SOURCE: Excel Maritime Carriers Ltd.

December 20, 2007 09:25 ET

Excel Maritime Carriers Takes Delivery of Two Supramax Vessels Expanding Fleet to 18 Vessels

ATHENS, GREECE--(Marketwire - December 20, 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 took delivery of two Supramax vessels, the M/V Mairouli and the M/V July M, on December 11, 2007 and December 14, 2007 respectively, which the Company had agreed to acquire in July 2007 for $63 mil each. Upon delivery to the Company, the two vessels were deployed in the spot market.

The M/V Mairouli, was built in 2005 at Imabari Shipbuilding Co. Ltd. in Japan and has a carrying capacity of 53,206 dwt. The M/V July M was built in 2005 at Oshima Shipbuilding Co. Ltd. in Japan and has a carrying capacity of 55,567 dwt. The current fleet of Excel Maritime includes ten Panamax, two Supramax and six Handymax bulk carriers with a total carrying capacity of 1,074,022 deadweight tons with an average fleet age of 12.9 years.

Fleet Deployment (as of December 20, 2007)

Vessel Name                 DWT       Year Built      Type     Deployment
                        ------------ ------------ ------------ ------------
Lady                          41,090         1985     Handymax Short Period
                        ------------ ------------ ------------ ------------
Emerald                       45,588         1998     Handymax Short Period
                        ------------ ------------ ------------ ------------
Fortezza                      69,634         1993      Panamax Short Period
                        ------------ ------------ ------------ ------------
Marybelle                     42,552         1987     Handymax Short Period
                        ------------ ------------ ------------ ------------
Rodon                         73,670         1993      Panamax       Period
                        ------------ ------------ ------------ ------------
Angela Star                   73,798         1998      Panamax       Period
                        ------------ ------------ ------------ ------------
Happy Day                     71,694         1997      Panamax       Period
                        ------------ ------------ ------------ ------------
Renuar                        70,128         1993      Panamax       Period
                        ------------ ------------ ------------ ------------
Isminaki                      74,577         1998      Panamax       Period
                        ------------ ------------ ------------ ------------
Princess I                    38,858         1994     Handymax       Period
                        ------------ ------------ ------------ ------------
Powerful                      70,083         1994      Panamax       Period
                        ------------ ------------ ------------ ------------
First Endeavour               69,111         1994      Panamax       Period
                        ------------ ------------ ------------ ------------
Elinakos                      73,751         1997      Panamax       Period
                        ------------ ------------ ------------ ------------


                          Charter      Charter      Expected
Vessel Name             Commencement   Period      Redelivery  Charter Hire
                        ------------ ------------ ------------ ------------
Lady                       4/27/2007   6-8 months       Jan-08 $     29,000
                        ------------ ------------ ------------ ------------
Emerald                    8/20/2007   5-7 months       Feb-08 $     42,900
                        ------------ ------------ ------------ ------------
Fortezza                  11/01/2007   4-5 months       Apr-08 $     93,000
                        ------------ ------------ ------------ ------------
Marybelle                 10/06/2007   5-7 months       Apr-08 $     50,650
                        ------------ ------------ ------------ ------------
Rodon                     11/27/2006 21-23 months       Aug-08 $     24,000
                        ------------ ------------ ------------ ------------
Angela Star               10/27/2006 24-26 months       Nov-08 $     26,500
                        ------------ ------------ ------------ ------------
Happy Day                 12/11/2006 23-25 months       Dec-08 $     25,500
                        ------------ ------------ ------------ ------------
Renuar                     1/26/2007 22-24 months       Jan-09 $     26,000
                        ------------ ------------ ------------ ------------
Isminaki                   4/24/2007 24-26 months       May-09 $     32,000
                        ------------ ------------ ------------ ------------
Princess I                 7/20/2007 22-24 months       Jun-09 $     30,000
                        ------------ ------------ ------------ ------------
Powerful                   7/07/2007 23-25 months       Jul-09 $     39,000
                        ------------ ------------ ------------ ------------
First Endeavour            8/25/2007 23-25 months      Sept-09 $     45,000
                        ------------ ------------ ------------ ------------
Elinakos                   7/29/2006 11-12 months       Oct-09 $     58,000
                        ------------ ------------ ------------ ------------

                                              Year
Vessel Name                         DWT      Built      Type   Deployment
                                  --------  --------  --------  --------
Birthday                            71,504      1993   Panamax      Spot
                                  --------  --------  --------  --------
July M                              55,567      2005  Supramax      Spot
                                  --------  --------  --------  --------
Mairouli                            53,206      2005  Supramax      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 18 vessels (ten Panamax, two Supramax and six Handymax vessels) with a total carrying capacity of 1,074,022 deadweight tons. 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