First Quarter 2010 Highlights:
Three Months ended
March 31,
------------------
2009 2010
-------- ---------
(amounts in millions of U.S. Dollars, except per share
data and daily TCE)
Voyage Revenues $ 92.8 $ 104.2
Net Income $ 118.0 $ 67.3
Adjusted Net Income (Loss) $ (8.1) $ 8.9
Earnings per Share (Diluted) $ 2.57 $ 0.82
Adjusted Earnings per Share (Diluted) $ (0.18) $ 0.11
Adjusted EBITDA $ 53.3 $ 62.0
Time Charter Equivalent (TCE) per day $ 21,024 $ 24,451
A reconciliation of the non-GAAP measures discussed above is included in a
subsequent section of this release.
Management Commentary:
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. This has allowed us to repay bank debt,
improve the capital structure of the company and secure the required
funding for all our capex commitments for 2010. We believe that the
performance of the dry bulk market throughout the past five quarters has
justified our cautiously optimistic outlook that we have been communicating
to our shareholders."
First Quarter 2010 Corporate Developments
New-building Vessels
On March 8, 2010, Christine Shipco LLC paid an amount of $7.3 million to
the shipyard, representing the scheduled installment due on the vessel
launching. The M/V Christine is a Capesize vessel with a carrying capacity
of 180,000dwt and was delivered from the Imabari Shipyard in Japan on April
30, 2010 as mentioned below.
On March 9, 2010, Hope Shipco LLC paid $15.6 million to the shipyard,
representing the second installment due on the steel cutting.
New Loan Agreements and Loan Repayment
On February 11, 2010, Hope Shipco LLC entered into a bank loan agreement
for the financing of the vessel M/V Hope (to be named M/V Mairaki upon
delivery) in the maximum amount of $42.0 million and in any event not more
than 75% of the fair value of the vessel upon delivery. The loan will be
drawn down in various installments following the vessel's construction
progress through November 2010 and is repayable in twenty quarterly
installments and a balloon payment through January 2016. The first
installment will be due three months from the vessel delivery. The first
drawdown, amounting to $13.9 million, took place on March 9, 2010 to
partially finance the second payment installment to the shipyard upon the
steel cutting that has taken place, as provided in the relevant
shipbuilding contract.
On March 9, 2010, Hope Shipco LLC repaid its then outstanding debt under
its previous credit facility amounting to $10.9 million.
Exercise of Warrants
On March 31, 2010, entities affiliated with the family of the Chairman of
Excel's Board of Directors exercised 1,428,572 warrants, being part of the
5,500,000 warrants granted to such entities as part of the loan amendments
of March 2009, at a price of $3.50 per warrant to purchase 1,428,572 shares
of our class A common stock at a price of $3.50 per warrant. The related
proceeds amounted to $5.0 million and were used to repay part of the $1.4
billion Nordea loan facility on April 1, 2010.
Based on an amendment to the warrants dated March 26, 2010, Excel granted
to the above-mentioned entities a nine month extension until December 31,
2010 in order to exercise the remaining 4,071,428 warrants.
Recent Developments
On April 26, 2010, we entered into a bank loan agreement for the
post-delivery financing of the vessel M/V Christine in the amount of the
lesser of $42.0 million or 65% of the fair value of the vessel MV Christine
upon delivery. The loan was drawn down on April 27, 2010. The loan is
repayable in 26 quarterly installments and a balloon payment through
December 2016. The first installment will be due three months after the
drawdown.
On April 30, 2010, the vessel M/V Christine was delivered from the shipyard
at a total cost of approximately $72.5 million. On the same date, Christine
Shipco LLC's previous indebtedness in the amount of $25.3 million was fully
repaid. The delivery installment and the loan repayment were financed
through the loan proceeds of $42.0 million discussed above and
contributions made by each partner. The vessel commenced employment as
specified below.
Vessels New Fixtures
On February 25, 2010, the M/V Linda Leah, a Panamax vessel of 73,317 dwt
built in 1997, was fixed under a new time charter for a period of 12-14
months at a daily rate of $24,000.
On February 26, 2010, the M/V Coal Glory, a Panamax vessel of 73,670 dwt
built in 1995, was fixed under a new time charter for a period of 13-16
months at a daily rate of $24,000.
On February 26, 2010, the M/V Coal Pride, a Panamax vessel of 72,493 dwt
built in 1999, was fixed under a new time charter for a period of 13-16
months at a daily rate of $24,000.
