SOURCE: Excel Maritime

July 19, 2007 09:00 ET

Excel Maritime Announces Agreement to Acquire Two Supramax Vessels Expanding Its Fleet to 18 Vessels

ATHENS, GREECE--(Marketwire - July 19, 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 entered into agreements to acquire two Supramax bulk carriers, to be renamed M/V July M and M/V Mairouli, for US $63 million per vessel.

The M/V July M was built in 2005 at Oshima Shibuilding Co. Ltd. in Japan and has a carrying capacity of 55,567 dwt. The M/V Mairouli, was built in 2005 at Imabari Shipbuilding Co. Ltd. in Japan and has a carrying capacity of 53,206 dwt. The vessels are expected to be delivered to the Company within the fourth quarter 2007. Upon delivery of the vessels, the Company will have a fleet of ten Panamax, two Supramax and six Handymax vessels with a total carrying capacity of 1,074,022 deadweight tons with an average age of 12.9 years.

CEO Christopher Georgakis commented, "We are very pleased to announce the acquisition of two modern Supramax vessels, which is consistent with our overall fleet expansion and renewal strategy. We believe these acquisitions will enhance our Company's ability to meet the growing global demand of dry bulk shipping. In addition, we plan to continue to seek acquisition opportunities as they may arise to further expand our dry bulk fleet. Based on our fleet deployment strategy, we will seek to deploy these vessels in the period market at the appropriate time, in order to further enhance our revenues and profitability, while generating strong and predictable cash flows for the longer term."

The profile of our fleet as of today is the following:

Vessel Name        Type        DWT        Year Built
Isminaki          PANAMAX     74,577        1998
Angela Star       PANAMAX     73,798        1998
Elinakos          PANAMAX     73,751        1997
Rodon             PANAMAX     73,670        1993
Happy Day         PANAMAX     71,694        1997
Birthday          PANAMAX     71,504        1993
Renuar            PANAMAX     70,128        1993
Powerful          PANAMAX     70,083        1994
Fortezza          PANAMAX     69,634        1994
First Endeavour   PANAMAX     69,111        1994
Total Panamax       10       717,950
Emerald          HANDYMAX     45,588        1998
Marybelle        HANDYMAX     42,552        1987
Attractive       HANDYMAX     41,524        1985
Lady             HANDYMAX     41,090        1985
Princess I       HANDYMAX     38,858        1994
Swift            HANDYMAX     37,687        1984
Total HandyMAX       6       247,299
Grand Total         16       965,249    Av. Age: 14.3

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   Av. Age: 12.9

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.
    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