SOURCE: Excel Maritime

November 13, 2007 16:05 ET

Excel Maritime Reports Results for the Third Quarter and Nine Month Period Ended September 30, 2007 and Declares Quarterly Dividend of $0.20 per Share

ATHENS, GREECE--(Marketwire - November 13, 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 its financial and operating results for the third quarter and nine month period ended September 30, 2007 and declared a quarterly dividend of $0.20 per share for the third quarter 2007.

Third Quarter 2007 Highlights

--  $19.2 million of Net income or $0.96 per share for the period on
    revenue from operations of $43.2 million.
--  $29.9 million of EBITDA.
--  Declared a quarterly dividend of $0.20 per share for the third quarter
    2007.
    

Nine Months 2007 Highlights:

--  $51.4 million of Net income or $2.58 per share for the period on
    revenue from operations of $116.6 million.
--  $82.0 million of EBITDA.
--  Initiated a quarterly dividend payout policy of $0.20 per share.
    Declared dividends in each quarter of 2007 aggregating $0.60 per share.
    

Recent Fleet Developments:

--  In July 2007 the Company entered into agreements to acquire two
    Supramax bulk carriers expanding the fleet to 18 vessels with an aggregate
    carrying capacity of 1,074,022 lowering its average fleet age to 12.9
    years. As announced, Excel agreed to acquire the M/V July M, a 2005 built,
    55,567 dwt vessel and the M/V Mairouli, a 2005 built, 53,206 dwt vessel,
    both with expected delivery in the fourth quarter 2007.
--  During the third quarter 2007, the Company fixed four of its vessels
    on long-term employment with first class charterers. Specifically, secured
    the M/V Powerful, a 1994 built 70,083 dwt Panamax under a time charter for
    a period of 23 to 25 months at $ 39,000 per day, the M/V Princess I, a 1994
    built 38,858 dwt Handymax under a time charter for a period of 22 to 24
    months at $ 30,000 per day, the M/V First Endeavor, a 1994 built 69,111 dwt
    Panamax under a time charter for a period of 23 to 25 months at $45,000 per
    day and the M/V Elinakos, a 1997 built 73,751 dwt Panamax under a time
    charter for a period of 23 to 25 months at $58,000 per day
--  In October 2007, the Company fixed two of its vessels on short term
    employment with first class charterers. Specifically, secured the M/V
    Birthday, a 1993 built 71,504 dwt Panamax under a time charter consisting
    of two "laden legs" with an approximate duration of 60 days at a daily rate
    of $92,750 per day. Also secured, the M/V Marrybelle, a 1987 built 42,552
    dwt Handymax under a time charter for a period of 5-7 months at $50,650 per
    day.
--  Following the above time charter agreements, 66% of Excel's fleet
    operating days for the fourth quarter 2007, 73% for the full year 2007 and
    48% for the full year 2008 are fixed under medium-and long-term time
    charters.
    

Convertible Senior Notes Offering

--  In October 2007, the Company announced the closing of its offering of
    $150,000,000 aggregate principal amount of convertible Senior Notes due in
    2027 with net proceeds to Excel Maritime of approximately $145.3 million.
    

CEO Christopher Georgakis commented: "We are pleased to report strong third quarter 2007 operational and financial results as we continue to benefit from the strong freight rate environment.

During this quarter, we expanded our fleet to 18 vessels through the acquisition of the two Supramax vessels and secured profitable long term employment for four of our vessels. We continued with our strategy of selective fleet growth and of securing long term charters for our vessels at opportune times, locking in strong and visible cash flows, while with the remainder of our fleet we take advantage of the strength of the spot market.

The $150 million of convertible senior notes which we closed in October, enable the company to secure long term financing at very attractive terms. They add significantly to our liquidity, optimize our capital structure and enable us to pursue growth opportunities as they may arise.

We are also pleased to announce the declaration of our third consecutive quarterly dividend of $0.20 per share."

Third Quarter 2007 Results:

Total revenues for the third quarter 2007 amounted to $43.2 million as compared to $32.7 million for the same period in 2006. Net income for the third quarter 2007 amounted to $19.2 million versus $9.9 million for the same period in 2006.

