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 November 2005
Commission File Number 001-10137
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 November 3, 2005
announcing the third quarter 2005 results for the period ending September 30th,
2005 of Excel Maritime Carriers Ltd. and announcing that on Friday, November
4th, 2005 at 8:30am EST, the Company's management will host a conference call to
discuss the results.
ADDITIONAL INFORMATION
None.
Exhibit 1
---------
[Logo]
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 THIRD QUARTER
AND FOR THE NINE MONTHS 2005
PIRAEUS, GREECE (November 3rd, 2005). Excel Maritime Carriers Ltd (NYSE: 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 third quarter 2005 and for the nine-month period ended September
30th, 2005.
Third Quarter 2005 Results:
---------------------------
Total revenues for the third quarter 2005 amounted to $33.7 million, an increase
of 234% when compared to the $10.1 million earned during the third quarter of
2004. Net income for the third quarter 2005 amounted to $30.8 million versus
$5.2 million for the same period in 2004, an increase of 492%. Earnings per
share basic and diluted for the quarter, calculated on 19,927,870 shares, were
$1.55 compared to $0.45 in the third quarter of 2004, an increase of 244%.
The results of the third quarter 2005 included a gain of $ 18.7 million or $
0.94 per share from vessel sales.
Nine Months 2005 Results:
-------------------------
Total revenues for the nine-month period in 2005 amounted to $82.9 million, an
increase of 127% when compared to the $36.5 million earned during the same
period in 2004. Net income for the nine-month period in 2005, amounted to $54.2
million versus $22.5 million in the same period of 2004, an increase of 141%.
Earnings per share basic and diluted for the nine-month period in 2005,
calculated on 18,150,861 shares, were $2.98 compared to $1.95 over the same
period in 2004, an increase of 53%.
The results for the nine-month period in 2005, included a gain of $ 24.3 million
from the sale of three vessels, the M/V "Petalis", the M/V `Lucky Lady" and the
M/V "Fighting Lady" and a non cash charge of $5.2 million or $ 0.29 per share
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.
CEO Christopher Georgakis commented: "We are very pleased to be reporting strong
earnings for the third quarter 2005, with revenues up 234% over the same period
last year. These results reflect the successful integration of our new
acquisitions into the initial fleet as well as our consistent fleet deployment
strategy of period charters.
We are also delighted with the timing of the sale of our Cape size bulk carrier
M/V "Fighting Lady" during the third quarter 2005 and remain committed to our
fleet renewal and expansion plans.
In addition, in the third quarter of 2005 we also implemented a number of
initiatives aimed at enhancing corporate transparency, increasing investor
awareness and maximizing shareholder value.
In this context, in August, we announced the formation of a majority independent
Board of Directors and in September successfully transferred to the NYSE, the
dominant U.S. market of choice for companies from all over the world. This
transfer is a milestone in our company's history and we believe signifies the
beginning of a new stage of growth and development. We are confident that
joining our peer group of leading global shipping companies on the Big Board
will enhance our company's positioning, visibility and recognition within the
investment community. Also, we believe that NYSE's global platform is expected
to enhance the liquidity and quality of trading of our shares with tangible
benefits for our shareholders".
Conference Call and Webcast:
----------------------------
As already announced, tomorrow, Friday, November 4th, 2005 and at 8:30am 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(0) 1452 542 301 (from outside the US). Please quote "Excel
Maritime".
In case of any problem with the above numbers, please dial 1 866 869 2352 (from
the US), 0800 694 1449 (from the UK) or + 44 (0) 1452 560 304 (from outside the
US). Quote "Excel Maritime".
A telephonic replay of the conference call will be available until November
10th, 2005 by dialing1 866 247 4222 (from the US), 0800 953 1533 (from the UK)
or 44 1452 550 000 (from outside the US). Access Code: 1838801 #
Slides and audio webcast: A power-point slide presentation will be available on
the company's web site from 8:30 A.M. EST, November 4th 2005. There will also be
a live -and then archived- webcast of the conference call, via 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 as of November 3rd, 2005:
Name Type Dwt Year Built
--------------------------------------------------------------------------------
Capesize
Almar I Capesize 107,140 1979
--------------------------------------------------------------------------------
Total Capsize 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:
Third Third Nine Nine
Quarter Quarter Months Months
2005 2004 2005 2004
--------------------------------------------------------------------------------
FLEET DATA
Average number of vessels (1) 18.1 5.0 13.3 5.0
Available days for fleet (2) 1,628 451 3,496 1,333
Calendar days for fleet (3) 1,667 460 3,639 1,370
Fleet utilization (4) 98% 98% 96% 97%
AVERAGE DAILY RESULTS
Time charter equivalent (5) 18,620 17,940 21,026 22,825
Vessel operating expenses (6) 4,055 4,526 4,582 4,151
General and administrative expenses (7) 783 954 1,114 990
Total vessel operating expenses (8) 4,838 5,480 5,696 5,141
(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.
