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The Kamsarmax M/V Iron Fuzeyya (82,209 dwt; built in 2006) has been fixed for 22- 24 months at a gross daily rate of $12,750 for the first year, and, thereafter, a gross daily rate linked to the average 4 T/C Baltic Panamax Index with a floor of $11,750 gross per day, as well as a profit-sharing component; and The Kamsarmax M/V Iron Lindrew (82,598 dwt; built in 2007) has been fixed for 22- 25 months at a gross daily rate linked to the average 4 T/C Baltic Panamax Index with a floor of $12,000 gross per day, as well as a profit-sharing compo nent. As a result of those additional charters, the Company has increased its 2012 charter coverage as follows: 90% coverage of its Capesize class vessels; and 43% coverage of all the vessels in its fleet. Pavlos Kanellopoulos, Chief Financial Officer, commented: We are pleased to announce the fixture of another three vessels under period charters with quality charterers. Over the past months, the Company has significantly increased its fleet coverage. We expect that the increased cash flow visibility combined with our competitive cost structure and the absence of any capex commitments will help to moderate the industry challenges forecasted in 2012. About Excel Maritime Carriers Ltd Excel 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. Excel owns a fleet of 40 vessels, one of which, a Capesize vessel, is owned by a joint venture in which Excel holds 71.4%, and, together with seven Panamax vessels under bareboat charters, operates 47 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and three Handymax vessels) with a total carrying capacity of approximately 4.1 million DWT. Excels Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. For more information about Excel, please go to our corporate website www.excelmaritime.com . Excel Maritime Carriers Ltd. press release |
Three new period charters for Excel Maritime Carriers Ltd.