Excel Maritime Carriers
LTD Present Day Fleet Valuation.
The current market value of EXM vessels is considered using
the latest values from CRS.
The EXM fleet has 7 Capesize vessels ranging in age from 1
to 13 years old with an average age of 6.71 years. The combined value of these 7 vessels calculates
to $219.5M.
The EXM fleet has 14 Kamsarmax vessels ranging in age from 5
to 7 years old with an average age of 5.85 years. The combined value of these 14 vessels
calculates to $294.0M.
The EXM fleet has 21 Panamax vessels ranging in age from 8
to 19 years old with an average age of 14.95 years. The combined value of these 21 vessels
calculates to $253.0M.
The EXM fleet has 2 Supramax vessels aged 7 years. The combined value of these 2 vessels
calculates to $54.0M.
The EXM fleet has 3 Handymax vessels ranging in age from 14
to 27 years old. The elder vessel is skewing
the average age to 19.66 years old. The
combined value of these 3 vessels calculates to $25.5M.
The EXM fleet has a total of 47 vessels ranging in age from
1 to 27 years old with an average age of 10.83 years old. The combined value of these 47 vessels calculates
to $846M.
The average age of a vessel is not included in any valuation
calculations and is used for reporting purposes only. EXM reported via sec filings it thought the
fleet carrying value exceeded market value by $1.6B. Our
calculations show the carrying value presented in the balance sheet is overvalued
by about $1.8B with a present day fleet value of around $846M.
Good Fortunes
Ski
In all fairness I think they satisfied the requirement that they inform folks how bad it is. Nobody reads sec filings
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