FBR Capital Initiates Coverage on Excel Maritime Carriers Ltd. (EXM) with a Market Perform; Turning the Corner
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FBR Capital initiates coverage on Excel Maritime Carriers Ltd. (NYSE: EXM) with a Market Perform rating and a $6.00 price target.
FBR analyst says, "Turning the corner...Excel has overcome its mistimed acquisition of Quintana; raised $45 million of equity capital through entities of its largest shareholder, the Panayotides family, in April 2009; and raised $46 million through the public equity markets in August 2009. Like most dry-bulk companies, the company suspended its dividend. Oceanaut, the sponsored and partially owned "blank check" company, was dissolved before commencing operations, and the legacy Oceanaut purchase agreement that Excel was obligated to fulfill has been canceled."
"We think the company has taken the necessary steps during the last year to navigate the challenging environment and believe further dilution is unlikely. We believe that in the next 18 months, three things will happen that will make investors less concerned about investing in EXM shares: aggressive debt repayment, the renegotiation of bank loan waivers in 2011, and the official expiration of the greenfield Korean shipyard contracts."
To see more analyst ratings on EXM Click Here.
Excel Maritime Carriers Ltd. provides sea borne dry bulk cargo transportation services worldwide.
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