SOURCE: Excel Maritime

January 16, 2007 16:05 ET

Excel Maritime Carriers Enters Into a Time Charter Agreement for M/V Renuar at $26,000 per Day

ATHENS, GREECE -- (MARKET WIRE) -- January 16, 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 Renuar for a period of 22 to 24 months at US $26,000 per day to a first class European charterer. The vessel will be delivered into charter on January 24, 2007.

M/V Renuar is a Panamax dry bulk carrier of 70,128 dwt, built in 1993 in China, which the company acquired and took delivery of in April 2005.

CEO Christopher Georgakis commented, "We are pleased to announce that we have secured M/V Renuar under a profitable long-term employment to a first class European charterer. This is within the context of our strategy of taking advantage of the strong shipping markets and securing long term employment for our vessels at rates which enable us to generate strong, stable and predictable cash flows. Following this charter agreement, 70% of our fleet operating days for the first quarter of 2007 and 45% for the full year of 2007 are fixed under short and long term time charters."

Fleet Deployment (as of January 16, 2007)

                       Year                     Charter   Charter Charter
Vessel Name       DWT  Built  Type Deployment Commencement Period   Hire
                ------ ---- -------- -------- ---------- ------- --------
                                                         24-26
Isminaki        74,577 1998  Panamax Period    2/25/2005 months  $ 31,250
                ------ ---- -------- -------- ---------- ------- --------
                                                         24-26
Birthday        71,504 1993  Panamax Period    4/1/2005  months  $ 28,100
                ------ ---- -------- -------- ---------- ------- --------
                                                         24-25
First Endeavour 69,111 1994  Panamax Period    5/7/2005  months  $ 28,500
                ------ ---- -------- -------- ---------- ------- --------
                                                         24-26
Angela Star     73,798 1998  Panamax Period   10/27/2006 months  $ 26,500
                ------ ---- -------- -------- ---------- ------- --------
                                                         24
Powerful        70,083 1994  Panamax Period   4/12/2005  months  $ 28,000
                ------ ---- -------- -------- ---------- ------- --------
                                                         23-25
Happy Day       71,694 1997  Panamax Period   12/09/2006 months  $ 25,500
                ------ ---- -------- -------- ---------- ------- --------
                                                         22-24
Renuar          70,128 1993  Panamax Period   01/24/2007 months  $ 26,000
                ------ ---- -------- -------- ---------- ------- --------
                                                         20-23.5
Rodon           73,670 1993  Panamax Period   11/28/2006 months  $ 24,000
                ------ ---- -------- -------- ---------- ------- --------
                                                         12-14
Fortezza        69,634 1994  Panamax Period   8/30/2006  months  $ 28,000
                ------ ---- -------- -------- ---------- ------- --------
                                                         11-13
Emerald         45,572 1998 Handymax Period   7/8/2006   months  $ 20,000
                ------ ---- -------- -------- ---------- ------- --------
                                                         11-13
Attractive      41,524 1985 Handymax Period   2/4/2006   months  $ 14,000
                ------ ---- -------- -------- ---------- ------- --------
                                                         11-12
Elinakos        73,751 1997  Panamax Period   7/28/2006  months  $ 22,000
                ------ ---- -------- -------- ---------- ------- --------
                                       Short             6-8
Marybelle       42,552 1987 Handymax  Period  1/15/2007  months  $ 25,000
                ------ ---- -------- -------- ---------- ------- --------


Vessel Name       DWT   Year Built  Type  Deployment
                -------- -------- -------- --------
Princess I       38,858     1994  Handymax    Spot
                -------- -------- -------- --------
Lady             41,090     1985  Handymax    Spot
                -------- -------- -------- --------
Goldmar          39,697     1984  Handymax    Spot
                -------- -------- -------- --------
Swift            37,687     1984  Handymax    Spot
                -------- -------- -------- --------


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 17 vessels (ten Panamax and seven Handymax vessels) with a total carrying capacity of 1,004,930 dwt. 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

  • Contact:
    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
    http://www.excelmaritime.com