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March 18, 2009

Excel delays earning release

Dry bulk carrier owner Excel Maritime Carriers Ltd (NYSE:EXM) 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. It says it "will provide an update, when appropriate."

Meantime, the company says it has sold the 1984- built, 37,687 dwt Handymax M/V Swift for $3.7 million and expects to realize an approximate loss of $2.4 million from this sale. The Excel board sees the deal 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."


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