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  • shares245 shares245 Sep 26, 2008 2:29 PM Flag

    CEO says, we are in good shape until 2010

    Excel has a fleet of 47 ships that haul raw materials -- iron ore, coal, grain, cement and such -- in bulk. The company is somewhat insulated from falling daily freight rates for dry bulk ships, as most of its fleet is on long-term charters at fixed rates. Sixty percent of its fleet is on such charters, and 50 percent is on fixed rates through 2010.
    "If the crisis is over within two and a half years, then we are in a good position," said Molaris, whose company bought Quintana Maritime Ltd for $2.45 billion earlier this year.