-- Revenues from operations amounted to $222.1 million as compared to
$69.8 million in the first quarter of 2008, an increase of approximately
218.2%;
-- 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. Net income, excluding the
above items, for the quarter would amount to $111.2 million or $2.42 per
weighted average diluted share;
-- An average of 47.8 vessels were operated during the first quarter of
2009 earning a blended average time charter equivalent rate of $21,024 per
day compared to $41,767 per day for the first quarter of 2008 earned by an
average of 18 vessels.
Corporate Developments
During the first quarter of 2009, we amended our two credit facilities with
Nordea Bank and Credit Suisse Bank and secured all the appropriate covenant
waivers for these credit facilities until January 1, 2011. As part of the
loan amendments entities affiliated with the family of our Chairman of the
Board of Directors have injected $45.0 million in the Company. Earlier in
the quarter, our Board of Directors had decided to suspend our dividend in
light of the challenging conditions both in the freight market and the
financial environment.
(Please refer to our earnings release for the fourth quarter of 2008
announced on April 8, 2009 for a detailed discussion of the above corporate
developments).
Dissolution of Oceanaut, Inc.
We held 18.9% of the outstanding common stock of Oceanaut, Inc., or
Oceanaut, a blank check corporation that was organized in May 2006 under
the laws of the Republic of the Marshall Islands and was formed to acquire,
through a merger, capital stock exchange, asset acquisition, stock purchase
or other similar business combination, vessels or one or more operating
businesses in the shipping industry. At a special meeting held on April 6,
2009, Oceanaut's shareholders voted to approve the dissolution and
liquidation of Oceanaut. As set forth in Oceanaut's Amended and Restated
Articles of Incorporation, Oceanaut's officers took action to dissolve
Oceanaut and distribute the funds in Oceanaut's trust account, at a rate of
approximately $8.26 per share of common stock, to those shareholders
holding shares of Oceanaut's common stock sold in its initial public
offering and to us with respect to the shares of Oceanaut common stock
included in 625,000 of the 1,125,000 of the Oceanaut insider units that we
owned. In this respect, on April 15, 2009, we received approximately $5.2
million.
Fleet Developments:
Sale of vessel
Based on a Memorandum of Agreement dated February 20, 2009, the M/V Swift,
a Handymax vessel of 37,687 dwt built in 1984 was sold for net proceeds of
approximately $3.8 million. As of December 31, 2008, the vessel's value was
impaired and written down to her fair value, which approximated her sale
proceeds and thus, the results for the quarter ended March 31, 2009 were
not affected. The vessel was delivered to her new owners on March 16, 2009.
Following the sale of the vessel, the Company repaid an amount of $4.6
million of its Nordea Loan.
Vessels new fixtures
On April 16, 2009 the M/V Sandra, a Capesize vessel of 180,000 dwt built in
2008, terminated her existing time charter by receiving an amount of
approximately $2.0 million as compensation for the early termination and
entered into a new one at a daily rate of $32,000 expiring in September
2010. A second charter on the vessel has been fixed commencing upon
completion of her current charter and through February 2016 at a daily base
rate of $25,000 with 50% profit sharing based on the monthly AV4 BCI
charter rate as published by the Baltic Exchange.
On May 14, 2009 the M/V Birthday, a Panamax vessel of 71,504 dwt built in
1993, was fixed for a period of 12-14 months at a daily rate of $16,500.
The vessel will be delivered to the charterer upon completion of her
existing time charter in June 2009.
Time Charter Coverage
As of today, we have secured under time charter employment 67% of our
operating days for 2009 (Q2-Q4) and 55% for 2010.
Management Commentary:
Lefteris Papatrifon, Chief Financial Officer of Excel, stated, "We are
pleased with our operating performance and our ability to keep generating
strong cash flows despite the volatile market conditions that the shipping
industry has experienced during the first quarter of 2009. We believe that
our versatile fleet and significant time charter coverage with quality
counterparties together with the recent restructuring of our credit
facilities allow us to efficiently manage the current market environment
and take advantage of any opportunities that might emerge in the future."
