Excel Maritime Carriers Ltd (EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, said that it has signed time charter deals for the M/V Powerful and the M/V Princess I.
The M/V Powerful has been chartered for a period of about 23 up to about 25 months at US $39,000 per day to a first class European charterer. The vessel will be delivered into charter within July 2007. The M/V Princess I has been chartered for a period of minimum 22 to about 24 months at US $30,000 per day to a first-class European charterer. The vessel will be delivered into charter on July 17, 2007.
M/V Powerful is a Panamax dry bulk carrier of 70,083 dwt, built in 1994, which the company acquired in March 2005. M/V Princess is a Handymax dry bulk carrier of 38,858 dwt, built in 1994, which the company acquired in February 2005.
Following these time charter deals, 53% of the company's fleet operating days for the second half of 2007 63% for the full year 2007 and 40% for the full year 2008 are fixed under short- and long-term time charters. The company noted that this fleet deployment strategy enables to generate strong and predictable cash flows for the longer term.
EXM closed Friday's regular trading at $28.22, up $2.34 or 9.04%.
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