Excel Maritime Reports Results for the First Quarter Ended March 31, 2012

ATHENS, GREECE--(Marketwire - May 3, 2012) - Excel Maritime Carriers Ltd (NYSE: EXM) ("Excel"), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its operating and financial results for the first quarter ended March 31, 2012. 

Financial highlights

		Three-Months ended March 31,
		2011				2012
		(amounts in millions of U.S Dollars, except per share data and daily TCE)
Voyage Revenues		$	97.3			$	64.1
Net Loss		$	(1.0	)		$	(36.6	)
Adjusted Net Income (Loss)		$	0.5			$	(35.6	)
Losses per Share-Diluted		$	(0.01	)		$	(0.42	)
Adjusted Earnings (Losses) per Share-Diluted		$	0.01			$	(0.41	)
Adjusted EBITDA		$	48.0			$	22.2
Time Charter Equivalent (TCE) per day		$	19,642			$	14,048

A reconciliation of the non-GAAP measures discussed above is included in a later section of this release.

Corporate highlights and Recent developments

Loan amendments: In March 2012, we amended the loan repayment schedule of our $1.4 billion credit facility and were granted the option to defer the repayment of principal amount of up to $100.0 million, originally scheduled for 2012 and 2013, to the balloon payment at the end of the facility's term in 2016. In addition, we amended the collateral value clause and a number of financial covenants of certain credit facilities for the period through December 31, 2013, in order to respond to the weak charter conditions currently prevailing in the market and the associated volatility in the vessels' market values. (Please refer to the recent developments in our earnings release issued on March 16, 2012 for a detailed discussion of the foregoing amendments.)

Deferral Notice: Following the amendment of our $1.4 billion credit facility, we exercised our option to defer the entire loan installment of $24.3 million, originally due on April 2, 2012, to the balloon payment of the facility in April 2016.

Fleet Coverage

Fleet Coverage, as of April 30, 2012		Full Year '12
Capesize Fleet		100%
Kamsarmax / Panamax Fleet		65%
Entire Fleet - Fixed Charters		67%
% of Fixed Charters with upside participation		25%

As of April 30, 2012, we have secured contract coverage for 100% and 65%, respectively, of the available days of our Capesize vessels and Kamsarmax/Panamax vessels for the year ending December 31, 2012. With respect to the entire fleet, 67% of the available days of 2012 have been fixed, 25% of which under contracts which offer an upside potential through profit sharing arrangements or index-linked structures and hedge against downside price risk through floor protection.

Management Commentary:

Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, "Against challenging market conditions, Excel delivered an operating cash flow positive quarter, as we continued to capture the benefits of disciplined cost management and prudent chartering strategy. The successful completion of the waiver agreement with our lenders is a great achievement and will help us weather through the near term challenges stemming from the structural imbalances in our markets. Despite current uncertainty persisting in the global economy, the longer term outlook for Excel's diversified fleet remains strong. We expect robust demand for commodities in the emerging economies, notably in China and India, which will eventually lead to a sustained recovery in freight rates when the excess tonnage is absorbed."

First Quarter 2012 Results:

Excel reported voyage revenues for the first quarter of 2012 amounting to $64.1 million compared to $97.3 million for the same period in 2011, a decrease of approximately 34.1%.

Adjusted EBITDA for the first quarter of 2012 was $22.2 million compared to $48.0 million for the first quarter of 2011, a decrease of approximately 53.8%.

Net loss for the quarter amounted to $36.6 million or $0.42 per weighted average diluted share compared to a net loss of $1.0 million or $0.01 per weighted average diluted share in the first quarter of 2011.

The first quarter 2012 results include a non-cash unrealized gain on derivative financial instruments of $3.5 million compared to a non-cash unrealized gain on derivative financial instruments of $6.3 million in the corresponding period in 2011. In addition, the first quarter 2012 results include a non-cash charge of $5.4 million relating to the valuation of the warrants and the put option on the preferred shares under the back stop agreement ("Back stop agreement Valuation") entered into as part of the $1.4 billion credit facility amendment.