On March 4, 2010, the M/V Grain Harvester, a Panamax vessel of 76,417 dwt
built in 2004, was fixed under a new time charter for a period of 13-15
months at a daily rate of $30,000.
On April 8, 2010, the M/V Fortezza, a Panamax vessel of 69,634 dwt built in
1993, was fixed under a new time charter for a period of 13-16 months at a
daily rate of $27,000.
On May 1, 2010, following its delivery from the shipyard, the M/V
Christine, a Capesize vessel of 180,000 dwt commenced a period charter
until February 2016 at a daily rate of $25,000 plus a 50% profit sharing
over the base rate based on the monthly average BCI Time Charter Rate, as
published daily by the Baltic Exchange in London.
Time Charter Coverage
As of today, we have secured under time charter employment 63.6% of our
operating days for 2010 (Q2-Q4) and 17.3% for the year ending December 31,
2011.
First Quarter 2010 Results:
Excel reported net profit for the quarter of $67.3 million or $0.82 per
weighted average diluted share compared to a net profit of $118.0 million
or $2.57 per weighted average diluted share in the first quarter of 2009.
The first quarter 2010 results include a non-cash unrealized interest-rate
swap gain of $0.4 million compared to a non-cash unrealized interest-rate
swap gain of $6.7 million in the corresponding period in 2009. The changes
in the fair values of interest rate swaps are recorded in income as they do
not meet the criteria for hedge accounting. In addition, the first quarter
2009 results include $0.1 million of a non-cash gain on sale of a vessel.
Included in the above net income is also the amortization of favorable and
unfavorable time charters that were fair valued upon acquiring Quintana
Maritime Limited ("Quintana") on April 15, 2008 amounting to a net income
of $58.0 million ($0.71 per weighted average diluted share) and $119.3
million ($2.60 per weighted average diluted share) for the first quarters
of 2010 and 2009, respectively.
Adjusted net income, excluding all the above items, for the first quarter
of 2010 would have amounted to $8.9 million or $0.11 per weighted average
diluted share compared to an adjusted net loss, excluding all the above
items, for the first quarter of 2009 of $8.1 million or $0.18 per weighted
average diluted share.
A reconciliation of adjusted Net income to Net Income is included in a
subsequent section of this release.
Included in the above adjusted net income is also the amortization of stock
based compensation expense of $0.7 million ($0.01 per weighted average
diluted share) and $2.4 million ($0.05 per weighted average diluted share),
for the quarters ended March 31, 2010 and 2009, respectively.
Voyage revenues for the first quarter of 2010 amounted to $104.2 million as
compared to $92.8 million for the same period in 2009, an increase of
approximately 12.3%.
An average of 47.0 and 47.8 vessels were operated during the first quarters
of 2010 and 2009, respectively, earning a blended average time charter
equivalent rate of $24,451 and $21,024 per day, respectively. Please refer
to a subsequent section of this Press Release for a calculation of the TCE.
Adjusted EBITDA for the first quarter of 2010 was $62.0 million compared to
$53.3 million for the first quarter of 2009, an increase of approximately
16.3%. (Please refer to a subsequent section of this Press Release for a
reconciliation of adjusted EBITDA to Net Income)
Conference Call Details:
Tomorrow May 6, 2010 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 13,
2010 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
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
FOR THE QUARTER ENDED MARCH 31, 2009 AND 2010
(In thousands of U.S. Dollars, except for share and per share data)
First Quarter
2009 2010
---------- ----------
REVENUES:
Voyage revenues $ 92,806 $ 104,245
Time Charter fair value amortization 129,137 67,842
Revenue from managing related party vessels 165 105
---------- ----------
Revenue from operations 222,108 172,192
---------- ----------
EXPENSES:
Voyage expenses 4,826 6,050
Charter hire expense 8,096 8,096
Charter hire amortization 9,846 9,849
Commissions to a related party 458 734
Vessel operating expenses 21,145 21,085
Depreciation expense 30,533 30,401
Dry-docking and special survey cost 4,106 3,520
