Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Excel Maritime Carriers Ltd. (NYSE:EXM)

Q2 2012 Earnings Call

August 29, 2012 8:30 am ET

Executives

Pavlos Kanellopoulos – Chief Financial Officer

Ismini Panayotides – Business Development Officer

Analysts

Natasha Boyden – Global Hunter

Michael Webber – Wells Fargo

Joshua Katzeff – Deutsche Bank

Operator

Ladies and gentlemen, thank you for holding and welcome to the Excel Maritime conference call on the second quarter 2012 financial results. We have with us Mr. Pavlos Kanellopoulos, Chief Financial Officer, and Ms. Ismini Panayotides, Business Development Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session, at which time if you wish to ask a question please press star, one on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. Wednesday, August 29, 2012.

We now pass the floor to your speaker today, Mr. Kanellopoulos. Please go ahead, sir.

Pavlos Kanellopoulos

Thank you. Good morning everyone and thank you for joining us on this conference call to discuss the results for the second quarter of 2012 of Excel Maritime. I’m Pavlos Kanellopoulos, Chief Financial Officer of the Company. Please be reminded that we will be discussing forward-looking statements on today’s call and presentation. Regarding the disclaimer language, I would like to refer you to Slide No. 2 of this webcast presentation for further information. Please take a moment to read through the text in the slide. You will be able to find a reconciliation of four non-GAAP measures mentioned today in the appendix of the presentation. This presentation will be available on the Company’s website at excelmaritime.com. Thank you.

On Slide 3, we present the highlights of the quarter. The Company’s results reflect the weak trading conditions during the quarter. As a result, our quarterly EBITDA recorded a drop to $17.7 million. The agreement with our lenders back in April 2012 helped to sustain our liquidity position as we benefited from installment deferrals. We continuously increased our fleet-wide charter coverage for 2012 to 83% at an average charter rate of $13,667 per day. And finally, our ETM program that we initiated on May 8 has led to date to the issuance of 5.8 million shares with net equity proceeds of 4 million at an effective price of $0.70 per share.

Moving on to the earnings highlights, our voyage revenues for the second quarter amounted to 63.1 million against 92 million in 2011, recording a drop of 31% while our EBITDA settled at 17.7 million versus 44 million in 2012, corresponding to a decline of 60% on the back of 26% drop in the Baltic Panamax index during the two periods. In terms of blended (inaudible) TCE rate per vessel, for the second quarter of 2012 it stood at $12,871 or 32% lower than the TCE achieved in 2011. The quarter-on-quarter drop in revenues had a direct impact on our profitability, leading to an overall loss making quarter. Reported net loss for the quarter was at 33.4 million or $0.37 per share compared to a loss of 16 million or $0.19 per share in 2011. The results of both periods include a number of non-cash items, the amortization of favorable and unfavorable assumed charters amounting to a net gain of 1 million in 2012 versus a net loss of 9 million in 2011, unrealized gains on the derivative financial instruments of 3 million in 2012 versus a loss of 1.3 million in second quarter 2011. Net income excluding the above non-cash items amounts to a loss of 36.4 million or $0.41 per share compared to a loss of 5.6 million of $0.07 per share in 2011.

Our drydock costs during the second quarter were normalized to 3.7 million after an incidental heavy drydock first quarter with 8.6 million drydock and special service expenses. Going forward, we estimate our drydock costs to amount approximately 7 million for the next two quarters of the year.

The fleet utilization was at 97.4%, recovering from lower levels in Q1. Our vessel operating expenses during the second quarter of 2012 were contained further, averaging 4,822 per vessel per day against $5,000 in 2011, corresponding to a savings of 3.6%. Finally, our cash G&A costs were lower than the corresponding last year period at $1,788 per vessel per day versus $1,975 per vessel per day in 2011. You will be able to find in the appendix of the presentation a reconciliation of four non-GAAP measures just mentioned.