First Quarter 2009 Results: The Company reported net income for the quarter of $118.0 million or $2.57 per weighted average number of share as compared to net income of $35.1 million or $1.76 per weighted average number of share for the first quarter of 2008. 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. Net income, excluding the above items, for the quarter would amount to $111.2 million or $2.42 per weighted average diluted share. Included in the above adjusted net income are also the amortization of favorable and unfavorable time charters that were fair valued upon acquiring Quintana on April 15, 2008 amounting to a net income of $67.8 million ($1.48 per weighted average diluted share), a non-cash gain of $51.5 million ($1.12 per weighted average diluted share) related to the accelerated amortization of the time charter value of M/V Sandra and M/V Coal Pride assumed upon Quintana Maritime Limited ("Quintana") acquisition due to their termination and the amortization of stock based compensation expense of $2.4 million ($0.05 per weighted average diluted share). In addition, effective January 1, 2009, the Company changed the method of accounting for dry-docking and special survey costs from the deferral method to the expense as incurred method. (Please refer to a subsequent section of this Press Release for a further discussion on this accounting change). Such change was effected retrospectively to all periods presented and its effect in the first quarter of 2009 was a decrease in net income of approximately $2.0 million or $0.04 per weighted average diluted share. Revenues for the first quarter of 2009 amounted to $222.1 million as compared to $69.8 million for the same period in 2008, an increase of approximately 218.2%. Included in revenues for the first quarter of 2009 are $129.1 million of non-cash revenues relating to the amortization of unfavorable time charters that were fair valued upon acquiring Quintana. There were no such non-cash revenue items recorded in the corresponding period in 2008. An average of 47.8 vessels operated during the first quarter of 2009 earning a blended average time charter equivalent rate of $21,024 per day, compared to an average of 18 vessels operated during the first quarter of 2008 earning a blended average time charter equivalent rate of $41,767 per day. Please refer to a subsequent section of this Press Release for a calculation of the TCE. Adjusted EBITDA for the first quarter of 2009 was $53.3 million compared to $52.0 million for the first quarter of 2008, an increase of approximately 2.5%. Please refer to a subsequent section of this Press Release for a reconciliation of adjusted EBITDA to Net Income. Conference Call Details: Tomorrow May 22, 2009 at 10:00 A.M. EDT, the company's management will host a conference call to discuss the 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 29, 2009 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 Maritime Carriers' 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 and Other Financial Data Follow -
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
FOR THE QUARTER ENDED MARCH 31, 2008 (as adjusted) AND 2009
(In thousands of U.S. Dollars, except for share and per share data)
First Quarter
-------------------------
2008
(as adjusted) 2009
------------- ----------
REVENUES:
Voyage revenues 69,524 92,806
Time Charter fair value amortization - 129,137
Revenue from managing related party vessels 233 165
------------- ----------
Revenue from operations 69,757 222,108
------------- ----------
EXPENSES:
Voyage expenses 4,168 4,826
Charter hire expense - 8,096
Charter hire amortization - 9,846
Commissions to a related party 868 458
Vessel operating expenses 9,047 21,145
Depreciation expense 7,992 30,533
Dry-docking and special survey cost 3,629 4,106
General and administrative expenses 3,767 7,291
------------- ----------
29,471 86,301
------------- ----------
Gain on sale of vessel - 61
Income from operations 40,286 135,868
------------- ----------
OTHER INCOME (EXPENSES):
Interest and finance costs (5,730) (18,023)
Interest income 2,639 76
Interest rate swap gain (loss) (1,903) 558
Foreign exchange gains (losses) (138) 88
Other, net (72) (440)
------------- ----------
Total other income (expenses), net (5,204) (17,741)
------------- ----------
Net income before taxes and income from
investment in affiliate 35,082 118,127
------------- ----------
US Source Income taxes (245) (176)
------------- ----------
Net income before income from investment in
affiliate 34,837 117,951
------------- ----------
Income from Investment in affiliate 229 -
------------- ----------
Net income 35,066 117,951
------------- ----------
Less: Loss assumed by the non controlling
interests - 41
------------- ----------
Net income attributable to Excel Maritime