General and administrative expenses 7,291 6,924
---------- ----------
86,301 86,659
---------- ----------
Gain on sale of vessel 61 -
Income from operations 135,868 85,533
---------- ----------
OTHER INCOME (EXPENSES):
Interest and finance costs (18,023) (10,770)
Interest income 76 352
Interest rate swap gain (loss) 558 (7,321)
Foreign exchange gains 88 79
Other, net (440) (304)
---------- ----------
Total other income (expenses), net (17,741) (17,964)
---------- ----------
Net income before taxes and loss assumed by non
controlling interests 118,127 67,569
---------- ----------
US Source Income taxes (176) (286)
---------- ----------
Net income 117,951 67,283
---------- ----------
Loss assumed by non-controlling interest 41 13
---------- ----------
Net income attributable to Excel Maritime Carriers
Ltd. $ 117,992 $ 67,296
========== ==========
Earnings per common share, basic $ 2.57 $ 0.85
========== ==========
Weighted average number of shares, basic 45,835,762 78,967,525
========== ==========
Earnings per common share, diluted $ 2.57 $ 0.82
========== ==========
Weighted average number of shares, diluted 45,835,762 81,623,273
========== ==========
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 2009 AND MARCH 31, 2010 (UNAUDITED)
(In thousands of U.S. Dollars)
December 31, March 31,
ASSETS 2009 2010
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 100,098 $ 102,568
Restricted cash 34,426 46,193
Accounts receivable 3,784 3,401
Other current assets 9,792 7,494
----------- -----------
Total current assets 148,100 159,656
----------- -----------
FIXED ASSETS:
Vessels, net 2,660,163 2,629,871
Advances for vessels under construction 71,184 94,067
Office furniture and equipment, net 1,450 1,375
----------- -----------
Total fixed assets, net 2,732,797 2,725,313
----------- -----------
OTHER NON CURRENT ASSETS:
Time charters acquired, net 224,311 214,462
Restricted cash 24,974 24,981
----------- -----------
Total assets $ 3,130,182 $ 3,124,412
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of
deferred financing fees $ 134,681 $ 130,174
Accounts payable 5,349 8,513
Other current liabilities 47,801 46,271
Current portion of financial instruments 29,343 21,025
----------- -----------
Total current liabilities 217,174 205,983
----------- -----------
Long-term debt, net of current portion and net of
deferred financing fees 1,121,765 1,112,925
Time charters acquired, net 280,413 212,571
Financial instruments 24,558 32,514
----------- -----------
Total liabilities 1,643,910 1,563,993
----------- -----------
Commitments and contingencies - -
----------- -----------
STOCKHOLDERS' EQUITY:
Preferred stock - -
Common stock 799 813
Additional paid-in capital 1,046,606 1,052,317
Other Comprehensive Loss (85) (85)
Retained earnings 433,845 501,141
Less: Treasury stock (189) (189)
----------- -----------
Excel Maritime Carriers Ltd. Stockholders'
equity 1,480,976 1,553,997
----------- -----------
Non-controlling interests 5,296 6,422
----------- -----------
Total Stockholders' Equity 1,486,272 1,560,419
----------- -----------
Total liabilities and stockholders'
equity $ 3,130,182 $ 3,124,412
=========== ===========
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS
FOR THE QUARTER ENDED MARCH 31, 2009 AND 2010
(In thousands of U.S. Dollars)
First Quarter
2009 2010
----------- -----------
Cash Flows from Operating Activities:
Net income $ 117,951 $ 67,283
Adjustments to reconcile net income to net
cash provided by operating activities (90,626) (24,719)
Changes in operating assets and liabilities:
Operating assets 6,927 2,681
Operating liabilities 5,982 1,634
----------- -----------
Net Cash provided by Operating Activities $ 40,234 $ 46,879
----------- -----------
Cash Flows from Investing Activities:
Advances for vessels under construction (668) (22,883)
Additions to vessel cost (78) -
Additions to office furniture and equipment (28) (34)
Proceeds from sale of vessel 3,735 -
----------- -----------
Net cash provided by (used in) Investing
Activities $ 2,961 $ (22,917)
----------- -----------
Cash Flows from Financing Activities:
Increase in restricted cash - (11,774)
Proceeds from long-term debt - 18,967
Repayment of long-term debt (68,157) (34,484)
Payment of financing costs - (340)
Issuance of common stock 45,000 5,000
Capital contributions from
