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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 1999
EXCEL MARITIME CARRIERS LTD.
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(Translation of registrant's name into English)
Par La Ville Place, 14 Par-La-Ville Road, Hamilton HM JX Bermuda
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(Address of principal executive office)
[Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.
Form 20-F / / Form 40-F/ /
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934. Yes / / No / /
[If "Yes" is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2 (b):
82-___________________________.]
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The following is the text of the semi-annual report of the
Company for the period ending June 30, 1999:
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION.
GENERAL
The Company sold all its vessels in 1998 in order to take
advantage of the market prior to it reaching its cyclical low,
and apply the cash secured after sale of the vessels to proceed
with new investment and acquisition of suitable vessels at the
earliest appropriate time, considering market condition. The
Company used a portion of the proceeds of the sale to repay in
full its outstanding undebtedness.
During the first half of 1999 the Company acquired through a
wholly-owned subsidiary, Point Holdings, the following vessels on
the following dates:
VESSEL NAME TYPE DATE ACQUIRED
Alex Stream Suezmax Oil Tanker March 11, 1999
Santa Maria Suezmax Oil Tanker March 11, 1999
Lucky Lady Handy Bulk Carrier May 13, 1999
Fighting Lady Capesize Bulk Carrier May 28, 1999
The company effectuated a "quasi-reorganization" for accounting
purposes in January 1999 by which the Company's additional paid-
in capital of US$ 56.5 million was adjusted to US$ 6.26 million
as of January 1, 1999 and the Company's deficit in retained
earnings of US$ 50.24 million as of December 31, 1998 was
adjusted to US$ 0 as of January 1, 1999. The Company effectuated
this "quasi-reorganization" for the purpose of simplifying its
balance sheet and the adjustment does not involve any actual
payments or transfer of funds.
The following should be read in conjunction with the consolidated
Financial Statements set forth above.
RESULTS OF OPERATION
SIX MONTHS ENDED JUNE 30, 1999
REVENUES FROM VESSELS
On average, each of the four vessels traded for 77 days during
the period ended June 30, 1999, producing net revenues of US$ 3.6
million. The total number of operating days of the fleet was
307. Time charter equivalent per vessel ("TCE"), defined as
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gross revenue per day less commissions and voyage expenses was
US$ 7,691.
VESSEL OPERATING EXPENSES
Vessel operating expenses were US$ 1.18 million for the period
ended June 30, 1999. Average daily operating expenses per vessel
("OPEX") were US$ 3,827.
DEPRECIATION AND AMORTIZATION
Depreciation charge for the period was US$ 164,000.
GENERAL AND ADMINISTRATIVE EXPENSES
General and Administrative expenses were US$ 0.36 million for the
period ended June 30, 1999. The fee charged by the management
company for managing the vessels was US$ 0.29 million, out of
which US$ 0.13 million represents fee charged for present
vessels, whilst US$ 0.16 million represents fee charged in 1999
for the sold vessels as per the Management Agreement.
LIQUIDITY AND CAPITAL RESOURCES
The Company operates in a capital intensive industry which
requires extensive investment in revenue-producing assets. The
liquidity requirements of the Company relate to securing its
debt, funding investments in vessels, funding working capital and
maintaining cash reserves. Net cash flow generated by operations
has historically been the main source of liquidity. Additional
sources of liquidity also include proceeds from assets sales,
bank indebtedness and equity contribution.
OPERATING ACTIVITIES
Net cash provided from Operating Activities totaled US$ 0.4
million for the period ending June 30, 1999. The Company
generated sufficient cash to cover vessel operating expenses and
debt service for the period.
INVESTING ACTIVITIES
Net cash used in Investing Activities totaled US$ 14.16 million
for the period which reflects the US$ 17.26 million cost
acquisition of the vessels offset by the US$ 3 million due to
sellers of the two suezmax tankers and by US$ 0.1 million
interest received.
FINANCING ACTIVITIES
Net cash generated from Financing Activities totaled US$ 8.6
million which reflect proceeds of US$ 6.0 million of bank loan
and US$ 2.8 million bridge financing.
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EXCEL MARITIME CARRIERS
CONSOLIDATED BALANCE SHEETS
FOR THE SIX MONTHS ENDED JUNE 30, 1999
(Expressed in thousand of USDollars)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 647
Accounts receivable-Trade 579
Other 235
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1,461
Inventories 608
Due from management company 393
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TOTAL CURRENT ASSETS 2,462
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FIXED ASSETS
Vessels' cost 17,265
Accumulated depreciation 164
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NET BOOK VALUE 17,101
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TOTAL FIXED ASSETS 17,101
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OTHER NON CURRENT ASSETS:
Deferred charges 26
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TOTAL ASSETS 19,589
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LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES
Current portion of long term debt 850
Short term debt 2,800
Due to sellers 1,500
Accounts payable:Trade 526
Other 114
Unearned revenue
Accrued liabilities 343
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TOTAL CURRENT LIABILITIES 6,133
Due to sellers 1,500
LONG-TERM DEBT,net of current portion 5,000
STOCKHOLDERS'EQUITY
Capital stock 66
Additional paid in capital 6,256
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Retained earnings 634
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Total stockholders' equity 6,956
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TOTAL LIABILITIES&STOCKHOLDERS'EQUITY 19,589
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EXCEL MARITIME CARRIERS
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1999
(Expressed in thousand of USDollars)
REVENUES
REVENUE FROM VESSELS 3,742
Commissions 137
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Revenue from vessels,net 3,605
EXPENSES:
OPERATING EXPENSES
Voyage expenses 1,244
Vessel operating expenses 1,175
Depreciation 164
Amortisation of deferred dry-docking &
special survey costs
GENERAL AND ADMINISTATIVE EXPENSES
Management fees 293
Other 71
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2,947
INCOME FROM OPERATIONS 658
OTHER INCOME (EXPENSES)
Interest and finance costs,net 25
Foreign currency gains -1
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Total other income (expenses),net 24
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NET INCOME FOR THE PERIOD 634
BASIC EARNINGS PER SHARE $0.10
BASIC WEIGHTED AVERAGE NUMBERS OF SHARES 6,571,806
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CASH FLOWS FROM OPERATING ACTIVITIES:
Adjustments to reconcile net income to net cash
provided by operating activities:
Net Income 634
Depreciation and amortization 164
Amortization of financing fees 6
Interest expense 129
Interest income (104)
(Increase) Decrease in:
Accounts receivable (290)
Inventories (469)
Due from management company 607
Increase (Decrease) in:
Accounts payable (293)
Accrued liabilities (excluding accrued
interest expense) 115
Interest paid (92)
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NET CASH FROM (USED IN) OPERATING ACTIVITIES 407
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CASH FLOWS FROM INVESTING ACTIVITIES:
Vessel acquisition/(sale) and / or improvements (14,265)
Interest received 104
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NET CASH FROM (USED IN) INVESTING ACTIVITIES (14,161)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Long-term debt 6,000
Payment of long term debt (150)
Bridge financing 2,800
Financing Costs (32)
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NET CASH FROM (USED IN) FINANCING ACTIVITIES 8,618
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NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (5,136)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 5,783
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CASH AND CASH EQUIVALENTS AT END OF PERIOD 647
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
EXCEL MARITIME CARRIERS LTD.
Date: August 16, 1999 by /s/ Gabriel Panayotides
_________________________
Gabriel Panayotides
Chairman
02545001.AB0
