Excel Maritime Carriers Ltd. -- Press Release
ATHENS, GREECE -- (Marketwired) -- 05/23/13 -- Excel Maritime
Carriers Ltd. (NYSE: EXM) (the "Company") announced today that it
received a letter from NYSE on May 16, 2013, notifying the Company
that it is currently not in compliance with Rule 802.01E of the NYSE
Listed Company Manual because it had not filed its annual report on
Form 20-F for the period ended December 31, 2012 in a timely manner.
Under the NYSE rules, the Company has until November 15, 2013, to
file its annual report on Form 20-F, subject to continuing oversight
and monitoring by the NYSE. As previously announced, the Company has
not filed its Form 20-F due to ongoing restructuring discussions with
its lenders as well as investors and strategic parties.
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 currently owns and operates a fleet of 39
vessels (seven Capesize, 14 Kamsarmax, 14 Panamax, two Supramax and
two Handymax vessels), one of which, a Capesize vessel, is owned by a
joint venture in which Excel holds a 71.4% interest, 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 its corporate website
This press release contains forward-looking statements (as defined in
Section 27A of the U.S. Securities Act of 1933, as amended, and
Section 21E of the U.S. 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 new time charters.
Words such as "will," "should," "expect," "intend," "plan,"
"believe," "anticipate," "hope," "estimate," and variations of such
words and similar expressions, which are predictions of, or indicate
future events and future trends, which do not relate to histo
matters, 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. Shareholders
and prospective investors are cautioned not to place undue reliance
on these forward-looking statements.
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 (and from
past results, performance and achievements). Factors that could cause
actual results to differ materially include, but are not limited to,
changes in 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 U.S. Securities and Exchange Commission.
These forward-looking statements are made as of the date hereof and
are not intended to give any assurance as to future results. Excel
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statements contained
herein, whether to reflect new information, changes in events,
conditions or circumstances on which such statements are based, or
Investor Relations / Financial Media:
Capital Link, Inc.
230 Park Avenue - Suite 1536
New York, NY 10169, USA
Tel: (212) 661-7566
Fax: (212) 661-7526
Chief Financial Officer
Excel Maritime Carriers Ltd.
17th Km National Road Athens-Lamia &
145 64 Nea Kifisia
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