Excel Maritime Reports Results for the Second Half and Year Ended December 31, 2012

Excel Maritime Reports Results for the Second Half and Year Ended December 31, 
2012 
ATHENS, GREECE -- (Marketwire) -- 03/28/13 --  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
preliminary unaudited financial highlights for the second half and
year ended December 31, 2012.  
Financial highlights  


 
                                                                            
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                                                               Year ended   
                                            Second half       December 31,  
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                                           2011     2012     2011     2012  
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                                             (amounts in millions of U.S    
                                          Dollars, except per share data and
                                                      daily TCE)            
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Voyage Revenues                          $  164.2 $  114.8 $  353.4 $  242.0
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Adjusted EBITDA                          $   70.8 $   28.4 $  162.8 $   68.4
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Time Charter Equivalent (TCE) per day    $ 16,670 $ 12,038 $ 17,984 $ 12,743
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Second Half 2012  
For the second half of 2012, Excel reported voyage revenues of $114.8
million compared to voyage revenues of $164.2 million for the same
period in 2011.  
Adjusted EBITDA for the second half of 2012 was $28.4 million
compared to $70.8 million for the second half of 2011, a decrease of
approximately 59.9%. 
An average of 46.0 and 47.2 vessels were operated during the second
half of 2012 and 2011, respectively, earning a blended average time
charter equivalent rate of $12,038 and $16,670 per day, respectively. 
Year Ended December 31, 2012  
For the year ended December 31, 2012, Excel reported voyage revenues
of $242.0 million compared to voyage revenues of $353.4 million for
the year ended December 31, 2011. 
Adjusted EBITDA for the year ended December 31, 2012 was $68.4
million compared to $162.8 million for the respective year of 2011, a
decrease of approximately 58%. 
An average of 46.5 and 47.7 vessels were operated during the year
ended December 31, 2012 and 2011, respectively, earning a blended
average time charter equivalent rate of $12,743 and $17,984 per day,
respectively.  
Corporate highlights  
The Company is currently in advanced restructuring discussions with
its lenders under its syndicated credit facility, dated as of April
14, 2008 (the "Syndicate Lenders"), which include amended
amortization schedules and extension of the facility's maturity.
While such discussions continue, the Syndicate Lenders have agreed to
forbear from exercising their rights in connection with the principal
installments that have become due in the current fiscal year, through
April 30, 2013. The Company's access to the escrowed funds to fund
its equity raising commitment has been similarly extended to April
30, 2013. The Company is in similar discussions with its lenders
under its bilateral credit facilities. To date, the Company has not
obtained a forbearance from its lenders with respect to other,
non-payment related, defaults under its syndicated and bilateral
credit facilities. There can be no assurance that the Company will be
able to reach an agreement with its lenders and other creditors on
such restructuring. Also, the ultimate accounting impact of the
restructuring is unknown and will be determined once an agreement on
the final terms of such restructuring has been reached. 
In addition, three of the vessels that were employed on bareboat
charter have been redelivered to their respective owners for an
amount of up to $6.0 million payable in cash or in stock up to
December 2017, in the latter case at the market price on the date of
the stock's issuance in 2017. The remaining four vessels that were
employed on bareboat charter have been redelivered to their
respective owners, with the claims of the parties being the subject
of arbitration. 
Fleet Coverage  


 
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Fleet Coverage, as of March 22, 2013                        Full Year '13   
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Capesize Fleet                                                   69%        
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Kamsarmax / Panamax Fleet                                        56%        
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Fleet - Fixed Charters                                           57%        
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As of March 22, 2013, we have secured contract coverage for 69% of the
available days of our Capesize vessels and 56% of the available days
of our Kamsarmax/Panamax vessels for the year ending December 31,
2013. With respect to the entire fleet, 57% of the available days of
2013 have been fixed.  


 
                                                                            
FINANCIAL DATA AND OTHER OPERATING INFORMATION                              
(In thousands of U.S. Dollars, except for share, per share data and daily   
 results)                                                                   
                                                                            
                                                              Year          
                                   Second Half         Ended December 31,   
                                2011        2012        2011        2012    
                                                                            
CASH FLOW DATA:                                                             
Net cash provided by (used                                                  
 in) operating activities    $   32,977  $     (284) $  104,350  $    3,913 
Net cash provided by (used                                                  
 in) investing activities    $    7,107  $    2,652  $   (1,520) $    2,591 
Net cash used in financing                                                  
 activities                  $  (46,061) $   (7,675) $ (114,998) $  (38,325)
Total cash at the end of the                                                
 year                                 -           -  $  117,199  $   77,844 
ADJUSTED EBITDA:             $   70,797  $   28,410  $  162,833  $   68,351 
                                                                            