non-controlling interest owners 419 1,139
----------- -----------
Net cash used in Financing Activities $ (22,738) $ (21,492)
----------- -----------
Net increase in cash and cash equivalents 20,457 2,470
Cash and cash equivalents at beginning of period 109,792 100,098
----------- -----------
Cash and cash equivalents at end of the period $ 130,249 $ 102,568
=========== ===========
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest payments $ 18,025 $ 8,366
Adjusted EBITDA Reconciliation
(all amounts in thousands of U.S. Dollars)
First Quarter
2009 2010
---------- ----------
Net income 117,992 67,296
Interest and finance costs, net (1) 24,133 18,101
Depreciation 30,533 30,401
Dry-dock and special survey cost 4,106 3,520
Unrealized swap gain (6,744) (362)
Amortization of T/C fair values (2) (119,291) (57,993)
Stock based compensation 2,411 725
Gain on sale of vessel (61) -
Taxes 176 286
---------- ----------
Adjusted EBITDA 53,255 61,974
========== ==========
(1) Includes swap interest paid and received
(2) Analysis: First Quarter
2009 2010
---------- ----------
Non-cash amortization of unfavorable time charters
in revenue (77,663) (67,842)
Non-cash accelerated amortization of M/V Sandra and
M/V Coal Pride time charter fair value due to
charter termination (51,474) -
Non-cash amortization of favorable time charters in
charter hire expense 9,846 9,849
---------- ----------
(119,291) (57,993)
========== ==========
Reconciliation of Net Income to Adjusted Net Income (loss)
(all amounts in thousands of U.S. Dollars)
First Quarter
2009 2010
---------- ----------
Net income 117,992 67,296
Unrealized swap gains (6,744) (362)
Gain on sale of vessel (61) -
Amortization of T/C fair values (119,291) (57,993)
---------- ----------
Adjusted net income (loss) (8,104) 8,941
========== ==========
Reconciliation of Earnings per Share (Diluted) to Adjusted Earnings
(losses) per Share (Diluted)
(all amounts in U.S. Dollars)
First Quarter
2009 2010
------- -------
Earnings per Share (Diluted) $ 2.57 $ 0.82
Unrealized swap gain $ (0.15) - (*)
Gain on sale of vessel - (*) -
Amortization of T/C fair values $ (2.60) $ (0.71)
------- -------
Adjusted Earnings (losses) per Share (Diluted) $ (0.18) $ 0.11
======= =======
(*) Effect insignificant
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
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 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 and eliminating the effect of
deferred time charter assets and liabilities. Adjusted Earnings per Share
(diluted) represents Adjusted Net Income divided by the 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. Excel has included an adjusted net
income and adjusted earnings 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 and, together with seven Panamax
vessels under bareboat charters and one Capesize vessel that operates
through a joint venture in which it participates by 71.4%, operates 48
vessels (six Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and five
Handymax vessels) with a total carrying capacity of approximately 4.0
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 "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 Excel's financial and operating
performance for the three months ended March 31, 2010 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 FLEET PANAMAX FLEET HANDYMAX FLEET TOTAL FLEET
Quarter ended March 31,
2009 2010 2009 2010 2009 2010 2009 2010
------ ------ ------ ------ ------ ------ ------ ------
Total
calendar
days 450 450 3,150 3,150 704 630 4,304 4,230
Available
days under
period
charter 450 432 2,352 1,978 140 35 2,942 2,445
Available
days under
spot/short
duration
charter - - 766 964 455 577 1,221 1,541
Utilization 100.0% 96.0% 99.0% 93.4% 84.5% 97.1% 96.7% 94.2%
Time
charter
equivalent
per ship
per day-
period 42,460 37,983 24,244 21,965 16,747 10,601 26,673 24,634
Time
charter
equivalent
per ship
per day-
spot - - 8,493 26,443 5,605 20,335 7,416 24,155
Time
charter
equivalent
per ship
per day-
weighted
average 42,460 37,983 20,375 23,432 8,230 19,785 21,024 24,451
Net daily
revenue
per ship
per day 42,460 36,456 20,164 21,890 6,955 19,211 20,335 23,041
Vessel
operating
expenses
per ship
per day (5,157) (5,077) (4,810) (4,985) (5,216) (4,881) (4,913) (4,985)
Net
Operating