Earnings per share for the third quarter 2007, calculated on 19,978,365 shares were $0.96 compared to $0.50 in the third quarter of 2006. The average number of shares outstanding in the third quarter of 2006 was 19,949,644.

It should be noted that the third quarter 2007 figures include unrealized losses of $0.7 million or $0.04 per share while third quarter 2006 figures include unrealized losses of $0.9 million or $0.04 per share due to the existence of interest rate swaps that do not qualify as hedge accounting.

The results of the third quarter 2007 include $0.4 million of income or $0.02 per share due to Excel's participation in Oceanaut.

EBITDA for the third quarter 2007 was $ 29.9 million compared to $21.4 million during the third quarter 2006. Please refer to a subsequent section of this Press Release for a reconciliation of EBITDA to Net Income.

An average of 16 vessels were operated during the third quarter 2007 earning a blended average time charter equivalent rate of $29,387 per day, compared to an average of 17 vessels operated during the third quarter 2006 earning a blended average time charter equivalent rate of $19,971per day.

Nine Month 2007 Results:

Total revenues for the nine months ended September 30, 2007 amounted to $116.6 million as compared to $88.9 million for the same period in 2006. Net income for the nine months ended September 30, 2007 amounted to $51.4 million versus $21.8 million for the same period in 2006.

Earnings per share for the nine months ended September 30, 2007, calculated on 19,977,878 shares were $2.58 compared to $1.09 for the same period 2006. The average number of shares outstanding in the nine months ended September 30, 2006, was 19,946,658.

The nine month 2007 figures include unrealized losses of $0.5 million or $0.02 per share while the nine month 2006 figures include unrealized losses of $0.9 million or $0.04 per share due to the existence of interest rate swaps that do not qualify as hedge accounting.

The results of the nine months ended September 30, 2007 include $0.8 million of income or $0.04 per share due to Excel's participation in Oceanaut.

EBITDA for the nine months ended September 30, 2007 was $ 82.0 million compared to $54.0 million during the same period 2006. Please refer to a subsequent section of this Press Release for a reconciliation of EBITDA to Net Income.

An average of 16.5 vessels were operated during the nine months ended September 30, 2007 earning a blended average time charter equivalent rate of $25,601 per day, compared to an average of 17 vessels operated during the same period 2006 earning a blended average time charter equivalent rate of $18,628 per day.

Convertible Senior Notes Offering

In October 2007, the Company announced the closing of its offering of $150,000,000 aggregate principal amount of Convertible Senior Notes due 2027 to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933.

If certain conditions are met, the notes will be convertible into cash, shares of Excel Maritime's Class A common stock or a combination of cash and Class A common stock, at Excel Maritime's option.

The notes will pay interest semiannually at a rate of 1.875% per annum. The notes will be convertible at a base conversion rate of approximately 10.9529 shares of Class A common stock per $1,000 principal amount of notes. The initial conversion price is set at $91.30 per share. There is also an incremental share factor of 5.4765 shares of Class A common stock per $1,000 principal amount of notes.

The net proceeds to Excel Maritime from the offering were approximately $145.3 million, after deducting the initial purchaser's discount and estimated offering expenses of approximately $4.7 million.

Quarterly Dividend:

On November 13, 2007, the Board of Directors for the company approved the Company's quarterly dividend of $0.20 per share, payable on December 11, 2007 to shareholders of record as of November 30, 2007.

This is the third consecutive quarterly dividend declared since the Company commenced a dividend policy beginning with the first quarter 2007. The declaration of each quarterly dividend is anticipated to take place concurrently with the announcement of the Company's earnings for that period.

Conference Call Details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-866-819-7111 (from the US), 0800-953-0329 (from the UK) or +44 (0)1452-542-301 (all other callers). Please quote "Excel Maritime."

In case of any problem with the above numbers, please dial 1-866-223-0615 (from the US), 0800-694-1503 (from the UK) or +44 (0) 1452-586-513 (all other callers). Quote "Excel Maritime."