On Slide 5, we will go over our balance sheet highlights as of June end 2012. Cash, including restricted cash, totaled 92 million. Total debt net of deferred financing fees amounted to $1.31 billion, unchanged versus December 31. As far as our current status with our 1.4 billion facility, the Company is in compliance with all financial covenants of the facility agreement, albeit with tighter headroom. In particular, minimum fair value covenant is at 99% versus a threshold of 80%. Maximum leverage ratio is at 85% versus a threshold of 90%, and an interest cover of over 2.1 times versus threshold of 1.75 times.

On Slide 6, we illustrate our cash in and outflow movement for the second quarter of 2012. We opened the quarter with cash balance of 94.4 million, generated cash inflows from operations 14.3 million, and paid 14.5 towards cash interest expenses and interest rate swaps. We raised 3.1 million from the ETM program during the quarter. On the cash outflow front, the quarter benefited from the absence of scheduled installments in the 1.4 billion facility as the Company exercised its option to defer the installment, limiting the cash outflow to 2.6 million for bank debt repayment. We paid fees relating to the amendment agreement with our lenders amounting to 2.6 million. Our total cash inflows minus our cash outflows for the quarter reduced our ending cash position by 2.3 million to 92.1 million.

On Slide 7, we present an update on the amendment agreement with our lenders. As we reported back in April, we reached an agreement with our lenders under the 1.4 billion syndicated credit facility to amend to the amortization schedule the collateral value close and certain of the financial covenants of the facility during the period from March 2012 to December 2013. To this end, in April the Company exercised its option to defer the Q2 installment amounting to 24.3 million to the bullet maturity in April 2016. Similarly in July, the Company exercised its second option to defer the Q3 installment of 24.3 million installment to the bullet maturity in April 2016.

On Slide 8, we present a cash break-even analysis for the remainder of 2012. We compare our secured revenues for the rest of the year against all our estimated cash obligations and calculate the minimum rates that our open vessels need to achieve in order to break even on a cash flow basis. More specifically, starting from the left, for the rest of 2012 our total cash requirements are estimated to amount to 109 million comprising of total operating costs plus debt amortization and interest payments. Our charter fixtures so far have already secured voyage revenues of 81 million, so that leaves us with 28 million that we’ll need to generate from our spot vessels. If we divide 28 million by our open days, we’re left with $10,275 that we need to earn for each of our spot vessels in order to cash flow break-even. Please note that the break-even analysis does not take into account cash inflows from equity injection during the periods. Overall, we believe that we are better positioned to cope with the risks of existing rate weakness.

Now I’ll turn over the presentation to Ismini Panayotides for some further analysis on fleet deployment and market environment.

Ismini Panayotides

Thank you Pavlos. Moving on to Slide 9, we would like to once more discuss Excel’s consistency and focus on operational excellence and top quality performance. Through the long-term track record of our in-house technical management extending back over 28 years, combined with our large and diverse fleet which provides for significant economies of scale, we are able to operate our vessels in a very competitive manner throughout the years, which is substantially significant in periods of market weakness such as today. As a result of our focus on tight operations, we were able for yet another quarter to enjoy very competitive vessel operating expenses of below $5,000 per day on average. In line with our efforts to adjust to the prevailing market weakness, which is expected to continue for the remainder of the year, combined with our aim to maximize our earnings potential, we are proud to report that during the first half we have been able to achieve the lowest historical OPEX performance since the Quintana merger of $4,394 per day through strict and careful (inaudible) processes and cost containment while keeping our vessels in top quality performance.

Moving on to Slide 10, we would like to give you an update on our fleet deployment profile. We continue to remain committed on implementing a balanced chartering strategy. When looking at the overall picture of our fixed operating base, we have increased our contracted coverage to 83% for our fleet available days for the full year of 2012, 21% of which have a profit-sharing arrangement or an index-linked structure with a floor, resulting in an average charter rate of $13,667 per day without taking into account the possible profit sharing. As we iterated in the past, we continue to focus on a further gradual increase of our secured operating rate for the full year of 2013, currently standing at 21%, up to average historical levels of about 50 to 60%. And as mentioned on previous calls, we continue to consider the Capesize class as a vessel class more exposed to freight rate volatility and that we have taken the decision to differentiate our strategy for this particular segment. Specifically, we have entered into long-term charters our entire Capesize fleet and have secured 100% of our Capesize fleet operating days for 2012 at an average charter rate of $26,280 per day, and 62% for 2013.

