Wednesday, January 21, 2009
Excel Maritime Provides Fleet Expansion Update
Wednesday, 21 January 2009
Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, announced yesterday the delivery of a newbuild Capesize vessel as well as the cancellation of a vessel purchase agreement. Excel Maritime has taken delivery of the newbuild Capesize vessel "M/V Sandra" on December 26, 2008 from the Imabari Shipyard in Japan. The vessel has a carrying capacity of 180,000 dwt and has been deployed under a 5-year time-charter at the gross rate of $39,000 per day.
In addition, the Company has successfully cancelled its obligation to purchase the 2002 built Supramax vessel M/V "Medi Cebu" with a carrying capacity of 52,464 dwt.
Excel had agreed to acquire this vessel for $72.5 million in the event that Oceanaut would not lift the vessel subjects by October 31st, 2008.
As a result of the cancellation, the Company has agreed to minimize its cash outlay by releasing to the sellers the amount of $7.25 million, which is equivalent to the 10% deposit as well as issue 1,100,000 Excel Class A shares to a company nominated by the sellers. Furthermore, the Company has entered into an agreement whereby Excel retains an exclusive option to purchase the vessel charter free for the amount of $25.71 million until December 31, 2009.
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 41 vessels and, together with 7 Panamax vessels under bareboat charters, operates 48 vessels (5 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 6 Handymax vessels) with a total carrying capacity of approximately 3.9 million DWT.
Source: Excel Maritime Carriers Ltd.
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