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 August 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 release dated August 3, 2005
announcing the results for the second quarter 2005 and for the first six months
of 2005 for Excel Maritime Carriers Ltd. (the "Company"). Attached hereto as
Exhibit 2 is a press release dated August 4, 2005 announcing a conference call,
slide presentation and audio webcast presentation with respect to the Company's
results for the second quarter.
ADDITIONAL INFORMATION
None.
Exhibit 1
[Logo]
NEWS RELEASE for August 3rd, 2005
Contact:
Investor Relations / Financial Media: Company:
Nicolas Bornozis Christopher Georgakis
President Chief Executive Officer
Capital Link, Inc. Excel Maritime Carriers Ltd.
230 Park Avenue - Suite 1536 67 Akti Miaouli Street
New York, NY 10160, USA 185 38 Piraeus, Greece
Tel: (212) 661-7566 Tel: 011-30-210-45-98-692
Fax: (212) 661-7526 Fax: 011-30-210-42-82-628
E-Mail: nbornozis@capitallink.com E-Mail: info@excelmaritime.com
------------------------- ----------------------
www.capitallink.com www.excelmaritime.com
EXCEL MARITIME REPORTS RESULTS FOR THE SECOND QUARTER 2005
AND FOR THE FIRST SIX MONTHS OF 2005
PIRAEUS, GREECE (August 3rd, 2005). Excel Maritime Carriers Ltd (Amex: EXM), an
owner and operator of dry bulk carriers and a provider of worldwide seaborne
transportation services for dry bulk cargoes, announced today its un-audited
results for the second quarter 2005 and the first half of 2005 ended June 30th.
Second Quarter 2005 Results:
Total revenues for the second quarter 2005 amounted to $31.9 million, an
increase of 138% when compared to the $13.4 million earned during the second
quarter of 2004. Net income amounted to $14.6 million versus $8.6 million in the
second quarter of 2004, an increase of 70%. Earnings per share for the quarter
were $0.73 compared to $0.74 in the second quarter of 2004. The second quarter
results include a profit of $1.7 million realized from the sale of the M/V
"Lucky Lady".
First Half 2005 Results; Adjustment of Net Income and Earnings Per Share for
First Quarter 2005:
For the first half of 2005, total revenues amounted to $49.2 million, an
increase of 86% from the $26.5 million earned in the first half of 2004. Net
income increased by 36% to $23.4 million from $17.2 million in the first half of
2004. Earnings per share for the first half of 2005 amounted to $1.36 compared
to $1.49 for the first half of 2004. The results of the first half 2005 include
a profit of $ 5.6 million realized from the sale of M/V "Petalis" and M/V "Lucky
Lady". The first half 2005 results include a non cash charge of $5.2 million
reflecting the effect of the management termination agreement dated March 2nd
2005, between Excel Maritime Carriers Ltd and its previous technical manager,
Excel Management Ltd. Excluding the contract termination expense, net income and
earnings per share for the first half 2005 would have amounted to $28.6 and
$1.66 respectively. The company intended to report this first quarter related
charge in the second quarter 2005 after the finalization of its valuation and
accounting treatment. Instead, the company concluded to report this charge in an
adjustment to first quarter earnings. Therefore, net income for the first
quarter is adjusted from $14.0 million to $8.8 million and earnings per share
for the same period are adjusted from $0.96 to $0.61.
CEO Christopher Georgakis commented: "We are delighted to be reporting strong
earnings for the second quarter 2005, with revenues up 138% over the same period
last year. We believe that our fleet deployment strategy of period charters has
enabled us to manage effectively volatile market conditions and realize firm
time charter earnings"
"Having taken physical delivery of ten vessels during the second quarter 2005,
together with an eleventh vessel early in the third quarter, we have completed
successfully the first phase of our fleet renewal and expansion plans."
"With an 18 vessel fleet in place, and 50 % of our revenues from the new
acquisitions fixed for the remainder of 2005, we believe we have positioned the
company for future growth"
CFO Eleftherios Papatrifion commented: "I am pleased to be reporting that by the
end of the second quarter 2005 we have fully utilized the proceeds from the
March 2005 secondary offering. Our Balance Sheet remains strong, as evidenced by
the net debt to total capitalization ratio of 41% as of 30th June 2005."
Conference Call and Webcast:
As already announced, tomorrow Thursday, August 4th, 2005 and at 9:30am EST, the
company's management will host a conference call to discuss the results.
