Drybulk shipper Excel Maritime Carriers Ltd. intends to file for chapter 11 protection, a regulatory filing showed yesterday, making it the latest victim of a downturn in the shipping industry, Reuters reported yesterday. Charter rates for dry bulk vessels, which transport cargoes such as coal, grain and iron ore, have steadily declined since 2008 as dozens of new vessels ordered before the global financial crisis came into service after demand had fallen. Excel said that it had started soliciting acceptances from its lenders for a pre-packaged reorganization plan, supported by a committee of its secured lenders.