During the remainder of 2012, Excel will continue to capitalize on the superior performance of the Kamsarmax and Panamax fleet and take advantage of market volatility to lock in new fixtures at different maturities ranging from one to two years in structures including index link with floor protection and profit-sharing components, as well as fixed rates. Finally, as highlighted before, the careful selection of first-class counterparties minimizing the risk of possible charter default is an integral part of our operations, and once again we would like to report that as of today, all of our charters have been diligently paying hire on time and we have not been approached with a request for any charter renegotiations by any of our counterparties.

On Slide 11, we wish to illustrate the volatile and weak rate environment witnessed in the second quarter of this year versus 2011, as pictured by the Baltic Dry Index. The BDI average for the second quarter of 2012 was at 1,124 with an average of the same period for last year being at 1,379, indicating a 26% lower performance. Furthermore, during the second quarter of this year we were successful in maximizing our earnings capacity through our strict and competitive chartering ability, which as you can see on the graph on the right enabled us to operate a spot Panamax and Kamsarmax fleet at an average rate of about $10,000 per day compared to the average BPI performance of $8,780 per day, meaning that our vessels have outperformed the market by about 12% in the first half of 2012.

Finally as Pavlos mentioned earlier, despite the significant market softening experienced in the past quarter, we were able to enjoy profitable rates through a combination of spot and peer charges at an average time charter equivalent of $13,000 per day for our entire fleet.

Let us now review the development and outlook of the demand and supply in the dry bulk market. Moving on to Slide 12, focusing on the demand of the two major seaborne traded commodities – iron ore and coal – whose long-term fundamentals remain robust, we would like to focus on the inverse correlation between each commodity’s pricing and the respective imports into the major consuming nation, China. Overall, iron ore imports into China are expected to remain firm for the full year for 2012 and forecasted to grow at a rate of about 5%. As shown on the graph on the left and despite the lower activity witnessed in the beginning of the year, iron ore imports into China came at about 370 million tons for the first half, clearly coming in line with expectations for a total of over 700 million tons for the full year. In addition, utilization decline in iron ore prices in the region of 7% combined with the lower domestic demand, major steel mills have (inaudible) while still expect a further decrease in price before iron ore prices become attractive enough for them. Such further decrease will result in squeezing out some marginal Chinese iron ore producers, providing another chance to support volumes going forward.

Despite coal imports into China showing some signs of softening in the first few months of the year, as seen on the graph on the right, the second quarter has been stronger. Following a 16% decrease in coal prices, Chinese imports for the first half of the year have increased by almost 82% as compared to 2011 primarily to service the country’s heavy industrialization as well as power generation needs. So the expected further decline in commodity prices is anticipated to provide an important level of support for import volumes to be sustained in the coming quarters for both iron ore and coal.

Having reviewed the demand for the major dry bulk commodities, I would like to turn your attention to Slide 13 and discuss the supply side. In line with expectations, we have seen significant failed deliveries due to slippage or cancellation in the first half of the year. More specifically, 21% and 30% of the scheduled Capesize and Panamax order books respectively failed to be delivered during the first six months of 2012. Slippage and vessel cancellation is expected to continue through the remainder of the year, reaching levels close to the ones witnessed during 2011 as owners are much more incentivized to get the next year’s time stop on their vessels.

Another important factor to be taken into consideration when looking at the supply side is that of scrapping, which could work as a self-correcting mechanism in moderating possible oversupply. The significant softening in freight rates experienced throughout 2012 has forced owners into sending for demolition about 21 million deadweight tons just in 2012 so far, coming already above the scrapping levels of the full year of 2011. Again, in the Panamax sector alone, we saw 72 vessels scrapped last year while already during 2012, 71 Panamax vessels have been sent to the breakers. The expectation is that scrapping during 2012 will reach levels of about 30 million deadweight tons, an increase of 28%, so the actual figures to date already account of 70% of that, definitely being ahead. Scrapping should play an even more significant balancing role in the supply and demand imbalance during the remainder of the current year as the number of vessels sent to the breakers has on one had been substantial when compared to last year’s numbers, but on the other hand has not been able to justify the prolonged and significant low market freight rate environment we have been experiencing.

