                               31,714          31,871
  Dry-docking and special survey cost                 1,146           8,616
  General and administrative expenses                 6,419           6,097
                                             --------------  --------------
                                                     92,446          82,393
                                             --------------  --------------

  Gain on sale of vessel                              1,274               -

  Income (loss) from operations                       6,959         (17,354)
                                             --------------  --------------

OTHER INCOME (EXPENSES):
  Interest and finance costs                         (7,768)        (17,121)
  Interest income                                       421             166
  Gains (losses) on derivative financial
   instruments                                          458          (1,501)
  Foreign exchange gains (losses)                      (159)              8
  Other, net                                           (410)           (244)
                                             --------------  --------------
  Total other income (expenses), net                 (7,458)        (18,692)
                                             --------------  --------------

Net loss before taxes and income earned by
 non controlling interest                              (499)        (36,046)
                                             --------------  --------------

US Source Income taxes                                 (252)           (189)

                                             --------------  --------------
Net loss                                               (751)        (36,235)
                                             --------------  --------------

Income earned by non-controlling interest              (273)           (352)
                                             --------------  --------------

Net loss attributable to Excel Maritime
 Carriers Ltd.                               $       (1,024) $      (36,587)
                                             ==============  ==============

Losses per common share, basic               $        (0.01) $        (0.42)
                                             ==============  ==============
Weighted average number of shares, basic         83,641,408      87,978,607
                                             ==============  ==============
Losses per common share, diluted             $        (0.01) $        (0.42)
                                             ==============  ==============
Weighted average number of shares, diluted       83,641,408      87,978,607
                                             ==============  ==============



                EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
            AT DECEMBER 31, 2011 AND MARCH 31, 2012 (UNAUDITED)
                       (In thousands of U.S. Dollars)

                                              December 31,
ASSETS                                            2011       March 31, 2012
                                             --------------  --------------

CURRENT ASSETS:
  Cash and cash equivalents                  $       53,749  $       30,945
  Restricted cash                                     5,700           5,658
  Accounts receivable                                 7,004           8,744
  Other current assets                               16,392          16,529
                                             --------------  --------------
  Total current assets                               82,845          61,876
                                             --------------  --------------

FIXED ASSETS:
  Vessels, net                                    2,579,285       2,547,593
  Office furniture and equipment, net                   941             811
                                             --------------  --------------
  Total fixed assets, net                         2,580,226       2,548,404
                                             --------------  --------------

OTHER NON CURRENT ASSETS:
  Other deferred non- current asset                   1,108           1,183
  Restricted cash                                    57,750          57,750

                                             --------------  --------------
    Total assets                             $    2,721,929  $    2,669,213
                                             ==============  ==============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Current portion of long-term debt, net of
   deferred financing fees                   $      104,879  $       31,996
  Accounts payable                                   12,062          14,337
  Other current liabilities                          31,106          37,746
  Derivative financial instruments                   19,453          20,643
                                             --------------  --------------
  Total current liabilities                         167,500         104,722
                                             --------------  --------------

Long-term debt, net of current portion and
 net of deferred financing fees                     952,716         998,926
Time charters acquired, net                          14,633          13,745
Derivative financial instruments                     26,516          22,149

                                             --------------  --------------
  Total liabilities                               1,161,365       1,139,542
                                             --------------  --------------

Commitments and contingencies                             -               -
                                             --------------  --------------

STOCKHOLDERS' EQUITY:
  Preferred stock                                         -               -
  Common stock                                          891             891
  Additional paid-in capital                      1,071,263       1,076,988
  Other Comprehensive loss                           (3,064)         (3,447)
  Retained earnings                                 480,081         443,494
  Less: Treasury stock                                 (189)           (189)
                                             --------------  --------------
  Excel Maritime Carriers Ltd. Stockholders'
   equity                                         1,548,982       1,517,737
                                             --------------  --------------
  Non-controlling interests                          11,582          11,934
                                             --------------  --------------
  Total Stockholders' Equity                      1,560,564       1,529,671

                                             --------------  --------------
    Total liabilities and stockholders'
     equity                                  $    2,721,929  $    2,669,213
                                             ==============  ==============



                EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
              CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS
               FOR THE QUARTER ENDED MARCH 31, 2011 AND 2012
                       (In thousands of U.S. Dollars)

                                                      First Quarter
                                                  2011            2012
                                             --------------  --------------
Cash Flows from Operating Activities:
  Net loss                                   $         (751) $      (36,235)
  Adjustments to reconcile net loss to net
   cash provided by operating activities             37,141          36,430
  Changes in operating assets and
   liabilities:
    Operating assets                                  4,661           3,072
    Operating liabilities                             2,695           1,051
                                             --------------  --------------
Net Cash provided by Operating Activities    $       43,746  $        4,318
                                             --------------  --------------

