2012.
Financial highlightsSecond half | Year ended December 31, | |||
2011 | 2012 | 2011 | 2012 | |
(amounts in millions of U.S Dollars, except per share data and daily TCE) | ||||
Voyage Revenues | $164.2 | $114.8 | $353.4 | $242.0 |
Adjusted EBITDA | $70.8 | $28.4 | $162.8 | $68.4 |
Time Charter Equivalent (TCE) per day | $16,670 | $12,038 | $17,984 | $12,743 |
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.
Fleet Coverage
Fleet Coverage, as of March 22, 2013 | Full Year '13 |
Capesize Fleet | 69% |
Kamsarmax / Panamax Fleet | 56% |
Fleet - Fixed Charters | 57% |
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.
2
FINANCIAL DATA AND OTHER OPERATING INFORMATION
(In thousands of U.S. Dollars, except for share, per share data and daily results)
Second Half Year Ended December 31,CASH FLOW DATA: | 2011 | 2012 | 2011 | 2012 |
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 activitie | s $(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 |
Time Charter Equivalent Calculation | |||||||||
(all amounts in thousands of U.S. Dollars, except for Daily Time Charter Equivalent and available days) | |||||||||
Second Half | Year ended 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 |
4
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.
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
5
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.
6
Fleet List as of March 22, 2013:Vessel Name | Dwt | Year Built | Charter Type | Daily rate | Average Charter Expiration | |
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 | Mairaki (1) Christine (1) (2) Sandra (1) Iron Miner Kirmar Iron Beauty Lowlands Beilun (1) Total Capesize (7) Iron Manolis Iron Brooke Iron Lindrew Pascha Coal Gypsy Iron Anne Iron Vassilis Iron Bill Ore Hansa Iron Kalypso Iron Fuzeyya Santa Barbara Coal Hunter Iron Bradyn Total Kamsarmax (14) Grain Harvester Grain Express Iron Knight Coal Pride Isminaki Angela Star Elinakos Happy Day Powerful First Endeavour Rodon Birthday Renuar Fortezza Total Panamax (14) July M Mairouli Total Supramax (2) Emerald Princess I Total Handymax (2) Total Fleet (39) Average age | 181,000 180,000 180,274 177,931 164,218 164,218 170,162 1,217,803 82,269 82,594 82,598 82,574 82,221 82,220 82,257 82,187 82,209 82,224 82,209 82,266 82,298 82,769 1,152,895 76,417 76,466 76,429 72,493 74,577 73,798 73,751 71,694 70,083 69,111 73,656 71,504 70,155 69,634 1,019,768 55,567 53,206 108,773 45,588 38,858 84,446 3,583,685 | 2011 2010 2008 2007 2001 2001 1999 2007 2007 2007 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2005 2004 2004 2004 1999 1998 1998 1997 1997 1994 1994 1993 1993 1993 1993 2005 2005 1998 1994 10.6 Yrs | Period Period Period Spot Spot Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Spot Period Period Period Spot Spot Spot Spot Spot Spot Spot Period Spot Spot | $28,000 $25,000 $26,500 $8,000 $28,000 $8,500 $8,250 $12,000 $10,500 $11,250 $9,000 $11,000 $8,250 $11,250 $8,250 $11,750 $14,000 (floor) $14,000 (floor) $8,000 $8,700 $9,000 $8,250 $8,000 $7,500 $7,500 $7,000 $8,500 | Apr 2016 Jan 2016 Nov 2015 Mar 2013 Nov 2015 Jul 2013 Aug 2013 Jan 2014 Sept 2013 May 2013 Oct 2013 Jul 2013 Oct 2013 May 2013 Sept 2013 Nov 2013 Jun 2013 Jun 2013 Dec 2013 Oct 2013 Sept 2013 Nov 2013 Aug 2013 Jun 2013 Sept 2013 May 2013 May 2013 |
(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.
7
distributed by |