Carriers Ltd. 35,066 117,992
============= ==========
Earnings per common share, basic $ 1.76 $ 2.57
============= ==========
Weighted average number of shares, basic 19,955,190 45,835,762
============= ==========
Earnings per common share, diluted $ 1.76 $ 2.57
============= ==========
Weighted average number of shares, diluted 19,965,852 45,835,762
============= ==========
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED UNAUDITED BALANCE SHEETS
AT DECEMBER 31, 2008 (as adjusted) AND MARCH 31, 2009
(In thousands of U.S. Dollars)
December 31,
2008 March 31,
ASSETS (as adjusted) 2009
------------- ---------
CURRENT ASSETS:
Cash and cash equivalents 109,792 130,249
Restricted cash 53 53
Accounts receivable 10,247 4,739
Other current assets 6,958 5,539
------------- ---------
Total current assets 127,050 140,580
------------- ---------
FIXED ASSETS:
Vessels, net 2,786,717 2,752,668
Advances for vessels under construction 106,898 107,566
Office furniture and equipment, net 1,722 1,650
------------- ---------
Total fixed assets, net 2,895,337 2,861,884
------------- ---------
OTHER NON CURRENT ASSETS:
Time charters acquired, net 264,263 254,417
Restricted cash 24,947 24,947
Investment in affiliate 5,212 5,212
------------- ---------
Total assets 3,316,809 3,287,040
============= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of
deferred financing fees 220,410 174,826
Accounts payable 6,440 7,241
Other current liabilities 47,934 53,115
Current portion of financial instruments 40,119 39,272
------------- ---------
Total current liabilities 314,903 274,454
------------- ---------
Long-term debt, net of current portion and net of
deferred financing fees 1,256,707 1,236,640
Time charters acquired, net 650,781 521,644
Financial instruments 41,020 35,123
------------- ---------
Total liabilities 2,263,411 2,067,861
------------- ---------
Commitments and contingencies - -
------------- ---------
STOCKHOLDERS' EQUITY:
Preferred stock - -
Common stock 461 718
Additional paid-in capital 944,207 991,361
Other Comprehensive Loss (74) (74)
Retained earnings 94,063 212,055
Less: Treasury stock (189) (189)
------------- ---------
Excel Maritime Carriers Ltd. Stockholders'
equity 1,038,468 1,203,871
------------- ---------
Non-controlling interests 14,930 15,308
Total Stockholders' Equity 1,053,398 1,219,179
------------- ---------
------------- ---------
Total liabilities and stockholders' equity 3,316,809 3,287,040
============= =========
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS
FOR THE QUARTER ENDED MARCH 31, 2008 (as adjusted) AND 2009
(In thousands of U.S. Dollars)
First Quarter
-----------------------
2008
(as adjusted) 2009
------------- --------
Cash Flows from Operating Activities:
Net income 35,066 117,992
Adjustments to reconcile net income to net cash
provided by operating activities 11,176 (90,669)
Changes in operating assets and liabilities:
Operating assets (977) 6,927
Operating liabilities 8,484 5,984
------------- --------
Net Cash provided by Operating Activities 53,749 40,234
------------- --------
Cash Flows from Investing Activities:
Advances for vessels under construction - (668)
Additions to vessel cost - (119)
Additions to office furniture and equipment (28) (28)
Payment for business acquisition costs (5,941) -
Proceeds from sale of vessel - 3,776
------------- --------
Net cash provided by (used in) Investing
Activities (5,969) 2,961
------------- --------
Cash Flows from Financing Activities:
Repayment of long-term debt (8,381) (68,157)
Dividends paid (3,989) -
Payment of financing costs (755) -
Issuance of common stock - 45,000
Non controlling interests - 419
------------- --------
Net cash used in Financing Activities (13,125) (22,738)
------------- --------
Net increase in cash and cash equivalents 34,655 20,457
Cash and cash equivalents at beginning of period 243,672 109,792
------------- --------
Cash and cash equivalents at end of the period 278,327 130,249
============= ========
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest payments 2,481 18,025
Adjusted EBITDA Reconciliation
(all amounts in thousands of U.S. Dollars)
First Quarter
-------------------
2008 2009
--------- --------
Net income 35,066 117,992
Interest and finance costs, net (1) 3,237 24,132
Depreciation 7,992 30,533
Dry-dock and special survey cost 3,629 4,106
Unrealized swap (gain) loss 1,757 (6,743)
Amortization of T/C fair values (2) - (119,291)
Stock based compensation 123 2,411
Gain on sale of vessel - (61)
Taxes 245 176
--------- --------
Adjusted EBITDA 52,049 53,255
========= ========
(1) Includes swap interest paid and received
(2) Analysis:
First quarter
2009
Non-cash amortization of unfavourable time charters in
revenue (77,663)
Non-cash accelerated amortization of M/V Sandra and Coal
