ATHENS, GREECE -- (Marketwire) -- 05/03/12 -- Excel Maritime Carriers Ltd (NYSE: EXM) ("Excel"), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its operating and financial results for the first quarter ended March 31, 2012.
Three-Months ended March 31, 2011 2012 (amounts in millions of U.S Dollars, except per share data and daily TCE)Voyage Revenues $ 97.3 $ 64.1Net Loss $ (1.0) $ (36.6)Adjusted Net Income (Loss) $ 0.5 $ (35.6)Losses per Share-Diluted $ (0.01) $ (0.42)Adjusted Earnings (Losses) per Share-Diluted $ 0.01 $ (0.41)Adjusted EBITDA $ 48.0 $ 22.2Time Charter Equivalent (TCE) per day $ 19,642 $ 14,048
A reconciliation of the non-GAAP measures discussed above is included in a later section of this release.
Corporate highlights and Recent developments
Loan amendments: In March 2012, we amended the loan repayment schedule of our $1.4 billion credit facility and were granted the option to defer the repayment of principal amount of up to $100.0 million, originally scheduled for 2012 and 2013, to the balloon payment at the end of the facility's term in 2016. In addition, we amended the collateral value clause and a number of financial covenants of certain credit facilities for the period through December 31, 2013, in order to respond to the weak charter conditions currently prevailing in the market and the associated volatility in the vessels' market values. (Please refer to the recent developments in our earnings release issued on March 16, 2012 for a detailed discussion of the foregoing amendments.)
Deferral Notice: Following the amendment of our $1.4 billion credit facility, we exercised our option to defer the entire loan installment of $24.3 million, originally due on April 2, 2012, to the balloon payment of the facility in April 2016.
Fleet Coverage, as of April 30, 2012 Full Year '12Capesize Fleet 100%Kamsarmax / Panamax Fleet 65%Entire Fleet - Fixed Charters 67%% of Fixed Charters with upside participation 25%
As of April 30, 2012, we have secured contract coverage for 100% and 65%, respectively, of the available days of our Capesize vessels and Kamsarmax/Panamax vessels for the year ending December 31, 2012. With respect to the entire fleet, 67% of the available days of 2012 have been fixed, 25% of which under contracts which offer an upside potential through profit sharing arrangements or index-linked structures and hedge against downside price risk through floor protection.