Conference Call details: Participants should dial into the call 10 minutes
before the scheduled time using the following numbers: 1 866 819 7111 (from the
US), 0800 953 0329 (from the UK) or +44 1452 542 301 (from outside the US).
Please quote "Excel Maritime".
In case of any problem with the above numbers, please dial 1866 869 2352 (from
the US), 0800 694 1449 (from the UK) or +44 1452 560 304 (from outside the US).
Please quote "Excel Maritime".
A telephonic replay of the conference call will be available until August 09th,
2005 by dialling 1 866 247 4222 (from the US), 0800 953 1533 (from the UK) or
+44 1452 550 000 (from outside the US). Access Code: 8227773#
Slides and audio webcast: A power-point slide presentation will be available on
the company's web site from 8:00am EST, August 4th 2005. There will also be a
live -and then archived- webcast of the conference call, through the internet
through the Excel Maritime Carriers website (www.excelmaritime.com).
Participants to the live webcast should register on the website approximately 10
minutes prior to the start of the webcast.
Updated Fleet List:
The following table represents the existing fleet:
--------------------------------------------------------------------------------
Name Type Dwt Year Built
Capesize
Almar I Capesize 107,140 1979
--------------------------------------------------------------------------------
Total Capesize 1 107,140
--------------------------------------------------------------------------------
Panamax
Isminaki Panamax 74,577 1998
Angela Star Panamax 73,798 1998
Elinakos Panamax 73,751 1997
Happy Day Panamax 71,694 1997
Powerful Panamax 70,083 1994
First Endeavour Panamax 69,111 1994
Rodon Panamax 73,670 1993
Birthday Panamax 71,504 1993
Renuar Panamax 70,128 1993
Forteza Panamax 69,634 1993
--------------------------------------------------------------------------------
Total Panamax 10 717,950
--------------------------------------------------------------------------------
Handymax
Emerald Handymax 45,572 1998
Princess I Handymax 38,858 1994
Marybelle Handymax 42,552 1987
Attractive Handymax 41,524 1985
Lady Handymax 41,090 1985
Goldmar Handymax 39,697 1984
Swift Handymax 37,687 1984
--------------------------------------------------------------------------------
Total Handymax 7 286,980
--------------------------------------------------------------------------------
Grand Total 18 1,112,070 13.2
--------------------------------------------------------------------------------
Summary Fleet Data:
Six Months Ended Six Months Ended
June 30th, 2005 June 30th, 2004
FLEET DATA
Average number of vessels (1) 10.9 5.0
Available days for fleet (2) 1,868 883
Calendar days for fleet (3) 1,971 910
Fleet utilization (4) 95% 97%
AVERAGE DAILY RESULTS
Time charter equivalent (5) $23,125 $25,309
Vessel operating expenses (6) $ 5,030 $ 4,309
General and administrative expenses (7) $ 1,394 $ 1,009
Total vessel operating expenses (8) $ 6,424 $ 5,318
(1) Average number of vessels is the number of vessels that constituted our
fleet for the relevant period, as measured by the sum of the number of calendar
days each vessel was a part of our fleet during the period divided by the number
of calendar days in that period.
(2) Available days for fleet are the total calendar days the vessels were in our
possession for the relevant period after subtracting for off hire days
associated with major repairs, drydocks or special or intermediate surveys.
(3) Calendar days are the total days we possessed the vessels in our fleet for
the relevant period including off hire days associated with major repairs,
drydockings or special or intermediate surveys.
(4) Fleet utilization is the percentage of time that our vessels were available
for revenue generating available days, and is determined by dividing available
days by fleet calendar days for the relevant period.
(5) Time charter equivalent, or TCE, is a measure of the average daily revenue
performance of a vessel on a per voyage basis. Our method of calculating TCE is
consistent with industry standards and is determined by dividing revenue
generated from voyage charters net of voyage expenses by available days for the
relevant time period. Voyage expenses primarily consist of port, canal and fuel
costs that are unique to a particular voyage, which would otherwise be paid by
the charterer under a time charter contract, as well as commissions. TCE is a
standard shipping industry performance measure used primarily to compare
period-to-period changes in a shipping company's performance despite changes in
the mix of charter types (i.e., spot voyage charters, time charters and bareboat
charters) under which the vessels may be employed between the periods.
(6) Daily vessel operating expenses, which includes crew costs, provisions, deck
and engine stores, lubricating oil, insurance, maintenance and repairs is
calculated by dividing vessel operating expenses by fleet calendar days for the
relevant time period.
