FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of December 2004
EXCEL MARITIME CARRIERS LTD.
(Translation of registrant's name into English)
67 Akti Miaouli Street
18537 Piraeus
Greece
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [_] No [X]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto as Exhibit 1, Exhibit 2 and Exhibit 3 are press releases
dated December 15, 2004(purchase of vessel), December 20, 2004 (purchase of two
vessels) and December 22, 2004 (sale of vessel), respectively, announcing the
purchase or sale, as the case may be, of vessels by Excel Maritime Carriers Ltd.
(the "Company").
ADDITIONAL INFORMATION
None.
Exhibit 1
NEWS RELEASE for December 15, 2004 at 7:35 AM EST
-------------------------------------------------
Contact: Joe Allen (investors) Christopher Georgakis, CEO
Allen & Caron Inc Excel Maritime Carriers Ltd
212-691-8087 +30 210 45 98 692
joe@allencaron.com
Brian Kennedy (media)
Allen & Caron Inc
212-691-8087
brian@allencaron.com
EXCEL MARITIME ACQUIRES
HANDYMAX DRY BULK VESSEL
PIRAEUS, GREECE (December 15, 2004) . . . . Excel Maritime Carriers Ltd
(Amex:EXM), a shipping company specializing in the seaborne transportation of
dry bulk cargoes, announced today that it has entered into an agreement to
purchase a Handymax dry bulk vessel for delivery during the first quarter of
2005. The vessel, of 42,500 dwt, was built in Japan in 1987, and will be put
directly into the spot and short term time charter markets.
CEO Christopher Georgakis commented, "The demand for seaborne dry bulk
trade has grown tremendously over the last few months and continues to be
strong. While no one can predict the future, the Baltic Dry Index of charter
rates has risen 35 percent from September 30, 2004 to 5551. With this new
purchase, together with our recent vessel acquisitions, as we expand our fleet
to transport more cargoes and to serve our customers more fully, we are seeking
to deploy our assets in charters that are accretive to earnings per share."
About Excel Maritime
--------------------
Excel Maritime Carriers Ltd is an owner and operator of dry bulk carriers
and a provider of worldwide seaborne transportation services for dry bulk cargo.
The Company currently owns and operates a fleet of two cape-size bulk carriers,
two handymax bulk carriers and one handysize bulk carrier. An additional three
handymax (including the above mentioned acquisition) bulk carriers will be
delivered soon, and upon delivery the Company's fleet size will increase to
eight ships representing a total carrying capacity of 477,883 dwt. The Company
was incorporated in 1988 under the laws of Liberia.
MORE-MORE-MORE
EXCEL MARITIME ACQUIRES HANDYMAX DRY BULK VESSEL
Page 2-2-2
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 the
Company's operations, performance and financial conditions, including, in
particular, statements regarding: TCE rates in the near term; time charter and
spot or voyage charter revenues; net operating days; dry bulk carrier supply and
demand; supply and demand for commodities; expectations as to funding the
Company's future capital requirements; future capital expenditures; the
Company's growth strategy and measures to implement such strategy; changes in
environmental, safety and other regulations affecting the shipping industry;
cost savings and other benefits. Words such as "expects," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations of such words
and similar expressions are intended to identify forward-looking statements.
Although the Company 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 the Company. 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:
changes in production of or demand for commodities, either generally or in
particular regions; the cyclical nature of the shipping industry and its
dependence on commodities and bulk markets; the supply of vessels available to
meet the demand for transportation of commodities; greater than anticipated
levels of dry bulk carrier newbuilding orders or less than anticipated rates of
dry bulk carrier scrapping; changes in trading patterns significantly impacting
overall dry bulk carrier tonnage requirements; competitive factors in the market
in which the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the Company's
filings with the Securities and Exchange Commission. The Company 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 the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.
