Excel Maritime

Excel Maritime Carriers Ltd is a global shipping company specializing in the transportation of dry bulk commodities such as iron ore, coal, grains, and fertilizers. The company operates a fleet of 47 vessels, including various types like Capesize, Kamsarmax, and Panamax, with a total carrying capacity of approximately 3.9 million deadweight tonnage (DWT). Incorporated in Liberia, Excel Maritime benefits from tax exemptions under prior Liberian laws but is subject to up to 2% US income tax on international voyages involving the United States. The company faced significant challenges, including filing for bankruptcy in January 2014 and restructuring its operations. Despite these difficulties, it maintained a diverse fleet and a strong presence in the dry bulk shipping market. Revenue primarily comes from spot and time charters, with longer-term contracts providing stable income. However, revenue is heavily influenced by the Baltic Dry Index (BDI), which reflects supply and demand dynamics in the shipping industry. Factors affecting net revenue include global supply and demand for vessels, fleet utilization rates, vessel sales, and scrappage. The company also relies on its charters to adhere to contract terms, with instances of charterers breaching or renegotiating rates. Operational expenses are influenced by crew costs, insurance, interest rates, maintenance, and compliance with maritime laws. As of November 2009, Excel Maritime was majority-owned by the chairman and his family, who beneficially owned approximately 33.5 million shares plus warrants to purchase additional shares. The company's fleet faced declining market values due to a significant drop in bulk vessel prices over ...