(7) Daily general and administrative expense is calculated by dividing general
and administrative expense by fleet calendar days for the relevant time period.
(8) Total vessel operating expenses, or TVOE, is a measurement of our total
expenses associated with operating our vessels. TVOE is the sum of vessel
operating expenses and general and administrative expenses. Daily TVOE is
calculated by dividing TVOE by fleet calendar days for the relevant time period.
Consolidated Income Statements for the Second Quarters of 2005 and 2004
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
FOR THE SECOND QUARTERS OF 2005 AND 2004
(FOR PERIODS 1/4/05-30/6/05 AND 1/4/04-30/6/04)
(Expressed in thousands of U.S.Dollars - except per share data)
Q2 2005 Q2 2004
Unaudited Unaudited
REVENUES
Voyage Revenues 31,737 12,845
Revenue from managing vessels 130 533
----------------------------------
Revenue from Operations 31,867 13,378
----------------------------------
EXPENSES
Voyage expenses 3,569 1,810
Vessel operating expenses 7,148 2,136
Vessel depreciation 4,926 245
Amortization for drydocking and special survey costs 190 209
General and administrative expenses 1,576 408
----------------------------------
17,409 4,808
----------------------------------
Gain from Vessel's sale 1,718 -
Income from operations 16,176 8,570
----------------------------------
OTHER INCOME (EXPENSES):
Interest and finance costs (2,257) (39)
Interest income 618 28
Foreign currency 30 3
Other, net 6 15
----------------------------------
Total other income (expenses), net (1,603) 7
----------------------------------
----------------------------------
Net Income from Operations 14,573 8,577
==================================
----------------------------------
Net Income 14,573 8,577
==================================
Earnings per share, basic & diluted 0.73 0.74
Weighted average number of shares 19,927,870 11,532,725
Consolidated Income Statements for the First Half of 2005 and 2004
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
FOR THE FIRST HALF OF 2005 AND 2004
(FOR SIX MONTHS ENDED JUNE 30, 2005 AND JUNE 30, 2004)
(Expressed in thousands of U.S.Dollars - except per share data)
June 30,
2005 2004
Unaudited Unaudited
REVENUES
Voyage Revenues 48,938 25,756
Revenue from managing vessels 261 705
-------------------------------
Revenue from Operations 49,199 26,461
-------------------------------
EXPENSES
Voyage expenses 5,740 3,414
Vessel operating expenses 9,916 3,951
Vessel depreciation 5,893 490
Amortization for drydocking and special survey costs 371 373
Contract termination expense 5,186 -
General and administrative expenses 2,747 918
-------------------------------
29,853 9,146
-------------------------------
Gain from Vessel's sale 5,585 -
Income from operations 24,931 17,315
-------------------------------
OTHER INCOME (EXPENSES):
Interest and finance costs (2,663) (119)
Interest income 1,093 38
Foreign currency 28 (12)
Other, net (2) 10
-------------------------------
Total other income (expenses), net (1,544) (83)
-------------------------------
-------------------------------
Net Income from Operations 23,387 17,232
===============================
-------------------------------
Net Income 23,387 17,232
===============================
Earnings per share, basic & diluted 1.36 1.49
Weighted average number of shares 17,247,630 11,532,725
Consolidated Balance Sheet for the First Half of 2005
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 2004 AND JUNE 30, 2005 (UNAUDITED)
(Expressed in thousands of U.S.Dollars - except per share data)
June 30, December 31,
2005 2004
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 53,755 64,903
Restricted cash 5,574 2,493
Accounts receivable: 3,855 2,460
Other current assets 2,086 1,520
---------------------------------
Total Current Assets 65,270 71,376
---------------------------------
FIXED ASSETS:
Advances for new acquisitions 3,437 26,220
Vessels' cost 463,137 18,612
Accumulated depreciation (9,830) (3,997)
---------------------------------
Net book value 456,744 40,835
---------------------------------
Total fixed assets 456,744 40,835
---------------------------------
OTHER NON CURRENT ASSETS:
Goodwill 400 400
Deferred charges, net 3,994 1,686
---------------------------------
Total Assets 526,408 114,297
=================================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long term debt 45,267 7,870
---------------------------------
Accounts payable 4,349 1,262
Other current liabilities 7,457 1,600
---------------------------------
Total Current Liabilities 57,073 10,732
---------------------------------
LONG-TERM DEBT, net of current portion 223,926 5,750
---------------------------------
STOCKHOLDERS' EQUITY:
Preferred Stock,$0.01 par value,5,000,000 shares authorized, none issued - -
Common Stock,$0.01 par value, 49,000,000 A Class shares and 1,000,000 B class
shares authorized:13,696,153 A Class shares and 114,946 B Class shares, issued
and outstanding at December 31,2004.
