SOURCE: Excel Maritime

July 06, 2007 09:12 ET

Excel Maritime Carriers Enters Into Two-Year Time Charter Agreements for Two of Its Vessels

ATHENS, GREECE--(Marketwire - July 6, 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 time charter agreements for the M/V Powerful and the M/V Princess I.

The M/V Powerful has been chartered for a period of about 23 up to about 25 months at US $39,000 per day to a first class European charterer. The vessel will be delivered into charter within July 2007. M/V Powerful is a Panamax dry bulk carrier of 70,083 dwt, built in 1994, which the company acquired in March 2005.

The M/V Princess I has been chartered for a period of minimum 22 to about 24 months at US $30,000 per day to a first-class European charterer. The vessel will be delivered into charter on July 17, 2007. M/V Princess is a Handymax dry bulk carrier of 38,858 dwt, built in 1994, which the company acquired in February 2005.

CEO Christopher Georgakis commented, "Consistent with our strategy of employing the majority of our vessels on long term time charters, we have continued to take advantage of the strong freight rate environment, and in this respect we are pleased to announce that we have secured M/V Powerful and M/V Princess I at profitable long term employment to first class charterers. Following these time charter agreements, 53% of our fleet operating days for the second half of 2007 63% for the full year 2007 and 40% for the full year 2008 are fixed under short- and long-term time charters. This fleet deployment strategy enables us to generate strong and predictable cash flows for the longer term, while also taking advantage of market opportunities as they arise, thereby maximizing our performance for the long term."

Fleet Deployment (as of July 06, 2007)
                                           Charter         Expected
                     Year           Deplo- Commen- Charter Redeliv- Charter
Vessel Name    DWT   Built   Type   yment  cement  Period    ery     Hire
             ------- ----- -------- ------ ------- ------- -------- -------
                                            4/15/      24
Isminaki      74,577  1998  Panamax Period   2007  months   Apr-09 $32,000
             ------- ----- -------- ------ ------- ------- -------- -------
                                            10/27/  24-26
Angela Star   73,798  1998  Panamax Period   2006  months   Nov-08 $26,500
             ------- ----- -------- ------ ------- ------- -------- -------
                                                    23-25
Powerful      70,083  1994  Panamax Period  7/2007 months   Jul-09 $39,000
             ------- ----- -------- ------ ------- ------- -------- -------
                                            12/09/  23-25
Happy Day     71,694  1997  Panamax Period   2006  months   Dec-08 $25,500
             ------- ----- -------- ------ ------- ------- -------- -------
                                             1/24/  22-24
Renuar        70,128  1993  Panamax Period   2007  months   Jan-09 $26,000
             ------- ----- -------- ------ ------- ------- -------- -------
                                             7/17/  22-24
Princess I    38,858  1994 Handymax Period   2007  months   Jul-09 $30,000
             ------- ----- -------- ------ ------- ------- -------- -------
                                            11/28/ 20-23.5
Rodon         73,670  1993  Panamax Period   2006  months   Aug-08 $24,000
             ------- ----- -------- ------ ------- ------- -------- -------
                                             8/30/  12-14
Fortezza      69,634  1994  Panamax Period   2006  months   Sep-07 $28,000
             ------- ----- -------- ------ ------- ------- -------- -------
                                             7/8/   11-13
Emerald       45,588  1998 Handymax Period   2006  months   Sep-07 $20,000
             ------- ----- -------- ------ ------- ------- -------- -------
                                             7/28/  11-12
Elinakos      73,751  1997  Panamax Period    2006 months   Aug-07 $22,000
             ------- ----- -------- ------ ------- ------- -------- -------
                                    Short    1/15/    6-8
Marybelle     42,552  1987 Handymax Period   2007  months   Jul-07 $25,000
             ------- ----- -------- ------ ------- ------- -------- -------
                                    Short    4/10/    6-8
Lady          41,090  1985 Handymax Period   2007  months   Nov-07 $29,000
             ------- ----- -------- ------ ------- ------- -------- -------

Vessel                Year          Deploy-
 Name           DWT  Built    Type  ment
Birthday      71,504  1993  Panamax  Spot
             ------- ----- -------- ------
First
 Endeavour    69,111  1994  Panamax   Spot
             ------- ----- -------- ------
Attractive    41,524  1985 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 16 vessels (ten Panamax and six Handymax vessels) with a total carrying capacity of 965,249 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

  • 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