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Stanislav Oleynikov, CFA is an investment professional from Russia with over 10 years experience in US markets.
  • EXM: Calculation of NAV per share 0 comments
    May 10, 2009 03:01 PM | about stocks: EXM

     

     
    Fleet data
     

    Ship type
    Name
    Year
     
    Market   value
     
    Charter value
    Capesize
    Lowlands Beilun
    1999
     
    51,8
     
    5,3
    Capesize
    Iron Miner
    2007
     
    65,1
     
    16,0
    Capesize
    Kirmar
    2001
     
    55,4
     
    33,5
    Capesize
    Iron Beauty
    2001
     
    55,4
     
    5,2
    Capesize
    Sandra
    2008
     
    66,6
     
    4,9
    Capesize
    Christine (1)
    2010
     
    27,0
     
    0,8
    Capesize
    Lillie (1)
    2010
     
    31,5
     
    2,5
    Capesize
    Hope (1)
    2010
     
    31,2
     
    0,0
    Panamax
    Iron Manolis
    2007
     
    34,6
     
    2,9
    Panamax
    Iron Brooke
    2007
     
    34,6
     
    2,9
    Panamax
    Iron Lindrew
    2007
     
    34,6
     
    5,5
    Panamax
    Iron Knight
    2004
     
    31,5
     
    5,5
    Panamax
    Coal Hunter
    2006
     
    33,6
     
    5,5
    Panamax
    Coal Gypsy
    2006
     
    33,6
     
    5,5
    Panamax
    Pascha
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Anne
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Vassilis
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Bill
    2006
     
    33,6
     
    5,5
    Panamax
    Santa Barbara
    2006
     
    33,6
     
    5,5
    Panamax
    Ore Hansa
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Kalypso
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Fuzeyya
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Bradyn
    2005
     
    32,6
     
    5,5
    Panamax
    Grain Harvester
    2004
     
    31,5
     
    3,8
    Panamax
    Grain Express
    2004
     
    31,5
     
    5,5
    Panamax
    Coal Pride
    1999
     
    26,3
     
    0,7
    Panamax
    Iron Man (2)
    1997
     
    0,0
     
    -0,7
    Panamax
    Coal Age (2)
    1997
     
    0,0
     
    -2,4
    Panamax
    Fearless I (2)
    1997
     
    0,0
     
    -2,4
    Panamax
    Barbara (2)
    1997
     
    0,0
     
    -2,4
    Panamax
    Linda Leah (2)
    1997
     
    0,0
     
    0,1
    Panamax
    King Coal (2)
    1997
     
    0,0
     
    30,7
    Panamax
    Coal Glory (2)
    1997
     
    0,0
     
    -2,0
    Panamax
    Isminaki
    1998
     
    25,2
     
    2,7
    Panamax
    Angela Star
    1998
     
    25,2
     
    0,0
    Panamax
    Powerful
    1994
     
    20,5
     
    4,5
    Panamax
    First Endeavour
    1994
     
    20,5
     
    8,4
    Panamax
    Happy Day
    1997
     
    24,0
     
    0,0
    Panamax
    Renuar
    1993
     
    19,3
     
    0,0
    Panamax
    Rodon
    1993
     
    19,3
     
    0,0
    Panamax
    Fortezza
    1993
     
    19,3
     
    0,0
    Panamax
    Elinakos
    1997
     
    24,0
     
    11,9
    Panamax
    Birthday
    1993
     
    19,3
     
    0,0
    Supramax
    July M
    2005
     
    29,2
     
    0,0
    Supramax
    Mairouli
    2005
     
    29,2
     
    0,0
    Handymax
    Princess I
    1994
     
    13,5
     
    3,6
    Handymax
    Marybelle
    1987
     
    7,1
     
    0,0
    Handymax
    Lady
    1985
     
    4,9
     
    0,0
    Handymax
    Emerald
    1998
     
    16,7
     
    0,0
    Handymax
    Attractive
    1985
     
    4,9
     
    0,0
    Handymax
    Swift
    1984
     
    3,8
     
    0,0
    Total
     
     
     
    1302,8
     
    207,3

     
    Notes:
    1. The company has 42.8% interest in Christine and 50% interest in Lillie and Hope. Values of vessels and charters reflect appropriate percent of ownership.
    2. Iron Man, Coal Age, Fearless I, Barbara, Linda Leah, King Coal and Coal Glory are chartered-in on bareboat basis. Charter values reflect the difference in fare value between charter-in and charter-out rates.
    3. Vessels ordered at Korea Shipyard are excluded from all calculations, because no payments were made under this contract and it is unlikely that these ships will materialize.
     
     
     
    Calculation of net debt
     
    As of 12/31/2008, Excel Maritime had:
     
    Current assets  &nbs... $127 mln.
    Restricted cash   ... $24.9 mln.
    Oceanaut receivable  ... $5.2 mln
     
     
    Current liabilities, less current portion of interest rate swaps   ...          $274.8 mln.
    Long-term debt, less the debt of consolidated joint-ventures
    of $29.1 mln, relating to the interest of other parties  &nb... $1274.9 mln.
     
    Remaining payments, relating to the part of the company in the newbuildings:   $72.7 mln.
     
    Proceeds from the private offering of 25.7 mln. shares  &nbs... $45 mln.
     
     
    Net debt:   ... 274.8+1274.9+72.7-45-127-24.9-5.2 = 1420.3
    Shares outstanding: &nbs... 71,789,899
     
    NAV per share = (1302.8+207.3-1420.3)/... = $1.25
     
     
    Stocks: EXM
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