These are the missing vessels. The leases were acquired with the Quintana deal. This is the sale/leaseback that Quintana did prior to being bought by Excel.
"In July 2007, the Company sold 7 Panamax vessels to 2 unaffiliated third parties. Coal Glory, Iron Man, and Linda Leah were sold to three Norwegian partnerships managed by Glitnir Marine Finance AS, and Coal Age, Fearless I, Barbara, and King Coal were sold to two German partnerships managed by KG Allgemeine Leasing GmbH & Co. The total sales price of the vessels, net of sales costs, was approximately $249.4 million, and all vessels were delivered to the buyers in July 2007. Simultaneous with the sale of the vessels, the Company entered into bareboat charter agreements to lease the vessels back for 8 years. The Company will continue to generate revenues from the time charters relating to the vessels, and these revenues will continue to be reported in time charter revenues."
They were leasing the vessels back for $32,560,000 annually. The amount still due on the leases from 12/31/2012 forward is $83,367,000. Basically, they are or were getting KILLED on these leases. Paying about $12,745 per day per ship and getting spot rates for them.
Perhaps they defaulted on these leases. That they are so far behind on their financials doesn't bode well for the holders of common stock.