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 February 2005
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 is a press releases dated February 10,
2005 announcing the purchase of a vessel by Excel Maritime Carriers Ltd. (the
"Company").
ADDITIONAL INFORMATION
None.
Exhibit 1
[Excel Logo]
NEWS RELEASE for February 10, 2005
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 AGREES TO ACQUIRE MV GALATEIA;
TWO-YEAR TIME CHARTER TO COMMENCE UPON APRIL DELIVERY
PIRAEUS, GREECE (February 10, 2005) ... Excel Maritime Carriers Ltd (Amex: EXM),
a shipping company specializing in the seaborne transportation of dry bulk
cargoes such as iron ore, coal and grains, announced that it has agreed to
acquire a Panamax bulk vessel, MV Galateia, for a purchase price of $32 million,
and has also secured a two-year time charter in line with the Company's fleet
deployment strategy.
MV Galateia (To be renamed "Birthday") is a Panamax bulk carrier of
approximately 71,000 dwt, built in 1993 by Hitachi Maizuzu in Japan. The vessel
is expected to be delivered in mid-April, and will be immediately deployed on a
two-year time charter with a major charterer at $28,250 per day. MV Galateia is
the sixth vessel that the Company has agreed to acquire since Christopher
Georgakis joined Excel Maritime as CEO in late October 2004 and the third that
has entered into period employment. (2 years)
CEO Georgakis commented, "Following our fleet deployment strategy for new
acquisitions, we have secured a two-year time charter for the MV Galateia. The
Company anticipates that this charter will be accretive to earnings, and that
the EBITDA generated in two years from the charter will be approximately equal
to fifty percent of the vessel's purchase price."
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 Capesize
bulk carriers, three Handymax bulk carriers, and one Handysize bulk carrier. An
additional Handymax bulk carrier and three Panamax bulk carriers are expected to
be delivered within the next 60 days. After these deliveries the Company's fleet
size will increase to ten ships representing a total carrying capacity of
693,075 Mt dwt. The Company was incorporated in 1988 under the laws of Liberia.
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
Lucky Lady 27,422 1975 Handysize
Petalis 35,982 1975 Handymax Agreed to sell
Swift 37,687 1984 Handymax
Goldmar 39,697 1984 Handymax
----------------------- ----------
Total 435,331
======================= ==========
New Acquisitions
Name dwt Year Built Type Expected
Delivery
Isminaki 74,577 1998 Panamax 02.25.2005
Marybelle 42,552 1987 Handymax 03.15.2005
First Endeavor 69,111 1994 Panamax 04.15.2005
Galateia (TBR "Birthday 71,504 1993 Panamax 04.20.2005
----------------------- ----------
Total 257,744
======================= ==========
Grand Total 693,075
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
growth strategy and measures to implement such strategy; including expected
vessel acquisitions and entering into further time charters.. 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 the demand for dry bulk
vessels, 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: February 15, 2005 By: /s/ Christopher J. Georgakis
----------------------------
Christopher J. Georgakis
President and
Chief Executive Officer
02545.0001 #548750