Pride time charter fair value due to charter termination (51,474)
Non-cash amortization of favourable time charters in charter
hire expense 9,846
-------------
(119,291)
=============
Reconciliation of Net Income to Adjusted Net Income
(all amounts in thousands of U.S. Dollars)
First Quarter
------------------------
2008 2009
----------- -----------
Net income $ 35,066 117,992
Unrealized swap (gain) loss 1,757 (6,743)
Gain on sale of vessel - (61)
----------- -----------
Adjusted Net income $ 36,823 111,188
=========== ===========
Reconciliation of Earnings per Share (Diluted) to Adjusted Earnings per
Share (Diluted)
(all amounts in U.S. Dollars)
First Quarter
------------------------
2008 2009
------------ -----------
Earnings per Share (Diluted) $ 1.76 $ 2.57
Unrealized swap (gain) loss 0.09 (0.15)
Gain on sale of vessel - (0.0)
------------ -----------
Adjusted Earnings per Share (Diluted) $ 1.85 $ 2.42
============ ===========
Accounting changes:
Change in Dry-docking and Special survey accounting policy
Effective January 1, 2009, we changed the method of accounting for
dry-docking and special survey costs from the deferral method, under which
costs associated with the dry-docking and special survey of a vessel are
deferred and charged to expense over the period to a vessel's next
scheduled dry-docking, to the direct expense method, under which the
dry-docking and special survey costs will be expensed as incurred. We
consider this as a preferable method since it eliminates the subjectivity
and significant amount of time that is needed in determining which costs
related to dry-docking activities should be deferred and amortized over a
future period.
Adoption of new accounting pronouncements
Effective January 1, 2009, we adopted the Statement of Financial Accounting
Standards No. 160, "Non-controlling Interests in Consolidated Financial
Statements -- an amendment of Accounting Research Bulletin No.51" and FSP
No. APB 14-1, "Accounting for Convertible Debt Instruments That May Be
Settled in Cash upon Conversion (Including Partial Cash Settlement)".
With the exception of SFAS 160 which requires retrospective application
only in the presentation and disclosure requirements, the other two
accounting changes require retrospective application for all periods
presented and were effected in the accompanying unaudited interim
consolidated financial statements in accordance with FASB Statement No.
154 "Accounting Changes and Error Corrections", which requires that an
accounting change should be retrospectively applied to all prior periods
presented, unless it is impractical to determine the prior period impacts.
Accordingly, the previously reported 2008 financial information has been
recast to account for these changes.
Disclosure of Non-GAAP Financial Measures
Adjusted EBITDA represents net income plus net interest expense,
depreciation, amortization, and taxes eliminating the effect of deferred
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 swaps, which are significant non-cash items. Following
the Company'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. The Company's management uses adjusted
EBITDA as a performance measure. The Company 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. The Company'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 represents net income plus unrealized gains or losses
from our swap transactions and any gains or losses on sale of vessels, both
of which are significant non-cash items. Adjusted Earnings per Share
(diluted) represents Adjusted Net Income divided by weighted average shares
outstanding (diluted).
These measures are "non-GAAP financial measures" and should not be
considered substitutes for net income or earnings per share (diluted),
respectively, as reported under GAAP. The Company has included an adjusted
net income and adjusted earnings per share (diluted) calculation in this
period in order to facilitate comparability between the Company'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. After the acquisition of Quintana, Excel owns a fleet of 40
vessels and, together with 7 Panamax vessels under bareboat charters,
operates 47 vessels (5 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5
Handymax vessels) with a total carrying capacity of approximately 3.9
million DWT. Excel 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 the Company, 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 the Company's growth strategy and measures to implement such strategy;
including expected vessel acquisitions and entering into further time
charters. Words such as "expects," "intends," "plans," "believes,"
"anticipates," "hopes," "estimates," and variations of such words and
similar expressions are intended to identify forward-looking statements.