Included in the above net results is also the amortization of unfavorable time charters that were recorded upon acquiring Quintana Maritime Limited ("Quintana") on April 15, 2008 amounting to an income of $1.0 million and $0.8 million for the first quarter of 2012 and 2011, respectively.

In addition, the first quarter 2011 results include a non-cash loss of $9.8 million relating to the amortization of favorable time charters that were recorded upon acquiring Quintana and a gain in connection with the sale of M/V Marybelle amounting to $1.3 million.

Adjusted net loss, excluding all the above items, for the first quarter of 2012 amounted to $35.6 million or $0.41 per weighted average diluted share compared to an adjusted net income, excluding all the above items, for the first quarter of 2011 of $0.5 million or $0.01 per weighted average diluted share.

Included in the above adjusted net loss is also the amortization of stock-based compensation expense of $0.6 million and $1.3 million for the quarters ended March 31, 2012 and 2011, respectively.

An average of 47.0 and 48.3 vessels were operated during the first quarter of 2012 and 2011, respectively, earning a blended average time charter equivalent rate of $14,048 and $19,642 per day, respectively. 

A reconciliation of adjusted EBITDA to net income (loss), adjusted net income (loss) to net income (loss), and Adjusted Earnings (losses) per Share (Diluted) to Earnings (losses) per Share (Diluted), as well as a calculation of the TCE, is provided in a later section of this press release.

Conference Call Details:

Tomorrow May 4, 2012 at 8:30 A.M. EDT, the Company's management will host a conference call to discuss these results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Excel Maritime" to the operator.

A telephonic replay of the conference call will be available until May 11, 2012 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 1838801#

Slides and Audio Webcast:

There will also be a live, and then archived, webcast of the conference call, available through Excel s' website (www.excelmaritime.com). Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

- Financial Statements and Other Financial Data Follow -

EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS
FOR THE QUARTER ENDED MARCH 31, 2011 AND 2012
(In thousands of U.S. Dollars, except for share and per share data)
			First Quarter
			2011				2012
REVENUES:
Voyage revenues			$	97,278			$	64,076
Time Charter fair value amortization				836				963
Revenue from managing related party vessels				17				-
Total Revenues				98,131				65,039
EXPENSES:
	Voyage expenses			13,120				7,379
	Charter hire expense			8,096				8,185
	Charter hire amortization			9,849				-
	Commissions to related parties			1,073				717
	Vessel operating expenses			21,029				19,528
	Depreciation expense			31,714				31,871
	Dry-docking and special survey cost			1,146				8,616
	General and administrative expenses			6,419				6,097
				92,446				82,393
	Gain on sale of vessel			1,274				-
	Income (loss) from operations			6,959				(17,354	)
OTHER INCOME (EXPENSES):
	Interest and finance costs			(7,768	)			(17,121	)
	Interest income			421				166
	Gains (losses) on derivative financial instruments			458				(1,501	)
	Foreign exchange gains (losses)			(159	)			8
	Other, net			(410	)			(244	)
	Total other income (expenses), net			(7,458	)			(18,692	)
Net loss before taxes and income earned by non controlling interest				(499	)			(36,046	)
US Source Income taxes				(252	)			(189	)
Net loss				(751	)			(36,235	)
Income earned by non-controlling interest				(273	)			(352	)
Net loss attributable to Excel Maritime Carriers Ltd.			$	(1,024	)		$	(36,587	)
Losses per common share, basic			$	(0.01	)		$	(0.42	)
Weighted average number of shares, basic				83,641,408				87,978,607
Losses per common share, diluted			$	(0.01	)		$	(0.42	)
Weighted average number of shares, diluted				83,641,408				87,978,607

EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 2011 AND MARCH 31, 2012 (UNAUDITED)
(In thousands of U.S. Dollars)
ASSETS				December 31, 2011				March 31, 2012
CURRENT ASSETS:
	Cash and cash equivalents			$	53,749			$	30,945
	Restricted cash				5,700				5,658
	Accounts receivable				7,004				8,744
	Other current assets				16,392				16,529
	Total current assets				82,845				61,876
FIXED ASSETS:
	Vessels, net				2,579,285				2,547,593
	Office furniture and equipment, net				941				811
	Total fixed assets, net				2,580,226				2,548,404
OTHER NON CURRENT ASSETS:
	Other deferred non-current asset				1,108				1,183
	Restricted cash				57,750				57,750
		Total assets		$	2,721,929			$	2,669,213
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
	Current portion of long-term debt, net of deferred financing fees			$	104,879			$	31,996
	Accounts payable				12,062				14,337
	Other current liabilities				31,106				37,746
	Derivative financial instruments				19,453				20,643
	Total current liabilities				167,500				104,722
Long-term debt, net of current portion and net of deferred financing fees					952,716				998,926
Time charters acquired, net					14,633				13,745
Derivative financial instruments					26,516				22,149
	Total liabilities				1,161,365				1,139,542
Commitments and contingencies					-				-
STOCKHOLDERS' EQUITY:
	Preferred stock				-				-
	Common stock				891				891
	Additional paid-in capital				1,071,263				1,076,988
	Other Comprehensive loss				(3,064	)			(3,447	)
	Retained earnings				480,081				443,494
	Less: Treasury stock				(189	)			(189	)
	Excel Maritime Carriers Ltd. Stockholders' equity				1,548,982				1,517,737
	Non-controlling interests				11,582				11,934
	Total Stockholders' Equity				1,560,564				1,529,671
		Total liabilities and stockholders' equity		$	2,721,929			$	2,669,213

EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS
FOR THE QUARTER ENDED MARCH 31, 2011 AND 2012
(In thousands of U.S. Dollars)
				First Quarter
				2011				2012
Cash Flows from Operating Activities:
	Net loss			$	(751	)		$	(36,235	)
	Adjustments to reconcile net loss to net cash provided by operating activities				37,141				36,430
	Changes in operating assets and liabilities:
		Operating assets			4,661				3,072
		Operating liabilities			2,695				1,051
Net Cash provided by Operating Activities				$	43,746			$	4,318
Cash Flows from Investing Activities:
		Advances for vessels under construction			(18,267	)			-
		Additions to office furniture and equipment			(55	)			(20	)
		Additions to vessels cost			-				(29	)
		Proceeds from sale of vessel			9,880				-
Net cash used in Investing Activities				$	(8,442	)		$	(49	)
Cash Flows from Financing Activities:
		(Increase) decrease in restricted cash			(2,977	)			42
		Proceeds from long-term debt			16,100				-
		Repayment of long-term debt			(34,879	)			(26,905	)
		Payment of financing costs			(9	)			(210	)
Net cash used in Financing Activities				$	(21,765	)		$	(27,073	)
Net increase (decrease) in cash and cash equivalents					13,539				(22,804	)
Cash and cash equivalents at beginning of period					65,917				53,749
Cash and cash equivalents at end of the period				$	79,456			$	30,945
SUPPLEMENTAL CASH FLOW INFORMATION:
	Cash paid during the period for:
		Interest payments under our credit facilities		$	4,899			$	6,979
		Interest payments under our interest rate swap agreements			6,101				5,104

Adjusted EBITDA Reconciliation
(all amounts in thousands of U.S. Dollars)
		First Quarter
		2011				2012
Net loss		$	(1,024	)		$	(36,587	)
Interest and finance costs, net (1)			13,143				21,917
Depreciation			31,714				31,871
Dry-dock and special survey cost			1,146				8,616
Unrealized gain on derivative financial instruments			(6,254	)			(3,461	)
Amortization of T/C fair values (2)			9,013				(963	)
Stock based compensation			1,313				622
Gain on sale of vessel			(1,274	)			-
Taxes			252				189
Adjusted EBITDA		$	48,029			$	22,204