A telephonic replay of the conference call will be available until November 21, 2007 by dialing 1-866-247-4222 (from the US), 0800-953-1533 (from the UK) or +44 1452-550-000 (all other callers). Access Code: 1838801#

Slides and audio webcast:

There will also be a live -- and then archived -- webcast of the conference call, through the Excel Maritime Carriers website (www.excelmaritime.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Updated Fleet List:

The following table represents our fleet as of the date of this release. This table takes into account the acquisition of the M/V July M and the M/V Mairouli.

Name                   Type      Dwt      Year Built
                     --------- --------- -------------
Panamax
=======              --------- --------- -------------
Isminaki               Panamax    74,577          1998
                     --------- --------- -------------
Angela Star            Panamax    73,798          1998
                     --------- --------- -------------
Elinakos               Panamax    73,751          1997
                     --------- --------- -------------
Happy Day              Panamax    71,694          1997
                     --------- --------- -------------
Powerful               Panamax    70,083          1994
                     --------- --------- -------------
First Endeavour        Panamax    69,111          1994
                     --------- --------- -------------
Rodon                  Panamax    73,670          1993
                     --------- --------- -------------
Birthday               Panamax    71,504          1993
                     --------- --------- -------------
Renuar                 Panamax    70,128          1993
                     --------- --------- -------------
Forteza                Panamax    69,634          1993
                     --------- --------- -------------
Total Panamax               10   717,950
                     --------- --------- -------------
Handymax
========             --------- --------- -------------
Emerald               Handymax    45,588          1998
                     --------- --------- -------------
Princess I            Handymax    38,858          1994
                     --------- --------- -------------
Marybelle             Handymax    42,552          1987
                     --------- --------- -------------
Attractive            Handymax    41,524          1985
                     --------- --------- -------------
Lady                  Handymax    41,090          1985
                     --------- --------- -------------
Swift                 Handymax    37,687          1984
                     --------- --------- -------------
Total Handymax               6   247,299
                     --------- --------- -------------
Grand Total                 16   965,249          14.5
                     --------- --------- -------------
Additional Vessels to be delivered within the
 fourth quarter 2007
July M                Supramax    55,567          2005
                     --------- --------- -------------
Mairouli              Supramax    53,206          2005
                     --------- --------- -------------
Total Supramax               2   108,773
                     --------- --------- -------------
Grand Total                 18 1,074,022 Avg. Age:12.9
                     --------- --------- -------------

Summary Fleet Data:

                                                Third Quarter Third Quarter
                                                      2007        2006
                                                  -----------  -----------
FLEET DATA
                                                  -----------  -----------
Average number of vessels (1)                              16           17
                                                  -----------  -----------
Available days for fleet (2)                            1,370        1,528
                                                  -----------  -----------
Calendar days for fleet (3)                             1,472        1,564
                                                  -----------  -----------
Fleet utilization (4)                                      93%          98%
                                                  -----------  -----------

                                                  -----------  -----------
AVERAGE DAILY RESULTS
                                                  -----------  -----------
Time charter equivalent (5)                       $    29,387  $    19,971
                                                  -----------  -----------
Vessel operating expenses (6)                     $     5,657  $     4,742
                                                  -----------  -----------
General and administrative expenses (7)           $     1,844  $     1,248
                                                  -----------  -----------
Total vessel operating expenses (8)               $     7,501  $     5,990
                                                  -----------  -----------




                                              Nine  Month     Nine Month
                                             Period Ended    Period Ended
                                             September 30,   September 30,
                                                 2007            2006
                                            --------------  --------------
FLEET DATA
                                            --------------  --------------
Average number of vessels (1)                         16.5              17
                                            --------------  --------------
Available days for fleet (2)                         4,187           4,414
                                            --------------  --------------
Calendar days for fleet (3)                          4,497           4,641
                                            --------------  --------------
Fleet utilization (4)                                   93%             95%
                                            --------------  --------------

