Greece: Excel Maritime Announces Four Charter Agreements

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 that it entered into four new period charter agreements for four of its Kamsarmax vessels.

More specifically:

– Kamsarmax M/V Iron Kalypso (82,224 dwt; built in 2006) has been fixed for a period of 10 -13 months at a gross daily rate of $11,500;

– 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.

As a result of these additional charters, the Company’s 2012 charter coverage is as follows:

– 90% coverage of its Capesize vessels at an average TCE rate of $28,195;

– 53% coverage of the entire fleet at an average TCE rate of $16,114.

Pavlos Kanellopoulos, Chief Financial Officer, commented: “We are pleased to announce the fixture of another four vessels under period charters. Over the past quarters we have continuously increased our fleet coverage with solid counterparties improving our cash flow visibility as the weak industry outlook and the generally challenging global economic environment are expected to weigh on underlying activity leading to volatility in daily rates during the year”.

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World Maritime News Staff, February 14, 2012; Image: Excel Maritime