Excel Maritime Carriers (EXM) 6-K Current report (foreign)

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 001-10137

EXCEL MARITIME CARRIERS LTD.

(Translation of registrant's name into English)

Excel Maritime Carriers Ltd.

Par La Ville Place

14 Par-La-Ville Road

Hamilton, HM JX, Bermuda

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ X ] Form 40-F [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)7: ___

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

1

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Excel Maritime Carriers Ltd. (the "Company") has received a notice from Robertson Maritime Investors LLC (“Robertson”), the owner of the 28.6% of Christine Shipco LLC (“Christine Shipco”) not owned by the Company,  relating to the Company’s and Robertson’s respective equity interest in Christine Shipco.  The notice sent by Robertson alleges, among other things, that the intra-group transfer of the Company's interest in Christine Shipco from Bird Acquisition Co. to the Company as a result of the Company's internal reorganization in 2012 was in violation of Robertson’s right of first refusal in the Limited Liability Company Agreement that governs Christine Shipco and that therefore, the Company did not acquire title to Christine Shipco.  Robertson alleges that the Company’s equity interest in Christine Shipco is held in constructive trust for Robertson and also claims damages.  Robertson has also asserted that upon a chapter 11 filing, pursuant to the Marshall Islands Limited Liability Company Act of 1996, the Company’s interest in Christine Shipco will terminate.  The Company intends to vigorously dispute, and has taken steps to address, these allegations.

The Company’s unaudited financial results for the quarter ended March 31, 2013 are attached hereto as Exhibit 1.

The above description but not the Exhibit attached hereto shall be deemed filed and not furnished.

Exhibits

Exhibit 1 Excel Maritime Carriers Ltd. Unaudited Financial Results for the Quarter ended March 31, 2013

2

Exhibit 1

EXCEL MARITIME CARRIERS LTD.

TABLE OF CONTENTS

S/N	DESCRIPTION
1	Consolidated Balance sheets as of December 31, 2012 and March 31, 2013
2	Consolidated Balance sheets as of December 31, 2011 and March 31, 2012
3	Consolidated Statements of Operations 31.03.2012 & 2013
4	Consolidated Equity as of December 31, 2012 and March 31, 2013
5	Consolidated cash flows for the year ended December 31, 2012 and the three months ended March 31, 2013
6	EBITDA, Net loss and Adjusted Net loss for the three months ended March 31, 2012 and March 31, 2013
7	EBITDA Reconciliation for Earnings release
8	Reconciliation of retained earnings

EXCEL MARITIME CARRIERS LTD

CONSOLIDATED BALANCE SHEETS

At December 31, 2012 & March 31, 2013

(Expressed in thousands of U.S.Dollars)

	As of December 31, 2012			As of March 31, 2013			For cash flows purposes
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		28,928			30,060			(1,132	)
Restricted cash		48,916			37,597			11,319
Accounts receivable trade, net		6,348			7,433			(1,085	)
Accounts receivable, other		2,983			3,773			(790	)
Inventories		6,807			9,883			(3,076	)
Prepayments and advances		1,189			2,626			(1,437	)
Total current Assets		95,171			91,372
FIXED ASSETS:
Vessels, net		1,076,994			1,064,206			12,788
Office furniture and equipment, net		539			472			67
Total fixed assets, net		1,077,533			1,064,678
Total assets		1,172,704			1,156,050
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing fees		1,019,501			1,009,263			(10,238	)
Accounts payable		14,562			19,484			4,922
Due to related parties		372			304			(68	)
Deferred revenue		4,758			3,532			(1,226	)
Accrued liabilities		19,136			26,120			6,984
Derivative financial instruments		31,715			26,915			(4,800	)
Total Current Liabilities		1,090,044			1,085,618
Time charters acquired, net		11,413			10,536			(877	)
Other non current liabilities		5,563			5,563			-
Total non current Liabilities		16,976			16,099
Total Liabilities		1,107,020			1,101,717
Commitments and contingencies		-			-			-
STOCKHOLDERS' EQUITY:
Preferred Stock		-			-			-
Common Stock		1,031			1,031			-
Additional paid-in capital		1,083,563			1,083,964			401
Accumulated Other Comprehensive loss		365			365			-
Accumulated deficit		(1,032,021	)		(1,044,054	)		(12,033	)
Less: Treasury stock		(40	)		(40	)		-
Excel Maritime Carriers Ltd. Stockholders equity		52,898			41,266
Non-controlling interests		12,786			13,067			281
Total Stockholders'Equity		65,684			54,333
Total Liabilities and Stockholders'equity		1,172,704			1,156,050

