Contact Information: Contacts: Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue - Suite 1536 New York, NY 10160, USA Tel: (212) 661-7566 Fax: (212) 661-7526 E-Mail: excelmaritime@capitallink.com www.capitallink.com Company: Lefteris Papatrifon Chief Financial Officer Excel Maritime Carriers Ltd. 17th Km National Road Athens-Lamia & Finikos Street 145 64 Nea Kifisia Athens, Greece Tel: 011-30-210-62-09-520 Fax: 011-30-210-62-09-528 E-Mail: ir@excelmaritime.com www.excelmaritime.com
Excel Maritime Enters Into Time Charter Agreement for M/V Renuar and M/V Elinakos at Profitable Rates
| Source: Excel Maritime
ATHENS, GREECE--(Marketwire - November 10, 2009) - Excel Maritime Carriers Ltd (NYSE : EXM ), an
owner and operator of dry bulk carriers and a leading international
provider of worldwide seaborne transportation services for dry bulk
cargoes, announced today that it has entered into two new charter
agreements for the M/V Renuar and the M/V Elinakos.
The M/V Renuar, a 1993 built Panamax bulk carrier with a carrying capacity
of 70,128 dwt, has entered into a charter agreement for a minimum period of
12 months to a maximum period of 14 months at the gross daily rate of
$22,500.
The M/V Elinakos, a 73,751 dwt, 1997-built Panamax bulk carrier, has
entered into a short-term charter agreement for a period of a minimum of 4
months to a maximum of 6 months at a gross rate of $25,000 per day.
Lefteris Papatrifon, Chief Financial Officer of Excel, stated, "We are
pleased to announce the fixtures of the M/V Renuar and the M/V Elinakos at
profitable rates with very reliable counterparties. These charters reaffirm
our Company's commitment to seek predictable cash flows that enhance our
operating and financial stability. With these fixtures, our time charter
coverage for the fourth quarter of 2009 has increased to approximately 70%
of the remaining operating days of 2009 and 56% for 2010."
About Excel Maritime Carriers Ltd
Excel is an owner and operator of dry bulk carriers and a provider of
worldwide seaborne transportation services for dry bulk cargoes, such as
iron ore, coal and grains, as well as bauxite, fertilizers and steel
products. Excel owns a fleet of 40 vessels and, together with 7 Panamax
vessels under bareboat charters, operates 47 vessels (5 Capesize, 14
Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total
carrying capacity of approximately 3.9 million dwt. Excel Class A common
shares have been listed since September 15, 2005 on the New York Stock
Exchange (NYSE) under the symbol EXM and, prior to that date, were listed
on the American Stock Exchange (AMEX) since 1998. For more information
about the Company, please go to our corporate website
www.excelmaritime.com.
Forward-Looking Statement
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future events
and the Company's growth strategy and measures to implement such strategy;
including expected vessel acquisitions and entering into further time
charters. Words such as "expects," "intends," "plans," "believes,"
"anticipates," "hopes," "estimates," and variations of such words and
similar expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that
such expectations will prove to have been correct.
These statements involve known and unknown risks and are based upon a
number of assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are beyond the
control of the Company. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not limited to
the ability to changes in the demand for dry bulk vessels, competitive
factors in the market in which the Company operates; risks associated with
operations outside the United States; and other factors listed from time to
time in the Company's filings with the Securities and Exchange Commission.
The Company expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the
Company's expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.