cash flows
per ship
per day
before G&A
expenses 37,303 31,379 15,354 16,905 1,739 14,330 15,422 18,056
------ ------ ------ ------ ------ ------ ------ ------
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
----------------
2009 2010
------- -------
Voyage revenues 92,806 104,245
Voyage expenses (5,284) (6,784)
------- -------
Total revenue, net of voyage expenses 87,522 97,461
======= =======
Total available days 4,163 3,986
Daily Time charter equivalent 21,024 24,451
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) 2Q'10 3Q'10 4Q'10 1Q'11 Total
Amortization of unfavorable time
charters (1) 91.0 52.3 51.0 0.9 195.2
Amortization of favorable time
charters (2) (10.1) (10.1) (10.1) (9.9) (40.2)
(1) Adjustment to Revenue from operations i.e. increases revenues
(2) Adjustment to Charter hire expenses i.e. increases charter hire
expense
Fleet List as of May 3, 2010:
Average
Charter Charter
Vessel Name Dwt Year Built Type Daily rate Expiration
Iron Miner 177,931 2007 Period $ 41,355 Feb 2012
Kirmar 164,218 2001 Period $ 49,000 May 2013
(net)
Iron Beauty 164,218 2001 Spot
Lowlands Beilun (1) 170,162 1999 Spot
Sandra (2) 180,274 2008 Period $ 32,000 Sep 2010
Christine (3,4) 180,000 2010 Period $ 25,000 Feb 2016
Total Capesize 1,036,803
Iron Manolis 82,269 2007 Period $ 22,000 Dec 2010
Iron Brooke 82,594 2007 Period $ 21,000 Dec 2010
Iron Lindrew 82,598 2007 Period $ 21,000 Dec 2010
Coal Hunter 82,298 2006 Period $ 22,000 Dec 2010
Pascha 82,574 2006 Period $ 21,000 Dec 2010
Coal Gypsy 82,221 2006 Period $ 22,000 Dec 2010
Iron Anne 82,220 2006 Period $ 22,000 Dec 2010
Iron Vassilis 82,257 2006 Period $ 22,000 Dec 2010
Iron Bill 82,187 2006 Period $ 22,000 Dec 2010
Santa Barbara 82,266 2006 Period $ 22,000 Dec 2010
Ore Hansa 82,209 2006 Period $ 22,000 Dec 2010
Iron Kalypso 82,224 2006 Period $ 22,000 Dec 2010
Iron Fuzeyya 82,209 2006 Period $ 22,000 Dec 2010
Iron Bradyn 82,769 2005 Period $ 22,000 Dec 2010
Total Kamsarmax 1,152,895
Grain Harvester 76,417 2004 Period $ 30,000 May 2011
Grain Express 76,466 2004 Period $ 22,000 Dec 2010
Iron Knight 76,429 2004 Period $ 22,000 Dec 2010
Coal Pride 72,493 1999 Period $ 24,000 May 2011
Isminaki 74,577 1998 Spot
Angela Star 73,798 1998 Spot
Elinakos 73,751 1997 Spot
Happy Day 71,694 1997 Spot
Iron Man (A) 72,861 1997 Period $ 18,500 August 2010
Coal Age (A) 72,824 1997 Period $ 21,250 Oct 2010
Fearless I (A) 73,427 1997 Spot
Barbara (A) 73,307 1997 Period $ 23,000 Jul 2010
Linda Leah (A) 73,317 1997 Period $ 24,000 Apr 2011
King Coal (A) 72,873 1997 Period $ 56,000 Jun 2011
Coal Glory (A) 73,670 1995 Period $ 24,000 May 2011
Powerful 70,083 1994 Spot
First Endeavour 69,111 1994 Spot
Rodon 73,656 1993 Spot
Birthday 71,504 1993 Period $ 16,500 Jul 2010
Renuar 70,155 1993 Period $ 22,500 Dec 2010
Fortezza 69,634 1993 Period $ 27,000 Jul 2011
Total Panamax 1,532,047
July M 55,567 2005 Spot
Mairouli 53,206 2005 Spot
Total Supramax 108,773
Emerald 45,588 1998 Spot
Princess I 38,858 1994 Spot
Marybelle 42,552 1987 Spot
Attractive 41,524 1985 Spot
Lady 41,090 1985 Spot
Total Handymax 209,612
Total Fleet 4,040,130
Average age 9.7 Yrs
--------- ---------- ------- ---------- ----------
Fleet to be delivered Type Dwt Estimated delivery (B)
-------- ------- -----------------------
Hope (tbn-Mairaki) (D) Capesize 181,000 November 2010
Fleet to be delivered (C) Type Dwt Estimated 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) A second charter on the vessel has been fixed commencing upon
Completion of her current charter and through September 2015 at
a daily base rate of $28,000, with 50% profit sharing based on the
monthly average BCI Time Charter Rate, as published daily by the
Baltic Exchange in London.
(2) 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 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.
(3) The charter has a 50% profit sharing over the base rate on the monthly
average BCI Time Charter Rate, as defined above.
(4) Excel holds a 71.4% interest in the joint venture that owns the vessel.
(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 100% interest in the company 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 President Capital 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: Pavlos Kanellopoulos 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