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Tuesday, October 27, 2020

Seaborne Transportation Services News

Excel Capesize Vessel: Photo courtesy of Excel Maritime

Excel Maritime Files Chapter 11, Plans Financial Re-structuring

Excel Maritime Carriers, owners & operators of a large fleet of dry bulk carriers, become the latest casualty of the downturn in the shipping industry, but sets financial plans for recovery. The company says t has reached an agreement in principle with a steering committee of its senior lenders on the terms of a financial restructuring to strengthen its balance sheet. Up to $50 million infusion of capital as a result of an agreement between the senior lenders and an entity affiliated with the family of Gabriel Panayotides, Excel Maritime's Chairman of the Board of Directors.

Excel Maritime Signs New Bulk Charters

Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, entered into new period charter agreements for yet another two of its vessels. • Panamax M/V Grain Harvester (76,417 dwt; built in 2004) has been fixed for a period of 10-13 months at a gross daily rate of $11,250. As a result of these additional charters, the company has 100% coverage of its Capesize vessels; 60% coverage of the entire fleet.

Excel Announces Bulk Carrier Contracts

Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation  services for dry bulk cargoes, has entered into four new period charter agreements  for four of its Kamsarmax vessels. - Each of the Kamsarmax M/V Ore Hansa (82,209 dwt; built in 2006), M/V Coal Gypsy (82,221 dwt; built in 2006) and M/V Iron Brooke (82,594 dwt; built in 2007) has been fixed for a period of 10 – 13 months at a gross daily rate of $11,250. - 53% coverage of the entire fleet at an average TCE rate of $16,114.

Excel Reports Strong 2Q

Excel Maritime Carriers Ltd, an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, has announced its operating and financial results for the second quarter and six month period ended June 30, 2011. - Disposal of 1985 Handymax MV Lady on advantageous terms. To read the rest of the report, visit http://www.excelmaritime.com/uploads/exmpr072811.pdf.

OCEANFREIGHT INC. Announces Fleet Expansion

March 29, 2011 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, announced today that it has entered into an agreement to purchase two resale newbuilding 206,000 DWT capesize vessels at a well-known Chinese yard. The vessels are scheduled to be delivered in the second and fourth quarter of 2013. The vessels will be purchased from a Company ultimately controlled by our Founder and Chief Executive Officer, Mr. Anthony Kandylidis.

Excel Maritime Q1 Results

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the first quarter ended March 31, 2010. A reconciliation of the non-GAAP measures discussed above is included in a subsequent section of this release. Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, “We are pleased to report yet another profitable quarter with increased cash flow generation.

Mazarakis COO, Kanellopoulos CFO, Excel Maritime

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced that Charalampos Mazarakis has been appointed as the Company's Chief Operating Officer. Mazarakis will assume his position in mid May 2010. The company also announced that Pavlos Kanellopoulos has been appointed as the company's Chief Financial Officer. Kanellopoulos will assume his position in early April 2010.

Excel Maritime Q4 & Year End Results

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the fourth quarter and year ended December 31, 2009. -- Revenue from operations for the quarter amounted to $186.2 million as compared to $189.2 million in the fourth quarter of 2008. -- Net profit for the quarter was $81.8 million or $1.00 per…

Excel Maritime Reports Q3 Results

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the third quarter and nine-month period ended September 30, 2009. Revenue from operations for the quarter amounted to $174.4 million as compared to $231.6 million in the third quarter of 2008. Net profit for the quarter was $62.0 million or $0.79 per…

OceanFreight Inc. New Charter

OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services for both drybulk and energy commodities, announced a new charter for the recently acquired 180,000DWT, 2005 built capesize vessel. Upon delivery, the vessel will be renamed M/V Montecristo and will commence employment on a time charter for a minimum period of four years at a gross rate of $23,500 per day and a maximum of eight years at an average gross rate of $24,125 per day for the optional period.