Cash Flows from Investing Activities:
    Advances for vessels under construction         (18,267)              -
    Additions to office furniture and
     equipment                                          (55)            (20)
    Additions to vessels cost                             -             (29)
    Proceeds from sale of vessel                      9,880               -
                                             --------------  --------------
Net cash used in Investing Activities        $       (8,442) $          (49)
                                             --------------  --------------

Cash Flows from Financing Activities:
    (Increase) decrease in restricted cash           (2,977)             42
    Proceeds from long-term debt                     16,100               -
    Repayment of long-term debt                     (34,879)        (26,905)
    Payment of financing costs                           (9)           (210)
                                             --------------  --------------
Net cash used in Financing Activities        $      (21,765) $      (27,073)
                                             --------------  --------------

Net increase (decrease) in cash and cash
 equivalents                                         13,539         (22,804)
Cash and cash equivalents at beginning of
 period                                              65,917          53,749
                                             --------------  --------------
Cash and cash equivalents at end of the
 period                                      $       79,456  $       30,945
                                             ==============  ==============

SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash paid during the period for:
    Interest payments under our credit
     facilities                              $        4,899  $        6,979
    Interest payments under our interest
     rate swap agreements                             6,101           5,104



                       Adjusted EBITDA Reconciliation
---------------------------------------------------------------------------
                 (all amounts in thousands of U.S. Dollars)
                                                      First Quarter
                                                  2011            2012
                                             --------------  --------------
Net loss                                     $       (1,024) $      (36,587)
Interest and finance costs, net (1)                  13,143          21,917
Depreciation                                         31,714          31,871
Dry-dock and special survey cost                      1,146           8,616
Unrealized gain on derivative financial
 instruments                                         (6,254)         (3,461)
Amortization of T/C fair values (2)                   9,013            (963)
Stock based compensation                              1,313             622
Gain on sale of vessel                               (1,274)              -
Taxes                                                   252             189
                                             --------------  --------------
Adjusted EBITDA                              $       48,029  $       22,204
                                             ==============  ==============



(1) Includes back stop agreement non cash loss and derivative financial
 instruments paid and received

(2) Analysis:                                         First Quarter
                                                  2011            2012
                                             --------------  --------------

Non-cash amortization of unfavorable time
 charters in revenue                         $         (836) $         (963)
Non-cash amortization of favorable time
 charters in charter hire expense                     9,849               -
                                             --------------  --------------
                                             $        9,013  $         (963)
                                             ==============  ==============



          Reconciliation of Net loss to Adjusted Net Income (Loss)
---------------------------------------------------------------------------
                 (all amounts in thousands of U.S. Dollars)
                                                      First Quarter
                                                  2011            2012
                                             --------------  --------------
Net loss                                     $       (1,024) $      (36,587)
Unrealized gain on derivative financial
 instruments                                         (6,254)         (3,461)
Back stop agreement Valuation                             -           5,369
Gain on sale of vessel                               (1,274)              -
Amortization of T/C fair values                       9,013            (963)
                                             --------------  --------------
Adjusted net income (loss)                   $          461  $      (35,642)
                                             ==============  ==============



 Reconciliation of Losses per Share (Diluted) to Adjusted Earnings (Losses)
                             per Share (Diluted)
---------------------------------------------------------------------------
                       (all amounts in U.S. Dollars)
                                                      First Quarter
                                                  2011            2012
                                             --------------  --------------
Losses per Share (Diluted)                   $        (0.01) $        (0.42)
Unrealized gain on derivative financial
 instruments                                 $        (0.07) $        (0.04)
Back stop agreement Valuation                             -  $         0.06
Gain on sale of vessel                       $        (0.02)              -
Amortization of T/C fair values              $         0.11  $        (0.01)
                                             --------------  --------------
Adjusted Earnings (Losses) per Share
 (Diluted)                                   $         0.01  $        (0.41)
                                             ==============  ==============


Disclosure of Non-GAAP Financial Measures

Adjusted EBITDA represents net income (loss) attributable to us plus net interest and finance costs, depreciation, other losses and taxes eliminating the effect of stock-based compensation, gains or losses on the sale of vessels, amortization of deferred time charter assets and liabilities and unrealized gains or losses on derivatives, which are significant non-cash items. Following Excel' s change in the method of accounting for dry docking and special survey costs, such costs are also included in the adjustments to EBITDA for comparability purposes. Excel's management uses adjusted EBITDA as a performance measure. Excel believes that adjusted EBITDA is useful to investors, because the shipping industry is capital intensive and may involve significant financing costs. Adjusted EBITDA is not a measure recognized by GAAP and should not be considered as an alternative to net income, operating income or any other indicator of a Company's operating performance required by GAAP. Excel's definition of adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.