(1) Includes back stop agreement non cash loss and derivative financial instruments paid and received
(2) Analysis:		First Quarter
		2011				2012
Non-cash amortization of unfavorable time charters in revenue		$	(836	)		$	(963	)
Non-cash amortization of favorable time charters in charter hire expense			9,849				-
		$	9,013			$	(963	)

Reconciliation of Net loss to Adjusted Net Income (Loss)
(all amounts in thousands of U.S. Dollars)
		First Quarter
		2011				2012
Net loss		$	(1,024	)		$	(36,587	)
Unrealized gain on derivative financial instruments			(6,254	)			(3,461	)
Back stop agreement Valuation			-				5,369
Gain on sale of vessel			(1,274	)			-
Amortization of T/C fair values			9,013				(963	)
Adjusted net income (loss)		$	461			$	(35,642	)

Reconciliation of Losses per Share (Diluted) to Adjusted Earnings (Losses) per Share (Diluted)
(all amounts in U.S. Dollars)
		First Quarter
		2011				2012
Losses per Share (Diluted)		$	(0.01	)		$	(0.42	)
Unrealized gain on derivative financial instruments		$	(0.07	)		$	(0.04	)
Back stop agreement Valuation			-			$	0.06
Gain on sale of vessel		$	(0.02	)			-
Amortization of T/C fair values		$	0.11			$	(0.01	)
Adjusted Earnings (Losses) per Share (Diluted)		$	0.01			$	(0.41	)

Disclosure of Non-GAAP Financial Measures

Adjusted EBITDA represents net income (loss) attributable to us plus net interest and finance costs, depreciation, other losses and taxes eliminating the effect of stock-based compensation, gains or losses on the sale of vessels, amortization of deferred time charter assets and liabilities and unrealized gains or losses on derivatives, which are significant non-cash items. Following Excel' s change in the method of accounting for dry docking and special survey costs, such costs are also included in the adjustments to EBITDA for comparability purposes. Excel's management uses adjusted EBITDA as a performance measure. Excel believes that adjusted EBITDA is useful to investors, because the shipping industry is capital intensive and may involve significant financing costs. Adjusted EBITDA is not a measure recognized by GAAP and should not be considered as an alternative to net income, operating income or any other indicator of a Company's operating performance required by GAAP. Excel's definition of adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.

Adjusted Net Income (loss) represents net income (loss) attributable to us plus unrealized gains or losses from our derivative transactions and any gains or losses on sale of vessels, both of which are significant non-cash items and the elimination of the effect of deferred time charter assets and liabilities. Adjusted Earnings (losses) per Share (diluted) represents Adjusted Net Income (loss) divided by the weighted average shares outstanding (diluted).

These measures are "non-GAAP financial measures" and should not be considered to be substitutes for net income or earnings per share (diluted), respectively, as reported under GAAP. Excel has included an adjusted net income (loss) and adjusted earnings (losses) per share (diluted) calculation in this period in order to facilitate comparability between Excel's performance in the reported periods and its performance in prior periods.

About Excel Maritime Carriers Ltd

Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel owns a fleet of 40 vessels, one of which, a Capesize vessel, is owned by a joint venture in which Excel holds a 71.4% interest, and, together with seven Panamax vessels under bareboat charters, operates 47 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and three Handymax vessels) with a total carrying capacity of approximately 4.1 million DWT. 

Excel's Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. For more information about Excel, please go to our corporate website www.excelmaritime.com.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Excel's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters.

Words such as "will," "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. 

