Greece: Excel Maritime Announces Three New 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 today that it entered into three new period charter agreements for one Capesize and two Kamsarmax vessels.

More specifically:

– The Capesize M/V Iron Miner (177,931 dwt; built in 2007) has been fixed for 12-18 months at a gross daily rate of $17,000;

– The Kamsarmax M/V Iron Fuzeyya (82,209 dwt; built in 2006) has been fixed for 22-24 months at a gross daily rate of $12,750 for the first year, and, thereafter, a gross daily rate linked to the average 4 T/C Baltic Panamax Index with a floor of $11,750 gross per day, as well as a profit-sharing component; and

– The Kamsarmax M/V Iron Lindrew (82,598 dwt; built in 2007) has been fixed for 22-25 months at a gross daily rate linked to the average 4 T/C Baltic Panamax Index with a floor of $12,000 gross per day, as well as a profit-sharing compo nent. As a result of those additional charters, the Company has increased its 2012 charter coverage as follows:

90% coverage of its Capesize class vessels; and

43% coverage of all the vessels in its fleet.

Pavlos Kanellopoulos, Chief Financial Officer, commented: “We are pleased to announce the fixture of another three vessels under period charters with quality charterers. Over the past months, the Company has significantly increased its fleet coverage. We expect that the increased cash flow visibility combined with our competitive cost structure and the absence of any capex commitments will help to moderate the industry challenges forecasted in 2012.”

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World Maritime News Staff, December 16, 2011; Image: Excel