Although the Company 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 the Company. 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
the Company operates; risks associated with operations outside the United
States; and other factors listed from time to time in the Company's filings
with the Securities and Exchange Commission. The Company 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 the Company'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 during the first quarter ended March 31, 2009
compared to the corresponding period in the prior year. In the table below,
the Panamax fleet includes both Kamsarmax and Panamax vessels and the
Handymax fleet includes both Supramax and Handymax vessels:
Vessel Employment
(In U.S. Dollars per day, unless otherwise stated)
CAPESIZE HANDYSIZE
FLEET PANAMAX FLEET FLEET TOTAL FLEET
Quarter ended March 31,
2008 2009 2008 2009 2008 2009 2008 2009
---- ------ ------ ------ ------ ------ ------ ------
Total calendar
days - 450 910 3,150 728 704 1,638 4,304
Available days
under period
charter - 450 670 2,352 293 140 963 2,942
Available days
under
spot/short
duration
charter - - 182 766 399 455 581 1,221
Utilization - 100% 93.7% 99% 95.1% 84.5% 94.3% 96.7%
Time charter
equivalent
per ship per
day-period - 42,460 32,473 24,244 37,659 16,747 34,051 26,673
Time charter
equivalent
per ship per
day-spot - - 74,325 8,493 45,497 5,605 54,528 7,416
Time charter
equivalent
per ship per
day-weighted
average - 42,460 41,410 20,375 42,176 8,230 41,767 21,024
Net daily
revenue per
ship per day - 42,460 38,782 20,164 40,105 6,955 39,370 20,335
Vessel
operating
expenses per
ship per day - (5,157) (6,219) (4,810) (4,653) (5,216) (5,523) (4,913)
Net Operating
cash flows
per ship per
day before
G&A expenses - 37,303 32,563 15,354 35,452 1,740 33,847 15,422
---- ------ ------ ------ ------ ------ ------ ------
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 was a part of our fleet during the period divided
by the number of calendar days in that period.
Total calendar days We define these as the total days we owned 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 period and
affect both the amount of revenues and the amount of expenses that are
recorded during a period.
Available days These are the calendar days less the aggregate number of
off-hire days associated with major repairs, dry docks or special or
intermediate surveys and the aggregate amount of time spent positioning
vessels and any unforeseen off-hire. The shipping industry uses available
days to measure the number of days in a period during which vessels should
be capable of generating revenue.
Available days under spot / short duration charter This is defined as
available days under spot charters and / or time charters of duration of
less than six months.
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 per ship per day ("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 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
------------------------
2008 2009
----------- -----------
Voyage revenues 69,524 92,806
Voyage expenses (5,036) (5,284)
----------- -----------
Total revenue, net of voyage expenses 64,488 87,522
=========== ===========
Total available days 1,544 4,163
Daily Time charter equivalent 41,767 21,024
Net daily revenue We define this as the daily TCE rate including idle time.
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.
Daily general and administrative expense This is calculated by dividing
general and administrative expense by total calendar days for the relevant
time period.
Expected Amortization Schedule for Fair Valued Time Charters for Next Year -------------------------------------------------------------------------- (in USD millions) Q2'09 Q3'09 Q4'09 1Q'10 Total Amortization of unfavourable time charters (1) 75.3 76.1 72.6 70.9 294.9 Amortization of favourable time charters (2) 10.0 10.1 10.1 9.9 40.1 (1) Adjustment to Revenue from operations i.e. increases revenues (2) Adjustment to Charter hire expenses i.e. increases charter hire expenseFleet List as of May 20, 2009:
Average TC
Name Type Dwt Year Built Expiration Date
---------- ---------- ---------- -----------------
Capesize
Iron Miner Capesize 177,000 2007 February 2012
Kirmar Capesize 165,500 2001 April 2013
Iron Beauty Capesize 165,500 2001 May 2010
Lowlands Beilun Capesize 170,162 1999 May 2010
