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Monday, February 23, 2009
And Scene: Excel CEO Is Dunzo
Stamatis Molaris, CEO of Excel Maritime just called it quits. The executive decided that dealing with ungrateful charters who are paying willy-nilly whatever they see fit is just not worth the trouble. The 45 year old Greek also resigned as President and Director. The company is currently without a leader, further demonstrating the total chaos in the dry bulk shipping space. It remains to be seen if George Economou will raise another $2 billion in debt to purchase EXM 48 dry bulk vessels. On second thought, DRYS which is about to break its 52 week low of $3.04 may not be quite in shape to do an industry roll up.
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