SOURCE: Excel Maritime

October 23, 2007 08:30 ET

Excel Maritime Enters Into Time Charter Agreements for the M/V Birthday at $92,750 per Day and the M/V Marybelle at $50,650 per Day

ATHENS, GREECE--(Marketwire - October 23, 2007) - Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has chartered M/V Birthday for a time charter consisting of two "laden legs" with an approximate duration of 60 days at a daily rate of $92,750 per day and the M/V Marybelle for a period of minimum 5 up to maximum 7 months at US $50,650 per day, both to first class charterers.

The M/V Birthday is a 1993 Panamax dry bulk carrier of 71,504 dwt, built in Japan. The M/V Marybelle is a 1987 handymax dry bulk carrier of 42,552 dwt, built in Japan. The company took delivery of both vessels in March 2005.

Fleet Deployment (as of the date of this Press Release):

                                       Charter
Vessel      DWT   Year  Type   Deploy- Commence- Charter  Expected  Charter
Name              Built         ment   ment      Period  Redelivery  Hire

                                                  12-14
Fortezza   69,634 1993 Panamax  Period  8/30/2006 months  Nov-07   $28,000
                                Short             6-8
Lady       41,090 1985 Handymax Period  4/27/2007 months  Dec-07   $29,000
                                Short             5-7
Emerald    45,588 1998 Handymax Period  8/20/2007 months  Feb-08   $42,900
                                Short             5-7
Marybelle  42,552 1987 Handymax Period 10/06/2007 months  Apr-08   $50,650
Rodon                                             21-23
 Angela    73,670 1993 Panamax  Period 11/27/2006 months  Aug-08   $24,000
                                                  24-26
Star       73,798 1998 Panamax  Period 10/27/2006 months  Nov-08   $26,500
                                                  23-25
Happy Day  71,694 1997 Panamax  Period  2/11/2006 months  Dec-08   $25,500
                                                  22-24
Renuar     70,128 1993 Panamax  Period  1/26/2007 months  Jan-09   $26,000
                                                  24-26
Isminaki   74,577 1998 Panamax  Period  4/24/2007 months  May-09   $32,000
                                                  22-24
Princess I 38,858 1994 Handymax Period  7/20/2007 months  Jun-09   $30,000
                                                  23-25
Powerful   70,083 1994 Panamax  Period  7/07/2007 months  Jul-09   $39,000
First                                             23-25
 Endeavour 69,111 1994 Panamax  Period  8/25/2007 months  Sept-09  $45,000
                                                  11-12
Elinakos   73,751 1997 Panamax  Period  7/29/2006 months  Oct-09   $58,000


Vessel      DWT       Year Built       Type        Deployment
Name

Birthday    71,504       1993          Panamax         Spot
Attractive  41,524       1985          Handymax        Spot
Swift       37,687       1984          Handymax        Spot


Additional Vessels to be delivered in Q4 2007

July M      55,567       2005          Supramax
Mairouli    53,206       2005          Supramax

About Excel Maritime Carriers Ltd.

The Company 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. The Company's current fleet consists of 16 vessels (ten Panamax and six Handymax vessels) with a total carrying capacity of 965,249 dwt. In addition, the company has agreed to acquire two Supramax vessels, expected to be delivered to the Company within the fourth quarter 2007. Upon delivery of these vessels the Company will have a fleet of 18 vessels (ten Panamax, two Supramax and six Handymax vessels) with a total carrying capacity of 1,074,022 deadweight tons. The Company was incorporated in 1988 and its common stock had been listed on the American Stock Exchange (AMEX) since 1998. As of September 15, 2005 Excel Maritime is listed on the New York Stock Exchange (NYSE), trading under the symbol EXM. 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 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.

Contact Information

  • 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: nbornozis@capitallink.com
    www.capitallink.com

    Company:
    Christopher Georgakis
    Chief Executive 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: info@excelmaritime.com
    www.excelmaritime.com