# # # #
Exhibit 2
NEWS RELEASE for December 20, 2004 at 7:35 AM EST
Contact: Allen & Caron Inc Christopher Georgakis, CEO
Joe Allen (investors) Excel Maritime Carriers Ltd
joe@allencaron.com +30 210 45 98 692
Brian Kennedy (media) excel@otenet.gr
brian@allencaron.com
212 691 8087
EXCEL MARITIME CARRIERS ADDS TWO PANAMAX DRY BULK VESSELS
PIREAUS, GREECE (December 20, 2004) . . . . Excel Maritime Carriers Ltd
(Amex:EXM), a shipping company specializing in the seaborne transportation of
dry bulk cargoes, announced today that it has entered into an agreement to
purchase two Panamax dry bulk carriers for delivery in early 2005. One vessel,
of 74,600 dwt, was built in Japan in 1998. The second vessel, of 69,100 dwt, was
built in Japan in 1994. The first vessel will be delivered mid-February and the
second will be delivered prior to mid-April. The Company is currently
considering employment opportunities for these vessels both in the short- and
long-term employment markets.
CEO Christopher Georgakis commented, "This acquisition will accomplish two
goals for the Company: the two vessels will augment our tonnage appreciably, and
they will decrease the average age of our fleet. The demand for seaborne dry
bulk trade remains strong worldwide, and we intend to continue to expand and
modernize our fleet with additional acquisitions."
The purchases are being financed from the proceeds of the Company's recent
equity offering to institutional investors of 2.2 million common shares
registered under its universal shelf registration. Following the offering the
company has 13,811,099 shares issued and outstanding.
About Excel Maritime Carriers Ltd
---------------------------------
The Company is an owner and operator of dry bulk carriers and a provider
of worldwide seaborne transportation services for dry bulk cargo. This includes
commodities such as iron ore, coal, grains, as well as bauxite, fertilizers and
steel products. The Company currently owns and operates a fleet of two cape-size
bulk carriers, two handymax bulk carriers and one handysize bulk carrier. An
additional three handymax bulk carriers and two panamax bulk carriers will be
delivered soon, and upon delivery the Company's fleet size will increase to ten
ships representing a total carrying capacity of 621,571 dwt. The Company was
incorporated in 1988 under the laws of Liberia.
MORE-MORE-MORE
EXCEL MARITIME CARRIERS ADDS 2 PANAMAX DRY BULK VESSELS
Page 2-2-2
The following table represents the existing fleet together with the new
acquisitions:
Existing Fleet
--------------
Name dwt Year Built Type
---- --- ---------- ----
Fighting Lady 146,313 1983 Capesize
Almar I 107,140 1979 Capesize
Lady 41,090 1985 Handymax
Petalis 35,982 1975 Handymax
Lucky Lady 27,422 1975 Handysize
--------------------------------- ----------
Total 357,947
================================= ==========
New Acquisitions
----------------
Expected
Name dwt Year Built Type Delivery
---- --- ---------- ---- --------
Swift 37,687 1984 Handymax 01.31.2005
Goldmar 39,697 1984 Handymax 12.31.2004
Marybelle 42,552 1987 Handymax 03.15.2005
Panamax - To be Named 74,577 1998 Panamax 02.15.2005
Panamax - To be Named 69,111 1994 Panamax 04.15.2005
------------------------------------
Total 263,624
====================================
Grand Total 621,571
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 the
Company's operations, performance and financial conditions, including, in
particular, statements regarding: TCE rates in the near term; time charter and
spot or voyage charter revenues; net operating days; dry bulk carrier supply and
demand; supply and demand for commodities; expectations as to funding the
Company's future capital requirements; future capital expenditures; the
Company's growth strategy and measures to implement such strategy; changes in
environmental, safety and other regulations affecting the shipping industry;
cost savings and other benefits. Words such as "expects," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations of such words
and similar expressions are intended to identify forward-looking statements.
Although the Company 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 the Company. 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:
changes in production of or demand for commodities, either generally or in
particular regions; the cyclical nature of the shipping industry and its
dependence on commodities and bulk markets; the supply of vessels available to
meet the demand for transportation of commodities; greater than anticipated
levels of dry bulk carrier newbuilding orders or less than anticipated rates of
dry bulk carrier scrapping; changes in trading patterns significantly impacting
overall dry bulk carrier tonnage requirements; competitive factors in the market
in which the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the Company's
filings with the Securities and Exchange Commission. The Company 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 the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.
