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 March 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 and Exhibit 2 are a press release dated March
30, 2005 announcing the acquisition of 3 new vessels by Excel Maritime Carriers
Ltd. (the "Company") and a press release dated March 31, 2005 announcing the
delivery of the vessel MV Birthday, respectively.
ADDITIONAL INFORMATION
None.
Exhibit 1
NEWS RELEASE for March 30, 2005 at 7:35 AM EST
----------------------------------------------
Contact: Allen & Caron Inc Christopher Georgakis, CEO
Michael Mason (investors) Excel Maritime Carriers Ltd
michaelm@allencaron.com +30 210 45 98 692
Brian Kennedy (media) c.georgakis@excelmaritime.com
brian@allencaron.com
212 691 8087
EXCEL MARITIME ACQUIRES THREE PANAMAX BULK CARRIERS
PIRAEUS, GREECE (March 30, 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 today that it has entered into an
agreement to purchase three Panamax dry bulk carriers for an aggregate sum of
approximately US $118 million. The first vessel of about 70,000 dwt, to be named
"Renuar," was built in 1993 in China. The second vessel of about 74,000 dwt, to
be named "Elinakos," was built in 1997 in Japan. The third vessel of about
73,000 dwt, to be named "Angela Star," was built in 1998 in Japan. The first
vessel is scheduled to be delivered in late April 2005; the second is scheduled
to be delivered in early May 2005 and the third in early July 2005. The Company
is presently considering suitable employment opportunities for these vessels in
the medium and long term employment markets.
These acquisitions will increase to a total of twelve the number of vessels
that the Company has agreed to acquire since Christopher Georgakis joined Excel
Maritime Carriers as CEO in late October 2004.
Georgakis commented, "We are delighted to be making these acquisitions so
soon after the successful completion of our secondary offering. The acquisitions
- which further increase our fleet deadweight capacity - are in line with our
strategic growth plans and fleet expansion program."
The purchases are being financed from the proceeds of the Company's most
recent equity offering, announced on March 16, 2005, to institutional investors
of 5.899 million common shares registered under its universal shelf
registration. Following the offering the company has 19.63 million shares issued
and outstanding.
The following table represents the existing fleet together with the new
acquisitions:
Existing Fleet
No. Name Dwt Year Built Type Delivery Date
1 Fighting Lady 146,313 1983 Capesize
2 Almar I 107,140 1979 Capesize
---------------------------------------------------------------------------------------------------
1 Isminaki (ex United Seas) 74,577 1998 Panamax
---------------------------------------------------------------------------------------------------
1 Lady 41,090 1985 Handymax
2 Swift (ex Jedi Knight) 37,687 1984 Handymax
3 Goldmar (ex Maria) 39,697 1984 Handymax
4 Marybelle (ex Sea Wise) 42,552 1987 Handymax
---------------------------------------------------------------------------------------------------
1 Lucky Lady 27,422 1975 Handysize
-------------------------------------------------------------------- ----------- ------------------
8 Total 516,478
----- -------
-------------------------------------------------------------------------------- ------------------
New Acquisitions
1 First Endeavour (ex Lord Fortune) 69,111 1994 Panamax 04.22.05
2 Birthday (ex Galateia) 71,504 1993 Panamax 03.30.05
3 Elinakos (ex Nautical Ace) 73,751 1997 Panamax Early May 2005
4 Renuar (ex Panacea) 70,128 1993 Panamax Late April 2005
5 Angela Star (ex Clipper Surrey) 73,798 1998 Panamax Early July 2005
1 Emerald (ex Seaboni) 45,572 1998 Handymax 04.25.05
2 Princess I (ex Fiona Bulker) 38,385 1994 Handymax Late May 2005
3 Attractive (ex IDC 2) 41,524 1985 Handymax Early May 2005
8 Total 483,773
----- -------
16 Grand Total 1,000,251
=========== =========
About Excel Maritime Carriers Ltd
---------------------------------
The Company is an owner and operator of drybulk carriers and a provider of
worldwide seaborne transportation services for drybulk cargo. This includes
commodities such as iron ore, coal, grains, as well as bauxite, cement,
fertilizers and steel products. The Company was incorporated in 1988 under the
laws of Liberia.
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 drybulk
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.
# # # #
Exhibit 2
NEWS RELEASE for March 31, 2005 at 7:35 AM EST
----------------------------------------------
Contact: Allen & Caron Inc Christopher Georgakis, CEO
Michael Mason (investors) Excel Maritime Carriers Ltd
michaelm@allencaron.com +30 210 45 98 692
Brian Kennedy (media) c.georgakis@excelmaritime.com
brian@allencaron.com
212 691 8087
EXCEL MARITIME TAKES PHYSICAL DELIVERY OF MV BIRTHDAY
TWO YEAR CHARTER TO COMMENCE IMMEDIATELY
PIRAEUS, GREECE (March 31, 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 taken physical delivery
of MV Birthday, a Panamax bulk carrier, which the Company agreed to acquire in
February 2005. As previously announced, the vessel will immediately be deployed
on a two-year charter at US $28,250.00 per day.
The vessel is a Panamax bulk carrier of approximately 71,500 dwt, built in
1993 by Hitachi Maizuzu in Japan. MV Birthday is the twelfth vessel the company
has agreed to acquire and also the fifth to be deployed in the fixed term
employment markets.
CEO Christopher Georgakis commented, "Following the strategy that we have
communicated to the market we are continuing our fleet deployment aimed at
period charters for new acquisitions and have secured a two-year employment for
MV Birthday which will further enhance visibility of earnings for our
shareholders."
About Excel Maritime Carriers Ltd
---------------------------------
The Company is an owner and operator of drybulk carriers and a provider of
worldwide seaborne transportation services for drybulk cargo. This includes
commodities such as iron ore, coal, grains, as well as bauxite, cement,
fertilizers and steel products. The Company was incorporated in 1988 under the
laws of Liberia.
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
drybulk 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: March 31, 2005 By: /s/ Christopher J. Georgakis
----------------------------
Christopher J. Georgakis
President and
Chief Executive Officer
02545.0001 #559957