Those previously suggesting that Excel lacks cash to pay for acquisitions are clearly misinformed and have not done nearly as much research as I have - so please I would appreciate if my post was not belittled.
The four vessels (Goldmar, Swift, and the 2 Panamex vessels) were purchased for total of $94,770,000. The remaining 3 vessels (handymax, 2 panamex) were purchased for an additional 75M. This grand total of 160M could easily be financed without any further equity or debt offerings- thats not to say that they will not issue further debt or equity, and thats not to say that it would not be optimal to issue further debt and or equity. Again 160M is easily within the limits of Excels cash position--> They will have 93M from sale of Petalis (5.1), offering (52M) and cash on hand as of 12/31/04 from ops (36M). They also have access to a credit facility that they will use to finance partially the purchase of the first few vessels purchased up to a maximum of 25M. That leaves us short by an amount equal to 42M? Ah, but what about the cash that they will generate from operations in 2005? They will easily generate 75M in 2005--> they will generate appx 51.9M from the new acquisitions in 2005 (annualized rate of 66M...), they will also generate between 30-40M from their existing fleet of 4 vessels depending on whwther their weighted avg TCE rate is from 20-28.5... if its anywhere near 2004 (realize it will on avg be higher simply for eliminating the Petalis, one of the older and smaller vessels), it will come in closer to 40M.
As per all the other nerves and anxiety on this board- i feel terrible that your enduring all this stress. I for one, do not pay much attention to the daily fluctuations of Excel. I made the investment with intent to make a lot more than a few points. I believe that by holding long term, I will be rewarded handsomely and will double or triple my investment- its a matter of time, patience all, patience. mccork