Star Bulk Acquires 34 Vessels from Excel Maritime

International dry bulk shipping company Star Bulk announced Tuesday an agreement to acquire 34 vessels from recently bankrupt Excel Maritime Carriers. The agreement includes the acquisition of 6 Capesize vessels, 14 sistership Kamsarmax vessels, 12 Panamax vessels and 2 Handymax vessels for a purchase price of $288.39 in cash and an aggregate of 29.917 million shares of Star … [Read more...]

Excel Maritime Files for Chapter 11 Bankruptcy Protection

By Erik Larson and Joe Schneider July 2 (Bloomberg) -- Excel Maritime Carriers Ltd., the Greek shipping company that operates 38 dry-bulk vessels, filed for bankruptcy protection in the U.S. after extending a voting deadline on a reorganization plan with senior lenders. Excel listed assets of $2.7 billion and debt of $1 billion in a Chapter 11 petition filed yesterday in … [Read more...]

Outlook Brightens For Drybulk Shippers, But Fewer Left Afloat

By Swetha Gopinath and Thyagaraju Adinarayan June 28 (Reuters) - The outlook for the drybulk shipping market is brightening after a stormy four years, but only those shippers that managed to avoid getting swamped by debt are poised to take full advantage. Baltic Trading Ltd, Diana Shipping Inc and Navios Maritime Holdings Inc are among the handful of U.S.-listed companies … [Read more...]

Random Thoughts On Excel Maritime’s Debt Restructuring

Troubled Athens-based shipping company Excel Maritime (EXM) revealed in yesterday’s press release one of industry’s worst kept secrets: The company is insolvent. In a 255 page-long report filed with the SEC, outlining a proposed pre-packaged bankruptcy reorganization plan, Excel Maritime admitted that there is so little value left in the company, even senior debt … [Read more...]

Excel Maritime to File for Chapter 11 Bankruptcy Protection

June 11 (Reuters) - Drybulk shipper Excel Maritime Carriers Ltd intends to file for Chapter 11 bankruptcy, a regulatory filing showed on Tuesday, making it the latest victim of a downturn in the shipping industry. Charter rates for dry bulk vessels, which transport cargoes such as coal, grain and iron ore, have steadily declined since 2008 as dozens of new vessels ordered … [Read more...]