Sandra Capesize 180,000 2008 September 2010 (1)
Total Capesize 5 858,162
Kamsarmax
Iron Manolis Kamsarmax 82,300 2007 December 2010
Iron Brooke Kamsarmax 82,300 2007 December 2010
Iron Lindrew Kamsarmax 82,300 2007 December 2010
Coal Hunter Kamsarmax 82,300 2006 December 2010
Pascha Kamsarmax 82,300 2006 December 2010
Coal Gypsy Kamsarmax 82,300 2006 December 2010
Iron Anne Kamsarmax 82,000 2006 December 2010
Iron Vassilis Kamsarmax 82,000 2006 December 2010
Iron Bill Kamsarmax 82,000 2006 December 2010
Santa Barbara Kamsarmax 82,266 2006 December 2010
Ore Hansa Kamsarmax 82,229 2006 December 2010
Iron Kalypso Kamsarmax 82,204 2006 December 2010
Iron Fuzeyya Kamsarmax 82,229 2006 December 2010
Iron Bradyn Kamsarmax 82,769 2005 December 2010
----------
Total Kamsarmax 14 1,151,497
Panamax
Grain Harvester Panamax 76,411 2004 December 2010
Grain Express Panamax 76,466 2004 December 2010
Iron Knight Panamax 76,429 2004 December 2010
Coal Pride Panamax 72,600 1999 In Ballast
Isminaki Panamax 74,577 1998 August 2009
Angela Star Panamax 73,798 1998 June 2009
Elinakos Panamax 73,751 1997 September 2009
Happy Day Panamax 71,694 1997 July 2009
Iron Man (A) Panamax 72,861 1997 May 2010
Coal Age (A) Panamax 72,861 1997 September 2009
Fearless I (A) Panamax 73,427 1997 September 2009
Barbara (A) Panamax 73,390 1997 June 2009
Linda Leah (A) Panamax 73,390 1997 September 2009
King Coal (A) Panamax 72,873 1997 July 2011
Coal Glory (A) Panamax 73,670 1995 December 2009
Powerful Panamax 70,083 1994 June 2009
First Endeavour Panamax 69,111 1994 September 2009
Rodon Panamax 73,670 1993 August 2009
Birthday Panamax 71,504 1993 July 2010
Renuar Panamax 70,128 1993 June 2009
Fortezza Panamax 69,634 1993 July 2009
----------
Total Panamax 21 1,532,328
---------- ---------- ---------- -----------------
Average TC
Expiration
Name Type Dwt Year Built Date
---------- ---------- ---------- -------------
Supramax
July M Supramax 55,567 2005 June 2009
Mairouli Supramax 53,206 2005 December 2009
----------
Total Supramax 2 108,773
Handymax
Emerald Handymax 45,588 1998 May 2009
Princess I Handymax 38,858 1994 June 2009
Marybelle Handymax 42,552 1987 June 2009
Attractive Handymax 41,524 1985 June 2009
Lady Handymax 41,090 1985 June 2009
----------
Total Handymax 5 209,612
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GRAND TOTAL 47 3,860,372
==========
Average age 9.0 Yrs
---------- ---------- ---------- -------------
Estimated
Fleet to be delivered Type Dwt delivery (B)
-------- -------- -------------
Christine (D) Capesize 180,000 March 2010
Hope (E) Capesize 181,000 November 2010
Lillie (E) Capesize 181,000 December 2010
Total fleet to be delivered 542,000
-------- -------- -------------
Estimated
Fleet to be delivered (C) Type Dwt delivery (B)
----------- ----------- -------------
Fritz (E) Capesize 180,000 May 2010
Benthe (E) Capesize 180,000 June 2010
Gayle Frances (E) Capesize 180,000 July 2010
Iron Lena (E) Capesize 180,000 August 2010
----------- ----------- -------------
(1) The vessel will enter into a time charter through February 2016 upon
completion of its current charter.
(A) These vessels were sold in 2007 and leased back on a bareboat charter
through July 2015.
(B) The delivery dates shown in this column are estimates based on the
delivery dates set forth in the relevant shipbuilding contracts or resale
agreements.
(C) No refund guarantee has been received for these newbuildings and Excel
does not believe that the respective new building contracts will
materialize. There can be no assurance that the vessels will be delivered
timely or at all.
(D) Excel holds a 42.8% interest in the joint venture that will own the
vessel.
(E) Excel holds a 50% interest in the joint ventures that will own these
vessels.
For further details on the fleet and their employment please refer to our
website at www.excelmaritime.com
Contact Information: Contacts: Investor Relations / Financial Media: Nicolas Bornozis PresidentCapital Link, Inc. 230 Park Avenue - Suite 1536 New York, NY 10160, USA Tel: (212) 661-7566 Fax: (212) 661-7526 E-Mail: excelmaritime@capitallink.com www.capitallink.com Company: Lefteris Papatrifon Chief Financial Officer Excel Maritime Carriers Ltd. 17th Km National Road Athens-Lamia & Finikos Street 145 64 Nea Kifisia Athens, Greece Tel: 011-30-210-62-09-520 Fax: 011-30-210-62-09-528 E-Mail: ir@excelmaritime.com www.excelmaritime.com