Excel Maritime posts bigger loss on lower freight rates
Aug 28 (Reuters) - Drybulk shipper Excel Maritime Carriers Ltd reported a quarterly loss slightly bigger than Wall Street expectations on lower freight rates.
Dry bulk freight rates, which crashed after the global economic downturn, continue to remain under pressure due to an oversupply of vessels and weak demand.
The company's second-quarter loss widened to $33.4 million, or 37 per cents share, from $16 million, or 19 cents per share, a year earlier.
On an adjusted basis, it incurred a loss of 41 cents per share.
The company, with a fleet of 40 vessels used for transport of cargoes like iron ore, coal and grains, saw its voyage revenue fall 31 percent to $63.1 million.
Analysts expected a loss of 40 cents per share on revenue of $56 million, according to Thomson Reuters I/B/E/S.
The company, which transports commodities such as coal, iron ore and grain, had in March reached an agreement with its lenders to defer payments of up to $100 million.
Greece-based Excel's shares, which have fallen 64 percent so far in the year, closed at 55 cents on Tuesday on the New York Stock Exchange.
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