Excel Maritime Carriers Ltd. (NYSE: EXM) is a shipping company specializing in the transport of dry bulk cargo such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products.

The stock has been de-listed from the exchanges as per their rules of listing[NYSE 1] Excel Maritime Carriers Ltd. filed for a pre-negotiated chapter 11 case on July 1, 2013.

[news 1] The bondholders, unsatisfied with the terms originally proposed by Excel, reached an agreement in late November 2013.

Gabriel Panayotides, chairman of the board, together with the other members of Excel's management team, will continue to lead the company.

It is a holding company composed of separate wholly owned subsidiaries for each vessel which are incorporated in Liberia, the Marshall Islands, and Cyprus.

The technical management of the fleet is undertaken by Maryville Maritime Inc., based in Piraeus, Greece, and is also a wholly owned subsidiary.

In October 1997 B&H, which had ceased operations and disposed of its assets, was acquired and re-listed on the AMEX in 1998 as Excel Maritime Carriers Ltd.

In August 2008, Mr. Georgakis filed litigation (still pending as of May 2009) claiming a breach of his stock option agreement along with charges of defamation.

Factors affecting net revenue include the global supply and demand for vessels captured by the BDI; fleet utilitzation rates; sales and scrappage of ships owned by the company.

Some factors that affect the net expenses of the company include crew/employee salaries, training and benefits; insurance; interest rates; dry docking for inspection, repairs and maintenance; spares; lubricants; victualing; property leases; compliance with international maritime and environmental laws; taxes; brokering commissions; bunkers; port charges.

The company largely held by the chairman and his family who beneficially own approximately 33.5M shares plus warrants to purchase 5.5M at $3.50.