                                            --------------  --------------
AVERAGE DAILY RESULTS
                                            --------------  --------------
Time charter equivalent (5)                 $       25,601  $       18,628
                                            --------------  --------------
Vessel operating expenses (6)               $        5,526  $        4,867
                                            --------------  --------------
General and administrative expenses (7)     $        1,789  $        1,278
                                            --------------  --------------
Total vessel operating expenses (8)         $        7,315  $        6,145
                                            --------------  --------------

(1) Average number of vessels is the number of vessels that constituted
    our fleet for the relevant period, as measured by the sum of the number
    of calendar days each vessel was a part of our fleet during the period
    divided by the number of calendar days in that period.
(2) Available days for fleet are the total calendar days the vessels were
    in our possession for the relevant period after subtracting for off
    hire days associated with major repairs, drydocks or special or
    intermediate surveys.
(3) Calendar days are the total days the Company possessed the vessels in
    our fleet for the relevant period including off hire days associated
    with major repairs, drydockings or special or intermediate surveys.
(4) Fleet utilization is the percentage of time that our vessels were
    available for revenue generating available days, and is determined by
    dividing available days by fleet calendar days for the relevant period.
(5) Time charter equivalent, or TCE, is a measure of the average daily
    revenue performance of a vessel on a per voyage basis. Our method of
    calculating TCE is consistent with industry standards and is determined
    by dividing revenue generated from voyage charters net of voyage
    expenses by available days for the relevant time period. Voyage
    expenses primarily consist of port, canal and fuel costs that are
    unique to a particular voyage, which would otherwise be paid by the
    charterer under a time charter contract, as well as commissions. TCE
    is a standard shipping industry performance measure used primarily to
    compare period-to-period changes in a shipping company's performance
    despite changes in the mix of charter types (i.e., spot voyage
    charters, time charters and bareboat charters) under which the
    vessels may be employed between the periods.


                  Time Charter Equivalent Reconciliation
                        (In thousands of Dollars)


                                              Third Quarter  Third Quarter
                                                   2007           2006
                                              -------------- --------------
Voyage Revenues                               $       43,008 $       32,541
minus Voyage Expenses                         $        2,209 $        1,621
minus Commission from a Related Party         $          536 $          404
Total Revenue, net of voyage expenses         $       40,263 $       30,516
Total Available days                                   1,370          1,528
Time Charter Equivalent                       $       29,387 $       19,971




                                                Nine Month     Nine Month
                                               Period Ended   Period Ended
                                               September 30,  September 30,
                                                   2007           2006
                                              -------------- --------------
Voyage Revenues                               $      115,999 $       88,469
minus Voyage Expenses                         $        7,355 $        5,147
minus Commission from a Related Party         $        1,449 $        1,096
Total Revenue, net of voyage expenses         $      107,195 $       82,226
Total Available days                                   4,187          4,414
Time Charter Equivalent                       $       25,601 $       18,628

(6) Daily vessel operating expenses, which includes crew costs, provisions,
    deck and engine stores, lubricating oil, insurance, maintenance and
    repairs is calculated by dividing vessel operating expenses by fleet
    calendar days for the relevant time period.
(7) Daily general and administrative expense is calculated by dividing
    general and administrative expense by fleet calendar days for the
    relevant time period.
(8) Total vessel operating expenses, or TVOE, is a measurement of our total
    expenses associated with operating our vessels. TVOE is the sum of
    vessel operating expenses and general and administrative expenses.
    Daily TVOE is calculated by dividing TVOE by fleet calendar days for
    the relevant time period.



 Time Charter Equivalent (TCE) Results by Type of Vessel & Employment


                                         Third Quarter  Third Quarter
                                             2007           2006
                                         -------------- --------------
Panamax spot TCE ($)                     $       42,905 $       18,635
Number of available days                            136             91
                                         -------------- --------------
Panamax period TCE ($)                   $       26,805 $       23,138
Number of available days                            682            829
                                         -------------- --------------
Handymax spot TCE ($)                    $       32,045 $       18,465
Number of available days                            276            356
                                         -------------- --------------
Handymax period TCE ($)                  $       26,424 $       12,149
Number of available days                            276            252
                                         -------------- --------------
Total fleet spot TCE ($)                 $       35,638 $       18,500
Number of available days                            412            447
                                         -------------- --------------
Total fleet period TCE ($)               $       26,695 $       20,579
Number of available days                            958          1,081
                                         -------------- --------------