Overall, the order book remains a concern and has to be monitored. 2012 will continue to be a challenging year as a result of the substantial new vessel deliveries, but scrapping in combination with slippage and long-term dry bulk fundamentals will provide for volatility in the coming quarters and should help stabilize the vessel oversupply in the future.

This concludes the review of the demand and the supply for the dry bulk industry. With that, I will turn it back to Pavlos to provide some concluding remarks.

Pavlos Kanellopoulos

Thank you Ismini. Before we open the floor for the Q&A session, we would like to share with you some final thoughts. The Company remains committed to a consistently competitive operational platform based on quality assets and credit-worthy charters. And regarding our undertaking to raise the 30 million of equity, we are continuing the ETM program and at the same time we will continue to evaluate all alternatives to bring in new equity capital.

This concludes the main part of our presentation. I would like to draw your attention to the appendices attached to the back of this presentation, providing additional information. Thank you again for your time, and at this point I would like to turn back the call to the operator to open the floor for the Q&A session. Operator?

Question and Answer Session

Operator

Thank you. We will now begin the question and answer session. [Operator instructions]

Your first question comes from Natasha Boyden from Global Hunter. Please go ahead.

Natasha Boyden – Global Hunter

Good morning everybody. Pavlos, two questions – exactly how many shares do you have outstanding as of October 24?

Pavlos Kanellopoulos

October 24? I’m sorry – October 24, you mentioned?

Natasha Boyden – Global Hunter

Of August, I’m sorry. I meant August 24. I mean, basically how much shares do you have outstanding currently?

Ismini Panayotides

Just over 99 million.

Natasha Boyden – Global Hunter

Ninety-nine million – okay. So you’ve obviously gone some way towards raising some of the equity that you need to raise, and there’s roughly four months left to the end of the year. How confident do you feel that you’ll be able to get the remainder done, given that it’s quite a large amount?

Pavlos Kanellopoulos

That’s true. As we said, there is a backstop agreement in place signed back in April that gives us some comfort, and we are evaluating alternatives to address any shortfall that is between the backstop, what we have raised so far, and the 30 million. And I think it’s too preliminary to comment on any alternative at this stage because we have until the end of the year.

Natasha Boyden – Global Hunter

Okay, fair enough. Just turning back to DVOE, Ismini, you talked a lot about how you’ve managed to bring that down to the lowest level that it has been in a while. How are you actually managing that? What is driving these cost reductions, and how sustainable do you believe it really is?

Ismini Panayotides

I guess as a prudent company and very, very focused on keeping our operations tight, we—since the beginning of the year, we have made internal efforts with the management team of our operations and our technical department here to be careful on cost containment, to manage our off-hires, our technical and engine failures. So it all comes down to strict monitoring and prudent management of our operations and technical abilities.

Pavlos Kanellopoulos

And Natasha, just to add a point here, we believe that it’s already at industry-leading levels, our vessel operating expenses. I would tend to say that if you add the element of age, we are one of the most competitive in the industry, so I wouldn’t expect significant savings, material savings further to this level. So our aim is to sustain this around this level, and that’s our objective going forward.

Ismini Panayotides

Yeah, the threshold of below $5,000 per day.

Natasha Boyden – Global Hunter

Okay, so you think this is a good level going forward and you don’t really see that there’s any more room for any more reductions in that.

Ismini Panayotides

Not anymore.

Pavlos Kanellopoulos

Incremental, marginal benefits are always short, and we strive continuously and we are properly remunerated and incentivized to find them and put them into practice.

Natasha Boyden – Global Hunter

That’s fair enough. Just moving over to another question here, you do have several 15-year-old-plus ships, I think primarily Panamaxes and Handymaxes in the fleet. Are you at all considering selling these ships over the near term, or what are the plans for them?

Pavlos Kanellopoulos

I think what you’re referring, we have one really small—our oldest vessel is a Handy vessel called Attractive. It’s over 25 years of age but it constitutes only 1.2% of our total carrying capacity. It does not move the bar, you know. We’re just looking for an opportune time to reposition the vessel, drydock. It’s a lot of factors, but clearly it does not move the bar.

