Excel also said in its fourth-quarter press release Monday that one of its directors, Lefteris Papatrifon, resigned "in order to pursue his own private activities."

Most of the rest of the dry-bulk sector has reported earnings already, including Diana Shipping ( DRYS), which surpassed estimates, and Genco Shipping & Trading ( GNK), which missed.

DryShips ( DRYS), which has transformed itself into more of an energy-services play than a dry-bulk shipper, will report later this month. The company hasn't yet set a date.

-- Written by Scott Eden in New York

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