EXCEL MARITIME CARRIERS LTD

CONSOLIDATED BALANCE SHEETS

At December 31, 2011 & March 31, 2012

(Expressed in thousands of U.S.Dollars)

	As of December 31, 2011			As of March 31, 2012			For cash flows purposes
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		53,749			30,945			22,804
Restricted cash		5,700			5,658			42
Accounts receivable trade, net		7,004			8,744			(1,740	)
Accounts receivable, other		4,297			4,595			(298	)
Inventories		8,851			5,511			3,340
Prepayments and advances		3,077			1,307			1,770
Derivative financial instruments		167			68			99
Other current assets		-			5,048			(5,048	)
Total current Assets		82,845			61,876
FIXED ASSETS:
Vessels' net		2,579,285			2,547,593			31,692
Office furniture and equipment, net		941			811			130
Total fixed assets, net		2,580,226			2,548,404
OTHER NON CURRENT ASSETS:
Time charters acquired, net		1,108			1,183			(75	)
Restricted cash		57,750			57,750			-
Total assets		2,721,929			2,669,213
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing fees		104,879			31,996			(72,883	)
Accounts payable		12,062			14,337			2,275
Due to related parties		486			626			140
Deferred revenue		13,924			10,461			(3,463	)
Accrued liabilities		16,696			21,345			4,649
Derivative financial instruments		19,453			20,643			1,190
Other current liabilities		-			5,314			5,314
Total Current Liabilities		167,500			104,722
Long-term debt, net of current portion and net of deferred financing fees		952,716			998,926			46,210
Time charters acquired, net		14,633			13,745			(888	)
Derivative Financial Instruments		26,516			22,149			(4,367	)
COMMITMENTS AND CONTINGENCIES		-			-			-
EXCEL MARITIME CARRIERS LTD STOCKHOLDERS' EQUITY:
Preferred Stock		-			-			-
Common Stock		891			891			-
Additional paid-in capital		1,071,263			1,076,988			5,725
Accumulated Other Comprehensive loss		(3,064	)		(3,447	)		(383	)
Retained earnings		480,081			443,494			(36,587	)
Less :Treasury stock		(189	)		(189	)		-
Excel Maritime Carriers Ltd. Stockholders equity		1,548,982			1,517,737
Non-controlling interests		11,582			11,934			352
Total Stockholders'Equity		1,560,564			1,529,671
Total Liabilities and Stockholders'equity		2,721,929			2,669,213

EXCEL MARITIME CARRIERS LTD

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2012 AND 2013

(Expressed in thousands of U.S.Dollars)

	For the three months ended March 31,
		2012			2013
REVENUES:
Voyage revenues			64,076			46,878
Time charter amortization			963			877
			65,039			47,755
EXPENSES:
Voyage expenses			7,379			6,536
Charter hire expense			8,185			-
Commissions to related parties			717			426
Vessels operating expenses			19,528			17,093
Depreciation			31,871			12,855
Dry docking and special survey cost			8,616			2,244
General and administrative expenses			6,097			9,241
			82,393			48,395
Operating loss			(17,354	)		(640	)
OTHER INCOME (EXPENSES):
Interest and finance costs			(17,121	)		(11,330	)
Interest income			166			85
Losses on derivative financial instruments			(1,501	)		(184	)
Foreign exchange gains			8			168
Other, net			(244	)		197
Total other expenses, net			(18,692	)		(11,064	)
Net loss, before taxes and income earned by non controlling interest			(36,046	)		(11,704	)
U.S.Source Income Taxes			(189	)		(48	)
Net loss, before income earned by non controlling interest			(36,235	)		(11,752	)
Income earned by the non-controlling interest			(352	)		(281	)
Net loss attributable to Excel Maritime Carriers Ltd.			(36,587	)		(12,033	)
Losses per common share, basic			(0.42	)		(0.13	)
Weighted average number of shares, basic			87,978,607			96,225,638
Losses per common share, diluted			(0.42	)		(0.13	)
Weighted average number of shares, diluted			87,978,607			96,225,638