                                          Nine Month     Nine Month
                                         Period Ended   Period Ended
                                         September 30,  September 30,
                                             2007           2006
                                         -------------- --------------
Panamax spot TCE ($)                     $       42,245 $       17,142
Number of available days                            151            625
                                         -------------- --------------
Panamax period TCE ($)                   $       25,609 $       22,907
Number of available days                          2,379          2,031
                                         -------------- --------------
Handymax spot TCE ($)                    $       25,092 $       14,254
Number of available days                            970          1,228
                                         -------------- --------------
Handymax period TCE ($)                  $       22,649 $       14,122
Number of available days                            687            531
                                         -------------- --------------
Total fleet spot TCE ($)                 $       27,396 $       15,228
Number of available days                          1,121          1,853
                                         -------------- --------------
Total fleet period TCE ($)               $       24,945 $       21,088
Number of available days                          3,066          2,561
                                         -------------- --------------





               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                    Condensed Statement of Cash Flows
                        (In thousands of Dollars)


                                               Nine Month     Nine Month
                                              Period Ended   Period Ended
                                              September 30,  September 30,
                                                  2007           2006
                                               (Unaudited)    (Unaudited)
                                              -------------  -------------
Cash and cash equivalents, beginning of year         86,289         58,492
Provided by (Used in):
Operating Activities                                 68,135         41,589
Investing Activities                                (21,344)          (488)
Financing Activities                                (34,460)       (18,442)
Net increase  in cash and cash equivalents          12, 331         22,659
Cash and cash equivalents, end of period             98,620         81,151



                        EBITDA Reconciliation (1)
                        (In thousands of Dollars)


                                               Third Quarter  Third Quarter
                                                   Ended          Ended
                                               September 30,  September 30,
                                                   2007           2006
                                              -------------- --------------
Net Income                                            19,231          9,898
plus Net Interest Expense                              2,555          4,074
Plus Depreciation                                      6,793          7,062
Plus Amortization                                      1,050            288
Plus Taxes                                               247             35
EBITDA                                                29,876         21,357





                        EBITDA Reconciliation (1)
                        (In thousands of Dollars)


                                                Nine Months    Nine Months
                                                   Ended          Ended
                                               September 30,  September 30,
                                                   2007           2006
                                              -------------- --------------
Net Income                                            51,448         21,766
plus Net Interest Expense                              6,673         10,164
Plus Depreciation                                     20,868         21,187
Plus Amortization                                      2,605            552
Plus Taxes                                               359            313
EBITDA                                                81,953         53,982

(1) Excel Maritime considers EBITDA to represent net income plus net
    interest expense and depreciation and amortization. The Company's
    Management uses EBITDA as a performance measure.  The Company believes
    that EBITDA is useful to investors, because the shipping industry is
    capital intensive and may involve significant financing costs.  EBITDA
    is not an item recognized by GAAP and should not be considered as an
    alternative to net income, operating income or any other indicator of a
    Company's operating performance required by GAAP.  The Company's
    definition of EBITDA may not be the same as that used by other
    companies in the shipping or other industries.



               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
   FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2007 AND SEPTEMBER 30, 2006
             (In thousands of Dollars, except per share data)


                                              Third Quarter  Third Quarter
                                                  2007           2006
                                                Unaudited      Unaudited
                                              -------------  -------------
REVENUES
   Voyage Revenues                                   43,008         32,541
   Revenue from managing vessels                        227            139
                                              -------------  -------------
      Revenue from Operations                        43,235         32,680
                                              -------------  -------------

EXPENSES
   Voyage expenses                                    2,209          1,621
   Voyage expenses - Related party                      536            404
   Vessel operating expenses                          8,328          7,417
   Depreciation expense                               6,793          7,062
   Amortization for drydocking and special
    survey                                            1,050            288
   General and administrative expenses                2,715          1,952
                                              -------------  -------------
                                                     21,631         18,744
                                              -------------  -------------

