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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