SOURCE: Excel Maritime

November 22, 2005 08:30 ET

Excel Maritime Carriers Ltd Agrees to Sell 26 Year Old Vessel and Realizes a Gain of Approximately $ 2.5 Million

PIRAEUS, GREECE -- (MARKET WIRE) -- November 22, 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, today announced that it agreed to sell "Almar I", a Capesize bulk carrier of 107,140 dwt built in 1979. The sale of the vessel is expected to generate a capital gain of approximately $ 2.5 million for the company.

Christopher Georgakis, President and CEO commented: "Since last November, we have been committed to a strategy of fleet renewal. The sale of "Almar I", a 26 year old Capesize bulk carrier and the oldest vessel in our fleet took place within the context of this strategy. The average age of our fleet is now further reduced to 12.8 years, well below the industry average of 16 years. We are pleased both with the timing and the price of the sale."

Christopher Georgakis commented further: "We now have a fleet of 17 vessels with a total carrying capacity of 1,004,930 dwt. With 9 vessels already deployed in the period market and 8 vessels operating in the spot market, we believe we are well positioned to take advantage of the improved freight rate environment, while at the same time we have greater visibility of earnings."

Updated Fleet List:

The following table represents the existing fleet as of November 22, 2005:

Name                 Type          Dwt         Year Built
Panamax                                        
Isminaki           Panamax       74,577        1998
Angela Star        Panamax       73,798        1998
Elinakos           Panamax       73,751        1997
Happy Day          Panamax       71,694        1997
Powerful           Panamax       70,083        1994
First Endeavour    Panamax       69,111        1994
Rodon              Panamax       73,670        1993
Birthday           Panamax       71,504        1993
Renuar             Panamax       70,128        1993
Forteza            Panamax       69,634        1993
Total Panamax         10         717,950       
Handymax                                       
Emerald            Handymax      45,572        1998
Princess I         Handymax      38,858        1994
Marybelle          Handymax      42,552        1987
Attractive         Handymax      41,524        1985
Lady               Handymax      41,090        1985
Goldmar            Handymax      39,697        1984
Swift              Handymax      37,687        1984
Total Handymax         7         286,980       
Grand Total           17         1,004,930     12.8
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: Email Contact
    www.capitallink.com

    Company:
    Christopher Georgakis
    Chief Executive Officer
    Excel Maritime Carriers Ltd.
    67 Akti Miaouli Street
    185 38 Piraeus, Greece
    Tel: 011-30-210-45-98-692
    Fax: 011-30-210-42-82-628

    E-Mail: Email Contact
    www.excelmaritime.com