# # # #
Exhibit 3
NEWS RELEASE for December 22, 2004
Contact: Allen & Caron Inc Christopher Georgakis, CEO
Joe Allen (investors) Excel Maritime Carriers Ltd
joe@allencaron.com +30 210 45 98 692
Brian Kennedy (media) excel@otenet.gr
brian@allencaron.com
212 691 8087
EXCEL MARITIME SELLS OLDER HANDYMAX VESSEL
PIRAEUS, GREECE (December 22, 2004) . . . . Excel Maritime Carriers Ltd
(Amex:EXM), a shipping company specializing in the seaborne transportation of
dry bulk cargoes, announced today that it has agreed to sell its oldest Handymax
dry bulk vessel, of approximately 36,000 dwt, for US$ 5.1 million. The vessel,
MV "Petalis," was built in May 1975 and was acquired by Excel in September 1999.
The Company has announced the acquisition of five vessels over the last two
months.
CEO Christopher Georgakis commented, "Our strategy is to continue to
modernize and increase the capacity of our fleet. We have decided to sell
'Petalis' in order to reduce the average age of the fleet, and intend to
redeploy the proceeds for acquisitions of younger tonnage. The agreement for the
potential sale of MV "Petalis," together with the recent acquisitions of three
Handymax and two Panamax bulk carriers, will result in a reduction of the
average age of our fleet from 24.6 years to 18.5 years. We hope to continue to
follow this strategy as opportunities become available."
The Company anticipates that the sale will generate a one-time gain of
approximately US$ 3,850,000, or EPS of approximately US$ 0.28 per share.
About Excel Maritime Carriers Ltd
---------------------------------
The Company is an owner and operator of dry bulk carriers and a provider
of worldwide seaborne transportation services for dry bulk cargo. This includes
commodities such as iron ore, coal, grains, as well as bauxite, fertilizers and
steel products. The Company currently owns and operates a fleet of two cape-size
bulk carriers, two handymax bulk carriers and one handysize bulk carrier. An
additional three handymax bulk carriers and two panamax bulk carriers will be
delivered soon, which, together with the disposal of one older handymax carrier
will increase the Company's fleet to nine ships representing a total carrying
capacity of 585,589 dwt. The Company was incorporated in 1988 under the laws of
Liberia.
MORE-MORE-MORE
EXCEL MARITIME SELLS OLDER HANDYMAX VESSEL
Page 2-2-2
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 the
Company's operations, performance and financial conditions, including, in
particular, statements regarding: TCE rates in the near term; time charter and
spot or voyage charter revenues; net operating days; dry bulk carrier supply and
demand; supply and demand for commodities; expectations as to funding the
Company's future capital requirements; future capital expenditures; the
Company's growth strategy and measures to implement such strategy; changes in
environmental, safety and other regulations affecting the shipping industry;
cost savings and other benefits. Words such as "expects," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations of such words
and similar expressions are intended to identify forward-looking statements.
Although the Company 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 the Company. 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:
changes in production of or demand for commodities, either generally or in
particular regions; the cyclical nature of the shipping industry and its
dependence on commodities and bulk markets; the supply of vessels available to
meet the demand for transportation of commodities; greater than anticipated
levels of dry bulk carrier newbuilding orders or less than anticipated rates of
dry bulk carrier scrapping; changes in trading patterns significantly impacting
overall dry bulk carrier tonnage requirements; competitive factors in the market
in which the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the Company's
filings with the Securities and Exchange Commission. The Company 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 the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.
# # # #
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
EXCEL MARITIME CARRIERS LTD.
(registrant)
Dated: December 22, 2004 By: /s/ Christopher J. Georgakis
----------------------------
Christopher J. Georgakis
President and
Chief Executive Officer
02545.0001 #533000