EXCEL MARITIME CARRIERS LTD.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2012 AND 2013

(Expressed in thousands of U.S.Dollars - except for share data )

	Common Stock
	Number of Shares			Par Value		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)			Retained Earnings (Accumulated Deficit)			Treasury Stock			Excel Maritime Carriers Ltd. Stockholders' Equity			Non controlling interest		Total Stockholders' Equity
BALANCE, December 31, 2011		89,140,176			891		1,071,263		(3,064	)		480,081			(189	)		1,548,982			11,582		1,560,564
Net loss		-			-		-		-			(36,587	)		-			(36,587	)		352		(36,235	)
Back stop agreement		-			-		5,103		-			-			-			5,103			-		5,103
Stock based compensation expense, net of forfeiture		(9,777	)		-		622		-			-			-			622			-		622
Unrealized interest rate swap losses		-			-		-		(383	)		-			-			(383	)		-		(383	)
BALANCE, March 31, 2012		89,130,399			891		1,076,988		(3,447	)		443,494			(189	)		1,517,737			11,934		1,529,671

BALANCE, December 31, 2012	103,076,068		1,031	1,083,563	365	(1,032,021	)	(40	)	52,898		12,786	65,684
Net loss	-		-	-	-	(12,033	)	-		(12,033	)	281	(11,752	)
Stock based compensation expense, net of forfeiture	(18,437	)	-	401	-	-		-		401		-	401
BALANCE, March 31, 2013	103,057,631		1,031	1,083,964	365	(1,044,054	)	(40	)	41,266		13,067	54,333

EXCEL MARITIME CARRIERS LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2012 & 2013

(Expressed in thousands of U.S.Dollars)

	For the three months ended March 31,
		2012			2013
Cash Flows from Operating Activities:
Net loss			(36,235	)		(11,752	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation			31,871			12,855
Amortization of convertible notes debt discount			1,961			2,142
Amortization of deferred financing fees			1,031			958
Back stop agreement			5,369			-
Time Charter revenue amortization, net of charter hire amortization expense			(963	)		(877	)
Stock-based compensation expense			622			401
Unrealized gains on derivative financial instruments			(3,461	)		(4,800	)
Changes in operating assets and liabilities:
Accounts receivable			(2,038	)		(1,875	)
Inventories			3,340			(3,076	)
Prepayments and advances			1,770			(1,437	)
Accounts payable			2,275			4,922
Due to related parties			140			(68	)
Accrued liabilities			2,099			6,984
Deferred revenue			(3,463	)		(1,226	)
Net Cash provided by Operating Activities			4,318			3,151
Cash Flows from Investing Activities:
Additions to vessels cost			(29	)		-
Office furniture & equipment			(20	)		-
Net cash used in Investing Activities			(49	)		-
Cash Flows from Financing Activities:
Increase in restricted cash			42			11,319
Repayment of long term debt			(26,905	)		(13,338	)
Payment of financing fees			(210	)		-
Net cash used in Financing Activities			(27,073	)		(2,019	)
Net decrease in cash & cash equivalents			(22,804	)		1,132
Cash & cash equivalents at beginning of period			53,749			28,928
Cash & cash equivalents at end of period			30,945			30,060
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest payments			6,979			7,392

EXCEL MARITIME CARRIERS LTD.

