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Fourth Quarter 2010 Results: Excel reported voyage revenues for the fourth quarter of 2010 amounted to $107.0 million as compared to $102.6 million for the same period in 2009, an increase of approximately 4.3%. Adjusted EBITDA for the fourth quarter of 2010 was $61.9 million compared to $62.0 million for the fourth quarter of 2009, a decrease of approximately 0.2%. Net profit for the quarter amounted to $63.6 million or $0.76 per weighted average diluted share compared to a net profit of $81.8 million or $1.00 per weighted average diluted share in the fourth quarter of 2009. The fourth quarter 2010 results include a non-cash unrealized gain on derivative financial instruments of $10.8 million compared to a non-cash unrealized gain on derivative financial instruments of $8.1 million in the corresponding period in 2009. Included in the above net income is also the amortization of favorable and unfavorable time charters that were recorded upon acquiring Quintana Maritime Limited (“Quintana”) on April 15, 2008 amounting to a net income of $40.9 million ($0.49 per weighted average diluted share) and $73.4 million ($0.90 per weighted average diluted share) for the fourth quarter of 2010 and 2009, respectively. In addition, the fourth quarter 2009 results include a non cash loss on disposal of an ownership interest in one of our joint ventures amounting to $3.7 million. Adjusted net income, excluding all the above items, for the fourth quarter of 2010 would have amounted to $12.0 million or $0.14 per weighted average diluted share compared to an adjusted net income, excluding all the above items, for the fourth quarter of 2009 of $4.0 million or $0.05 per weighted average diluted share. Included in the above adjusted net income is also the amortization of stock based compensation expense of $2.2 million ($0.03 per weighted average diluted share) and $5.5 million ($0.07 per weighted average diluted share), for the quarter ended December 31, 2010 and 2009, respectively. An average of 48.0 and 47.0 vessels were operated during the fourth quarter of 2010 and 2009, respectively, earning a blended average time charter equivalent rate of $22,440 and $22,686 per day, respectively. A reconciliation of adjusted EBITDA to Net Income and adjusted net income to net income and for a calculation of the TCE is provided in a later section of this press release. Year 2010 Results: Voyage revenues for the year ended December 31, 2010 amounted to $423.0 million as compared to $391.7 million for the same period in 2009, an increase of approximately 8%. Adjusted EBITDA for the year was $246.2 million compared to $231.7 million for the respective period of 2009, an increase of approximately 6.3%. Net profit for the year amounted to $257.8 million or $3.10 per weighted average diluted share compared to a net profit of $339.8 million or $4.85 per weighted average diluted share in the respective period of 2009. The results for the year ended December 31, 2010 include a non-cash unrealized gain on derivative financial instruments of $1.9 million compared to a non-cash unrealized gain on derivative financial instruments of $27.2 million in the corresponding period in 2009. In addition, the results for the year ended December 31, 2009 include $0.1 million of a non-cash gain on sale of a vessel and $3.7 million relating to the loss on disposal of our ownership interest in one of our joint ventures. Included in the above net income is also the amortization of favorable and unfavorable time charters that were recorded upon acquiring Quintana on April 15, 2008 amounting to a net income of $222.4 million ($2.68 per weighted average diluted share) and $324.4 million ($4.63 per weighted average diluted share) for the year ended December 31, 2010 and 2009, respectively. Adjusted net income, excluding all the above items, for the year ended December 31, 2010 would have amounted to $33.5 million or $0.40 per weighted average diluted share compared to an adjusted net loss, excluding all the above items, for the respective period of 2009 of $8.2 million or $0.12 per weighted average diluted share. A reconciliation of adjusted Net income to Net Income is included in a subsequent section of this release. Included in the above adjusted net income is also the amortization of stock based compensation expense of $9.6 million ($0.12 per weighted average diluted share) and $19.8 million ($0.28 per weighted average diluted share), for the year ended December 31, 2010 and 2009, respectively. An average of 47.7 and 47.2 vessels were operated during the year ended December 31, 2010 and 2009, respectively, earning a blended average time charter equivalent rate of $23,421 and $21,932 per day, respectively. Please refer to a subsequent section of this press release for a calculation of the TCE. A reconciliation of adjusted EBITDA to Net Income and adjusted net income to net income and for a calculation of the TCE is provided in a later section of this pres release. Fourth Quarter 2010 Corporate Developments New-building Vessel On October 1, 2010, we paid an amount of $15.6 million to the shipyard constructing the M/V Mairaki, representing the scheduled installment due on the vessel launching. The M/V Mairaki is a Capesize vessel with a carrying capacity of 181,000 dwt and was delivered from the STX Shipyard in South Korea on January 10, 2011 as discussed below. Cashless exercise of warrants On November 16, 2010, two holders of our warrants exercised the remaining 4,071,428 warrants on a cashless basis and received an aggregate of 1,813,108 Class A common shares. The number of common shares issued in connection with the cashless exercise was based on the applicable market price of the common shares, which was $6.31. No cash consideration was paid on the exercise of the warrants for these common shares. Recent Developments On January 10, 2011, we took delivery of the vessel M/V Mairaki and paid an amount of $17.6 million to the shipyard, representing the delivery installment and other minor delivery costs of $0.2 million. Of this amount $16.1 million was funded from a drawdown under the ship-owning company’s credit facility and the remaining amount was financed from the Company’s own funds. Upon its delivery, the M/V Mairaki, a Capesize vessel of 181,000 dwt commenced a period charter until February 2016 at a daily rate of $28,000 plus a 50% profit sharing over the base rate based on the monthly average BCI Time Charter Rate, as published daily by the Baltic Exchange in London. On January 7, 2011, we entered into a Memorandum of Agreement (MOA) to sell the M/V Marybelle, a Handymax vessel of 42,552 dwt built in 1987, for net proceeds of approximately $10.0 million and realized a gain of approximately $1.3 million which will be recognized upon delivery of the vessel to her new owners. The vessel delivery took place on February 10, 2011. Following the sale, an amount of approximately $7.8 million was repaid under our Nordea credit facility. As of February 2011, Mr. Lefteris Papatrifon has resigned as a director of the Company in order to pursue his own private activities. Vessels’ Fixtures During December 2010, the M/V Iron Brooke (82,594 dwt, 2007), M/V Iron Lindrew (82,598 dwt, 2007), M/V Iron Manolis (82,269 dwt, 2007), M/V Iron Anne (82,220 dwt, 2006), M/V Iron Kalypso (82,224 dwt, 2006), M/V Iron Fuzeyya (82,209 dwt, 2006) and M/V Ore Hansa (82,209 dwt, 2006) were fixed under separate time charters for a period of 11-13 months at a daily rate linked to the Baltic Panamax index (BPI) with a guaranteed minimum rate (floor) ranging from $14,500 to $15,000 per day. In February 2011, the M/V Coal Pride (72,493 dwt, 1999) and the M/V Coal Glory (73,670 dwt, 1995) were fixed under separate time charters for a period of 11-13 months at a daily rate of $16,750. Time Charter Coverage As of today, we have secured under contracted employment 92% and 56% of our available days of our Capesize vessels and Kamsarmax/Panamax vessels respectively, for the year ending December 31, 2011 while our secured contracted employment for the whole fleet is 56% for the same period. Also, we have secured under contracted employment 79% of our available days of our Capesize vessels for the year ending December 31, 2012. Full report at: www.excelmaritime.com Excel Maritime press release |
Excel Maritime Reports Results for the Fourth Quarter and Year ended December 31, 2010
