Excel Maritime Carriers Ltd. sold the M/V Swift, a Handymax vessel of 37,687 dwt built in 1984, for $3.7 million.
Excel Maritime Carriers Ltd, an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, announced yesterday that it has sold the M/V Swift, a Handymax vessel of 37,687 dwt built in 1984, for $3.7 million. The Company expects to realize an approximate loss of $2.4 million from this sale. The Board of Directors has viewed this transaction as opportune, in view of the vessel's fifth special survey that was due by the end of March which would have resulted in a cost in excess of $2 million and approximately 60 days off hire.
In addition the Company announced today that it has delayed its earnings release and conference call for its results for the fourth quarter and year-end 2008, while it negotiates waivers of certain financial covenants in its credit facilities. The Company will provide an update, when appropriate.
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. After the acquisition of Quintana, Excel owns a fleet of 40 vessels and, together with 7 Panamax vessels under bareboat charters, operates 47 vessels (5 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total carrying capacity of approximately 3.9 million DWT. Excel 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.