Molaris quits Excel Maritime

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Nigel Lowry, Athens - Monday 23 February 2009

 

EXCEL Maritime Carriers chief executive Stamatis Molaris has quit the New York-listed dry bulk company with immediate effect.
As well as surrendering the chief executive’s job, the former Quintana Maritime boss has resigned his role as Excel’s president and departed from the board. 
In a brief statement, chairman Villy Panayotides thanked Mr Molaris for “his valuable service and assistance” in integrating Excel and Quintana last year, following the largest ever corporate merger and acquisition deal in dry bulk history. 
But there was no explanation for the abrupt exit nor any comment from Mr Molaris, who lasted less than a year in charge. 
He was personally picked to head the expanded Excel by Mr Panayotides, the chairman and major shareholder, ousting the incumbent Christopher Georgakis. 
Mr Molaris could not be reached and Mr Panayotides was said to be traveling. 
The surprise news caps an awkward few days for the Athens-based company which last week warned of large amounts of revenue jeopardised by partial charter defaults on three of its vessels. It also took a hit on its investment in blank cheque spin off Oceanaut, which is to be dissolved after failing to pull off a business combination before the deadline allowed in its charter. 
Even sources close to the company struggled to explain the sudden development. 
“I am not aware of any rift between Stamatis and Villy,” said one. “The only thing I can think of is that Stamatis may have been thinking of doing his own thing.” 
But this was unconfirmed. 
Last year Lloyd’s List identified Mr Molaris, who cut his teeth in public shipping as chief financial officer of tanker company Stelmar, as leading a grouping that ordered nine suezmax tankers at Hyundai Heavy Industries, although further details on that venture have been scant. 
In an analyst’s note, just minutes after the company’s statement, Charles Rupinski of Maxim Group suggested Mr Molaris’ departure might not disrupt Excel too much in the short term. 
“As the company is in the midst of discussions with its bankers we see no real change in strategy — at this point the main focus is on restructuring debt and getting vessels fixed, rather than consolidating the market,” Mr Rupinski said. 
“Although we expect the stock to trade off on the news, [Excel] remains a high-risk call option on the potential for improvement in the dry bulk market.”