                                                                            
FLEET DATA:                                                                 
Average number of vessels          47.2        46.0        47.7        46.5 
Available days for fleet          8,469       8,129      17,058      16,280 
Calendar days for fleet        
   8,688       8,473      17,407      17,027 
Fleet utilization                  97.5%       95.9%       98.0%       95.6%
                                                                            
                                                                            
AVERAGE DAILY RESULTS:                                                      
Time charter equivalent rate $   16,670  $   12,038  $   17,984  $   12,743 
Vessel operating expenses    $    4,857  $    4,677  $    4,887  $    4,685 

 
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. 
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)                       
                                                                            
                                                            Year ended      
                                      Second Half           December 31,    
                                 --------------------  -------------------- 
                                    2011       2012       2011       2012   
                                 ---------  ---------  ---------  --------- 
Voyage revenues                  $ 164,157  $ 114,754  $ 353,397  $ 241,973 
Voyage expenses and commissions                                             
 to related parties                (22,983)   (16,894)   (46,632)   (34,513)
                                 ---------  ---------  ---------  --------- 
Total revenue, net of voyage                                                
 expenses                                                                   
                                 $ 141,174  $  97,860  $ 306,765  $ 207,460 
                                 =========  =========  =========  ========= 
Total available days                 8,469      8,129     17,058     16,280 
Daily Time charter equivalent    $  16,670  $  12,038  $  17,984  $  12,743 

 
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.  
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. 
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 39 vessels (seven Capesize, 14
Kamsarmax, 14 Panamax, two Supramax and two Handymax vessels) with a
total carrying capacity of approximately 3.6 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. 
Fleet List as of March 22, 2013:  


 
                                                                            
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                                                                    Average 
         Vessel Name          Dwt     Year Charter   Daily rate     Charter 
                                     Built   Type                 Expiration
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 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   Spot                           
 5 Kirmar                    164,218  2001   Spot                           
 6 Iron Beauty               164,218  2001  Period  $8,000         Mar 2013 
 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  $8,500         Jul 2013 
 9 Iron Brooke                82,594  2007  Period  $8,250         Aug 2013 
10 Iron Lindrew               82,598  2007  Period $12,000         Jan 2014 
11 Pascha                     82,574  2006  Period $10,500         Sept 2013
12 Coal Gypsy                 82,221  2006  Period $11,250         May 2013 
13 Iron Anne                  82,220  2006  Period  $9,000         Oct 2013 
14 Iron Vassilis              82,257  2006  Period $11,000         Jul 2013 
15 Iron Bill                  82,187  2006  Period  $8,250         Oct 2013 
16 Ore Hansa                  82,209  2006  Period $11,250         May 2013 
17 Iron Kalypso               82,224  2006  Period  $8,250         Sept 2013
18 Iron Fuzeyya               82,209  2006  Period $11,750         Nov 2013 
19 Santa Barbara              82,266  2006  Period $14,000(floor)  Jun 2013 
20 Coal Hunter                82,298  2006  Period $14,000(floor)  Jun 2013 
21 Iron Bradyn                82,769  2005  Period  $8,000         Dec 2013 
   Total Kamsarmax (14)    1,152,895                                        
22 Grain Harvester            76,417  2004  Period  $8,700         Oct 2013 
23 Grain Express              76,466  2004  Period  $9,000         Sept 2013
24 Iron Knight                76,429  2004  Period  $8,250         Nov 2013 
25 Coal Pride                 72,493  1999  Period  $8,000         Aug 2013 
26 Isminaki                   74,577  1998   Spot                           
27 Angela Star                73,798  1998  Period  $7,500         Jun 2013 
28 Elinakos                   73,751  1997  Period  $7,500         Sept 2013
29 Happy Day                  71,694  1997  Period  $7,000         May 2013 
30 Powerful                   70,083  1994   Spot                           
31 First Endeavour            69,111  1994   Spot                           
32 Rodon                      73,656  1993   Spot                           
33 Birthday                   71,504  1993   Spot                           
34 Renuar                     70,155  1993   Spot                           
35 Fortezza                   69,634  1993   Spot                           
   Total Panamax (14)      1,019,768                                        
36 July M                     55,567  2005   Spot                           
37 Mairouli                   53,206  2005  Period  $8,500         May 2013 
   Total Supramax (2)        108,773                                        
38 Emerald                    45,588  1998   Spot                           
39 Princess I                 38,858  1994   Spot                           
   Total Handymax (2)         84,446                                        
   Total Fleet (39)        3,583,685                                        
                                      10.6                                  
   Average age                        Yrs                                   
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(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. 
Contacts: 
Investor Relations / Financial Media:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue - Suite 1536
New York, NY 10169, 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: +30-210-62-09-520
Fax: +30-210-62-09-528 
E-Mail: ir@excelmaritime.com
www.excelmaritime.com 
 
 
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