Although Excel believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. 
These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Excel. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to the ability to changes in the demand for dry bulk vessels, competitive factors in the market in which Excel operates; risks associated with operations outside the United States; and other factors listed from time to time in Excel's filings with the Securities and Exchange Commission. Excel expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Excel's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

APPENDIX

The following key indicators highlight the Company's financial and operating performance for the quarter ended March 31, 2012 compared to the corresponding period in the prior year.

Vessel Employment
(In U.S. Dollars per day, except for days and utilization)
		First Quarter
		2011				2012
Calendar days			4,351				4,277
Available days			4,230				3,985
Utilization			97.2	%			93.2	%
Time charter equivalent rate		$	19,642			$	14,048
Vessel operating expenses		$	4,833			$	4,566
Net Operating cash flows before G&A expenses		$	14,809			$	9,482

Glossary of Terms

Average number of vessels: This is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel formed part of our fleet during that period divided by the number of calendar days in that period.

Total calendar days: We define these as the total days we possessed the vessels in our fleet for the relevant period including off hire days associated with major repairs, dry dockings or special or intermediate surveys. Calendar days are an indicator of the size of the fleet over a specific period of time and affect both the amount of revenues and the amount of expenses that are recorded during that period.

Available days: These are the calendar days less the aggregate number of off-hire days associated with major repairs, dry dockings or special or intermediate surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenue.

Fleet utilization: This is the percentage of time that our vessels were available for revenue generating days, and is determined by dividing available days by calendar days for the relevant period.

Time charter equivalent rate ("TCE"): This is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from voyage charters (net of voyage expenses) by available days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. Time charter equivalent revenue and TCE rate are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of financial performance used by other companies. However, TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods.

Time Charter Equivalent Calculation
(all amounts in thousands of U.S. Dollars, except for Daily Time Charter Equivalent and available days)
		First Quarter
		2011				2012
Voyage revenues		$	97,278			$	64,076
Voyage expenses and commissions to related parties			(14,193	)			(8,096	)
Total revenue, net of voyage expenses		$	83,085			$	55,980
Total available days			4,230				3,985
Daily Time charter equivalent		$	19,642			$	14,048

Daily vessel operating expenses: This includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and is calculated by dividing vessel operating expenses by total calendar days for the relevant time period.

Expected Amortization Schedule for Fair Valued Time Charters for Next Year
(in USD millions)		2Q'12			3Q'12			4Q'12			1Q'13			Total
Amortization of unfavorable time charters (1)		$	0.9		$	0.9		$	0.9		$	0.9		$	3.6

(1)	Adjustment to Revenue from operations i.e. increases revenues

Fleet List as of April 30, 2012:

