SOURCE: Excel Maritime Carriers Ltd.

September 20, 2005 09:46 ET

Excel Maritime Carriers (EXM) Enters a One-Year Charter on M/V Rodon

PIRAEUS, GREECE -- (MARKET WIRE) -- September 20, 2005 -- 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 chartered M/V Rodon for a period of about 12/14 months at US$ 20,250 per day to a first class European charterer.

M/V Rodon is a Panamax dry bulk carrier of approximately 73,670 dwt, built in 1993 in Korea, which the Company acquired and took delivery of in June 2005.

CEO Christopher Georgakis commented, "We continue to implement our fleet deployment strategy of securing period charters for new acquisitions and within this context we have secured a one-year employment for M/V Rodon, which will further enhance the visibility and stability of our earnings."

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 18 vessels (one Capesize, ten Panamax and seven Handymax vessels) with a total carrying capacity of 1,112,070 dwt. The Company was incorporated in 1988 and its common stock is listed on the American Stock Exchange (AMEX) since 1998, trading under the symbol EXM. As of September 15th, 2005 Excel's shares trade on the New York Stock Exchange (NYSE) under the same 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: Email Contact
    www.capitallink.com

    Company:
    Christopher Georgakis
    Chief Executive Officer
    Excel Maritime Carriers Ltd.
    67 Akti Miaouli Street
    185 37 Piraeus, Greece
    Tel: 011-30-210-45-98-692
    Fax: 011-30-210-42-82-628
    E-Mail: Email Contact
    www.excelmaritime.com