                                              -------------  -------------

                                              -------------  -------------
   Income from operations                            21,604         13,936
                                              -------------  -------------
OTHER INCOME (EXPENSES):
   Interest and finance costs                        (4,009)        (5,045)
   Interest Income                                    1,454            971
   Other, net                                            79             65
                                              -------------  -------------
   Total other income (expenses), net                (2,476)        (4,009)
                                              -------------  -------------

                                              =============  =============
   Net Income from Operations                        19,128          9,927
                                              -------------  -------------

   US Source Income Taxes                              (247)           (35)
                                              -------------  -------------
   Net Income, after taxes and before
    minority interest                                18,881          9,892

   Minority interest                                      -              6

   Income from Investment in affiliate                  350              -

                                              -------------  -------------
   Net income                                 $      19,231  $       9,898
                                              -------------  -------------

                                              -------------  -------------
   Earnings per common share, basic           $        0.96  $        0.50
   Weighted average number of shares basic       19,949,644     19,949,644
   Earnings per common share, diluted         $        0.96  $        0.50
   Weighted average number of shares diluted     19,978,365     19,949,644
                                              -------------  -------------



               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
    FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2007 AND SEPTEMBER 30, 2006
             (In thousands of Dollars, except per share data)


                                               Nine Months    Nine Months
                                                  2007           2006
                                                Unaudited      Unaudited
                                              -------------  -------------
REVENUES
   Voyage Revenues                                  115,999         88,469
   Revenue from managing vessels                        592            419
                                              -------------  -------------
      Revenue from Operations                       116,590         88,888
                                              -------------  -------------

EXPENSES
   Voyage expenses                                    7,355          5,147
   Voyage expenses - Related party                    1,449          1,096
   Vessel operating expenses                         24,851         22,588
   Depreciation expense                              20,868         21,187
   Amortization for drydocking and special
    survey                                            2,605            552
   General and administrative expenses                8,046          5,930
                                              -------------  -------------
                                                     65,174         56,500
                                              -------------  -------------

                                              -------------  -------------
GAIN ON SALE OF VESSELS                               6,194              -
                                              -------------  -------------

                                              -------------  -------------
   Income from operations                            57,611         32,388
                                              -------------  -------------
OTHER INCOME (EXPENSES):

   Interest and finance costs                       (10,712)       (12,985)
   Interest Income                                    4,039          2,821
   Other, net                                            55           (155)
                                              -------------  -------------
   Total other income (expenses), net                (6,618)       (10,319)
                                              -------------  -------------

                                              =============  =============
   Net Income from Operations                        50,993         22,069
                                              -------------  -------------

   US Source Income Taxes                              (359)          (313)
                                              -------------  -------------
   Net Income, after taxes and before
    minority interest                                50,634         21,756

   Minority interest                                      2             10

   Income from Investment in affiliate                  813              -

                                              -------------  -------------
   Net income                                        51,448         21,766
                                              -------------  -------------

                                              -------------  -------------
   Earnings per common share, basic           $        2.58  $        1.09
   Weighted average number of shares basic       19,949,644     19,946,658
   Earnings per common share, diluted         $        2.58  $        1.09
   Weighted average number of shares diluted     19,977,878     19,946,658
                                              -------------  -------------




               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
    AT SEPTEMBER 30, 2007 (UNAUDITED) AND DECEMBER 31, 2006 (AUDITED)
          (In  thousands of U.S. Dollars, except per share data)


                                              September 30,  December 31,
                                                  2007           2006
                                                Unaudited       Audited
                                              -------------  -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents                            98,620         86,289
Restricted cash                                       4,688          4,534
Accounts receivable                                   1,138          2,646
Other Current Assets                                  2,318          2,319
                                              -------------  -------------
Total Current Assets                                106,764         95,788
                                              -------------  -------------

FIXED ASSETS:
Vessels', net                                       433,416        437,418
Office furniture & equipments, net                    1,472            983
                                              -------------  -------------
Total fixed assets                                  434,888        438,401
                                              -------------  -------------