19,595,153 A Class shares and 114,946 B Class shares,
issued and outstanding at June 30, 2005. 197 138
Additional paid-in capital 182,929 63,738
Shares to be issued 4,957 -
Retained earnings 57,515 34,128
--------------------------
245,598 98,004
Less:Treasury stock (78,650 A Class shares and 588 B Class shares)
at December 31,2004 and June 30,2005 (189) (189)
Total stockholders' equity 245,409 97,815
--------------------------
Total Liabilities & Stockholders' Equity 526,408 114,297
==========================
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 cargoes, such as iron
ore, coal and grains, as well as bauxite, fertilizers and steel products. The
company's current fleet consists of 18 vessels (one Capesize, ten Panamax and
seven Handymax vessels) with a total carrying capacity of 1,112,070 dwt. The
Company was incorporated in 1988 and its common stock is listed on the American
Stock Exchange (AMEX) since 1998, trading under the symbol EXM. For more
information about the company, please go to our corporate website
www.excelmaritime.com
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.
Exhibit 2
[Logo]
NEWS RELEASE for August 3rd, 2005
Contact:
Investor Relations / Financial Media: Company:
Nicolas Bornozis Christopher Georgakis
President Chief Executive Officer
Capital Link, Inc. Excel Maritime Carriers Ltd.
230 Park Avenue - Suite 1536 67 Akti Miaouli Street
New York, NY 10160, USA 185 38 Piraeus, Greece
Tel: (212) 661-7566 Tel: 011-30-210-45-98-692
Fax: (212) 661-7526 Fax: 011-30-210-42-82-628
E-Mail: nbornozis@capitallink.com E-Mail: info@excelmaritime.com
------------------------- ----------------------
www.capitallink.com www.excelmaritime.com
Excel Maritime Carriers
Second Quarter and First Six Months 2005 Earnings
Conference Call & Slides & Audio Webcast Presentation
Conference Call and Webcast: Thursday, August 4th, 2005, at 9:30 EST
PIRAEUS, GREECE (August 4th, 2005). Excel Maritime Carriers Ltd (Amex: EXM), an
owner and operator of dry bulk carriers and a provider of worldwide seaborne
transportation services for dry bulk cargoes, is hosting a conference call
today, Thursday, August 4th, 2005 at 9:30 am EST to discuss the Second Quarter
and First Six Months 2005 results, which were released after the close of the
market yesterday.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1 866 819 7111 (from the US), 0800 953 0329 (from
the UK) or +44 1452 542 301 (from outside the US). Please quote "Excel
Maritime".
In case of any problem with the above numbers, please dial 1866 869 2352 (from
the US), 0800 694 1449 (from the UK) or +44 1452 560 304 (from outside the US).
Please quote "Excel Maritime".
A telephonic replay of the conference call will be available until August 09th,
2005 by dialing 1 866 247 4222 (from the US), 0800 953 1533 (from the UK) or +44
1452 550 000 (from outside the US). Access Code: 8227773#
Slides and audio webcast:
There will also be a live -and then archived- webcast of the conference call,
through the internet through the Excel Maritime Carriers website
(www.excelmaritime.com). Participants to the live webcast should register on the
website approximately 10 minutes prior to the start of the webcast.
Presentation Slides:
The material which will be discussed during the conference call and webcast is
available on the company's website (www.excelmaritime.com) in the Investor
Relations Section under "Financial Reports and Presentations". You can also
access a PDF file of this material directly by clicking on the link below (or by
copying and pasting the link in your browser).
http://www.irwebpage.com/excelmaritime/webcast/presenter/
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 cargoes, such as iron
ore, coal and grains, as well as bauxite, fertilizers and steel products. The
company's current fleet consists of 18 vessels (one Capesize, ten Panamax and
seven Handymax vessels) with a total carrying capacity of 1,112,070 dwt. The
Company was incorporated in 1988 and its common stock is listed on the American
Stock Exchange (AMEX) since 1998, trading under the symbol EXM. For more
information about the company, please go to our corporate website
www.excelmaritime.com
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.
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: August 5, 2005 By: /s/ Christopher J. Georgakis
----------------------------
Christopher J. Georgakis
President and
Chief Executive Officer
02545.0001 #592463