Excel Maritime Plans To File Ch. 11 Amid Industry Woes

Law360, New York (June 11, 2013, 2:31 PM EDT) -- Dry bulk shipper Excel Maritime Carriers Ltd. said Monday it intends to file for Chapter 11, the latest casualty of a depressed shipping industry.

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...
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