OTHER NON CURRENT ASSETS:
Investment in affiliate                              11,817              -
Other Non Current Assets                              7,644          4,696
Restricted cash                                      10,312         10,466
                                              -------------  -------------
Total Assets                                        571,424        549,351
                                              -------------  -------------

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long term debt, net of
 deferred financing fees                             29,027         32,452
Accounts payable                                      7,078          3,178
Other Current Liabilities                             6,871          7,255
Financial Instruments                                 1,316            834
                                              -------------  -------------
Total Current Liabilities                            44,291         43,719

LONG-TERM DEBT, net of current portion and
 net of deferred financing fees                     160,650        185,467
                                              -------------  -------------
Minority interest                                         -              4
STOCKHOLDERS' EQUITY:
Preferred Stock, $0.01 par value: 5,000,000
 shares authorized, none issued
Common Stock, $0.10 par value: 49,000,000
 Class A shares and 1,000,000 Class B shares
 authorized 19,595,153 Class A shares and
 135,326 Class B shares, issued and
 outstanding at December 31, 2006 19,893,556
 Class A shares and 135,326 Class B shares,
 issued and outstanding at September 30, 2007           200            197
Additional paid-in capital                          190,030        182,410
Shares to be issued                                       -          6,853
Accumulated Other Comprehensive Loss                    (79)           (79)
Due from related party                                    -         (2,024)
Retained earnings                                   176,521        132,993
Less: Treasury stock (78,650 A Class shares
 and 588 B Class shares) at December 31, 2006
 and June 30, 2007                                     (189)          (189)
                                              -------------  -------------
   Total stockholders' equity                       366,483        320,161
                                              -------------  -------------
   Total Liabilities & Stockholders' Equity         571,424        549,351
                                              -------------  -------------




               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF CASH FLOWS
 FOR THE PERIODS ENDED SEPTEMBER 30, 2007 (UNAUDITED) AND  SEPTEMBER  30,
                             2006 (UNAUDITED)
                        (In thousands of Dollars)


                                               September 30,  September 30,
                                                  2007           2006
                                                Unaudited      Unaudited
                                              -------------  -------------
CASH FLOWS FROM (USED IN) OPERATING
 ACTIVITIES
   Net income for the period, after taxes            51,448         21,765
   Adjustments to reconcile net income to net
    cash provided by operating activities
   Depreciation & Amortization                       23,755         22,125
   Gain on sale of vessels                           (6,194)             0
   Other non cash expenses                            1,267            690
   Income from Investment in affiliate                 (816)             0
Increase/Decrease in:
   Current Assets                                     1,509           (174)
Increase/Decrease in:
   Current Liabilities                                3,517            258
   Payments for dry docking & special survey         (6,351)        (3,075)
                                              =============  =============
   a.Net cash from  Operating Activities             68,135         41,589
                                              -------------  -------------

CASH FLOWS FROM (USED IN) INVESTING
 ACTIVITIES
   Advances for vessel acquisition                  (25,401)             0
   Proceeds from sale of vessels                     15,740              0
   Investment                                       (11,000)             0
   Office furniture & equipments                       (683)          (488)
                                              =============  =============
   b.Net cash from (used in) Investing
    Activities                                      (21,344)          (488)
                                              -------------  -------------

CASH FLOWS FROM (USED IN) FINANCING
 ACTIVITIES
   Proceeds from long-term debt                           0              0
   Payment principal of loan                        (28,545)       (36,360)
   Minority Interest                                     (4)             0
   Issuance of common stock, net of related
    issuance costs                                    2,009            225
   Dividend paid                                     (7,920)             0
   Increase in restricted cash                            0         17,693
                                              =============  =============
   c.Net cash from (used in) Financing
    Activities                                      (34,460)       (18,442)
                                              -------------  -------------

   Net increase(decrease) in cash & cash
    equivalents                                      12,331         22,659
   Cash & cash equivalents at beginning of
    period                                           86,289         58,492
   Cash & cash equivalents at end of the
    period                                           98,620         81,151



   SUPPLEMENTAL CASH FLOW INFORMATION:
   Interest payments                                 10,136         11,599
   US Source Income Taxes                               237            661

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 the 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.
    c/o 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