As far as the other 15-year-old vessels that you’re referring, they’re not owned vessels. They are chartered-in vessels. There are seven 16-year-old that we have chartered in on a by-boat basis, and of course we’re operating these vessels but we have no capacity to sell them because simply we don’t own these vessels.

Natasha Boyden – Global Hunter

That makes a lot of sense. Thank you. Then just lastly, I wanted to talk about Slide 12 of the presentation. Let me just go to it here. You know, you talk about sound Chinese demand for commodities, but there’s been a lot of talk recently all over the press that China really is potentially slowing down pretty dramatically, and I just want to get your thoughts on the fact that with the order book becoming much more manageable at the end of 2013 and into 2014, that might coincide with a real slowdown in the Chinese economy and that might obviously put a damper on any recovery. What are your thoughts on that, or do you think that this is sort of a blip in the Chinese economic growth and we might see a return to more reasonable growth?

Ismini Panayotides

You’re absolutely right. We share the concerns of a possible China slowdown in the coming quarters; but again, nevertheless, let’s not forget there’s still the possibility, and we see this as quite a possibility, of the smaller Chinese iron ore producers to be actually squeezed out of the market, so then we’ll have the good producers from Australia or Brazil who will be remaining so there will be capacity coming out from the right direction. And the excess capacity, I guess, who would be coming out of China would be depleted so we’ll be set off that way.

Natasha Boyden – Global Hunter

Okay, thank you very much for your time.

Operator

Thank you. Your next question comes from Michael Webber from Wells Fargo. Please go ahead.

Michael Webber – Wells Fargo

Hey, good morning guys. How are you?

Pavlos Kanellopoulos

Good morning, Mike.

Michael Webber – Wells Fargo

I wanted to jump back and talk a little bit about the ETM. You know, the (inaudible) came in a bit lower than we had expected and it implies, as you mentioned, an average effective price of a little bit below $0.70 a share. Was there a delay in implementation in terms of that ETM? I mean, I know you guys were trading close to $1, $1.50 at the time, but there were—there could have been lock-up periods and whatnot. Can you maybe just talk a little bit about the execution on that ETM and how you think about that going forward?

Pavlos Kanellopoulos

Yeah, sure. As we said, we initiated on May 8 the process, so I think we were in the market prudently during the whole period until our self-enforced trading window, which closed on the 16th of July. So we were out most of these days raising equity on a consistent basis, and I think if you look back from the 8th of May until the 16th of July, you would see that basically we were taking around 20% of the daily volume at the average of the day in the market. So it’s not something that—it’s very scientific, I think. If the market is there, liquidity is there, you can do the volumes. And the thinking process for us going forward is, again, to be prudent and at the same time consider our alternatives, and we have a time frame until the end of the year to see how much we can raise and what shortfall, if any, at the end of the December.

Michael Webber – Wells Fargo

Got you, okay. And then just to be clear, that $4 million number, that’s a Q2 number. Is there a year-to-date number in there? I think Natasha was getting at it a little bit earlier, but is there anything—

Pavlos Kanellopoulos

No, to correct you there, Mike, the Q2 number is in our cash in, cash outflow page, which is Page 6. It’s 3.1. The year-to-date number is the 4.2 gross, (inaudible) net.

Michael Webber – Wells Fargo

Okay, perfect. So if I just look at that number and look at your average trading volume, I mean, that implies about 27% of the average volume you guys are needing to do every day until the end of the year to get just to that $10 million threshold to meet what’s not covered by the backstop. Has there been a conversation, and that’s assuming—obviously there are a lot of assumptions in that, but have there been conversations around increasing that backstop or with your lenders around not potentially raising that 30 million or getting somewhat close and then giving a little bit of leeway there? Maybe just a little bit of color there.

Pavlos Kanellopoulos

I think that’s too speculative at this stage to give you some guidance, but I think your calculations are based on the 27% that you coming out with is related with our weaker—perhaps weaker summer periods, quieter summer periods, so we cannot really speculate what will be the volume and what percentage of that volume we can raise going forward. So I think it’s a bit speculative at this stage to elaborate.