Adjusted Net Income (loss) represents net income (loss) attributable to us plus unrealized gains or losses from our derivative transactions and any gains or losses on sale of vessels, both of which are significant non-cash items and the elimination of the effect of deferred time charter assets and liabilities. Adjusted Earnings (losses) per Share (diluted) represents Adjusted Net Income (loss) divided by the weighted average shares outstanding (diluted).

These measures are "non-GAAP financial measures" and should not be considered to be substitutes for net income or earnings per share (diluted), respectively, as reported under GAAP. Excel has included an adjusted net income (loss) and adjusted earnings (losses) per share (diluted) calculation in this period in order to facilitate comparability between Excel's performance in the reported periods and its performance in prior periods.

About Excel Maritime Carriers Ltd

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. 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.

Excel's Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. For more information about Excel, please go to our corporate website www.excelmaritime.com.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Excel's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters.

Words such as "will," "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements.

Although Excel believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.
These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Excel. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to the ability to changes in the demand for dry bulk vessels, competitive factors in the market in which Excel operates; risks associated with operations outside the United States; and other factors listed from time to time in Excel's filings with the Securities and Exchange Commission. Excel expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Excel's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

APPENDIX

The following key indicators highlight the Company's financial and operating performance for the quarter ended March 31, 2012 compared to the corresponding period in the prior year.


                             Vessel Employment
         (In U.S. Dollars per day, except for days and utilization)
                                                      First Quarter
                                                  2011            2012
                                             --------------  --------------
Calendar days                                         4,351           4,277
Available days                                        4,230           3,985
Utilization                                            97.2%           93.2%
Time charter equivalent rate                 $       19,642  $       14,048
Vessel operating expenses                    $        4,833  $        4,566
Net Operating cash flows before G&A expenses $       14,809  $        9,482


Glossary of Terms

Average number of vessels: This is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel formed part of our fleet during that period divided by the number of calendar days in that period.

Total calendar days: We define these as the total days we possessed the vessels in our fleet for the relevant period including off hire days associated with major repairs, dry dockings or special or intermediate surveys. Calendar days are an indicator of the size of the fleet over a specific period of time and affect both the amount of revenues and the amount of expenses that are recorded during that period.

Available days: These are the calendar days less the aggregate number of off-hire days associated with major repairs, dry dockings or special or intermediate surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenue.

Fleet utilization: This is the percentage of time that our vessels were available for revenue generating days, and is determined by dividing available days by calendar days for the relevant period.

Time charter equivalent rate ("TCE"): This is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from voyage charters (net of voyage expenses) by available days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. Time charter equivalent revenue and TCE rate are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of financial performance used by other companies. However, TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods.


                    Time Charter Equivalent Calculation
---------------------------------------------------------------------------
  (all amounts in thousands of U.S. Dollars, except for Daily Time Charter
                       Equivalent and available days)
                                                      First Quarter
                                             ------------------------------
                                                  2011            2012
                                             --------------  --------------
Voyage revenues                              $       97,278  $       64,076
Voyage expenses and commissions to related
 parties                                            (14,193)         (8,096)
                                             --------------  --------------
Total revenue, net of voyage expenses        $       83,085  $       55,980
                                             ==============  ==============
Total available days                                  4,230           3,985
Daily Time charter equivalent                $       19,642  $       14,048


Daily vessel operating expenses: This includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and is calculated by dividing vessel operating expenses by total calendar days for the relevant time period.


Expected Amortization Schedule for Fair Valued Time Charters for Next Year
----------------------------------------------------------------------------
(in USD millions)                          2Q'12  3Q'12  4Q'12  1Q'13  Total

Amortization of unfavorable time charters
 (1)                                      $  0.9 $  0.9 $  0.9 $  0.9 $  3.6

(1) Adjustment to Revenue from operations i.e. increases revenues


Fleet List as of April 30, 2012:


----------------------------------------------------------------------------
                                                                    Average
                                  Year   Charter                    Charter
       Vessel Name       Dwt      Built    Type     Daily rate    Expiration
----------------------------------------------------------------------------
  1 Mairaki (1)        181,000    2011    Period  $28,000          Apr 2016
  2 Christine (1) (2)  180,000    2010    Period  $25,000          Jan 2016
  3 Sandra (1)         180,274    2008    Period  $26,500          Nov 2015
  4 Iron Miner         177,931    2007    Period  $17,000          Mar 2013
  5 Kirmar             164,218    2001    Period  $49,000(net)     May 2013
  6 Iron Beauty        164,218    2001    Period  $12,250          Dec 2012
  7 Lowlands Beilun
    (1)                170,162    1999    Period  $28,000          Nov 2015
    Total Capesize
    (7)               1,217,803
  8 Iron Manolis        82,269    2007    Period  $14,000          Dec 2012
  9 Iron Brooke         82,594    2007    Period  $11,250          Mar 2013
 10 Iron Lindrew (4)    82,598    2007    Period  $12,000(floor)   Jan 2014
 11 Pascha              82,574    2006    Period  $14,000          Dec 2012
 12 Coal Gypsy          82,221    2006    Period  $11,250          Apr 2013
 13 Iron Anne           82,220    2006    Period  $14,000          Dec 2012
 14 Iron Vassilis       82,257    2006    Period  $14,000          Aug 2012
 15 Iron Bill           82,187    2006    Period  $11,500          Apr 2013
 16 Ore Hansa           82,209    2006    Period  $11,250          Apr 2013
 17 Iron Kalypso        82,224    2006    Period  $11,500          Jan 2013
 18 Iron Fuzeyya (6)    82,209    2006    Period  $12,750(year 1)  Nov 2013
 19 Santa Barbara (3)   82,266    2006    Period  $15,000(year 1)  Jun 2013
 20 Coal Hunter (3)     82,298    2006    Period  $15,000(year 1)  Jun 2013
 21 Iron Bradyn         82,769    2005    Period  $12,000          Nov 2012
    Total Kamsarmax
    (14)              1,152,895
 22 Grain Harvester     76,417    2004    Period  $11,250          Mar 2013
 23 Grain Express       76,466    2004     Spot
 24 Iron Knight         76,429    2004    Period  $12,250          Jan 2013
 25 Coal Pride          72,493    1999     Spot
 26 Isminaki (4)        74,577    1998    Period  $11,000(floor)   Nov 2012
 27 Angela Star (4)     73,798    1998    Period  $11,000(floor)   Nov 2012
 28 Elinakos            73,751    1997     Spot
 29 Happy Day           71,694    1997    Period  $13,000          Aug 2012
 30 Iron Man (5)        72,861    1997     Spot
 31 Coal Age (5)        72,824    1997     Spot
 32 Fearless I (5)      73,427    1997     Spot
 33 Barbara (5)         73,307    1997     Spot
 34 Linda Leah (4)
    (5)                 73,317    1997    Period  $11,000(floor)   Oct 2012
 35 King Coal (5)       72,873    1997    Period  $11,500          Jul 2012
 36 Coal Glory (5)      73,670    1995     Spot
 37 Powerful            70,083    1994    Period  $10,500          Jun 2012
 38 First Endeavour     69,111    1994     Spot
 39 Rodon               73,656    1993     Spot
 40 Birthday            71,504    1993     Spot
 41 Renuar              70,155    1993     Spot
 42 Fortezza            69,634    1993     Spot
    Total Panamax
    (21)              1,532,047
 43 July M              55,567    2005    Period  $10,500          Aug 2012
 44 Mairouli            53,206    2005     Spot
    Total Supramax
    (2)                108,773
 45 Emerald             45,588    1998     Spot
 46 Princess I          38,858    1994     Spot
 47 Attractive          41,524    1985     Spot
    Total Handymax
    (3)                125,970
    Total Fleet (47)  4,137,488
    Average age                 10.9 Yrs
----------------------------------------------------------------------------


(1) The charter includes a 50% profit-sharing arrangement over the indicated
    base daily time charter rate based on the monthly AV4 BCI Time Charter
    Rate, which is the Baltic Capesize Index Average of four specific time
    charter routes as published daily by the Baltic Exchange in London.

(2) The Company holds a 71.4% ownership interest in the joint venture that
    owns the vessel.

(3) The daily charter rate during the first year of the charter is $15,000.
    Thereafter, the charter rate is calculated on the basis of the average
    of the AV4 BPI rates, as published on a daily basis by the Baltic
    Exchange in London during the 15 days preceding the payment of hire,
    with a guaranteed minimum daily rate (floor) of $14,000 and a 50%
    profit-sharing arrangement over the amount specified in each charter.

(4) The daily charter rate is calculated on the basis of the average of the
    AV4 BPI rates, as published on a daily basis by the Baltic Exchange in
    London during the 15 days preceding the payment of hire, with a
    guaranteed minimum daily rate (floor) ranging from $11,000 to $12,000
    and a 50% profit-sharing arrangement over the amount specified in each
    charter.

(5) Indicates a vessel sold to its current owner in July 2007 and
    subsequently leased back to us under a bareboat charter expiring in July
    2015.

(6) The daily charter rate during the first year of the charter is $12,750.
    Thereafter, the charter rate is calculated on the basis of the average
    of the AV4 BPI rates, as published on a daily basis by the Baltic
    Exchange in London during the 15 days preceding the payment of hire,
    with a guaranteed minimum daily rate (floor) of $11,750 and a 50%
    profit-sharing arrangement over the amount specified in the charter.

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