Thursday, April 5, 2012

EXM Current Fleet Value


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



1 comment:

  1. In all fairness I think they satisfied the requirement that they inform folks how bad it is. Nobody reads sec filings

    ReplyDelete