FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of May 2005 EXCEL MARITIME CARRIERS LTD. (Translation of registrant's name into English) 67 Akti Miaouli Street 18537 Piraeus Greece (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [_] Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [_] No [X] INFORMATION CONTAINED IN THIS FORM 6-K REPORT Attached hereto as Exhibit 1 is a press release dated May 10, 2005 announcing the results for the first quarter of 2005 for Excel Maritime Carriers Ltd. (the "Company") and a related conference call to be broadcast on the Internet. ADDITIONAL INFORMATION None. EXHIBIT 1 [GRAPHIC OMITTED] NEWS RELEASE for May 10, 2005 at 7:35 AM EDT Contact: Allen & Caron Inc Christopher Georgakis, CEO Joe Allen (investors) Excel Maritime Carriers Ltd joe@allencaron.com +30 210 45 98 692 Brian Kennedy (media) c.georgakis@excelmaritime.com brian@allencaron.com 212 691 8087 EXCEL MARITIME REPORTS RESULTS FOR FIRST QUARTER 2005 Revenues Increase 32 Percent to $17.3 Million; EPS Rises to $0.96 PIRAEUS, GREECE (May 10, 2005) ... Excel Maritime Carriers Ltd (Amex:EXM), a shipping company specializing in the seaborne transportation of drybulk cargoes such as iron ore, coal and grains, announced its un-audited results for the first quarter ended March 31, 2005. Revenues for the first quarter were $17.3 million, an increase of 32 percent as compared to revenues of $13.1 million from the previous year's comparable period. Net income for the first quarter was $14.0 million, an increase of 62 percent as compared to $8.7 million earned in the first quarter of 2004. Diluted earnings per share in the 2005 first quarter increased to $0.96 per share from $0.75 per share for the first quarter of 2004. CEO Christopher Georgakis commented, "This was a pivotal quarter for the Company as we progressed with our current fleet expansion plans. We acquired 10 additional drybulk carriers during the first quarter of 2005 and took delivery of five. We also completed the sale of one older vessel, realizing a gain of $3.9 million." Georgakis noted, "In March 2005, we announced that we had raised approximately $123.9 million prior to expenses in a sale of 5.9 million shares of common stock under our universal shelf registration with the assistance of sales agents Cantor Fitzgerald & Co and Hibernia Southcoast Capital. The proceeds were earmarked to expand our fleet. Since November 2004 and until today, the Company has acquired 15 additional vessels, which, together with the initial fleet, will make up a total fleet of 19 vessels with a carrying capacity of 1.212 million dwt. "During the first quarter of 2005 we took delivery of five of those 15 vessels consisting of two Panamax and three Handymax bulk carriers. We also employed all of those five vessels under period-time charters in accordance with our fleet deployment strategy. With respect to the remaining 10 new acquisitions, we have taken delivery of seven vessels so far in the second quarter with the last three vessels being scheduled for delivery in the forthcoming weeks. "Our recent acquisitions during the first quarter are in line with our overall growth strategy of purchasing quality second hand vessels and immediately securing employment for those vessels with good charterers. We believe that these actions will increase earnings visibility for our stockholders," Georgakis said. CFO Eleftherios Papatrifon commented, "The demand for drybulk remained healthy in the first quarter of 2005 as seen in our increased revenues and net income for the quarter. The net income generated during the quarter, together with the proceeds of our March equity offering, assisted in strengthening our balance sheet. At the end of the first quarter our cash and cash equivalents amounted to $146.2 million, net equity amounted to $228.6 million and long term debt at $60.2 million." Conference Call and Webcast --------------------------- Excel Maritime Carriers Ltd management will host a conference call today, May 10, 2005, at 11:00 AM Eastern, to review the results and to discuss other corporate news and its outlook. Conference call participants are encouraged to dial into the call 10 to 15 minutes before the scheduled time using the following numbers: 877 407 9205 (from the US and Canada) or +1 201 689 8054 (from outside the US and Canada). Management's discussion will be accompanied by a slide presentation that can be viewed during the call via the Internet. To access the slides, please go to www.vcall.com, select the Excel Maritime webcast link provided on the site and then click the "slide-only presentation" link. After you register, you will be given access to the webcast slides. You may also access the slides by going to the Company's website at www.excelmaritime.com, selecting the conference call link and then registering on the Vcall site as described above. For those participants who choose to listen to the conference call via a live webcast, you may access the call and slides via the Internet at either www.vcall.com or at the Company's website at www.excelmaritime.com as described above. Once you have been connected to the www.vcall.com website, select the Excel Maritime webcast link provided on the site and then click on the appropriate presentation link. After you register your name and company, you will be given access to the webcast presentation and the slides. A telephonic replay of the conference call will be available by dialing 877 660 6853 (from the US and Canada) or +1 201 612 7415 (from outside the US and Canada); enter account number 286 and conference ID number 150336. An online archive will also be available immediately following the call at the site noted above. Both are available for seven days. About Excel Maritime Carriers Ltd --------------------------------- The Company is an owner and operator of 19 drybulk carriers with a total carrying capacity of 1,211,570 dwt, after having taken delivery of all new acquisitions, and a provider of worldwide seaborne transportation services for drybulk cargo. This includes commodities such as iron ore, coal, grains, as well as bauxite, cement, fertilizers and steel products. The Company was incorporated in 1988 under the laws of Liberia. Existing Fleet Name Dwt Year Built Type Delivery Date ---- --- ---------- ---- ------------- Fighting Lady 146,313 1983 Capesize Almar I 107,140 1979 Capesize -------------------------------------------------------------------------------- Isminaki 74,577 1998 Panamax Birthday 71,504 1993 Panamax Powerful 70,083 1994 Panamax Renuar 70,128 1993 Panamax Elinakos 73,751 1997 Panamax First Endeavour 69,111 1994 Panamax Happy Day 71,694 1997 Panamax -------------------------------------------------------------------------------- Lady 41,090 1985 Handymax Swift 37,687 1984 Handymax Goldmar 39,697 1984 Handymax Emerald 45,572 1998 Handymax Attractive 41,524 1985 Handymax Marybelle 42,552 1987 Handymax -------------------------------------------------------------------------------- Lucky Lady 27,422 1975 Handysize -------------------------------------------------------------------------------- Total 1,029,845 =========== New Acquisitions Angela Star 73,798 1998 Panamax Early June 2005 Forteza 69,634 1993 Panamax Early July 2005 Princess I 38,858 1994 Handymax Late May 2005 Total 182,290 -------------------------------------------------------------------------------- Grand Total 1,212,135 ============ Summary Fleet Data Period Ending March 31, 2005 2004 ---- ---- FLEET DATA Average number of vessels(1) 6.9 5.0 Available days for fleet(2) 624 428 Calendar days for fleet(3) 624 455 Fleet utilization(4) 100.0% 94.1% AVERAGE DAILY RESULTS Time charter equivalent(5) 24,144 26,432 Vessel operating expenses(6) 4,436 3,987 General and administrative expenses (7) 1,877 989 Total vessel operating expenses (8) 6,313 5,109 (1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of our fleet during the period divided by the number of calendar days in that period. (2) Available days for fleet are the total calendar days the vessels were in our possession for the relevant period after subtracting for off hire days associated with major repairs, drydocks or special or intermediate surveys. (3) Calendar days are the total days we possessed the vessels in our fleet for the relevant period including off hire days associated with major repairs, drydockings or special or intermediate surveys. (4) Fleet utilization is the percentage of time that our vessels were available for revenue generating available days, and is determined by dividing available days by fleet calendar days for the relevant period. (5) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from voyage charters net of voyage expenses by available days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods. (6) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period. (7) Daily general and administrative expense is calculated by dividing general and administrative expense by fleet calendar days for the relevant time period. (8) Total vessel operating expenses, or TVOE, is a measurement of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period. EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES CONSOLIDATED UNAUDITED STATEMENTS OF INCOME (Expressed in thousands of U.S.Dollars - except per share data) March 31, 2005 2004 Unaudited Unaudited REVENUES Voyage revenue 17,201 12,911 Revenue from managing vessels 131 172 --------- --------- Revenue from Operations 17,332 13,083 --------- --------- EXPENSES Voyage expenses 2,171 1,604 Vessel operating expenses 2,768 1,815 Vessel depreciation 967 245 Amortization for drydocking and special survey costs 181 164 General and administrative expenses 1,171 510 --------- --------- 7,258 4,338 --------- --------- Gain from vessel's sale 3,867 - Income from operations 13,941 8,745 --------- --------- OTHER INCOME(EXPENSES): Interest and finance costs (406) (80) Interest income 475 10 Foreign currency losses (2) (15) Other, net (8) (5) --------- --------- Total other income (expenses), net 59 (90) --------- --------- Net Income from Operations 14,000 8,655 ========= ========= Net Income 14,000 8,655 ========= ========= Earnings per share, basic $ 0.97 $ 0.75 Earnings per share, diluted $ 0.96 $ 0.75 Weighted average number of shares, basic 14,452,850 11,532,725 Weighted average number of shares, diluted 14,581,124 11,532,725 EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Expressed in thousands of U.S.Dollars - except per share data) March 31, 2005 December 31, 2004 Un-audited Audited ASSETS CURRENT ASSETS: Cash and cash equivalents 145,228 64,903 Restricted cash 967 2,493 Accounts receivable 452 2,460 Other current assets 1,269 1,520 --------- --------- Total Current Assets 147,916 71,376 --------- --------- FIXED ASSETS: Advances for new acquisitions 30,690 26,220 Vessels' cost 130,913 18,612 Accumulated depreciation (4,905) (3,997) --------- --------- Net book value 126,008 14,615 --------- --------- Total fixed assets 156,698 40,835 --------- --------- OTHER NON CURRENT ASSETS: Goodwill 400 400 Deferred charges, net 2,076 1,686 --------- --------- Total Assets 307,090 114,297 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long term debt 12,660 7,870 --------- --------- Accounts payable 2,139 1,262 Other current liabilities 3,484 1,600 --------- --------- Total Current Liabilities 18,283 10,732 --------- --------- LONG-TERM DEBT, net of current portion 60,204 5,750 STOCKHOLDERS' EQUITY Preferred Stock, $0.01 par value, 5,000,000 shares authorized (none issued). Common Stock,$0.01 par value, 49,000,000 A Class shares and 1,000,000 B class shares authorized:13.696,153 A Class shares and 114,946 B Class shares, issued and outstanding at December 31, 2004. 19.595.153 A Class shares and 114.946 B Class shares, issued and outstanding at March 31, 2005. 197 138 Additional paid-in capital 180,467 63,738 Retained earnings 48,128 34,128 --------- --------- 228,792 98,004 Less: Treasury stock (78,650 A Class shares and 588 B Class shares) at December,2004 and March 31,2005 (189) (189) Total stockholders' equity 228,603 97,815 --------- --------- Total Liabilities & Stockholders' Equity 307,090 114,297 ========= ========= Forward Looking Statement ------------------------- This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. # # # # SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EXCEL MARITIME CARRIERS LTD. (registrant) Dated: May 10, 2005 By: /s/ Christopher J. Georgakis ---------------------------- Christopher J. Georgakis President and Chief Executive Officer 02545.0001 #570189