Michael Webber – Wells Fargo

Sure, but I think the assumption is that if there’s going to be continued selling pressure on the stock and there’s not really a near-term catalyst within the market, that that’s a pretty fair assumption to make. So I guess the question is more along the lines of, I guess, relaying to investors and relaying to the market what options are available should you guys not be able to raise that incremental $10 million, and maybe just kind of lay those out.

Pavlos Kanellopoulos

As I said, there’s not much to disclose at this stage. As and when it makes that available, we’ll be happy to discuss it with the market.

Michael Webber – Wells Fargo

Fair enough. All right, I just wanted to touch on your covenants too. You guys are well within your parameters here, and I appreciate you guys breaking this out so cleanly within the deck. You know, you have control over most of them; some of them you don’t. On the fair market value covenant, I’m assuming that’s the value they’re taking quarterly. Is that correct?

Pavlos Kanellopoulos

Yes, true. It’s third party and it’s quarterly, and it’s part of our agreement with our lenders, and it’s been happening since 2008.

Michael Webber – Wells Fargo

Okay. And I’ve got some questions around interest coverage and how you’re getting to the 2.8, but I can take that offline. And I think that’s all I have. I appreciate the time, guys. Thank you.

Pavlos Kanellopoulos

Thanks Mike. We appreciate it.

Operator

Your next question comes from Joshua Katzeff from Deutsche Bank. Please go ahead.

Joshua Katzeff – Deutsche Bank

Hi, good afternoon. I just wanted to talk maybe more broadly about 2013. I guess starting halfway through next year, the amortization starts to ramp. In Q2, it’s up to $15 million on the syndicated facility. I guess how do you think about 2013, and at what point would you have to start considering maybe discussions with lenders about amending the facility again?

Pavlos Kanellopoulos

I think mid to end of 2013 in our business is long-term planning, although I think it’s too premature to discuss about market recovery, which is outside of our control. As far as our bankers are concerned, this is an ongoing dialogue and I think both us and the banks are fully aware of the challenges in the market and the environment that we live in, and I think if there is a requirement for a discussion and further negotiation, I think as the banks have done it three times in the past four years, I’m sure they will be willing to discuss with us again if the – big if – there is a requirement to do so in the third—second quarter of next year, as you suggested.

Joshua Katzeff – Deutsche Bank

Got it. I guess there was a modest increase in the restricted cash. Could you maybe just talk about that? Was that collateral for one of the smaller facilities?

Pavlos Kanellopoulos

Yes, it was a collateral requirement under one of our smaller swap facilities. It was a requirement by one of our swap counterparties. Swap valuations have moved against us, against I think most borrowers who have taken interest rate swaps. I think as the market or inflation kicks in, this collateral will be returned on a quarterly—sorry, on a monthly valuation of mark-to-market valuations of interest rate swaps.

Joshua Katzeff – Deutsche Bank

Got it. One more quick question before I turn it over – you mention alternatives to the ETM. I was wondering if maybe you can just broadly go into potential alternatives, and also at what point would you start considering these? Would this be after December 31, or would these start maybe coming into play this year?

Pavlos Kanellopoulos

I won’t discuss either alternatives or timing, Josh, I’m afraid at this stage. It’s too early to have this discussion.

Ismini Panayotides

Obviously, you know, as a public company we have a number of tools in our hands that we evaluate on a constant basis, so that’s pretty much what we can say for the time being. We always have been active, we always have our thinking hats on top, so rest assured we’re always thinking and trying to figure out the best solution for our shareholders.

Joshua Katzeff – Deutsche Bank

Fair enough. I appreciate the time.

Operator

Thank you. Once again, if you wish to ask a question, please press star, one. Okay, there are no further questions at this time. Please continue.

Pavlos Kanellopoulos

I would like to thank all participants that joined us in our second quarter earnings call and looking forward to discussing with all of you again the third quarter earnings call sometime in early November. Thank you, everyone.

Operator

Thank you. That does conclude our conference for today. Thank you for participating. You may all disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Excel Maritime Carrier's Management Discusses Q2 2012 Results- Earnings Call Transcript
This Transcript
All Transcripts