		Vessel Name		Dwt		Year Built		Charter Type		Daily rate			Average Charter Expiration
1		Mairaki (1)		181,000		2011		Period		$28,000			Apr 2016
2		Christine (1) (2)		180,000		2010		Period		$25,000			Jan 2016
3		Sandra (1)		180,274		2008		Period		$26,500			Nov 2015
4		Iron Miner		177,931		2007		Period		$17,000			Mar 2013
5		Kirmar		164,218		2001		Period		$49,000	(net)		May 2013
6		Iron Beauty		164,218		2001		Period		$12,250			Dec 2012
7		Lowlands Beilun (1)		170,162		1999		Period		$28,000			Nov 2015
		Total Capesize (7)		1,217,803
8		Iron Manolis		82,269		2007		Period		$14,000			Dec 2012
9		Iron Brooke		82,594		2007		Period		$11,250			Mar 2013
10		Iron Lindrew (4)		82,598		2007		Period		$12,000	(floor)		Jan 2014
11		Pascha		82,574		2006		Period		$14,000			Dec 2012
12		Coal Gypsy		82,221		2006		Period		$11,250			Apr 2013
13		Iron Anne		82,220		2006		Period		$14,000			Dec 2012
14		Iron Vassilis		82,257		2006		Period		$14,000			Aug 2012
15		Iron Bill		82,187		2006		Period		$11,500			Apr 2013
16		Ore Hansa		82,209		2006		Period		$11,250			Apr 2013
17		Iron Kalypso		82,224		2006		Period		$11,500			Jan 2013
18		Iron Fuzeyya (6)		82,209		2006		Period		$12,750	(year 1)		Nov 2013
19		Santa Barbara (3)		82,266		2006		Period		$15,000	(year 1)		Jun 2013
20		Coal Hunter (3)		82,298		2006		Period		$15,000	(year 1)		Jun 2013
21		Iron Bradyn		82,769		2005		Period		$12,000			Nov 2012
		Total Kamsarmax (14)		1,152,895
22		Grain Harvester		76,417		2004		Period		$11,250			Mar 2013
23		Grain Express		76,466		2004		Spot
24		Iron Knight		76,429		2004		Period		$12,250			Jan 2013
25		Coal Pride		72,493		1999		Spot
26		Isminaki (4)		74,577		1998		Period		$11,000	(floor)		Nov 2012
27		Angela Star (4)		73,798		1998		Period		$11,000	(floor)		Nov 2012
28		Elinakos		73,751		1997		Spot
29		Happy Day		71,694		1997		Period		$13,000			Aug 2012
30		Iron Man (5)		72,861		1997		Spot
31		Coal Age (5)		72,824		1997		Spot
32		Fearless I (5)		73,427		1997		Spot
33		Barbara (5)		73,307		1997		Spot
34		Linda Leah (4) (5)		73,317		1997		Period		$11,000	(floor)		Oct 2012
35		King Coal (5)		72,873		1997		Period		$11,500			Jul 2012
36		Coal Glory (5)		73,670		1995		Spot
37		Powerful		70,083		1994		Period		$10,500			Jun 2012
38		First Endeavour		69,111		1994		Spot
39		Rodon		73,656		1993		Spot
40		Birthday		71,504		1993		Spot
41		Renuar		70,155		1993		Spot
42		Fortezza		69,634		1993		Spot
		Total Panamax (21)		1,532,047
43		July M		55,567		2005		Period		$10,500			Aug 2012
44		Mairouli		53,206		2005		Spot
		Total Supramax (2)		108,773
45		Emerald		45,588		1998		Spot
46		Princess I		38,858		1994		Spot
47		Attractive		41,524		1985		Spot
		Total Handymax (3)		125,970
		Total Fleet (47)		4,137,488
		Average age				10.9 Yrs

(1)	The charter includes a 50% profit-sharing arrangement over the indicated base daily time charter rate based on the monthly AV4 BCI Time Charter Rate, which is the Baltic Capesize Index Average of four specific time charter routes as published daily by the Baltic Exchange in London.
(2)	The Company holds a 71.4% ownership interest in the joint venture that owns the vessel.
(3)	The daily charter rate during the first year of the charter is $15,000. Thereafter, the charter rate is calculated on the basis of the average of the AV4 BPI rates, as published on a daily basis by the Baltic Exchange in London during the 15 days preceding the payment of hire, with a guaranteed minimum daily rate (floor) of $14,000 and a 50% profit-sharing arrangement over the amount specified in each charter.
(4)	The daily charter rate is calculated on the basis of the average of the AV4 BPI rates, as published on a daily basis by the Baltic Exchange in London during the 15 days preceding the payment of hire, with a guaranteed minimum daily rate (floor) ranging from $11,000 to $12,000 and a 50% profit-sharing arrangement over the amount specified in each charter.
(5)	Indicates a vessel sold to its current owner in July 2007 and subsequently leased back to us under a bareboat charter expiring in July 2015.
(6)	The daily charter rate during the first year of the charter is $12,750. Thereafter, the charter rate is calculated on the basis of the average of the AV4 BPI rates, as published on a daily basis by the Baltic Exchange in London during the 15 days preceding the payment of hire, with a guaranteed minimum daily rate (floor) of $11,750 and a 50% profit-sharing arrangement over the amount specified in the charter.