Excel Maritime reports results for the H2 and year ended December 31, 2012
Excel Maritime Carriers Ltd, an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced its preliminary unaudited financial highlights for the second half and year ended December 31, 2012, said in the company's press release.
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.
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.
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.
As of March 22, 2013, company 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.
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.