Excel Maritime Plans To File Ch. 11 Amid Industry Woes
The decline and volatility of charter rates stemming from vessel oversupply has hit Excel Maritime especially hard, the company said in a filing with the U.S. Securities and Exchange Commission. Charter hire rates, on which Excel Maritime is primarily dependent, have been in a significant downcycle since 2008.
Along with rates, the value of its 38 cargo ships also has dropped, leading...
To view the full article, register now.