Molaris resigns as Excel Maritime CEO

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Stamatis Molaris  has resigned as CEO of dry bulk owner Excel Maritime Carriers with immediate effect and has also resigned from his positions as President and Director of the Company’s Board of Directors.

In a company statement, Chairman of the Board Gabriel Panayotides along with the remaining members of the Board of Directors thanked Mr Molaris for his ‘valuable service and assistance towards the successful integration of Excel and Quintana Maritime and wished him all the best in his future endeavors.

His exit comes less than a week after Excel axed its dividend payments having unveiled potential losses of over $100m thanks to charter hire contract defaults.