SOURCE: Excel Maritime

Excel Maritime

January 10, 2011 16:05 ET

Excel Maritime Announces Delivery and Long-Term Time Charter of Newbuild Capesize M/V "Mairaki"

ATHENS, GREECE--(Marketwire - January 10, 2011) - 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, today announced that it has taken delivery of the Newbuild Capesize, M/V Mairaki.

The Company has taken delivery of the newbuild Capesize vessel M/V Mairaki today from the STX Shipyard in South Korea. The vessel has a carrying capacity of 181,000 dwt. Upon its delivery, the M/V Mairaki will be commencing its 5-year time charter with a first class European Charterer, at a gross base rate of $28,000 per day with a 50% profit sharing above the base rate, based on the monthly AV4 BCI time charter rates as published by the Baltic Exchange.

Mr. Pavlos Kanellopoulos, Chief Financial Officer of the Company, commented, "We are very pleased to have taken delivery of the M/V Mairaki which expands our operational fleet to 49 vessels. We continue to implement our balanced charter strategy by securing period employment for our Capesize vessel Mairaki under profitable time charter with profit upside. Our time charter coverage for 2011 stands at 47% leading to an increased cashflow visibility for the year." 

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 42 vessels, among which one Capesize vessel is through a majority joint venture and, together with 7 Panamax vessels under bareboat charters, operates 49 vessels (7 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total carrying capacity of over 4.2 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.

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:
    Pavlos Kanellopoulos
    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