CONSOLIDATED EBITDA,  NET LOSS AND

CONSOLIDATED ADJUSTED NET LOSS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2012 AND MARCH 31, 2013

(In thousands of U.S. Dollars, except for share and per share data)

	For the three months ended March 31,
			2012			2013
Net revenues			55,980			39,916
Bareboat hire expense			(8,185	)		-
Vessels operating expenses			(19,528	)		(17,093	)
General and administrative expenses (cash)			(5,475	)		(8,840	)
Other (Other income, fx and non controlling interest)			(588	)		84
EBITDA			22,204			14,067
Depreciation			(31,871	)		(12,855	)
Dry docking and special survey cost (expensed as incurred)			(8,616	)		(2,244	)
Amortization of assumed charters, net			963			877
Stock based compensation expense			(622	)		(401	)
Amortization of convertibe notes debt discount & financing fees			(2,992	)		(3,100	)
EBIT			(20,934	)		(3,656	)
Interest and Finance costs			(14,129	)		(8,230	)
Losses on derivative financial instruments			(1,501	)		(184	)
Interest income			166			85
Taxes			(189	)		(48	)
NET LOSS			(36,587	)		(12,033	)
Weighted average number of shares, basic			87,978,607			96,225,638
Weighted average number of shares, diluted			87,978,607			96,225,638
Losses per share, Basic			(0.42	)		(0.13	)
Losses per share, Diluted			(0.42	)		(0.13	)
Unrealized gain on derivative financial instruments			(3,461	)		(4,800	)
Back stop agreement			5,369			-
Amortization of assumed charters, net			(963	)		(877	)
ADJUSTED NET LOSS			(35,642	)		(17,710	)
Weighted average number of shares, basic			87,978,607			96,225,638
Weighted average number of shares, diluted			87,978,607			96,225,638
Adjusted Losses per share, Basic			(0.41	)		(0.18	)
Adjusted Losses per share, Diluted			(0.41	)		(0.18	)
Depreciation			31,871			12,855
Amortization of convertibe notes debt discount & financing fees			2,992			3,100
Stock based compensation expense			622			401
ADJUSTED NET INCOME (loss) - Excluding all Non cash items			(157	)		(1,354	)
Weighted average number of shares, basic			87,978,607			96,225,638
Weighted average number of shares, diluted			87,978,607			96,225,638
Earnings per share, Basic - Excluding all non cash items			(0.00	)		(0.01	)
Earnings per share, Diluted - Excluding all non cash items			(0.00	)		(0.01	)
Fleet Data
Average number of vessels			47.0			39.0
Available days for fleet			3,985			3,392
Calendar days for fleet			4,277			3,512
Employment capacity			93.2	%		96.6	%
Average daily results
Time charter equivalent		$	14,048		$	11,767
Vessel operating expenses		$	4,566		$	4,866
General and administrative expenses (cash)		$	1,280		$	2,517

EXCEL MARITIME CARRIERS LTD.

ADJUSTED EBITDA RECONCILIATION- AS REPORTED IN EARNINGS RELEASE

(In thousands of U.S. Dollars)

	For the three months ended March 31,
		2012		2013
Net loss		(36,587	)	(12,033	)
Interest and finance costs, net (1)		21,917		16,229
Depreciation		31,871		12,855
Drydock and special survey cost		8,616		2,244
Unrealized derivative financial instruments gains		(3,461	)	(4,800	)
Amortization of t/c fair values (2)		(963	)	(877	)
Stock based compensation expense		622		401
Taxes		189		48
Adjusted Ebitda		22,204		14,067
EBITDA calculated reversely		22,204		14,067
Ckeck Digit		-		-
Notes:
(1) Includes back stop agreement cost & derivative financial instruments paid or received (i.e. realized)
	For the three months ended March 31,
(2) Analysis:		2012		2013
Non-cash amortization of unfavourable time charters in revenue		(963	)	(877	)
Total		(963	)	(877	)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EXCEL MARITIME CARRIERS LTD.

(Registrant)

By:	/s/ Pavlos Kanellopoulos
	Pavlos Kanellopoulos
	Chief Financial Officer

Dated: July 1, 2013