TCE Results by Type of Vessel & Employment
Third Third Nine Nine
Quarter Quarter Months Months
2005 2004 2005 2004
--------------------------------------------------------------------------------
Capesize spot TCE 9,738 29,041 29,099 36,677
Number of available days 109 175 471 511
--------------------------------------------------------------------------------
Panamax spot TCE 14,944 N/A 15,563 N/A
Number of available days 515 N/A 754 N/A
--------------------------------------------------------------------------------
Panamax period TCE 26,605 N/A 26,727 N/A
Number of available days 359 N/A 686 N/A
--------------------------------------------------------------------------------
Handymax spot TCE 15,472 10,916 16,882 14,197
Number of available days 276 276 722 822
--------------------------------------------------------------------------------
Handymax period TCE 20,981 N/A 20,326 N/A
Number of available days 368 N/A 863 N/A
--------------------------------------------------------------------------------
Total fleet spot TCE 14,474 17,940 19,329 22,825
Number of available days 900 451 1,947 1,333
--------------------------------------------------------------------------------
Total fleet period TCE 23,758 N/A 23,159 N/A
Number of available days 727 N/A 1,549 N/A
Condensed Statement of Cash Flows
For the Nine Months Ended September 30th, 2005 and for September 30th, 2004
(U.S. Dollars in Thousands)
Nine Months Nine Months
2005 2004
----------- ----------
Cash Beginning of period 64,903 4,258
Provided (Used) by:
Operating Activities 54,320 25,051
Investing Activities (420,815) (70)
Financing Activities 375,127 (1,808)
----------------------------------
Net increase (decrease) of cash 8,632 23,173
----------------------------------
Cash end of period 73,535 27,431
==================================
Consolidated Income Statements for the Third Quarters of 2005 and 2004
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND SEPTEMBER 30, 2004
(Expressed in thousands of U.S.Dollars - except per share data)
Q3 2005 Q3 2004
Unaudited Unaudited
---------- -----------
REVENUES
Hire from voyages 30,978 5,044
Freight from voyages 2,598 5,212
----------------------------
Revenue from vessels 33,576 10,256
----------------------------
Revenue from managing vessels 130 (203)
----------------------------
Revenue from Operations 33,705 10,053
----------------------------
EXPENSES
Voyage expenses 3,265 2,172
Vessel operating expenses 6,760 1,736
Depreciation 7,115 246
Amortization for drydocking and special survey 140 199
General and administrative expenses 1,305 439
----------------------------
18,585 4,792
----------------------------
Gain from Vessel's sale 18,734 -
Income from operations 33,854 5,261
----------------------------
OTHER INCOME(EXPENSES):
Interest and finance costs (3,591) (60)
Interest income 512 65
Foreign currency 26 (3)
Other, net (10) (35)
----------------------------
Total other income(expenses),net (3,063) (33)
----------------------------
Net Income from Operations 30,791 5,228
============================
Net Income 30,791 5,228
============================
Earnings per share, basic & diluted 1.55 0.45
Weighted average number of shares 19,927,870 11,532,725
Consolidated Income Statements for the Nine Months of 2005 and 2004
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND SEPTEMBER 30, 2005
(Expressed in thousands of U.S.Dollars - except per share data)
September 30,
2005 2004
Unaudited Unaudited
---------- -----------
REVENUES
Hire from voyages 71,120 16,878
Freight from voyages 11,393 19,134
----------------------------
Revenue from vessels 82,513 36,012
Revenue from managing vessels 391 502
----------------------------
Revenue from Operations 82,904 36,514
----------------------------
EXPENSES
Voyage expenses 9,005 5,586
Vessel operating expenses 16,676 5,687
Depreciation 13,008 736
Amortization for drydocking and special survey 511 572
Contract termination expense 5,186 -
General and administrative expenses 4,052 1,357
----------------------------
48,438 13,938
----------------------------
Gain from Vessel's sale 24,319 -
Income from operations 58,785 22,576
----------------------------
OTHER INCOME(EXPENSES):
Interest and finance costs (6,254) (179)
Interest income 1,605 103
Foreign currency 54 (15)
Other, net (12) (25)
----------------------------
Total other income(expenses),net (4,607) (116)
----------------------------
Net Income from Operations 54,178 22,460
============================
Net Income 54,178 22,460
============================
Earnings per share, basic & diluted 2.98 1.95
Weighted average number of shares 18,150,861 11,532,725
Consolidated Balance Sheet for the Nine Months of 2005
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 2004 (AUDITED) AND SEPTEMBER 30, 2005(UNAUDITED)
(Expressed in thousands of U.S. Dollars - except per share data)
September December
30, 2005 31, 2004
Unaudited Audited
----------- ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 73,535 64,903
Restricted cash 5,651 2,493
Accounts receivable 2,842 2,460
Other Current Assets 2,809 1,520
---------------------------
Total Current Assets 84,837 71,376
---------------------------
FIXED ASSETS:
Office furniture & equipments 245 -
Advances for new acquisitions - 26,220
Vessels' cost 489,721 18,612
Accumulated depreciation (14,517) (3,997)
---------------------------
Net book value 475,449 40,835
---------------------------
Total fixed assets 475,449 40,835
---------------------------
OTHER NON CURRENT ASSETS:
Goodwill 400 400
Deferred charges,net 3,573 1,686
----------------------------
Total Assets 564,259 114,297
============================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long term debt 45,285 7,870
---------------------------
Accounts payable 4,084 1,262
---------------------------
Other current liabilities 6,527 1,600
---------------------------
Total Current Liabilities 55,896 10,732
---------------------------
LONG-TERM DEBT, net of current portion 231,945 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
September 30, 2005. 197 138
Additional paid-in capital 183,147 63,738
Shares to be issued 4,957 -
Retained earnings 88,306 34,128
---------------------------
276,607 98,004
Less:Treasury stock (78,650 A Class shares and
588 B Class shares) at December 31, 2004 and
September 30,2005 (189) (189)
---------------------------
Total stockholders' equity 276,418 97,815
---------------------------
Total Liabilities & Stockholders' Equity 564,259 114,297
===========================
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 had been listed on the
American Stock Exchange (AMEX) since 1998. As of September 15, 2005, Excel
Maritime is listed on the New York Stock Exchange (NYSE) trading under the same
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: November 4, 2005 By: /s/ Christopher J. Georgakis
----------------------------
Christopher J. Georgakis
President and
Chief Executive Officer
02545.0001 #615108